LOL. The sell was the commie system D Pip. That was by the book.
The buy the night earlier was on a much smaller lot size just based on Weekly rebound and an assumption that there will be a loss of bear momentum on my part. I was guessing. I dont know if it was an educated guess but it was a guess nevertheless.
Furthermore, my real trade was on Tuesday morning based on that beautiful pullback candle.
No much meat on the buy and sell on Friday, I swear! Hehehe
Thanks Niki for taking my request at your consideration. :32:
Well Done… Lol it needs Guts to enter both direction.
Happy pipping.
Could anyone tell me where i went wrong ?
Yesterday was a sell. So, i was looking for a sell today.
This is a H4 chart, It did a pullback to the resistance, I missed entry at the first candle so i have enterd on the next candle at the red mark when it was looking bearish, but it shooted higher and stopped me out.
Is it because of the news or what ?
Mario Draghi said something about the Euro… right around the time you entered the trade I think. He did say something good/positive about the Euro.
I think price will slowly fall back down anyway though…
Looking at this you have the support broken and retested as resistance good job reading that. Now what you missed was look across your chart to that kind of doji then the huge bullish bar. If you notice when price broke the support it stop almost the same level meaning there was support found there. Then that bearish candle that you missed to enter on also failed to break below this level causing a wick to the bottom. This was a sign some bullish momentum was coming into play.
The only thing that sucks about this is price is most likely going to drop back down in your favor. So all in all I think your analysis was correct but your timing was off and thats why you took a loss. This looks like a classic stop run in which your stop got nailed. Sorry for your loss
You are right. My timing is all wrong. Should have noticed the news.
Well you cant avoid all the news all the time or you will never trade but I check the tools section on here and if the releases are in line with daily bias then you have a high probability trading day.
Forex Calendar: Economic Calendar for FX Trading News & Event Risk
Hello Nikita, Do you have any plan’s on giving out trading signal’s ? I have been through many signal provider’s but none of them are of any use. So was lurking around if anyone interested in doing so.
She already giving Signals via her website. But it cost you monthly $499. If you are interested then let her know 
OMG!!!
Yes I’m interested. Please post the link of her website.
I am still a psychologically weak trader.
Especially when I was hit with a massive loss about two years back which compounded to my already jumpy nature. It took me a few months to shake myself out of it. The loss of confidence was worst than the lost of money.
It took me a long long time to get my mo jo if you may, back to where it is now. I dont intend to do anything to upset the balance nor the apple cart.
I have tried in the pass to share a few trades among fellow traders and I found it very stressful and distracting.
Finally, the past few weeks, I have been only entering one or two trades a week at most.
Than there is also the issue of lot sizes.
The contra trend trade that I highlighted above was done with 50 cents a pip. Just to massage the ego. A loss on that trade would not have done anything to the bigger picture.
So all in all its more headache than its worth.
My goal this week was to enter anywhere between 3-5 trades…
Well, I ended up with 18.
Off course I wanted to just “see” what will happen in certain trades and like you entered with just 50 cents to the pip.
All in all, I still think 3-5 trades per week is better then trying to “see” what will happen with smaller position size and taking more trades.
It really depends on what you are trading with or how you are trading.
I have been looking at a system that uses a combination of MAs.
It gives about 6 to 8 trades a day.
On the other hand, if we are looking for price levels off the weekly and daily charts, than a max of 3 trades per week would be about it. Any more and I think its safe to say that we are not looking at our levels properly, be it entry, or TP.
Lastly, I think there is a correlation between high frequency traders being profitable by taking whats on the table, and position traders holding until their TP is hit.
Hi Nikita and all,
Recently i have not been profitable much.
So i was thinking of posting up my charts whenever i take a trade and hopefully you guys can help me to take a look and comment.
Will that be okay? 
Feel right at home.
Dr. Pipslaw Recently started a TRADE JOURNAL FORUM. Under forum Tab. I think it will be good if you start a Trading Journal right there. You can post about your trading system, rules and everything related to your trade plan. Also post chart with the reason you take the trade etc. etc.
I have no offence to posting charts here. But that is a good idea rather than messing this thread with charts and discussion.
Don’t be feel this like an arrogance or attack. It’s just my opinion.
Happy pipping.
->How is the MA’s method working ? You going to share that method in here ?
-> I do agree that there are only 3 trade’s per week if we look at the key level’s
And lastly when the method tell’s the directional bvias so easily like following the yesterday’s bias, why do still many lose ? I mean if we know that tomorrow is a bear day, we only look to sell…!!
We know bias. Good. But that is only the first question.
Looking at bias by just looking at the previous candle is just the first part of technical analysis. Have you checked what your weekly candle is and was? Your Monthly? Are they at any significant resistance or support areas?
