Hi, of course, pm me.
I really want to know.
Thank you.
melisky
YOU have not allowed PM’s to you, so go to control panel and allow them !
mp
Alright, it’s done!
sorry, still not working
mp
Can you please tell me what I have to do exactly?
Like, step by step…
Can’t find the damn thing to enable privates messages.
Thanks!
LOL
go to “user cp” (upper left task bar — scroll UP)
left side of control panel will be "edit options"
opens a list of options — check “enable pm” and anything else you might wish, like emails and etc.
close everything and we try again
mp
I don’t have that option…
Ans when trying to get to my pm, I get this message. No instruction at all.
melisky, you do not have permission to access this page. This could be due to one of several reasons:
Your user account may not have sufficient privileges to access this page. Are you trying to edit someone else’s post, access administrative features or some other privileged system?
If you are trying to post, the administrator may have disabled your account, or it may be awaiting activation.
So, can you just write to me to <[email protected]>?
Thanks.
It may be that you need to have 50+ posts before that feature becomes available to you. You got a few more to go…
I had this same problem. It was because I hadn’t confirmed my account.
If you change your email you get a confirmation email and have to click the link to activate your account.
Fibonacci RETRACEMENT Tool
Let’s look at the tool we use to draw our Fib levels first . The most important word in the title of the tool is RETRACEMENT. Because we are using this tool to mark countertrend areas of interest. Normally used to help us enter a trade.
But we can use this tool for many reasons dependent on the time frame chart is drawn on in realtionship to our trading chart.
But first we will look at the tool in general and see what makes it up.
To use the tool we have to place it on our chart at two levels. In this case I choose a empty space of chart for clarity. This Fib was placed at 1.4700 to 1.4600 Drawn Down within a down trend ( you always draw your Fib with the trend. As it is a RETRACEMENT tool.)
This the standard Fib tool which comes with most platforms. It has 4 retracement levels 38.2% , 50 % , 61.8% and 78.6%. It is a precentage of the total amount of the price movement between the two points where you placed the Fib tool. Such as the 50% is in the middle at 1.650.
As you gain more exprience using charts you will also see it is just a fractional move. Of the distance on your chart… In other words 1.650 is halfway between the top and bottom of your Fib Tool. This is why people at some point quit drawing Fibs and are able to just visualize there location.
The other use of the Fib tool is to Help pick Profit taking areas. With the addition of extsensions. The Oanda Platform alreayd has this attached. They have to be added to GFT. They are set at -50% and -150% on Oanda. (I have one for each direction on my platform my personal prefrence for use in the morning setup dependent on which way price might go.)
So this is a description of the tool. We will start seeing how we can use it next . To see areas to enter , for trend changing areas and for profit taking areas...
Good Trading To All Ken Lee :)
Tool description.bmp (900 KB)
!!!
Alright, thx Sweet Pip.
Here we are, one more…
Fibonacci RETRACEMENT Tool Uses
Let’s look at the uses of the Fib tool. The first and Foremost use of the Fib tool is for entering a trade. This is accomplished by setting the tool with the trend and waiting for a RETRACEMENT to a preferred level . The most used retracement levels are the 50% and the 61.8%. Although price can and does turn at the 38.1% and the 78.6%. the last 78.6% is very rare normally if it goes this high or low it will break your current swing. Making a new Lower Low or Higher High… and changing the trends direction on that time frame chart.
The top circled area is mangified in the chart showing how we can use the FIb tool to enter short at the top and get some of this RETRACEMENT.
Using what we now know about swings at the top of price. It came down made a Higher Low But failed to make a Higher High , At this point we placed a Fib tool on that swing from the top at 129.65 and the Higher Low 127.87. This gives a area to watch and determine if price is going to continue up or turn around. We see price is bouncing at the 61.8% fib level even retested it after the retest it is pretty evident price isn't going to break the high so we can go short.
We then draw a Fib Looking for how far down price might go before turning back up and conitnuing the uptrend.
On the 15 min, GBP/JPY chart we draw the fib up with the trend from 124.29 to 129.65. I also marked them with Horiziontal lines for clarity. You can see price came back to 50% and nearlly hit the 61.8% line and turned backup. This is the classic use of the Fib tool..
The second lower circled area is the 3rd chart. This is showing how we now use our swing information and the Fib RETRACEMENT tool to enter our long position and get back going with the original uptrend.
