@MattyMoney is the 1h TF not a high enough TF?
And when you talk about trading double tops and bottoms in a ranging market, ranging in what TF?. The VIX 50 has been ranging on the daily chart for so long but moving from one end to the other becomes a trend in lower time frames that sometimes defy the double tops and bottoms patterns within the range.
You know,. sometimes, I just take my phone, open the charts and look at them to see what patterns in movements I can decipher, not to trade, just to look and understand. I’ve read books on Forex and watched videos but to be honest, it becomes a totally different reality when I go into that chart and even more different when it’s a live account.
no strategy will work if they all built on speculations , most ppl spend 5-10 years to get out of these vicious cycles ,you are actually impressive.
just when you feel the dead end ,you are actually advancing to another level of FX ,which is finding the only unchanged element ,the one thing once you acquire,you will never ever be losing again.took me 10 yrs to get out of circle ,another 4 years to reach where i am.
trust me ,once you found the answer ,you’ll quit FX ,and do stock instead ,why? because this game is not designed to profit.
I wouldn’t call anything a trend unless it’s from the daily and weekly in the same direction. On 1H a retracement looks like a trend.
Now is also a risky time either way. Sentiment appears to be changing. It might be a retracement, but stocks look to be breaking out higher and the news isn’t getting worse just yet.
Some people will no doubt give me stick for this but it works for me so I offer it as an option to you. Go and check out the latest ICT YouTube channel stuff. There is enough on there to get an understanding of the markets to make money if you put the time in to go to your charts and practice. Be more selective, find what works for you rather than carbon copying a “strategy”. Some of what he says won’t resonate (all of it might not) but some may give you enough to work with and then formulate your own methodology. Test it, retest it and see how you get on.
Fx trading is hugely frustrating and i now actually make money. Here’s a list of criteria i used to transform my trading.
Hope some of this can help:
Cut down the number of pairs you trade. This helps in a reduced workload and you become more familiar with those currencies and how they behave. I only use 10 pairs now.
Keep leverage at 50:1. Less is frustrating and more is too risky (just my opinion) but it’s definitely helped.
FORGET indicators as 95% are useless. Concentrate on the price action and be confident in your choices.
DON’T trade the news. It’s a mugs game!
Use multiple entries per position and don’t keep moving your stops. Stop loss management is absolutely vital and most traders use them incorrectly.
Trade ZONES and NOT specific prices and these zones should be areas that YOU have highlighted. There is plenty of valid info on any chart.
Accept that there will ALWAYS be a hell of a lot of randomness and don’t beat yourself up when crazy sh*t happens.
@Richpickings - I agree with all the above and your list pretty much describes the lessons i’ve learned from going from loss-making to profitable (most of the time…)
Trade whatever TF you’re comfortable with. But it’s always a good idea to check the higher ones to see which way the underlying trend is moving. I always reference daily/weekly. I even mark out SR levels on the monthly which sometimes gives me an idea of where price is headed long term.
I can only speak for myself because different people have different rules. Some say if you’re trading the 1H TF then only trade what you see on that TF. If we went by that rule then what we’re seeing on your chart is a strong downtrend:
And I don’t see a double bottom, I see a pullback. Personally, I would want to see the center of the ‘W’ come up higher to form a more obvious pattern, then enter after price breached that level, creating a higher high.
I don’t trade these on purpose because I don’t really look for them. But as a rule, patterns and candles on the higher TF’s are usually more reliable than on the shorter ones, but most new traders don’t have the patience to trade off the higher TF’s. The advantage is usually more reliable trades, the disadvantage is you’re holding them longer, so you need patience and have to accept that you’re not going to get rich overnight.
When trading, experience is very important. It gets alot easier when you get to the stage that you no longer panic/beat yourself up when you are losing. I used to be the worst at that, but now if i’m a few K down at any one moment in time - I just see that as part of the game. If you let emotions rule you you’ll do daft things like selling out of a losing trade too early or not letting a good trade run.
OP, you’ve had some time to let off steam about it. Now it’s time to either get back on that horse or have a break and think about something else.
Not at all in my experience and from what I have seen. The trick is to get the bottom of a double bottom and the top of a double top. Though if it makes you profitable, I take back my words.
yes there’s still profit in forex ,cfd stock ,1-2% monthly ,but i wont trust those fx platform with big money , so i trade stock instead ,no swap to pay ,compound in stock price instead of pips always a better choice.
That is the typical retail trading that you are talking about, which more than not fails. I am talking about following the market makers. That is a different trading realm.
I believe there is manipulation of the market ie over buying by "big institution " before a big sell off that understandable ,but to believe every double top / double bottom is contrived is taking it abit too far
