I see the eurusd entry I saw was a good and valid signal, like you said David I will have to just enter when I see these entries at the support, that trade would be nicely into profit now and be at break even. But I did enter on the 1-2-3 pattern given just afterwards, a little late in the day for a entry. There was also 2 pin bars on the 30min time frame which I could have taken after the 15min entry missed. Will see how this trade moves before I go to bed, to perhaps move to break even to protect myself over night. It just amazes me now how I can see where the pro money waits and when to avoid a retail move. Would like to see this hourly candle close back above the 100/200smaās and bull/bear zone.
I am also seeing the eurusd within a flat top triangle at a bottom of a daily down move,so I am now hoping this pro money can push price to break to the upside.
First of all thank you very much for sharing you knowledge with us !
Now as a newbie, i have plenty of silly questions, and even more as iām a slow learner lol
I want to be sure to understand everything so correct me if iām wrongā¦
Youāre using a 1h chart on which you display a 100, 200 SMA, a 50 MA, fibo retracement, pivot point/support/resistance and a stochasticā¦
Why the 50 MA ?
As for the B/B zoneā¦ i still donāt get how you define it. When i look at the chart, i see plenty of confluences ! lol
ok fair enough, interesting for us to know & i do not see this sort of detail on any news feeds i get. does this detail pop up on bloomberg? any other news outlets which are likely to give this sort of detail out - even if a few hours late? I am currently using talking-forex for news & order flows. also surprising that QIA had to change up all the money whilst still bidding for it, thought it wld only be a ādepositā or just proof they have the funds (in any other ccy) - though obv i have no idea how these sort of transactions are done.
a trading question re your EU setup today, why did you choose EU as on the daily it still looks like its in a down trend? So in effect you are trading against the trend (daily). I thought the use of the SMAs was to help establish a turn in the trend?
(Apols if you have already covered previously, i have had a quick skim through the other thread but cannot see anything)
Yes I use the 50, 100, 200 SMAās on the daily and 1 hour chart, but mostly deal on the 1 hour. The 100-200 are the most important MAās that I use. The 50 sma just acts a another support/resistance, but normally its temporarily, so I donāt give it much weight in any decision making. The other tools are the fibs, s&r, and price action.
You will start to understand and get a feel on how to establish the BBZones as I post charts each day. It will take a wee while. but it will click and you will get it.
Yes you can get this news on Bloomberg terminal and Thomson Reuters as well as TradeTheNews.
[B][I]āa trading question re your EU setup today, why did you choose EU as on the daily it still looks like its in a down trend? So in effect you are trading against the trend (daily). I thought the use of the SMAs was to help establish a turn in the trend?ā[/I][/B]
The intraday trend is the trend I trade as thatās the action that will take place on the given day. The daily chart maybe trending down, but that doesnāt mean that everyday is going to be a bear day or a down day. You have to analyse the market each day and determine where the pro money will be sitting as well as establish the likely direction for that particular day.
I use the daily chart for support/resistance, patterns and the MAās support/resistance, as well as fibs at times. But each day will bring a new challenge, and regardless of the daily chart showing an up trend, down trend or rangeā¦ there will be mixed days within each. As an intra-day trader, Iām only interested in the here and now and cya tomorrow for another trade session way.
I PMād the mod in question over there the other day when the 3 day ban was given. I said that I though his actions with the ban was over the top and it seemed to look like it was a little power hungry on his part. I went on to explain that it was the members who would lose out and not me, because I gain or lose nothing with being banned and unable to post.
I then told him that I wasnāt prepared to sit around twiddling my thumbs for 3 days because some mod on a small time forum decided he wanted to dish out a ban without any warning of a potential ban beforehand. So I asked for the ban to be lifted so that I could continue the thread, and if not then I would leave and not return.
You know what the answer was because Iām here now.
So if he classes that as being aggressive, then he must lead a very timid life.
The PM was sarcastic and cheeky in parts. But aggressiveā¦no!