Price pushed below the 50% fib level but the 3 lower candles started making higher lows. ( this shows Momentum is slowing )
Price started backup up But fails to continue up losing momentum again and turning backdown. At this point we placed our fib RETRACEMENT tool on the last swing From 126.48 to 127.71This the new Higher High , from the last swing. The price turned and came down to 61.8% level and Lost momentum again the second red candle failing to make a New low. So this Higher Low completed a Higher High Swing is our signal for a long trade.
I am showing all this on the 15 min chart though with additional smaller time charts it is even clearer.. The 4th chart is the same area using a 5 minute chart. This gives better clarity into momentum especially.
I have captilized the word RETRACEMENT a lot for one reason . As in the analogy of the elevator in the earlier section. You want the price to go against the trend before getting in continuing the trend. Unless your get turning signs,.. Using both the Swing section and now the Fibonacci RETRACEMENT tool together you should have a far better chance of placing successful trades.
The 5th chart is showing the price exstension that price is struggling at 128.30 area which would be a good intial profit taking area. That is the -50% line.
Another point at the 127.00 area there are actually 3 fib lines at that point the fibs were all drawing at different points on the days price action. When you get multiple lines in the same area that just intesives the strength of the Fib Tool. That is also why price action signals are stronger on longer time frame charts as there is a greater amount of people looking at them to take trades and exit trades at this areas. This will become clearer as we continue to put all this together.
This is a lot to absorb…
Good Trading To All Ken Lee :)
Ken, could you save your pictures as jpg, that would help a lot when opening them here in the forum.
Thank you!
Addtional Trading Information
On the 5 min GBP/JPY chart from the last post there is a great deal of additional information available . We will cover this later but numerous discussions will help us to remember it.
Starting at the top left price was coming down. But at 127.60 the 31.8% fib level price bounced back up over 40 pips. Before continuing on down. It did not make a Higher High or Higher Low.
So we had no turning signal other than the fib level. This happens time and again price will pull back at all fib levels. The reasoning is these are countertrend trades and people are wary of how for the price might retrace to. So being conservative they take there profits earlier, This is making price pull back momentarilly.
The same thing again happened at the 50% line 127.00 . But again failed to make a Higher High or Higher Low . So continued on down till we had our turning signal we talked about earlier.
On the right side of the chart at our turning level of 127.00 . On this 5 min chart we have a small consolidation area. In our trend trading section we discussed how when price consolidates it normally exits in the same direction it arrived. ( short in this instance). But it did not it turned around. We were not suprised by this though because of our use of the fib RETRACEMENT tool. We knew that we were at the 61.8% level one of the favorite turning points and were looking for a long trade.
Good Trading to All Ken Lee :)
Swings are Formed Using Fibonacci
Now we should have seen that the use of the Fibonacci Retracement tool can show the construction of our swings.
To further show this I have attached a 5 Min showing a single swing and then a 15 min showing a swing composed of many swings.
All we are trying to show is the relationship between all the different tools and time frames . Once we understand how they are related to each other it will make it easier to see the whole picture and make better choices as far as our trades go..
Fibs are involved in making all swings no matter how small or large.
Swings makup larger swings dependent on the time frame charts we trade.
We should be able to start to see our entry points and stop loss areas based on this information. Targets are a bit harder as we normally have more than 1 profit taking target.
But , THE MOST IMPORTANT ASPECT TO TRADING IS HOW MUCH AM I GOING TO RISK ON ANY SINGLE TRADE. STOP LOSS
Good Trading To All Ken Lee
dont forget there is us demark and moutaki guys to who read from right to left and use only the last max two pivot points. then from there there is body and wick guys again XD
What are The Charts Really Showing ???
Ok ; HOLD on one minute !!!
Before I cause someone to lose all their hard earned cash.. let's look at the what the charts are REALLY showing. We have shown different Pictures on the charts using different time frames and different tools to prove our point. That we can tell where price is headed..
But that isn't exactly true...
We could continue to scale down to the tic time frame and probablly come up with some pattern or other that we could justify as a sign of things to come.
The charts are showing the average of ALL the players in the market at that time. It is nothing but a graph. Yes it is showing the Price but the price is set by the players and there willingness to buy and sell at a given price. This is why we normally trade in the overlap sessions as there are more players. This equates to a better average of what is going to happen. Smoother playing field..
