The NZD is the little engine that could, haha. It looks like it is pulling back up into support again in another show of bullish strength. Looking at the AUDNZD, there is a great looking bearish pinbar/hammer that has formed off of overlapping trend line and horizontal resistance. If it wasn’t intra day on Friday I would have seriously consider taking it. What upgrades did you make in the trader 6000 from the trader 5000?[/QUOTE]
I see what you mean on the AUDNZD, looks like a nice pin bar although signals on the 4hr and possibly daily if it forms look a little bullish, but I’ve been very wrong all week! Rule of thumb is if you want to get rich just take the opposite positions to me haha.
I don’t usually trade intraday on Fridays anymore but actually still have my three trades on the NZDCAD, USDSGD and AUDUSD (which was an intraday signal) going and i maybe tempted to let them run into next week if they make it through the day. Those Aussies are seriously trying to devalue the Aussie dollar at the moment.
I need to learn the ways of the Krugman, I let the team down this week. I’m also going to have a read back though this thread to see where I am going wrong still. I wish I could upgrade the Trader 6000 so it would stop letting me make awful trades, one of my big problems is seeing the bigger picture.
I need to learn the ways of the Krugman, I let the team down this week. I’m also going to have a read back though this thread to see where I am going wrong still. I wish I could upgrade the Trader 6000 so it would stop letting me make awful trades, one of my big problems is seeing the bigger picture.[/QUOTE]
Hey BA!
You certainly are not letting down the team!!
Man…I have so much work to do myself. But, I’ll tell you…I do learn so much from you. Just keep posting.
I definitely agree with you on seeing the bigger picture.
We’ll get it. As long as we’re learning, it’ll HAVE to get better!
I’m with you man, (mate).
Mike
[QUOTE=“Mr B A Barracus;570026”] I see what you mean on the AUDNZD, looks like a nice pin bar although signals on the 4hr and possibly daily if it forms look a little bullish, but I’ve been very wrong all week! Rule of thumb is if you want to get rich just take the opposite positions to me haha. I don’t usually trade intraday on Fridays anymore but actually still have my three trades on the NZDCAD, USDSGD and AUDUSD (which was an intraday signal) going and i maybe tempted to let them run into next week if they make it through the day. Those Aussies are seriously trying to devalue the Aussie dollar at the moment. I need to learn the ways of the Krugman, I let the team down this week. I’m also going to have a read back though this thread to see where I am going wrong still. I wish I could upgrade the Trader 6000 so it would stop letting me make awful trades, one of my big problems is seeing the bigger picture.[/QUOTE]
As Mike said you definitely didn’t let anyone down. We all have our losses and mistakes and anyone who tries to tell you otherwise is full of crap. I have actually had a large number of losses in the past few weeks but a few huge wins has me overall way up. Some of the losses were downright silly mistakes by me that could have been avoided. It’s easy to get despondent and down about losses though. As you get better you will certainly lose less and your winners will get larger as you will develop the skills to ride your winners longer as get out of trade going sour. Thank you for being apart of this community, your input here is hugely valued.
I am in the Houston airport ready to head back home. I get to spend a day with my family and then I have to head out for another business trip to Nebraska. This one was a little bit last minute. If any good end of day setups form today, I will try and post/comment on those. I am seeing a few potential good ones.
Here we have a potential GBPCHF setup forming on the daily. I would give this trade a 3 star quality rating. There are some things I like about it and some that I don’t. Overall I like the price action candlestick setup. You can look at this setup as an engulfing bar or also an inside bar false break. In either case we have a nice, well defined price action setup at a key level. For me the 2 best parts of this setup is the candlestick formation itself and also the key resistance level that it has formed at. Another thing is we have seen decreasing volume over the past few months with a large spice in volume as this level have a failed attempt at breaking key resistance. This is always a good sign a true price reversal could be in order. One of the things that I don’t like about this setup is that each successive swing low as been higher which is a bullish sign. I feel that the general market structure is neutral to netural/bullish. There is also a solid bullish trend line that price would have to break to move into the 1st support area(not drawn in the attachment). The other downside is that an enter at the break would not provide a very good RR(less than 1:2), while a retracement entry would give a 1:3 or better., We could see price retrace into this resistance area before breaking lower. It will be one to watch early next week.