Once you have figured that out, you need to look for bounce or even retrace price levels on the weekly or sometimes on the monthly. These are often very very precise entry points. You see all TFs sporting a bear candle and you say bias is sell. But have a weekly candle touching a previous price wave or opening, closing, HH or LL and your sell can end up as a major disaster!. So you have just done all that analysis. Now you know direction.
You know direction, but do you know where to enter. ?
Most of my trade these days follow my bias readings. Knowing where to enter is a different ball game all together. I use to chase the market. The moment I see some bear signal on the smaller TF ( H1 TF ) I sell if the bias is sell. Buy if vice versa.
Than the next thing I know it spikes all the way up, hits my SL, than continues to zoom past my entry point and ends up at a price level that would have given me a very healthy profit. By now, our emotions are on a roller coaster
You see many newbie traders talk about Stop Hunting by the market or the broker etc etc. They will swear that the market just made a move to take them out.
Allow me to let you in on a secret. The broker who is running a set up that costs a couple of million dollars, or worst, the market movers who are controlling a few hundred million as spare change cannot give a rats ass even to 1000 USD we just lost on our stop. Most newbies would not even be near the 1000 USD figure. Most would be loosing about 50 or 100 USD, many a few dollars.
Most days, I know where its going to end up. But I dont get a trade. Why? Because I expect price to retrace to a very specific area, and if it does than I am in a trade. Most days, it will retrace short of my analysis and continue with my bias.
It took me more than two years to come to this point where I can sincerely tell you that it does not bother me at all that I had lost 100 or 150 pip move because price had not retraced to the levels I had marked out.
So lets assume a trader has now figured out how to read bias and he or she has also figured out where to enter.
Do you know when to enter?
What are your trading statistics for the first week of the month, compared to the other three weeks?
What are the news you should be keeping an eye out for the monthly economic news callender announcements? What about other issues that will affect your trade? The ECB might decide to have another meeting to remind the attendees that they are a proper bureaucratic establishment. Do you anticipate that move or do you ignore it?
The statistics for newbies who wanted to be traders but failed is apparently around the 70 odd percentage area. 85 % or more new start up small businesses fail to cross their 5th year. The real world statistics is even more grim compared to trading. ( These figures were posted in Babypips in another thread about a year back )
Most traders who have had the good fortune of not choosing a lousy system and not learning bad habits or being conned out right will now come to the last stage before they can say that they are reasonable profitable.
You have figured out the workings of your choosen system, and everything looks good. At this stage, traders will be facing their last and most difficult challenge. That is playing real money and sticking with the rules of their system even if they have had a few consecutive losses? Most traders will tell you without a seconds hesitation that they are mentally prepared for this. The truth is very few actually cross this last barrier. The hardest battle people have on a daily basis is a fight that is against themselves. Add money into this and your chances of fighting your impulses just took a massive nose dive.
All the above are just assumptions being made for the sake of putting a point across. The actual process is much more elaborate and complex. Sometimes you have to realise that you have gone down the wrong path, and you must be able to retrace back to the earlier point, and getting rid of all the false and bad things you had learned walking down this path earlier. Easier said that done.
In a nutshell,
So many loose because they have not put in enough screen time. My personal view is a minimum of 10 thousand hours, reading, analysing and trading the markets before you can even reasonably say that you have some idea of how it actually works.
Try opening Google and search for words like “how to make easy money” or “easy money” etc etc and I can bet you my bottom dollar that the first ten results would have atleast 2 results that has something to do with “trading” and “forex”.
Most go home very disappointed and adding to the statistics when they realise that its not easy to become proficient in trading. By than every single cent invested originally, and many more dollars diverted from elsewhere would have been lost.
Forex will not work for you if you do not have the patience.
It will not work for you if you are planning to get rich by end of this year.
Forex will not work for you if you are someone who blames others, the system or even the dog for their losses instead of knowing solidly in their hearts that its actually they themselves who have not figured out something and keep looking, reading, searching, posting on forums and most importantly trade against all these morally devastating hurdles the market throws at them.
The market and how it works is very very simple. If you look at it objectively, you only need to decide one direction price is going to go from a potential of two, up or down, buy or sell. It does not get any simpler than that.
Actually doing it and making money out of it requires 100% effort from all angles. Those who fail do not have what it takes from a multitude of characteristics or trait that will get them to being termed a profitable trader.
Wow…I mean Wow…That is actually one gem of a post Nikita.
I had to agree with each and every point you stated there and thanks for such a wonderful reply.
I have read somewhere that trading is easy but it us our emotional balance which makes it much more complex than it should be.
Determining daily bias, spotting the entries and exit’s is one kind of thing. But the main problem is to deal with the emotion’s.
Still struggling to get over it.
Hahahah this only came to me after I posted the above.
The market, its movement and everything associated with it is very simple.
What is hard reprogramming your mind is training your thoughts to view the market as how a trader would and dealing with bad habits that are inherent to our personality.