Another great GBP/JPY trade.

Nelson7 Simple Trading

Here's a profitable trade taken a few months ago.

Nelson7 Simple Trading

Thank you for your interest in the thread. A swing high is essentially a 3 candle pattern in which the high of the first and third candle is lower than the high of the second candle and swing low is vice versa. These points or areas of support or ...

Nelson7 Simple Trading

Yes still in and behind by 89 pips. I am not considering closing the trade, who cares about a bearish engulfing candle. Just kidding. Yes it does show weakness in the trend on the 4 hour, but like I said before I like to give my trades room to ...

Nelson7 Simple Trading

Hello Sam69 you should be able to trade this style of trading on the smaller timeframes by adding a few rules , but I have not looked into it in detail. Remember the smaller timeframes consist of more noise than the larger timeframes. You may be in ...

Nelson7 Simple Trading

Pursuit 21 hit the nail on the head. Very good advice. I would add Trading your Way to Financial Freedom by Van K. Tharp to the list of money management literature, as this book gave me a new way to look at money management. Good luck.

Just finished forex education, what should be my next path?

Fear is a big obstacle to overcome but not impossible. The more you can build your confidence back, the less you will fear. I would definitely start by demo trading( take it seriously) and then slowly as you become profitable start trading a small ...

Finding A Trade

There hasn't been any set ups on the 4hour charts so just waiting for the right setup. Yesterday evening I entered the GBP/USD long off the daily. Right now up 46 pips, not much, but waiting to see what will happen next especially since resistance ...

Nelson7 Simple Trading

Yes the close of the third candle needs to be higher than the high of the second candle.

Nelson7 Simple Trading

The trend, as you said can be determined various ways. I find that the simplest way to determine the trend is by looking at a higher timeframe. If you are trading the off the 4 hour charts use the weekly for the trend and if trading the off the ...

Nelson7 Simple Trading

Upon analyzing the USD/CAD trade I will move up my stoploss to worst case scenario lose -1%.

Nelson7 Simple Trading

Here is the AUD/USD long.

Nelson7 Simple Trading

In respect to this post, this is the chart for the USD/CAD short.

Nelson7 Simple Trading

No I do not exit lots and leave others open. And I also do not add to my positions. I keep it simple, I start with 2% risk on one position and exit that position completely when it is time.

Nelson7 Simple Trading

Yesterday evening I jumped in a short on the USD/CAD and went long on the AUD/USD. Currently up 74 and 40 pips respectively. I'll post some charts later when I have some time.

Nelson7 Simple Trading

Sample of live trade on the daily.

Nelson7 Simple Trading

Yes, money management very important. "Live to trade another day". I stick to 2% per trade. Did that answer your question or where you looking for something else? Thanks.

Nelson7 Simple Trading

By important support and resistance I mean areas of previous highs or lows as shown in the example below. Signs of weakness to me are depicted at these same areas of highs and lows when a candle pattern forms such as a doji, bullish engulfing, ...

Nelson7 Simple Trading

My exits, as stated in my first post, are based simply upon analyzing important support or resisitance and looking for signs of weakness on the timeframe which I am trading. Some may like to argue that looking at a smaller timeframe would get you ...

Nelson7 Simple Trading

Vengeance: Hello, no I did not take profit but instead I set a stoploss close by and will monitor. Great run. I seldom exit right away at my target, I usually tighten my stoploss instead. Sometimes it works out and price continues through and ...

Daily GBP/JPY analysis