Congrats on the huge stock gains! I am a huge proponent of trading both stocks and Forex, as well as trading multiple methods in the same market as it will help level out your equity curve and draw down. I hope the new year brings great returns from both Forex and the stock market for you. I dusted off my options broker account and am getting prepared to putting more of my money into the NYSE this year. I am also planning on getting my Series 3 license this year.
May I ask, what were you invested in that produced such good results?
I havenāt yet delved into volume in an article. You can see it used in live trades and discussed in some of my trade analysis posts. Volume is just a confirmation tool for me, and I have yet to discuss more staple topics of price action trading so it may be a while yet until I get to volume. I would suggest just having it displayed on your charts and every time you take a trade that turns out successful, look back at the behavior of volume. You will start to see patterns in volume that happen in successful PA setups. You can then start to look for patterns in volume to help confirm the quality of your PA setups.
Welcome to the thread here! I was glad to read you are giving it another try, this time with solid price action teachings. You will never succeed in Forex if you donāt keep working at it. Forex can be a long journey of trying a method, tweeking the method, trading it for months, seeing the results, tweeking the method, trading it for months, tweeking the results, etc. etc. You need about 100 samples of something to see actual results compaired to random results. Because of that, the journey of successful trading can take a long time as you try something out for months and then tweek it to see how it affects your profits. Many people think something doesnāt work after just a few days or weeks, but there is no possible way that just a few days of trading will produce enough trades to realize what the long term results of the method will be.
I want to warn you that you will find quite a few differences between what Jonathon and I teach. He teaches clean charts, one method for finding support and resistance and a large number of other things I differ in. You are more than welcome to learn in parallel with both my and his teachings, but you will find we both do things quite different and I want to make sure you are aware of it so it doesnāt hurt you on your journey to becoming a successful trader.
Thanks for introducing yourself here and I say welcome to the community here!
I was able to get through that last 1 page of posts! haha. I will go back through more pages throughout the week. Since I have this whole week off from work I would like to get out an article on trading IBās. The last couple months of trading has presented a huge amount of daily IBās that have played out quite well and actually helped kick off some of the trends we have going on now in various currency pairs. Keep an eye out for that article to show up here this week. I will be on a business trip all of next week in Texas so I wonāt be in the forum much that week. I also noticed the economic calendar is pretty light this week so we may not see a whole lot of volatility or changes on current trends for the pairs.
Going into this new year, when you are making goals for the year, think about some of the things you would like to achieve in your Forex trading. Maybe you would like to add some new tools to your trading basket such as EMAs or inside bar trading. You may have ended the year negative and would like to see yourself in the positive by the end of next year, or perhaps you may good gains this year and want to shoot for even greater returns. I would encourage you to post some of the things you would like to achieve next year. We have a great community here and can encourage each other as we work towards our goals, and celebrate them together as we achieve them this new year! I hope everyone a blessed and safe New Year!
Hello, this is my first time posting here, so a little about me. I discovered Forex about two months ago, joined babypips 6 weeks ago and went through the entire babypips school. I opened a demo account with Oanda and started trading using MA crossovers (failed miserably). After that I started browsing the forums and discovered this thread 2 weeks ago. It took me until now to read all 2344 posts, Iāve learned a ton about this method of trading and I want to thank all the contributors for that. Iām ready to start demo trading again and am switching to FXCM since Oanda doesnāt do New York close.
Thus far I have a few questionsā¦
When setting up EMAās on FXCM, under the parameters tab in the EMAās properties, what is the correct ādrawing modeā setting?
Also, there have been a few acronyms pop up that I donāt know. FTA = ?, KHL = ?
My understanding is that you want EMA to plot on ācloseā. 21 and 50 seem to be the most common ones mentioned in this thread, with some 8 and 100 to a lesser extent.
FTA = First Trouble Area. Itās the closest area where you think price may be problem getting through. Hence the word [I]first[/I].
KHL = Key Horizontal Level. Such as big round numbers, or any level that price bounces off many times in the past.
As I have successfully accomplished my stockbroker and fund manager certification, I really wish to accomplish my CFA level 1 this year. Or at the very least, to gain enough experience in investment world that can be counted as a CFA charterholder. I may need to start my finance career from entry level, but thatās alright if itās relevant for CFA certification. I may be mad to move from science to finance, but I want to move on for my personal pursuit of happyness.
Also, I have a dream that in 2014, my return from Forex and stock market can beat the return from AAA-grade Corporate Bond in my country. I aim for consistencies in the long run. Every three month I am to reassess my current portfolio and track records of all my Forex and stock trading.
Hi Guys. Wondering if this would be a good break out signal to go long with the trend.