Say we have 2 million people trading during a overlap. At those times a single trade of a few Million will not have the same effect if it is placed say. At the start of the Ausie session alone. At that time there may only be a few hundred thousand trading. ( I don’t know the amount of traders it doesn’t matter we know it is a lot less )
This is why our stop loss is our first and foremost hedge against losing at this Bussiness. One trader at anytime can and does effect the entire currency chart. A major bank could pull all it’s funds out and we would have a instant directional shift in price that may or may not continue. It can continue because others will then see the change and go with it. Like stop runnnng on 00 numbers , Some large player pushes price up to or above the number other people have been waiting for this and go short at that point this causes a immediate shift back down to the 00 or below. This happens time and again… ( One of my favorite trades)
The point I am making is we will never know what the price will do we can only assume we have a better than average understandling of the how the market acts.
But we will be wrong , But that is ok.. We can only hope to have a better than 50% success rate even at 50% we could still come out ahead if we take more than we lose.
The Best thing we can do is figure out the most we will allow each trade to take from us ( the cost of doing bussiness ) and live by those rules ( each trade can and usually is different) Your stop can be a FIb level , A change in our swings or a break of a line. What ever it is live by it and you will win this game…
Everyhting I have shown to this point is showing where we can get into a trade. The same Areas are where other people are ending there trades. That is how the price got there in the first place.. Just keep this in mind. Sometimes we are just a bit early and it is not quiet
ready. Could start consolidating. Don’t immedatly change direction, look at your analysis and if it is still right wait for a confirmation then take your trade… It might want to turn at a higher fib ,or retest a area. Give it time to develop before you give up on it… People lose a lot of money jumping in and out of trades for no other reason than they got in to early.
If you look at the three charts I posted the first is GBP from today .
The second is the EUR from today . The third is the GBP from Thursday, It shot up over 50 pips and turned right around…The first 2 I would actually class as Momentum trades as the didn’t actually break the 00. But I took both of them off the 1 min chart as it shows the price slowing down and starting to turn back. The 4th chart is the same EUR chart same circle and arrow but changed to 1 min… you can see the momentum slowing and the turn…
Just remember the following;
He Who Loses The Least Wins Forex…
Good Trading To All Ken Lee 
To continue the conversation from yesterday ; Most of us are doing this because we want to have control of our lives, Financially and the freedom that this can offer. The problem I have seen over and over is very few are prepared to treat it as what it is A bussiness.
It is one of the best bussinesses you could get into no employees, no selling ,no shipping, no inventory, no overhead. So why is it so hard to succeed, The truth is we set ourselves up for failure.
As I discussed yesterday, Regardless of how good anyones analysis or EA ( software ) or signal service is . WE DO NOT KNOW what is going to happen. We hope to have a winning plan but we don’t know for a certainty.
So going on that idea… Just as any bussinees we could start. We don’t know if we are going to sell the inventory we bought or if our money back quarntee is going to take all our profits, Did we hire a thief by mistake. There are so many varuables to running a bussiness.
But in Forex we know exactlly how much it is going to cost to take a trade. It is one of the few places that your risk can be known in the future . Any company owner would kill for that ability.
We Have to use this to our advantage. YOU HAVE TO know the amount your willing to lose up front not after you put the trade on BEFORE. This is key in being successfull in this venture.
No strategy will work if you don’t have clear rules for loses and gains.
Profits can have some leeway. But you must know your risk amount.
As far as taking profits. It is always prefferable to take profits in stages. Say you want to trade $6.00 a pip so have your atuomatic entry set to $2.00 when you place the order hit the button 3 times $6.00. Then as you arrive at good profit taking areas close 1 at a time. Moving your stop up as you go that way the rest of your trade is for free and can’t cause you a loss. Leave the last to go as far as possible. This is how we can become rich and famous , It takes some discpline to accomplish this. But the rewards are awesome…
Just Remember this THERE IS NO WAY WE CAN TELL THE FUTURE, TRADES WILL GO AGAINST US. But we can know our risk ( cost of doing Bussiness )
Godd Trading To All Ken Lee :DIm sorry to ask, feel free to not answer but…
Can you tell us a little about you?
I mean… As you know, I lost alot on forex… and, I really, REALLY want to get back on me feet. But now, Im back to the demo and I have SERIOUS hard time making any money, in fact, I always lose a little more than I win. I know this is all about risk control…
But right now, what I really need is motivation.
I know, you were like me some time ago.
Can you tell me, or us, your story? Your REAL story?