Welcome! Also a BIG Thank You for sharing your experience and trading style with US all here. For one you got me hooked! Iāve been sifting through countless threads of info on the net on how the PROāS Trade FX or to find the next new you beaut Indicator (at a cost)to save the day and bring on financial freedom only to fall flat on my face. I realize there is no magic indicator and or fool proof way to success. Its just knowing and being taught the Right Way from the start is the best way to succeed and have that EDGE. For one if you donāt mind Iāll be using you as my Mentor. Hope you donāt mind every now and then i pick your brains for info or help. Iām grateful that your here to help those that in need of the help. Awesome to be shown from a PRO how money flows from Pro to Retail, what moves the market, how to read the charts etcā¦ Thanks again,Texy.
Hi David
Great to see your thread! Just what Iāve been looking forā¦common sense. Want to learn but so bombarded with lots of seemingly good ways of trading forexā¦difficult to know what is good advice and what isnāt! I will be following your thread with interest, thanks.
N
1-2-3 formation starts from a big price movement in the direction of an existing trend to form a highest-high/lowest-low (point 1), then the price reverses for a correction (point 2), then again turns back to retest the support/resistance (point 3) and finally the price reverses and breaks through to start a new trend. The point 3 should not exceed the point 1 level, if it exceeds 1, then the pattern is not considered a valid one.
Tweezers and Railway Tracks
Pro money zones is explained on post #81 and on various other posts. I will also be explained further as the thread progresses.
Your 1-2-3 pattern looks like a pattern taught on another thread, What Every New & or Aspiringā¦, and called Optimal Trade Entry. Which, in the case of the picture above, would be entering at point 3, 61.8-78.6% fib retracement of point 1 to point 2. Just thought it was pretty cool how two successful patterns are very similar to each other. Looking forward to learning more, especially about the BB zones.
Sorry to interject, but its not [B]āhisā[/B] pattern - its a very well known trading pattern. If people are not sure what it is or do not know how to identify it then a simple google of ā1-2-3 trading patternā or ā[insert trading pattern in here and press enter]ā will suffice without having to ask the OP every single minute detail about his threads.
Edit:
p.s. i am only posting this as everyone knows that the majority of the visitors to this (and every other thread) do not bother to read it from the start, so perhaps this will save some people from asking the same qestion asked/answered on a prev page. I am not trying to be pedantic. It just makes it easier for the thread starter, not to have to repeat over & over.
Wow, wow ,wowā¦ lets not get ahead of our selfs here and claiming ownership of things [B]or shoving ownership of things onto other people.[/B]
First of all lets get a few things straight and in place.
[B]Your comment: [/B][I]āYour 1-2-3 pattern looks like a pattern taught on another threadā[/I]
The 1.2.3 pattern is not mine or anyone elseās on this forum, the 1.2.3 pattern is a universal and classical chart pattern that was created/discovered over 20-25 years ago, and since then many studies, articles and topics have been written and published about it. I have never claimed ownership or creation thank you very muchā¦ I simple said I use it, and showed a diagram on what it looks like!
[B]Next comment:[/B][I]āentering at point 3, 61.8-78.6% fib retracement of point 1 to point 2. Just thought it was pretty cool how two successful patterns are very similar to each other.ā
[/I]
There is no similar patternā¦ a 1.2.3 pattern is a 1.2.3 pattern, the whole [U][I]61.8-78.6% fib retracement of point 1 to point 2 [/I][/U]to enter is nonsense. As long as point 3 does not break point 1, then it is a successful 1.2.3 pattern in the definition that is was originally created by the original creator/technician.
Please in future donāt put claims on to me, or put words in my mouth that I have not published said or claimed.
Next you will be saying my engulfing candles and stochastic looks similar to someone elses
Donāt take this as an attack, I just want to set the record straight here and clear the above up.
Cheers
David
ps: I did not discover/create engulfing candles, rail track patterns or tweezers candle patterns eitherā¦ just want to clear that up, before that one gets put on me as well on another post
