GU Day TF
GU 4HR TF
GU 1HR TF
first trade of the week and made 83 pips.
Ohk Nikita. This is what i have to learn more about. Im doing well with the actual concept of trading. But when it comes to taking the trades against the news move, this is where i get burned most of the times. I tried taking the trades at Support/resistance and taking some other factors like HH LH into consideration. But at times, i see the news move still driving higher/lower.
How do you anticipate that a news move is ended and the right time to take a trade against that move. Is there any other factors you consider ?
You must watch price closely or sit it out. Take a look at the chart sharebazare just posted. If you were looking at the 4hr you could not tell the move is coming to an end. But now look at the 1hr see all them wicks on top. This means the move is losing steam. Dont be afraid to drop down to a even lower time frame to see what price is doing.
Thanks for the reply. I must admit trading the same day as a major news annoucement still worries me as i am not that confident yet. Definatly something i will be working on. Back to reading all the old posts in this thread now for me! Im loving your trading style.
Just so you know there is a post later in this thread where Nikita mentioned that reading the first 40 pages is enough.
Originally Posted by Nikitafx Any news push is considered abnormal market movements.
The second scenario gives us a very good opportunity to capitalise on the trade.
I am on a short on both EU and GU now and currently holding about 50 pips total on both, but its not a position I will hold for long because I believe market bias had changed for a buy and it will continue to go higher. .
I also sold both pairs probably just a little early. Three total trades for a total of 30 pips loss trying to sell at the top. I then closed my trading station to avoid.
Will look at the charts tomorrow now.
Thanks for that. It will save me a lot of reading!
Result of breaking the rules/Trading against the Bias.
Took a short on EU and lost 40 pips.
Shorted right after the pinbar formed off the resistance.
Though it went 50 pips in favor, dināt close it as i was expecting for more pips.
Guess, thisās d most dumbest mistake iāve ever committed. Knowing that price will shoot higher today, i took a short position.
50 pips in the bag and you did not even move SL to BE?
I usually move to BE the moment it crosses 25 or 30 pips no questions asked.
It really pains if it comes back and hits your SL and takes money away from you from being 25 or 30 pips in profit.
Sounded very convincingā¦ I was long on that particular hour when it formed a pinbar off the resistance.
I still lost that tradeā¦Perhaps a bad entry and a wrong SL.
Oh well, did recover my losses already out of the GU trade.
Yes, I also move my SL to BE when my trade is around 20-25 pips in profit.
NEVER let a winning trade turn into a looser.
This rule though made me NOT take profits on good trades this weekā¦ as I probably moved SL to BE too early.
Well, I guess BE is still a winning trade.
I always move my SL to at least a pipette above my entry/BE point. Looks good on my excel sheetā¦
crazy lol. just take 10 pips profit
I dont know if we should be taking any advice from this person in regards to trading, but I believe that what he has to say has a lot of truth in it when it comes to looking for positions.
The rules of the trades have already been clearly spelled out, when we check at the end of the day, we find that the rules did work and would have given us massive amount of pips had we just followed it. Yet there are still those who somehow burn their positions.
Its ok. Last week is last week.
Take a deep breath, calm your minds, and redo the entire thing again this week.
Sooner or later, you will get the hang of things.
EJ D TF.
This is a formation that is as rare as April 29th.
Alot of price action traders pay very close attention when something like this happens.
Its called an IB candle.
IB candles can be a signal for very big moves.
But when to trade it and when to ignore is a different matter all together.
Hi. I take it you are referring to inside bar formation above. Are you looking at the bearish inside bar in the middle of the chart (which led to a nice drop) or the latest candle? I have not traded much with inside bars but am I right in thinking they are best used as a continuation of the longer term trend? Thanks
patterns are formations of price action, so is it more important to look at the price action after a pattern forms or would you think its more important about how the pattern forms with the price action from the past?
All of the above. Past price action is of extreme importance as thatās where S/R levels are formed. Past peace action will also give you more than just S/R levels but help spell out an area more than just a line on you chart. From there actual price action must be watched as in candle formation and how the current candle is forming. For example it is no secret that after a hammer formation I look to get in on the 50% retracement of the hammers wick. It goes deeper. Watch a 1hr candle. In a perfect world you will see the first 30 mins of the 1hr candle thats bearish you will see price push up and then drop. Thatās where I look for that entry. Just watch price and price action even if you donāt see what I see. Pay close attention to price both now, past, and how it reacts to it all. Nikita has done a great job on this thread but itās up to you to do the screen time and see it
Continuation of Post 2034.
EJ D TF
The IB candle as pointed out before in post 2034.