It could sound dumb but, Im sure this could help alot of us.
Thank you very much!
Im sorry to ask, feel free to not answer but…
Can you tell us a little about you?
I mean… As you know, I lost alot on forex… and, I really, REALLY want to get back on me feet. But now, Im back to the demo and I have SERIOUS hard time making any money, in fact, I always lose a little more than I win. I know this is all about risk control…
But right now, what I really need is motivation.
I know, you were like me some time ago.
Can you tell me, or us, your story? Your REAL story?
It could sound dumb but, Im sure this could help alot of us.
Thank you very much!
I have no problem answering your question.
As I stated in my introduction to this thread, I started trading Forex off a Automated hedging program. The idea was to risk little by hedging corelating pairs and collecting interest and a ocasional move in the right direction. Of course it came undone.. I mainlly did only this for the first year and just started learning slowly. But not really trying. I did some news trading in the beggining and took a 14,000 account to 36,000 in 3 weeks then of course lost it all.
I was hap hazard and knew nothing of Money Management or risk..
As the automated program started to unravel. ( with the economy) I then started in earnest to try and learn forex. I have had mostlly a lot of success and have doubled multitude of accounts. Mostlly small ones ( not willing to risk the REAL trading account till I had it down)
Almost everything I have learned is price action based. I just don’t see the need to rely on a computor to alert me to something I can see with my own eyes. That being said I do use alarms to let me know when price is approaching a Price area I am interested in. If your Platform doesn’t have one try ALERTFX . It is nice to enjoy your evening then then a little bell goes off and your pair is near a entry point at the beggining of the Asian session 7:00 pm here.
I have blown a few accounts also from emotional issues mainlly and have just recentlly come to grips of the underlining issues. That is why I stress so much the last couple of post. If you will do that for your next 21 trades. (that assuming you have a strategy that works) You will be ready to move forward.
I learned somewhere years ago that if you do something 21 times it becomes a habbit and you no longer have to think about doing the right thing it will become automatic.
I do not know what your issues are. If it is for lack of a strategy There are any number of really good ones here on Babypips.My goal on this thread isn't to teach a certain strategy but overall price action for people to use in constructing there own / or helping them to use there's better. I have been on Babypip's along time and it isn't till recentlly I was able to mentelly put all this information together into a usable fashion ( how everything interacts together )
I sit in on a trading room ( mainlly to have something to listen to while I trade ) and the repeat of the same questions lead me to know that most people are the same. They either have bypassed the how it works and jumped to the , Just do this here phase which is a diservice too them. I am trying to fill that gap . The school here is good but I am just showing my thought pattern and how I process this information.
The last issue I had to conquer was letting bad trades run . I would double a account and then get into a bad one and . Then it was like I was watching myself give all my money away the only thing that saved me from quiting is I have had a over 80% success rate for along time.
I knew this was totally on me and my mind, and started to investigate anyway to solve the issue. You see I knew I was a successfull trader. I would blow a account out then drag it from 50.00 or so to 2,000 in weeks. So I know what the possiblities are in Forex and I was unwilling to give up on it.
I find it funny when I read about someone making 30% or so in months If I was only returning that little I would have stopped trying along time ago. My recent ballance history. From 2 wed ago I am up a lot… (not Real dollar amount ) but if I had started at 600.00 it would be 3,600.00 today. I only trade 1 or 2 dollars per pip per thousand in my account . I will allow a bit more drawdown than 2% but this is after a long time of knowing the average wins on my account. I won’t take a lose if I don’t have too. I will take 1 pip.
I trade all types of strategies depending on price action. When most are sitting aside looking for there one signal I am trading, As I said earlier I trade any chart time frame and anytime of the day. I still have a issue with closing trades to earlly that is why I added the 3 part profit taking in the last post. It is for me as well as everyone else. The signals are there in every chart you just adjust your thinking to that time. Smaller time chart smaller stops smaller profits quicker trades. if you get into a trade on a fast chart look at your other charts before closing might have been a entry on a longer time chart also, Then it would be a BIgger trade.
I hope this helps give you a direction ,without knowing how you are trading I can do little more.
I have a question to everyone …Is anyone getting anything from this are is it to fractured to help you ?? I see the view count go up but hardlly have any responses. Don’t need the attaboy but sometimes feel like I am talking to myself… LOL Should we continue ??? This is actually secondary as I am mainlly doing this for a group via e-mail…
Good Trading To All Ken Lee 