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    Thread: mikehenley's trading journal

    1. #281
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      Quote Originally Posted by forexianz View Post
      As we can see there is hammer formed. So we know that there is big buyer in there. So we can make buy position and set TP at 50 pips and above. I do believe this candlestick pattern will be helpful. Apart from that, we can see that the trend is still uptrend. So we just need to find buy opportunities. Wish you the best buddy.
      The Hammer is a very strong signal in the Forex business, It is rather strange based on its strength because of the fact that Hammer is a single Candlestick chart pattern signal and it is even more powerful and accurate than other Candlesticks that even have as much as 2 - 3 Candlesticks per signal like the bullish and bearish engulfing.


    2. The following 13 users say Thank You to GhostMode for this useful post.

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    4. #282
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      Quote Originally Posted by GhostMode View Post
      The Hammer is a very strong signal in the Forex business, It is rather strange based on its strength because of the fact that Hammer is a single Candlestick chart pattern signal and it is even more powerful and accurate than other Candlesticks that even have as much as 2 - 3 Candlesticks per signal like the bullish and bearish engulfing.
      It's true that Hammer Signal is much better than others according to my study. But honestly speaking I am not a big fan of signals in this business because i believe on self motivation and inspiration. We can take help from signal but we should also apply our own knowledge and skills for trading. Totally depend on signals is never a good idea because there is no accurate signal in market i think. Those who totally depend on signals will never get real success in this business.


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    6. #283
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      Quote Originally Posted by GhostMode View Post
      The Hammer is a very strong signal in the Forex business, It is rather strange based on its strength because of the fact that Hammer is a single Candlestick chart pattern signal and it is even more powerful and accurate than other Candlesticks that even have as much as 2 - 3 Candlesticks per signal like the bullish and bearish engulfing.
      actually hammer is not a strong signal when i formed, hammer requires other candle pattern as a confirmation of a rejection whether in support area or as a hang man in a resistant, but we really can use the shadow of a hammer as a tools to put our stoploss level though and it does really help to manage our risk


    7. The following 3 users say Thank You to chiko for this useful post.

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    8. #284
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      Quote Originally Posted by zeeshaa View Post
      It's true that Hammer Signal is much better than others according to my study. But honestly speaking I am not a big fan of signals in this business because i believe on self motivation and inspiration. We can take help from signal but we should also apply our own knowledge and skills for trading. Totally depend on signals is never a good idea because there is no accurate signal in market i think. Those who totally depend on signals will never get real success in this business.
      I am curious about how you analyze the market or how you enter the market if you do not believe on the signals. Apologize if my understanding from your post is in correct. I just want to learn from your experience also. Because even if you are using an Indicator or me who used Price Action, I think this is still a signal, Indicator, Price Action are signals on how we can speculate the market. Your are indeed correct that there are NO accurate signals and the market will be always right, but at least if you have the signals, you are not blind with the market and you have guide.
      My Trading Journal: Journey of a Sniper Trader


    9. The following 6 users say Thank You to mikehenley for this useful post.

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    10. #285
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      Quote Originally Posted by mikehenley View Post
      I am curious about how you analyze the market or how you enter the market if you do not believe on the signals. Apologize if my understanding from your post is in correct. I just want to learn from your experience also. Because even if you are using an Indicator or me who used Price Action, I think this is still a signal, Indicator, Price Action are signals on how we can speculate the market. Your are indeed correct that there are NO accurate signals and the market will be always right, but at least if you have the signals, you are not blind with the market and you have guide.
      i believe that a trader must enter the market based on the analysis they are making and not just entering the market blindly and without a plan, it is true that we may use so many technique to analyze the market and make our speculation based on that. i do believe that by doing good and proper analysis and keep using good money management we will soon be able to make good amount of profits


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    12. #286
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      Quote Originally Posted by mikehenley View Post
      I am curious about how you analyze the market or how you enter the market if you do not believe on the signals. Apologize if my understanding from your post is in correct. I just want to learn from your experience also. Because even if you are using an Indicator or me who used Price Action, I think this is still a signal, Indicator, Price Action are signals on how we can speculate the market. Your are indeed correct that there are NO accurate signals and the market will be always right, but at least if you have the signals, you are not blind with the market and you have guide.
      You are right to be curious about this, all forex traders should be curious about the way they will analyze the market in order to make money through their analysis. This is what i think that is mostly important for every forex traders. There are many ways that traders can trade the market, and i could see that you want to make the price action your preference among all these ways of trading the market. No problem about it, just make sure that as you sue the price action, you can try to confirm it with some useful support and resistance strategies.


    13. The following 4 users say Thank You to catfish007 for this useful post.

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    14. #287
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      Just an update with my current USDJPY open trade, I made an early cut loss, since the short term trend has been broke already,
      Already have 1R profit yesterday but its just bounce back on it, anyways even if the daily candle is not yet finished, I opted to close already and moved on the next possible trade.

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      My Trading Journal: Journey of a Sniper Trader


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    16. #288
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      I also had a sell on usdjpy based on h4 analysis but to my greatest surprise the pair went up but based on my analysis I would still hold it pending when price shift away from the sell region, the beauty about my analysis is that I use small lot and I believe my account can absorb the pull back pending when it decides to come down.


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    18. #289
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      Quote Originally Posted by ehizmac View Post
      I also had a sell on usdjpy based on h4 analysis but to my greatest surprise the pair went up but based on my analysis I would still hold it pending when price shift away from the sell region, the beauty about my analysis is that I use small lot and I believe my account can absorb the pull back pending when it decides to come down.
      Best of luck buddy, but if the close of today candle will be above the previous candle, I am seeing an engulfing bar that could trigger the continuous medium upward momentum.
      My Trading Journal: Journey of a Sniper Trader


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    20. #290
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      Quote Originally Posted by catfish007 View Post
      You are right to be curious about this, all forex traders should be curious about the way they will analyze the market in order to make money through their analysis. This is what i think that is mostly important for every forex traders. There are many ways that traders can trade the market, and i could see that you want to make the price action your preference among all these ways of trading the market. No problem about it, just make sure that as you sue the price action, you can try to confirm it with some useful support and resistance strategies.
      curiosity can be something good but it can also become a burden for our self, when we talk about forex system and strategy, i think we need to really focus on our own system and strategy, unless we find some flaw with our system and it requires some improvement, then we can start looking for some system or technique that can help us improve our technique because keep on learning other system and strategy without even mastering one strategy is really such a waste of time


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