Nikita thank you for the wealth of information that you have provided in this thread. I have been trading in a very similar manner, and have been averaging a 30% plus return each month. I believe that by applying some of your tactics I can even do better. I do not use indicators at all either, as they are a waste of time since only provide information on past price action, when what you actually need is future price action. I do, however, draw trend lines from support and reistance areas, whether they be horizontal or at an angle. This tends to help me with my entry.
I look for entry based on H1 and H4. This is to place SL on a smaller wave etc.
Often, the H1 and H4 entry will be hitting its own resistance for a sell and a support for a buy. If day time was buy on the previous day than I ignore all sells today on the smaller TF and only take the buys vice versa.
I do not sell until a time where I do get a sell signal on the DTF.
Mind you this could be after a reversal candle is spotted on D TF or D TF is hitting a significant resistance or support that I saw on Weekly TF.
Until than, I only trade one way, either buy or sell in respect to the direction on Higher TF. I dont do retracements, or more aptly I do not recommend trading retracements or pullbacks. They are inherently risky and not worth the stress nor the pips.
I am using an MACD chart on H1 and Min30 this month.
So far the results have been very interesting.
But its of no use to a newbie if they cannot trade price action.
The MACD just shows me a very high probability set up.
And it has nothing to do with how the lines in between cross or the bars become buy from sell etc etc.
I think I have said this before, if you are not sure what the market is doing or how it moves, than the Indicators are of no use to u.
On the other hand, in the hands of someone who can make a sense of all the random up and downs, indicators have their own advantages, be it MACD, EMAs, SMAs, RSI etc.
The oversimplification of these indicators in the hands of newbies are what makes them immensely dangerous.
I tried going back to trading SMAs and EMAs, some of the first systems I was thought how to trade, which I did miserably with back than.
Than I went on to use MACDs and Min1 SMA trading. Again something I was thought earlier but I could not make sense of back than.
I am entering trades based on Min5 at times now and I am profitable with it, something again I had tried to mimic others earlier but was a disaster than.
Now give me anything and I can show you a trick or two after a week of watching them.
It all comes back to the basics. Can you make sense of what the market is doing without any of this? If the answer is yes, than by adding another layer, your trading becomes much more easier.
But if you havent got your learners permit yet, than I am sorry you are not going to be able to reverse park a 44 foot tractor trailer. No matter how natural you are behind a set of wheels, its just not going to happen.
So go back to the basics instead of jumping from one system to another.
Start with the Daily Candlestick chart. That is where all newbies ought to start. Not on min1, Min 5, min 15 or even H1. The number of false signals spewing out of these timeframes is enough to add 4 or 5 years to your learning curve.
Thanks a lot nikita, im headlining my first set of trades next week using your methods described. When I make my first million $ ill buy a ferrari with a personalised registration of ānkta1ā!
I hope no one bought thinking its going to be a bounce today as yet.
Im holding a sell on AU and re entered today at the high after looking at D TF for guidance.
I wont be holding for more than 60 pips on the second entry.
Will take it all in a moment.
Missed this entry in AU today. Well, didnāt miss itā¦ I skipped it cause I was already in a sell in GU.
Trade in GU. I think I should have waited for the next hourly candle to close before moving my SL to BE + 0.5pips.
Once again, it was a debate as to which pair should I choose.
yes indicators can be annoying lol, unless you are good at profiting from their use. i find pivot points to be very helpful
I missed my entry this week on the AU. I had everything lined up coming into the week but was looking for price to move up a little to form a pin bar and didnt get it. Oh well price has moved to far down for me to look to get in now. As stated all over this thread dont chase price. If I did I would be selling at the bottom. If you miss the boat you must be able to watch it float away. There will be another one
My bad. I missed both the oppurtunitiesā¦
London session was almost a dead duck. Thought there wouldnāt be much action today, but NY was a killer.
no doubt, it does.
Just need to spend less time on BP and more on trading and the charts.
Depends on how you look at it. I see a lot of people need to spend less time on charts and more time on here ;). All really is on how you trade. For me I know what I am looking for and can reasonably predict when it will happen if it happens. So for me there is not much chart time required. To much chart time causes overtrading and just not anticipating the market. Instead to much chart time causes reaction to markets and that can be good or bad all depends. Me I prefer to spend more time doing other things but for a newb on demo yeah rock that demo get that chart time you will need it. As for me I trade 1 pair and a lot will think I am stupid for it but I have made enough to be happy and I can look at a price quote and can almost draw you a chart by hand just off a quote. I see it in my sleep so really no need to spend time watching a candle go up and down no more. Hard for me to intraday trade. Although most of my entries are low time framed and I the high time frames in mind. I dont bother unless I am getting what I am looking for on the higher time frame. This will cause you to miss trades like me this week. The week is still early but I doubt I will see anything. I am ok with that as like said earlier. I will not jump in the shark infested waters to swim after a boat I missed. The risk is just to high I will not make the boat and the further it gets the less probable I will make it either. So why just wait for the next one thats safe. Yeah sure all boats sink eventually it all depends if you are still on board that counts.
There is this thing called too much screen time.
U keep staring at it and soon it will look like a picasso masterpiece.
Telling you buy and sell at the same time.
Hahahahaā¦ love it. Picasso masterpiece
there will come a time when you must understand that if you are still loosing money, than its no longer about the ability to read the charts.
Its learning how to let go.
I realised this sometime back. I would be looking for an entry and when I miss that entry because of doubt or not around to enter the trade etc etc I will get too excited for the next trade and thats where it all goes wrong.
You must be able to control yourself.
Miss a trade, well too bad, dont even think about how much you could have made. Just let it go and be cool as ice for the next trade.
You cannot be saying its your inability to read the charts forever.
Yes you might meet some traders who can tell you with a very high degree of accuracy, buy now, TP, sell now, TP and they seem to be able to follow the price through out with reasonable success.
That is them, not you. All you need is the ability to read the chart on one spot, either when prices are turning, or in between or like some, expert London opening traders. They just know how to do that one thing.
And they make lots of money cause they wait for that one thing to appear on the chart and they trade it. The rest they are not bothered with.
So sooner or later it all comes down to the individual.
Sometimes a detailed written trading plan with strict rules re exit and entry will reduce anxiety
AU H1 TF
AU H4
Nice on this.
But the real chart that we should be looking at is not the H1 or H4.
Its the D TF.
Start from that. The rest will make sense.
You are right.
But when you start out, especially when it was a loosing start, getting out of the mud can take quite an effort.
Nice trade there. Though i was looking at the chartās, couldnāt catch this trade. I was actually looking for short positionās.
Am i correct in assuming you took the long trade cause the Daily candles were pulling back off the support and both AU and NU shooting higher ? Or is there any other confluence ?
Pure and pure AU D TF chart only since Friday.
Well Friday was because it hit the upper channel trendline. Yesterdays sell was pure and pure DTF.
Todays buy was late but entered banking on a retrace on D TF.
Been doing nothing much but AU for the last few days.