Not sure what happened with the yen today, but it was all going swimmingly until about 2pm!!
I’ve found an indicator in ensign called ‘Pesavento’ which can be set to do the same thing. I think it’s uses are much greater but serves the purpose I need it for.
Can be seen in my last chart
I have a screen that shows me 4 TF’s at the same time. The Daily for Trend identification and then the 240M, the 60M and the 15M for trade entry. I don’t actually use the 15 much for entry but will do as my trading improves and execution improves.
Once I’ve seen the direction of the trend, and the start of a retracement I set an alert on the 50 and another on the 0. If the price alert on the 0 is triggered a new Swing high or low is formed and I start again with new levels. If however the 50 alert is triggered it goes onto my watchlist and I wait for confirmation of a reversal either around the 50 or the 61.8. If we reach the 78.6 I scrap it and go back to the beginning until a new trend is confirmed. It’s a waiting game for the price to come to where you want it, rather than chasing price around. Trade like a sniper lying in wait until your entry trigger is in your scope!!
I am now watching 20+ markets, so most of them won’t give me a trade all week. I take very few trades, i only want the best ones. I’m still however learning exactly what they are but don’t feel the need to always be in the markets if the conditions aren’t right
Questions are great, they help me clarify my own thinking. We’re all learning, just some of the guys on here are alot further along the path than us. Grateful to those who share their knowledge and help us along (GP especially!!)
The more we practice the luckier we get!!
Heiken Ashi? 
Heiken Ashi works good from what I have seen gives a clear indication of highs and lows, I only looked at it after Gp told me about them…
Well I have used them before but was in the beginning of my trading so did not take much notice of it though.
On your indicator list you will find them though…
This is how I spotted my two trades yesterday, I dont use them for trading though only to find good setups then go back to normal canndles
Am I fine in sayin gI can do it this way GP?
I have to be honest, I was talking to GP last night for some time and as you can see he has given me quite a bit of advise, now in saying this though it is very refreshing to find people like this as some other people do not give you the time of day.
I was also looking into price action and as of yet still trying to work it out
But then also whn you use fibs, you will find that more times then none some of your lines actually lines up with support and resistance levels though.
Which I find so useful though.
I entered a trade last night on NZDUD now what I have done is gone to 4hour chart marked fibs scroleld down to 1hr to gain entry, and it hasd triggered my order, but in saying this I found this morning the price hovering around the 38.2 level, and upon scrolling back I see it has actually acted as support and resistance before though.
Just my two cents again
If I am wrong please correct me
FYI, just have a look at XAUUSD for those who trade it I think specially on the 4hour we are finding good resistance near the 1375 mark, again correct me if I am wrong.
I will hold of myself for this though before entering anything on it.
I will however draw fibs there but wont enter as gold is a funny thing
This is the XAU USD I was talking about
Itis the 1hour chart with heiken ashi in, is this the correct places for me to place fibs?
Also asI show with the blue circle you will see some resistance since last night on this, and if you scroll back a few months this resistance has acted quite strong before also.
Oh the red line is where it has just hit the 50 level…
So next stop the way it looks is 61 level
I drew it on the 4 hour then went down to the 1hr charts.
Is this acceptable?
Going through my posts I realize I use though a lot hahaha…
Yes for sure. I sometimes do it the other way. Heiken Ashi first then switch to candles. I split my screen in half and look at the both.
I have also gone and downloaded the indicator ZZ_Orlov and applying this to my charts also…
How has today been?
I have had 3 setups for the day not running as fast as I would of liked but going.
I do the same, I use heiken ashi then change back to normal candles, go down a timeframe and see where I can enter some trades.
Am obviously using this on demo still but starting to see trends and support and resistance lines with each and every fib I draw, well I say this but I mean most of the time
I am working hard on discipline also now as when you do see your trade moving lower you do have the tendancy to close your trade, so I am working on this also to try better myself and trades.
Will see how it goes.
By the way gp where do you check up on news for the day/week to see how it will affect your trades?
As there are so many to follow
Like I said ZZ-O is simple and helps when you’re new and trying to find major resistance and support points. Matt has one that looks good too. I’m in the camp of traders who consider a demo account is one of the most important assets you can have in your tool box. It’s not 100% the same as a live account, but there’s not much or big enough differences not to use one in my opinion. By doing everything with a demo first, you can practice what you’ve been learning, you can experiment, you learn the trading platform, what it will and won’t do. Again my opinion if you can’t learn patience and discipline when it doesn’t cost you money, I don’t see how anyone can learn it by trading a mini account. Again my opinion all you learn by using a micro account to train yourself is how to waste your money.
