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    Thread: mikehenley's trading journal

    1. #291
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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.
      I watch candlestick patterns only when the market looks very volatile, but then again we can have exits and entries on both market conditions - volatile, or not. One thing that I don't see on forum discussions about candlestick patterns is that a pattern with a strike of 51% can change its winning percent to a lower number dramatically in the future with that telling me the obvious, that using your technical and fundamental skills in a trending market with price patterns is a best option.


    2. The following 3 users say Thank You to FlyingShark for this useful post.

      Ch Zeeshan (03-13-2018), mikehenley (03-13-2018), zeeshaa (03-14-2018)

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    4. #292
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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.
      Yes hammer candle stick pattern is more profitable its next candle will moves more then 100 pips when D1 candle will makes a hammer then next day its movement is very high, HAmmer pattern is a one time opportunity it will not work all the time but if it work then it will give us more pips.


    5. The following 6 users say Thank You to Honey Bee for this useful post.

      catfish007 (03-14-2018), Farhan Randhawa (03-31-2018), mikehenley (03-13-2018), ola4real (03-14-2018), Unregistered (1), zahid4x (03-13-2018)

    6. #293
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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.
      Sell USDJPY right now seems very dangerous to me. As per my analysis, i think this pair is forwarding to 107.50 RSI and Zigzag both indicator shows strong upward movement of this currency pair.
      I think you need further analysis with this pair.

      Hope for the best mate.
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      My Trading Journal: RSI, ZigZag in D1 Time Frame


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    8. #294
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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.
      Actually! I want to say that we can get help from Indicators but we should avoid to to totally depend on them for trading. Our own knowledge and skills are really important for real trading. I'm not against the Indicator trading but I'm against the copy paste because this thing will never give us real and long tern success in Forex Market.


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    10. #295
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      Quote Originally Posted by zeeshaa View Post
      Actually! I want to say that we can get help from Indicators but we should avoid to to totally depend on them for trading. Our own knowledge and skills are really important for real trading. I'm not against the Indicator trading but I'm against the copy paste because this thing will never give us real and long tern success in Forex Market.
      me too, I don't actually used indicator, I am trading naked, only price action, but actually, whatever strategies we are using, it serves as an indicator to help gauge or analyze the market. Anyways, do you have a particular strategy you are using when you're entering the market?

      ---------- Post added at 08:41 PM ---------- Previous post was at 08:18 PM ----------

      Quote Originally Posted by Interlock View Post
      Sell USDJPY right now seems very dangerous to me. As per my analysis, i think this pair is forwarding to 107.50 RSI and Zigzag both indicator shows strong upward movement of this currency pair.
      I think you need further analysis with this pair.

      Hope for the best mate.
      Thanks buddy, I may exit prematurely, and I admit that I violate my rule of exiting trade without waiting for the daily close candle, no regrets at all, this will not affect my trading decision specially on my next trades and still on the progress of learning. Anyways let see tomorrow what will be the result of USDJPY in response to the CPI for USD. Goodluck also buddy!
      My Trading Journal: Journey of a Sniper Trader


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    12. #296
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      Quote Originally Posted by Interlock View Post
      Sell USDJPY right now seems very dangerous to me. As per my analysis, i think this pair is forwarding to 107.50 RSI and Zigzag both indicator shows strong upward movement of this currency pair.
      I think you need further analysis with this pair.

      Hope for the best mate.
      I think at this moment selling this pair is too risky, i always trying to make buy order in this pair, because this pair currently standing on bottom level, i hope it will go upward and will be break 110 level. btw how much pips do you target from your trade. If you do this for short term then i think you are on right way but for long term i think its good for go on long position.


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    14. #297
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      Here is my update for my GOLD trade, a nice bullish pin bar again and breaks the previous hammer, currently sitting on my 1R target and hope it may continue at my 3R target. I could either add another buy entry at the 1321 level which was also the 50% retracement of the current pin bar.
      Name:  XAUUSD 14-Mar.png
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      And for the USDJPY that I prematurely closed, I should really wait to close the daily candle. Now sitting on my previous 1R target. Here is my mistake why I close it prematurely:
      (1). I watch the chart many times starting from the London session
      (2). Fear of getting my SL hit (I should let the market close my trade)
      (3). Not sticking on my rule of waiting the daily close candle before deciding to close if my trade is already not valid. (Patience really pays off)

      Lesson learned and will not repeat this again, it is ok to watch the chart many times but avoid touching the trade.

      And for the 2nd time I have plan to enter on the USDJPY as it forms a Inside Bar + Fakey signal rejecting to continue upside. I'll put a sell limit order at 106.79 and targeting about 2R since it is near on a significant support zone.

      Name:  USDJPY 14-Mar.png
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      My Trading Journal: Journey of a Sniper Trader


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    16. #298
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      Quote Originally Posted by Honey Bee View Post
      Yes hammer candle stick pattern is more profitable its next candle will moves more then 100 pips when D1 candle will makes a hammer then next day its movement is very high, HAmmer pattern is a one time opportunity it will not work all the time but if it work then it will give us more pips.
      Hammer is a nice candlesticks pattern, it is so promising for traders that can recognize the hammers that has shorter body and longer tail, they are the type of hammer that can make aggressive results for traders in a very short time. We always need to do our trading as we like, but we have to do the right thing also, that is what will help us to be blessed. I am certain that forex traders that are trading the hammer on the higher time frames is doing well. Also using the money and risk management with hammer is a professional style for traders.


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    18. #299
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      Quote Originally Posted by Honey Bee View Post
      Yes hammer candle stick pattern is more profitable its next candle will moves more then 100 pips when D1 candle will makes a hammer then next day its movement is very high, HAmmer pattern is a one time opportunity it will not work all the time but if it work then it will give us more pips.
      It is true that hammer can more more than 100 pips, but it is not every time, it will not move that much of the low time frames. Traders that are using hammer will know that it is risky to use it, it can be weak at times, it may go to the supposed direction by traders or not go to that direction. We need to be working with hammer with a extreme caution, that is the way it will not cause us to hurt our trading account. To do trading at all time with hammer is not advisable, traders need to have alternative to trade it before they lose all their funds.


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    20. #300
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      Just an update for my USDJPY, was able to filled by sell limit order again near the 50% retracement of the previous daily close candle which is a "Fakey" signal plus a previous Inside bars. Whenever I see such fakey signal, it is just a continuation of the current major trend,

      Name:  USDJPY 15-Mar-Update.png
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      My Trading Journal: Journey of a Sniper Trader


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