Definitely, I will want to wait for a good signal to see if this is however support and if it would hold, if not then it is back to the drawing board and wait it out…
Although we have seen a nice uptrend on daily this does not give me enough reason to enter long just yet though…
By the way Matt
What are the currencies you trade?
I try sticking to the majors, an ofcourse gold, but saw you said before you checking out CHFJPY?
I don’t like personally trading where I have a big spread, but then again also you can get away with it once your fib lines show they can hold
:35: :35: I do believe you’re getting the hang of it. Just remember the key words from our post. [B][U] “at the moment though it might change as everything does”[/U][/B] Just make sure, you don’t forget stop loss and proper money management.
Yes you can enter on the 38% level. You can also add to your position when you’re comfortable enough. Adding to a winning position is okay; adding to a losing position not okay. Fib traders seem to agree that once the market moves 10 or so pips past the 62% level that is a signal the current trend (that you’re trading) is over and I have also found that to be more true than not. So keep that in mind.
Remember retracements give us our entries, extensions give us our exits. As well don’t forget to confirm with other indicators (macd, stochastics, support and resistance etc. I have not made any decisions yet for today. Nothing major coming out this morning, Bloomberg notes the yen has dropped. I trade shorter time frames so I wait for 20 minutes or so after NY open before I make my final decision as to what I’m trading or not trading in some cases.
I watch about 30 markets all in all. These are made up of majors, crosses, plus the bigger indicies and gold and silver. I can cover alot more because I’ve learnt to set alerts at levels where I might become interested. Broadly speaking it works like this: -
Ranging markets - alert set at top and bottom of the range, alerting me to a breakout.
Trending markets - 50% fib, so I can see market moving into set up territory, plus 100% level so I can see if set up is bust.
I find the spreads on these markets are all acceptable, given that I rarely trade on anything lower than 1HR
Here’s a good example with wahts going on at the moment with GBPAUD. My lower alert was set up to trigger when the previous LL was broken, which it just has. I’ll keep an eye on it and when it starts to retrace I’ll set alerts on the Fib 50 and 100. Hopefully that makes sense?
Gold now testing the area we mentioned earlier
If only all new and losing traders could look into the future and see how much learning this way will pay off. You will see proof of this by having a peak at a couple of the price action threads. Look at the traders who followed from the earlier posts and have participated in current posts you can see how far they have come. Don’t just look at price action or particular systems unless you’re trading a particular method, look at traders who have there own threads or who have 1000+ posts. Look at their earlier posts and then compare with current posts. Everyone who has made it will tell you the same thing, it’s not easy and it’s not short term, but end results are worth it. It’s always the ones that don’t want to put in the work and/or time who offer excuses.
I’m back in on Gold, didn’t think the set up would happen but a pin bar on the 15 with top taken out is good enough for me. There has been a nice strong uptrend so looks promising.
Thanks alot GP, as they say practice does make perfect…
I do have stop losses in where as before I did not use them at all and clearly it showed my discipline was not all there…
I am watching these markets like a hawk but also in having a full time job sometimes when I am out on the road I do miss some stuff
I do want to try and get signals sent to my email but for some reason my broker does not let me know the moment it happens I have the mt4 on my phone and ipad so when I do get the mails I try get on as soon as possible though.
Matt what is the indicator you use in the image above??
The zig zag indicator?
I have now downloaded the ZZ_Orlov that gp uses and it is okay, but I wanna see if I can get yours and see how the 2 measure up though.
I will be honest, a few times especially when I thought I was the ducks nuts, I opened a live account made profit and blew it within no time at all, thought well it is a learning thing.
Then carried on on my demo trying many a systems etc and have won and lost on demo, at times I felt like giving up but then when I sit and think rationally that if you stick to something the rewards are good though.
As I say everyday is a new learning path and if you decide it is not for you then you have conceded, but if you carry on there is no stopping to what you want to make of yourself.
I’m probably quite different from alot of people in the software I use. The Zig Zag indicator is called Pesavento Patterns, but I’ve taken off alot of the extra lines it as… The think red and green lines are marked manually, and the green and red are auto generated SAR lines
EDIT: The software I use is Ensign Windows
I was in 2 minds about EURUSD this morning to be honest, I drew my fib lines in and thought I would watch it from the sideline, somehow the price has had a nice run and has almost hit where I wanted to put my TP…
I guess in times like this I have to take these trades as part of training though.
But like we said from the start treat your demo account as your own money I think this might be why I actually did not take this trade.
Its a nice trend, but I’d like to see it get beyond previous high of 1.39657 then retrace before entering a trade on this one
No matter whether you’re no indicator or multiple indicator, 1 minute, 1 hour, 1 day or 1 month trader. It’s all the same as a friend of mine said when he/she was getting a divorce. Don’t worry about it, women/men are like buses, there’s a new one that comes along every 15 minutes. I took out the word women/man and substituted “trade” There are enough clear trading situations that come up during the trading sessions so you can wait out ones that aren’t clear
Treat your demo like your real account, make your plan and follow it. then be patient. The more experience you get and the more confidence you get, the better you get at judging what trades you want to take as well as the ones you don’t want to take. I learned this in poker and now apply it to my trading: there are always trades you want to take. (Strong trend, lots of momentum, price at 62% level, high probability trend will continue based on information available) then there are the trades you never want to take (market is sideways, no clear picture, potential risk far out ways reward, price is at the 70% fib level. forex is shutting down for the weekend; and then there’s the middle which are trades you want to take that have a better chance based on information available to turn into a high reward as well avoid the ones that have a better chance to go against you based on the information available.
Good luck today guys
Gp
Good advice as always GP - you have definitely become the thread mentor!! I have heard it said before to forget any ‘missed opportunity’ as the market will always present us with another one in it’s own time.
Thanks again - have a great day
When I go through threads and see what others are doing I find myself thinking when I see newer traders asking what the best strategy/method is and want to invite more people to follow simillair threads to this one especially when it comes to price action and fib levels as they run hand in hand, and you always find especially with newer traders not really wanting to do all the reading through a thread and making something better, as was what was happening with me, I too was looking for a quick fix, but you eventually come to the realization that in forex there are not any quick fixes, but learning everyday about this and that and I think the sooner everyone realizes things dont just fall in your lap it would make more profitable and successful traders every where
I am also using fbonacci technique in my trading. Can’t say nothing ceratin about its benefits, about 50/50 in ods, sometimes it works, but sometimes I get a blow on my dep.
Hi and welcome to the thread. Are you using any other factors to confirm the fib? What Money Managment techniques are you using to help prevent a blow out?
I read EURCAD wrong this morning it was showing a bit of a ranging this morning yet I opened a trade to go long, and what happened I had price drop down and hit my stop loss…
Have a few more pending orders left of ones I saw go to 50% so am waiting to see if they will actually go up hit order and go on to take profit