Trade Examples For Members To Work On

Community Community Feedback
1

For the last while, I’ve just traded things my way & my charts were just how I did them (as they should be), however the other day, Nial Fuller’s market analysis cropped up on my Facebook timeline & I decided to have a look at it. One of his trade suggestions was regarding the GBPUSD & although the trade idea is irrelevant, his chart wasn’t. I pulled up his chart & compared it to my own & felt very good about myself in the fact that the support & resistance lines were pretty much bang on the same.

I know that we should be able to look at a chart & immediately see these levels but as a newbie, you don’t know if you’re doing it right & are too embarrassed to share the S/R lines that you’ve put on your chart incase you’re wrong & for fear of ridicule - or is that just me?

I know that S/R is more of a zone & it’s open to interpretation but my suggestion would be posting various charts (FB, twitter or even a thread) & allowing Newbies to look at the chart, do their own prediction & then you folk at BabyPips to post your interpretation. Just something to let people know that they’re on the right track.

Example 1
Just a standard naked chart, members draw or note where they think S/R lines should be, BabyPips posts there interpretation.

Example 2
Bull trends, price has retraced to the previous high & formed a pin-bar. Members predict what happened next (it’s a basic one but you get my drift).

You could do various systems so moving average cross-overs, Fibs, ranges, divergence etc. Just lots of “What could happen next examples”. You could even use old pictures from Pippin Ain’t Easy’s Daily Art blog minus the test to see if people can see what should in theory be jumping of the page at them.

My favourite would be something like a trend & price has just started to retrace, members can predict how far it will retrace (previous high, 200SMA, Fibs or other support) & where to project to for TP or if it kept selling off, where the next support is likely to be found.

There’s a lot of options & it’s difficult to explain but effectively homework for the BabyPIps community. My only thought is that if you post it in a thread, the first reply ruins it for everyone else so I don’t know a work-around for that.

2

Hey Baz -
going to quote some of your content- then give you my experience- not that I am right - but I believe I am, that is why I will mention it.

". . . & felt very good about myself. . . " - I’ve done this a couple of times - and yes you’re learning. . but as you pointed out earlier in the paragraph - - it doesn’t matter that you can “map” the same lines - - your understanding of those lines most likely differ from the understanding of Nail.
What I’m learning/have learned - anyone can give advice, and you can follow it . . and soon seem to see what ‘they’ see - but none of that matters IF you don’t know how to trade it.

Paragraph 2 - ". . don’t know if you’re doing it right & . . ."
That again, doesn’t matter, if you do it perfectly right. . but do not understand why or how to trade it. it just doesn’t make you any money.
I’ve never experienced the too embarrassed or ridicule part.

Paragraph 3 - “I know S/R is more of a zone. . . .”

is it?

So anyhow - I’ve been directed to the 3 ducks thread - - and I’m now trying to figure out how to get into “part” of a move. . .

May I suggest, as suggested to me by some ‘gurus’ . . read. . and read into that thread. . sure the basics are very simple and seem to be quite elementary. . but then maybe this ‘‘game’’ is ?

best of luck!

3

Hi PerchTird.
I use the 3 Ducks, good steady system but I know what you mean about entering part way through a move.
Ive posted this on another thread, dont know if it will help you but might be worth a look.
have you downloaded the ebook for 3 Ducks?

4

Excellent post eddieb - I don’t “follow” or use 3 ducks per say… . I probably should be :slight_smile: - -but I am aware of it at all times when I’m thinking of entering a trade.

5

Try this rather bizarre analogy:

Imagine Forex as a town & we’re going to say that this town has no road signs. Now you start at one end & being Profitable is at the other side.

BabyPips is a road map that shows you where you need to go but unfortunately you can’t look at it while driving so you have to get a rough gauge of where you’re going & then venture out yourself. Then through experience you learn your way through town; you’ll go down some dead-ends, you’ll go the wrong way & you’ll get lost. My idea of the odd exercise is just to put the odd road sign up for newbies so that they know that they’re going in the right direction.

Personally, I use Support Street to get on to Price Action Avenue & then on to Trend Lane & I follow that right across town. If traffic gets busy at Resistance Road, I’ll use Take Profit Close & I’ll get back on to Trend Lane from Pull-Back Avenue. Now this gets me to the other side of town which is Profitable.

Some might miss traffic by leaving later & using RSI Road via Divergence Drive & on to Trend Lane.

Others might take the accident black-spot route that is Counter-Trade Court.

Your system will be 4hr Boulevard, on to 1hr Place, down 5mins Terrace & on to Trend Lane.

The point is, there’s MANY ways of getting across town (Profitable). As people’s preferences vary, we’ll all take a different route but in my opinion, it’s good to understand other methods of trading. You never know when there will be road works blocking your path. If markets range for ages, 3-Ducks will give you zero signals, what then? Don’t put all your eggs in one basket.

The exercise that I suggest are just little road signs so that we know that we’re on the right path. If you can’t draw support/resistance correctly, or even a trend line, you’re going to have a hard time. If you can’t draw Fibs correctly, it won’t end well. See where I’m going?

It’s maybe a strange analogy, that I quite possibly got carried away with now that I’ve read it back but I hope that you can appreciate where I’m coming from.

I find myself doing really well with my trading just now but in the early stages, a bit of confirmation that you’re doing something right would be welcomed & I’m sure Newbies would appreciate a bit of verification to their actions.

1 Like
6

[QUOTE=“PerchTird;720823”]Paragraph 3 - “I know S/R is more of a zone. . . .” is it?[/QUOTE] Elementary School>Grade 1>S&R

image-2546628656.jpg395×700 57 KB

Price won’t turn on a dime & bounce. If it’s got a bit of momentum behind it, it’ll push through & then be rejected or if it’s got very little momentum as it approaches the support/resistance then price may not even get there before turning so think of it as a zone.