Pure Price Action For Dummies

Thanks guys for your kind help and reply.

Anyway, my computer was down yesterday and I have just ordered a new one. Anyone have any idea if I can transfer my mt4 data over to my new computer? As in like the S&R lines that I’ve drawn.

Cheers
R

Does the other computer turn on? If so you might be able to do it. I Know you can with indicators but you might have to look around I am sure they are somewhere in the mt4 program. Why not just redraw them?

Yup but it’s having some problem with the screen. I guess just gotta redraw them. Haha. Time to stop the laziness. :stuck_out_tongue: Thanks Bob anyway!

Enter Market at 1.62625 GU to go short, but I made the same mistake about the trailing stop, it was very close,just made 16 pips my initial TP was for 60 pips. Need to learn this TS by hard.

That is a tricky one there sharebazar. This is one thing I have (and still am) struggled with. Its the line between cutting risk asap but yet still giving room for the trade to breath.

Bob honestly I am on the trade in very good price but only for Trailing Stop I am out of the trade early with may be 15 to 20 pips where I can get 50 to 60 pips if I stay in the trade for few hours.

I think I will open two position and I will trail one and I will put one at BE asap price moves in my favour.

But the risk is always there if I am wrong then I will loose double.

Why not collect some profit and then trail the stop to BE. That way if you are stopped you at least have some profit.

Good idea, I did for last few trades,but my biggest enemy is my time, in a day I only get 1 hour to look at the market in my lunch time. Most of the time I just put entry order,SL and TP before I go to work,and check the price on my iPhone.

Is it really that simple. If yesterday is a Buy today is a Buy and vice versa for sell ? I see most of the pro’s using advacned techniques and such tool’s to gauge the momentum ??

Every one got their own method of trading, it’s sound very nice and simple, it’s very simple to follow, but you need to master the entry point, exit point, money management, and most important when not to trade.

Underlined, Bigger, Brighter and Bolder! :slight_smile:

It really is that simple.

Most traders who end up using advanced techniques, blow a few accounts and than go on to say that forex is a scam or forex is fixed to take your money away. You would probably see many of these types right here in babypips itself.

You rarely see pro traders analyzing multiple screens with hundreds of lines and graphs, while sitting behind an enormous mahogany desk smoking extremely expansive Cuban contraband. That image is implanted in your head by hollywood stereotyping on how pro traders should look like.

All you need is yesterdays price action, a few lines and it shows all you need to know.

This is a story I heard from an ex chief dealer for a tier one bank sometime ago.

When someone calls their dealing desks, they will ask for a quote for say a 100 million Euros. But they will not tell you whether they are buying or selling that amount. Its the banks dealer to take a guess and either give them an ask bid or sell bid. The standard time for the quote is 10 seconds.

Apparently, its common knowledge among chief dealers that if a German is calling you for a quote, his intentions to buy or sell is based on what the previous German client did on the day before. The Japanese than will wake up and see what the German did and follow suit. To quote him, monkey see monkey do.

If you look at the Daily chart, you can see the monkey see monkey do on a daily basis.

The entire thread rarely discussed the basic idea behind the Communist System. Yesterday was a buy than today is a buy vice versa. It was very obvious that it was a concept that would work right from the start.

The thread dealt with when to buy or sell and where to buy or sell. How to capitalize on the monkey see monkey do thing on the Daily chart.

Where to anticipate reversals, where to place an entry so that the chances of it being a profitable trade is maximized.

Nikita, please don’t destroy my mental image of you. I pictured it just like you describe, except there’s also a line of clocks on the wall and a very nervous PA standing to attention nearby. And although you’re a lady you’re still wearing braces. Red ones.

definitely, assuming you have saved them.

LOL, secretary on bare minimum wage!

I bought USD pairs overnight for about 50 pips, I sold them again for another 50 pips just to top up the weekly pip take.

I saw R carter selling after me also on the Traders Arm.

I could do that because of the D TF candle. Watch and observe how candle opens, forms and closes. Especially the D TF candle.

Looking at H1 and H4 TF without being able to see direction or bias on D TF is risky when its not trending.

We have to stop trying to loose trades as much as we can. The psychological cost is worst than the monetary cost.

Trading should and can be very full filling.

Learn to be patient and stop loosing money.

Congrats for the pips Nikita…

But I wonder how you manage to long EU and Short EU same night? Can you more elaborate about the trades. Atleast where are the entry points for the trades. It may help us How pros reading the market structure. Lol…

Happy pipping. :slight_smile:

I told myself not opening my charts over the weekend, but had to break it today. Just for you Salimvp.

EU H4

Bought at the bottom redline at the first bull candle right after the H4 candle showed loss of momentum and a small pullback, than sold again about 20 hours later on the other hammer, right at the beginning of the next H4 bear candle.

But used H4 as entry and SL areas alone. Did not consult H4 for direction at all this time.

EU D TF

The buy was because I anticipated a loss of downward momentum on the Friday candle. But this was because where W TF candle was, right at previous rejection area. The sell was based on D TF Candle because it was right at the peak of previous resistance, hence a classic BPC.

EU W TF

I bought at the bottom based on W TF because it was at previous pullback. SL was very very small. Also this gave me the confidence to anticipate that there will be a pullback into Friday Asean and UK session.

Sell was not based on W TF. Only D TF resistance BPC.

Nikitafx,

Nicely done! But you seem to be putting the pursuit of large piles of cash ahead of your loyalty to the commie monkey see monkey do system. :slight_smile: