Hey Forexhood, I never thought I’d see the day when a 5 min chart scalper agrees with a Daily timeframe trader.
You can scalp very successfully if you know what’s going on in the higher time frames. You can scalp 20 pips every day just using pivots. Obviously you have to know when to hold on to a trade if there’s a wave structure playing out on the higher time frames.
on this chart can you highlite the messy part and the big move? I don’t see it
Exactly, and as I keep saying you don’t have to try an analyse it to the nTH desgree of Elliot Wave Theory, identifying the best trades only requires some basic knowledge of wave theory, and a way to apply it, I got stopped out about 2 PIPS before this nice big drop now, I just had too much going on (that’s another story about just wanting stuff to work as it should), but on the 5 min that was definitely an impulse wave of some sorts.
Normally I would make someone cross my palm with silver for this kind of info but for you 
There isn’t that much mess actually, that EURO is just dropping nicely, but from 3240 to 3140 - 100 PIP drop, that’s biggish, quite a sharp drop, then just short at resistance levels.
I do not understand why so many traders stress on just looking at the 5min chart. If you just look at the hourly the messy part on the 5 min is just a consolidation mode of a leg 2 pattern.
I agree, but each to his own innit? The 5 min don’t stress me out, and I like to take 20 PIPS time and time again, and occasionally, you find yourself in a mega trade like the one I just about missed this afternoon, and it’s whey hey.
Either way, I end up 40 PIPS+ to the good most weeks on quite high leverage.
From my experience trading on high leverage is not beneficial. I blew 25k in 3 days which was not fun at all. That’s when I decided to get the proper education and develop the right mind set. I’m still learning along the way but it takes time and dedication. Education is key in this business and a trader can never stop learning.
Focus as well, just keep focused on exactly what you are doing, and getting the balance right between blinkers and more education, while I agree education is good, information in the guise of education can be bad, i.e. there is so much s**t about.
And another!!
20 PIPS no doubt, easy trading, the market just wants to give you PIPS, when it doesn’t, when it goes back spikey and rangy again, leave alone.
eur/usd long… lets see how it goes…
Same here - cool how two different approaches can reach the same decision… I’m just taking it on demo though, no live trading til next week.
I already have a position on from 1.34 I just took a quick 55pip scalp up and re-entered again. All the mumbo jumbo technical stuff you have to figure out your self because what makes sense to me may not to others. If you want to learn proper technical analysis your better off taking courses. You can only learn so much from these forums. Sorry mate!
Yes, you are right! This is the wrong thread mate! I would love to help out but starting my own thread would be a lot of work simply because I’m very detailed to the pip. My system consist of many lines and wave/pattern recognition. When I make suggestions on what traders should learn I get “how the hell do you work with this stuff” or “it’s too complex” But I could care less because complexity gives me high probability setups. There is nothing easy about this business. If you insist on your free education just make sure you develop a good solid basic knowledge of technical analysis then you can learn other concepts to enhance your probabilities.
PA analysis is the way.
This featured strategy is certainly a tried and tested one, but is only one strategy. I believe you need to know what “state” the market is in at the time you sit in front of the screen and have various strategies to play those states. If you can analyse where the market has been, where it is now, and where it is possibly going, you can make informed decisions as to which way you should be trying to trade and see if any of your tried and tested strategies are setting up.
Hello,
I agree: thare ARE INDEED ‘plenty of ways to trade’ and I myself have made a point of late of NOT telling somebody that they’re doing things wrong i.e. for all I know I could be dispensing bad advice to the next ‘natural’ stock picker or news trader. Aside from certain basic rules e.g. risk / money management there is no ‘right way’ or ‘wrong way’ as long as it’s profitable.
All of the above being said though I think (don’t think me rude for saying this) you’re all missing the point ‘a wee bit’: ‘purplepatchforex’ is a CONSISTENTLY (that’s important) profitable trader using this method and is just trying to help by showing that ‘overcomplicating’ or ‘overthinking’ matters is NOT the way to go and simply not necessary. I fell into (and remained in) this ‘trap’ for way too long when I started out and while his method is not my ‘cup of tea’ I know how he feels i.e. it’s frustrating (for what reason I actually do not know to be honest) to read most of the new threads where ‘the next best thing’ has been ‘discovered’ by some or the other new trader and you just KNOW what the end result is going to be but, I guess, eventually, you give up because you realise that for some or the other reason everyone has to learn the hard way (or so it would seem anyway).
Regards,
Dale.
Would you care to define a bounce off of the resistance line? How do you enter trades, does the next candle have to point down? How does it work? If you want to help newbies with this thread, it would, in my opinion, help to get a bit more specific.
Hello,
‘Wayn33’:
You DO have a point!!! LOL!!! Oh and ‘WELCOME’ by the way!!!
So ‘how about it’ ‘purplepatchforex’???
Regards,
Dale.
I’ve been thinking about this trade and I’m pretty convinced you’re on the wrong side of it, this is my reason why.
This is the way I see the Daily Chart.
I’m sure I remember Elliot wave theory saying that when you get one of these:-
It is likely to be followed by one of these:- (and vice versa)
And I’m convinced that is where we are at, so still bearish would be my bet.