I want to ask something about this volume indicator. I know we once discussed this that volume in Forex is different with volume in stock market, but I wonder what we should do if different brokers show different volume spike. This is what I see in my Pepper:
Volume there looks somewhat similar these last few days compared to the days before. This is driving me nuts as sometimes I can see yours showing a clear and obvious volume spike at FXCM, but it’s not in my Pepper. I don’t know about the others, is the volume at the other broker looks similar with the one at FXCM?
I used to have that crazy thought also, not something you wanna have in the long run, BA. Haha.
There are some great setups with insane amount of RRR this week that I have missed. Is there a nuclear war in Southern hemisphere or what??
Don’t worry, BA. You don’t let anyone down. I keep learning from this thread, the other thread, and my personal blasphemous sick-twisted strategy that fits neither thread.
Thank you ever so much for the kind comments, it’s really nice to know that I’m not alone and we all have those bad weeks. I already feel much better. Its a real privilege to be here learning with you guys. Thank you again Aaron for all the time and effort you put into this thread, it really is a great space to learn and also communicate with other traders in a non restrictive manner without it turning to chaos which in itself says an awful lot about this thread.
I am looking forward to a better week ahead and hopefully making some pips back. I was at a show tonight and couldn’t get a decent signal on my phone to close out my trades and so they will stay open until Sunday. Fingers crossed there are no gaps, other than that I feel a little more confident as the daily signals for 2 of them hint that they may go in my favour although who knows with those crazy Aussies at the moment!
I hope you all have a good weekend and Aaron you enjoy your well deserved day with your family (worth more than any trade)
Here we have a potential GBPCHF setup forming on the daily. I would give this trade a 3 star quality rating. There are some things I like about it and some that I don’t. Overall I like the price action candlestick setup. You can look at this setup as an engulfing bar or also an inside bar false break. In either case we have a nice, well defined price action setup at a key level. For me the 2 best parts of this setup is the candlestick formation itself and also the key resistance level that it has formed at. Another thing is we have seen decreasing volume over the past few months with a large spice in volume as this level have a failed attempt at breaking key resistance. This is always a good sign a true price reversal could be in order. One of the things that I don’t like about this setup is that each successive swing low as been higher which is a bullish sign. I feel that the general market structure is neutral to netural/bullish. There is also a solid bullish trend line that price would have to break to move into the 1st support area(not drawn in the attachment). The other downside is that an enter at the break would not provide a very good RR(less than 1:2), while a retracement entry would give a 1:3 or better., We could see price retrace into this resistance area before breaking lower. It will be one to watch early next week.[/QUOTE]
This looks like a great set up, thank you for posting this. The analysis is excellent and sounds very interesting, I will pull my charts up on Sunday and have a good look at this. Looks like a really nice engulfing bar though…
Hey - you could open a Demo account with FXCM in order to download their trading station platform and still use pepper as your broker…just so you get the same tick volume info as Aaron.
Hehehehe…I thought it was just me thinking that!
One of the concepts in “trading in the zone” that I like to remind myself of at times like these is that if you are applying your strategy that has an edge (which as we all learn more and refine our skills we know we do…) then your expectation over a series of trades is, say, a 40 out 100 trades win rate, then the longer the series of losing trades you have the closer you are getting to having a string of winning trades…love that thought!
BA it’s just a bit of a dip you are in but you’ve got the skills and determination to trade out of it…equity curves have peaks and troughs…
I check FXCM website, and they offer Trading Station and MT4. I assume you and Krugman use Trading Station here, and not MT4. Also, it seems like the closest chart they have that Krugman has been using is the Mobile version. Am I correct?
