The long-term result of patient trading is far more important than short-term gains. Trade safe.
Hi TrapTheMarket can you elaborate on what you mean by ‘order flow context’ and how you use it in your trading?
Hi, m8! Order flow context is the nature of market situation influencing the relationship of buying and selling of a pair. What is happening at the moment and what is the quality of the price action on the side of selling vis-a-vis the quality on the side of buying? Size, number and sharpness of, say, the candlesticks will give me an indication of who is in control - buyers or sellers. There are many things involved. Let me give an example. For example, I use an EMA across the weekly, daily and 4-hourly time frames to guide how the relationship plays out. If price is above the EMA but the bulls are weak, then the pair is not tradeable to the upside with confidence; but if the bull candles are strong but the bears are weak and few then the northward trade is more likely to be profitable. Trade safe.
During this week I learnt much more about the value of patience. I never traded since the beginning of the week; just tracking the market to see how price action relates to the zones and levels I identified during my weekly scan and analysis on Sunday. Since the beginning of the London open today, I have seen two clear cut trading opportunities which I gladly took without any sweat of time and emotion, making handsome pips to boot.
Mmm very interesting. Thanks for sharing.
Sharing is central to membership of the forum. Trade safe.
The combo use of trendlines with price action will bring a high and rewarding return. What do you think? Is this the case from your experience?
[B]Nuggets[/B]
‘Don’t worry about what the markets are going to do, worry about what you are going to do in response to the markets.’ - Michael Carr
For me, I use a strategy that tracks, stalks and traps the markets. What about you?
What do you make of your trades so far this week? What are the takeaways or home truths?
One of the things I learnt this week is to be alert to juicy trading opportunities while stalking the market. Just yesterday during my market review ahead of my trading session, I saw an opportunity on the NZDUSD. The kiwi did not qualify as a priority pair for the week but I happened by the trading opportunity and had to take it.
I usually stick to my trading plan, that’s why I get success in the Market, so don’t need to do much different in that sense.
Very good. Sticking to your trading rules and plan builds trading discipline. Nevertheless, we need to grow and improve - learning continuously - to be consistently profitable in Forex trading or in any other career/ business for that matter.
Great saying, a trader can control many things about himself in regard of trading. You will hear many will say that market was bad today, market turned on them, market this and market that but in reality they are lacking control on their own self during this whole time.
Agreed. Much of the problems we traders face are self-inflicting. Letting the market be but doing what you need to do to effectively and efficiently read, track, stalk, and trap the market is the principal thing. Traders who plan ahead and are focused on using key criteria, conditions and rules in their trading and stick with them are much likely to do far better than those who don’t.
Another important thing is always be prone to self-reflection. Look for what can be done better than before and learn from your mistakes.
Agreed.This is central to self-improvement for ultimate success, not only in trading but in all aspects of life. Trade safe.
A lesson from today’s cable tumble? Never guess/pick bottoms or tops. Stick with the major technical outlook on a pair and let the market show its hands. Trade safe.
In my humble opinion, the fundamental approach to gaining a profitable edge over the market is to set your trap and learn to wait for the best opportunity to strike. What do you think? What do you see as the fundamental strategy to gain the edge in the market?
If you believe in using a top-down approach to trading, may be you’ll consider doing a weekly scan and analysis of the pairs on your watch list. This has been a major change to the way I track and stalk the market since the beginning of the year. How about you?
What are your takeaways from the trades you’ve had so far this week or any recent trading experience you had?