EJ W TF
The communist system says if previous candle was a buy, than buy on this candle. So previous week was a bull, so we ideally look for a buy. Than the IB forms on D TF. The IB might be a cursor for a continuation of the down trend, or it could be the signal for a violent up move. We do not know which way it will end up, hence we use the Weekly TF as a guide to increase the probability of our trade being profitable.
No system will be 100% profitable. But a system can be 60 to 80% profitable. With a RRR of 1:2, a 80% profit rate is massive returns. Stop doing sudokus and scribble the numbers for a projection chart. Than revise it. Than revise it again. Than throw it out and do another one. You will soon see how to get the statistics to be your edge.
EJ H4 TF
There is a pullback candle or a hammer right before the current candle which signals a buy. The entry is late because of waiting for this candle. For those who trade pending orders because they cannot watch the charts continuously, a pending order would have been set at 95.780 with a SL of 30 to 50 pips below it. This would have been the best price to enter because we enter right at the bottom of the price range on H4, or consolidation area. This is best because we buy as low as we can and sell as high as we can. ( This one is thanks to Yunny1. This revelation came to me when I was watching his entries. Euro Pound EG, gave me a 100 pips last week because of him. )
Pay attention to what I mean by Buy low Sell High. At a place where price ranges, its extremely important that we buy at the bottom of the range if we think its going to go up, contrary to what newbies do, wait for the candle to pierce up of that range and buy. That is not buying low. That is buying right at the top. That is trading a breakout without a pullback. In all cases, if price decides to reverse or you misread the direction, than you are going to loose maximum pips because now your SL is at the bottom of the range.
Minimize SL. Buy at the bottom of the range and sell at the top of the range. In this particular trade, the entry could have been lower by about 20 pips. That means 20 pips extra to my initial SL.
So pay attention to market mantra that is repeated across the board.
BUY LOW SELL HIGH. SELL AT RESISTANCE BUY AT SUPPORT. We all know this. But what does it really mean? How does it apply in a chart?
These are the small details that makes a BIG Difference.
EJ H1 TF
Again, entry was right after that small Hammer we see on H1 TF. Min 30 and Min 5 also gave us entry signals right at the Support area.
Trading Min 5 charts are fun, because SL can be as small as 5 pips. But when, where and why take an entry? This are what you have to find out and learn for yourself. It will only come when you put in the screen time. You cannot read a method and expect to do what the person writing that method does until you start trading by yourself.
When our entries are perfect, the drawdawn on that particular trade is nearly 0.
The trade has been moved to BE+2 the moment it hit 30 pips profit. After this I forget about the trade and just watch what happens.
If it engulfs yesterdays IB candle and shoots up, than this will be a massively profitable trade for me. If I win, than its Christmas.
But what happens if I loose? What happens if this trade reverses and hit my SL? I dont care.
The whole point is if it hits my SL, than I do not loose a single cent. Ill get about 50 bucks for the effort of looking at the charts and taking the trade.
The most important thing is that my capital is off limits to the market on this trade.
If it goes against me and hits my SL, I dont loose a single cent.
[B]PROTECT CAPITAL AT ALL COST.[/B]
That is the biggest consideration we must have when we decide to take an entry. [B]How much am I going to loose is THE QUESTION.[/B] Not how much will I make from this trade.
Stop loosing and you are already winning.
What happens if it hits my SL at BE + 2 and than massively shoots up?
Well I dont care. You must come to a level where you never should say Oh Crap I should have held that trade. You must be sincerely be able to tell yourself that.
Than you know you are no longer affected emotionally when trading.
I hope this post answers those who were wondering what I do when I see an IB candle or any other signal for that matter.
Most of the time I dont do anything.
Spend time on the Higher TF. When U know what the Higher TF is going to do, than you dont even need to read the lower TFs.
The other important thing I forgot to mention.
Dont expect to open the chart daily and see things with clarity.
Most days we cannot see what its going to do. But in a week you will get atleast two entries on each pair where you can reasonably see what its going to do if you follow the communist system.
Forget about free speech, forget about freedom of expression, forget about rights to do what you want to do. Just follow what price did yesterday and you will get it right half of the time. Couple that with a RRR of 1:2 atleast and you will never loose money on the long run.
What do you do when you cannot see what its going to do?
DO NOT TAKE A TRADE!
Dont waste your capital on assumptions and guessing. If you fancy something like that, go to the casino in the evening.
The rate of returns and a guarantee of the casino winning in the long run provides better odds than you surviving the market if you are guessing and assuming.
Sorry, just joined, cannot post linkā¦
REPLIED for PAGE 3 THREAD 28:
I thought thereās a reversal candle in the 1 hour graph? I think the name is ā spinning tops ', and I donāt see any reversal or signal candle in DAY chart (SORRY, IM A NEWBIE), but then why you still so sure to enter a SHORT trade here.