Three questions then.
How do you make it NY Close chart? It’s basic, I know, but I just want to play it safe.
How you add tick volume? It’s not listed in the indicator list, so I’m confused.
The Demo only seems valid for 1 month. Any possible way to extend it besides making a new Demo account? Also, they only give me $50,000 virtual money at the beginning with no options to adjust it. Do you know how to adjust this amount of virtual money? $50,000 at the beginning sounds unrealistic, and I don’t like to groom bad habit with virtual money.
Hope Krugman doesn’t mind, as this is weekend, so it’s safe to start discussing brokers and stuffs. I know normally we limit ourselves to PA talk here.
You need trading station, right click on the chart and select “show tick volume”… I use both desktop and mobile version, tick vol on desktop looks same as Aaron’s charts…I do my analysis in desktop, so not sure how volume looks on the mobile. My demo account has been open for ages…in any case it’s quite easy to open a new one if the last one expires.
I called FXCM and they talked me through how to set the charts to NY close. (Can’t remember how I did it! So give those guys a call). It’s easy to set on desktop but I haven’t got round to asking them how to set it up on mobile yet.
My demo is at 50,000, you are right though it’s best to adjust and make it realistic, but I think if you call those guys up they seem quite flexible and can fix it up nice for you.
No worries Willy, I don’t mind a bit of broker talk since you need the right chart setup to be able to trade correctly. Just as long as it doesn’t get out of control. So to answer your questions, the charts I post here are through the desktop Trading Station. I have the dark colored theme activated and adjusted the candlestick colors and a few other things. Trading Station is highly customizable. Trading Station is automatically setup for NY candles. They don’t consider volume as an indicator, so you won’t find it in the indicator list. If you have your charts open just right click on the chart and you will see volume in the drop down list. If you want your demo extended you just have to shoot them an e-mail and ask, or you may be able to get them to do it in their live 24/7 chat service. I believe you can have it set to indefinite so it doesn’t disappear. Also be default you have a 20 symbol limit, if you want that changed to unlimited, you just shoot them an email. I agree that 50k is way too much for a demo. I’m not sure how to change the amount but you may be able to email them and request it changed. I thought it asked you how big you want your demo account when you are signing up.
They almost always close down their software on the weekend(which is kind of annoying), but they are constantly upgrading it and adding cool new features.
With the NY Close chart, maybe mine was set up for it automatically since I am from the US. Not sure but I would do a quick google search about it if you haven’t already.
You have drawn only 3 kind of “major” support levels, but what about the minor levels before? Don’t the levels concern you? Don’t the boxing areas/support areas concern you?
Also the BEEB isn’t any bigger than the previous candles and for now it is stuck inside the boxing area. See how bulls have pushed the price up previously - with no trouble, but when bears try to push it down it doesn’t do so well and the boxing areas represent it. But this is just my point of view.
I would really like to know your thoughts on this.
Please do, Captain. I will really appreciate it. We should elaborate it at M2M also, along with extending our repository with recent 4-5 stars example.
We really cannot come to the same conclusion if our chart is different. And I’m talking about both NY Close chart and Volume.
If you can’t adjust the demo account equity, here is a simple way to do it : Wait for a PA signal and open a 1 yard trade in the opposite direction and just wait until it reaches the desired amount.
I agree there is a bit of neutral to neutral/bullish bias…looking at the weekly chart there is an inside pin bar and a large bullish mother bar - I have noticed this formation a lot just below resistance/above support before a breakout and continuation of existing trend (although not backtested!). What do you think of the weekly?
Since I am only trading dailies and the bearish engulfing bar is quite a big range, I am thinking of waiting for NY close Monday to see what happens and hoping for a retrace to resistance (as you say) and then see what happens…even if I miss the boat. But then I am just testing engulfing bars out have not formally added them to my trading plan yet.