I would give this a 3 star mainly for the pin size and it is going long with the trend. However, Iām not too familiar with continuation signal since Iāve been practicing primarily swing trades.
Hey TJ, welcome to the community! There are a TON of helpful traders in here and quite a few with months/years of experience under their belt they would be happy to help. I am glad you are getting a lot out of the thread. My goal is that I will have enough articles for a new trader to go from basic to advanced through this thread. There is still a ways to go with articles so if you have any questions please feel free to ask.
What are your options under drawing mode? Is it asking if you want to use open/close/average prices for the EMA? FTA stands for first trouble area, I donāt remember what KHL means. I havenāt seem that acronym used for quite a while. When starting out probably more important than mastering the trading method is mastering your emotions. Personally as a new trading I learned PA trading fairly quickly, but I was struggling being profitable because of over trading/over risking/interfering with live trades/ and a large number of other bad decisions through being emotional. It may take 3-6 months to start being consistently profitable trading. I would suggest you donāt put too much on your plate at once. Focus on horizontal support and resistance levels and pinbars and stick to the higher time frames. Once you are comfortable with that you can begin going through the buffet and adding more to your plate. Post setups and analysis as this is one of the best ways to learn and keep us up to speed on your trading jorney!
There are three options, open to open, middle to middle and close to close. Default is middle to middle so thatās what I left it at. I do know my data source for the EMA is close, as that is another setting, so Iām not sure what drawing mode does, but it does change the EMA line slightly depending on which I choose.
Thanks for the advice, and what to look out for. Iām hoping the learning curve isnāt too bad. I can already tell that over trading, and then interfering, will be an issue of mine. Iāll have to keep that in check and will be using a plan to hopefully do so.
One other question I had while setting up my FXCM platformā¦I know we are all trying to use a 5-day New York Close bid chart. Do you recommend merging the weekend data with the Monday data or just hiding it all together? I have options to do both.
Hopefully that answers all my setup questions and we can get onto some PA action!
I think itād be easier if you look for signal on some demo account with brokers who provide you 5 day New York close charts. Pepperstone and Fxdd are the 2 I remember off my head. You donāt need to do live trade with them, just open a demo account to look for price action.
I personally use Pepperstone MT4 demo account while my live account is with Fxpro. Pepperstone demo account requires you to re-register every month (unless you have a live account with them), a small annoyance but nothing serious.
USDZAR is reaching a high point, last time it reached this level was 2009. Iāll be watching this pair closely.
Gold H4. I donāt trade gold yet, so here is just me practicing analysis Please let me know what you think.
Price has broken through both major resistance(red) and 100 EMA(black) which now turned support.
It came back to test both and formed a pin bar. If these supports can hold price afloat, I think the price may be able to get through couple minor resistance (red dot) to reach the blue level.
Hope you all had a good xmas/new year break! Been going through my charts to ease myself back into tradingā¦
I have a question about volumeā¦I was looking at this on AUDCAD as a potential setup on the daily. The thing I donāt like about it is that it is in the middle of some noisy consolidation to the leftā¦otherwiseā¦
PROS
obvious, nicely formed, pin bar
with trend
PB tail rejecting and protruding through key daily R level
PB tail rejecting trendline
CONS
Price stuck in a tight little range - although maybe itās just coiling up ready to burst out to the downside
Thursdayās candle is a CT PB although not a key support level, so I intend to ignore thisā¦
However, Thursdayās CT PB was underpinned by huge volume to the long side whereas as Fridayās candle is on little or no volume
If it werenāt for the volume, I would give this setup a 3/5. But what to make of volume? Grateful for your thoughts.
Im pretty new to trading price action, but so far i feel like volume should get more attention. I wouldnt take the trade unless the volume is similar or greater than previous day
update to my previous postā¦
my charting platform now seems to be showing some reasonable volume for Fridayās candle but still not as much as Thursdayās candleā¦Cheers
Muuuuuaaaarrrrrrrryyyyy New yarrrrrrrrrr everyone! The al-oco-hol appears to beeee wearing awwffff and Iām alllll ready for dutyyyyy. Good luck in 2014 all.
Amy, your chart is using 6-day week candles. Thatās why if you look back at your volume bars itās five large bars then one barely visible volume bar. That barely visible volume bar is for Sunday. This ties into my question in a post aboveā¦
Is it recommended to merge the weekend data with the Monday data or just hide it all together?
Amy, I just went through this with FXCM via chatting with them. Their online web trading platform doesnāt offer the option to go to 5 day week candles. If you want to stick with FXCM you have to download their āTrading Stationā software to your computer and then youāll have the option to merge the weekend data with the Monday data or just hide the weekend data all together.
Please let me know what you think.