My process starts with looking at the economic calendar to see what’s on the day’s agenda to be released. While my calendar is open I bring up Bloomberg News and check to see if there are any major events I need to factor in. I stay with Bloomberg and then check forex news. When that’s done, I open my over night emails to see what some traders I follow have to say. I maI’m look for everything news, emails, calendar to get a sense where all that’s going While I’m doing all this I’m taking notes to get a picture of what’s going on from other analysis. Once that’s done, I open my platform and do my own analysis if everything agrees I pick the best pair to trade. So yes I do read news. I think again my opinion, you have to use all sources that are available: Tech, Fundamental, Sentiment analysis. I also found that by starting with Tech first, the other two were easier to understand and see how all three compliment each other. Of course along with my own analysis
I hate trading Fridays, it’s always slow. I have 3 open short positions on audusd that I took late last night (another thing I don’t normally do) I’m just waiting for trailing stops to get knocked out and I’m done til Monday. I like Matt’s advice, the more you practice the luckier you get. I know a few traders who trade very conservatively with their live accounts and whenever they’re looking for excitement they fire up a demo account and go to it. Personally I don’t like using a demo for a play toy, because sometimes your bad habits on a demo cause you’re board may carry over to your live account. Discipline and patience comes with time and experience and there’s no short cut. In one instance you don’t want to hang on to losers; but on the other hand you want to give the market enough time to breath :>(.
Have A Good Weekend All
Gp
CHFJPY and EUR JPY both at nice levels with potential pin bars forming
Thanks for the help, as I said hard to find though.
Am still gonna give it a go for some time before I will attempt anything on my live account…
I have got an order open on AUDUSD… but because I was on the 4 hour I thought it was showing some what of an uptrend so went long on this one…
Have a stop loss in place so will see where it goes.
I dont know if I am correct in the following things I have seen so far so if it does not look correct please just say, I dont take offence
As for EURUSD, I am seeing on the daily we been having an uptrend so on my 4 hour I marked fib lines went down to 1hour and price has moved down to 61.8 level, can I Still place buy order when it reaches above 38.2?
XAUUSD I am waiting for price to hit the 50 level then once I see it going back up I will place order at 38.2?
Seeing as the resistance we had now becoming support? I think it might be worth while? Any thoughts?
GBPJPY has been showing a nice downtrend on 1hou?
Going short once price has hit 50 and retraces?
USDCAD has been finding a little resistance around 1.1106, is it fair to say this?
This is the ones I am feeling better about at the moment though it might change as everything does.
Again I am not asking for you guys to give m the signals, just merely if you think I am on the right track with what I am seeing is happening?
Morning Ice. Of the ones you mention GBPJPY looks interesting to me, having printed a LH and LL on the daily. There’s also a nice series of LL’s and LH’s on the 4hr.
GBPJPY looks interesting to me, having printed a LH and LL on the daily. There’s also a nice series of LL’s and LH’s on the 4hr. Waiting for pirce to move a bit higher before I consider a trade.
I’m looking for a break above the 1.1153 to create a new Daily HH, otherwise I consider this to be ranging so no trade.
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I took some profit on gold this morning and am currently in CHFJPY. Other than that I’m waiting…
I took some profit on gold this morning and am currently in CHFJPY. Other than that I’m waiting…[/QUOTE]
Thanks for the kind words Matt, as I said still a learning process but hoping I am getting on the right track.
Seeing as gold had a nice resistance at 1375. and it broke through I am assuming it became a nice support now…
Am still gonna wait for price to hit the 50 mark and if so might open an order to go long…
But in saying this I think it might find support around the 61.8 area first before moving up, if it carries on going down I will rather leave it first, but in saying this gold has been making a nice strong uptrend…
Will have to wait and see though
I think we’re both at about the same stage in our learning. By answering q’s on here it helps me bed in the learning.
I’d say it’s dangerous to assume that this would act as support, we need price to show us that it acts as support. My fib on the 4hr is at 1376.8 which lines up with the potential support area you mentioned and a nice uptrend on the daily. I’d like to see it test support before entering here.