Hi Pipstages,
What is happened to you, is happened to me also.
I still don’t understand by " if yesterday is a buy then today is a buy, if yesterday is a sell then today is a sell"
Does someone want to share that knowledge more spesifically?
Thanks.
Here is my two cent… It explains how I analyse charts.
The main concept of the trading system is If Yesterday a BUY then Today a BUY, If yesterday a SELL then Today A SELL.
So in daily chart if there is a bull candle then we should buy today. (make sure yesterday candle is not a doji or Pin Bar)
[U]FIRST:[/U]
Find the trend in weekly chart or Daily.
[U]SECOND:[/U]
In daily chart draw Horizontal Support and resistance level. Look where is the price now. Is the price just coming from the support to the resistance? or vice versa?
[U]THIRD:[/U]
Find the Candle formation. What it look like? Doji or Pin bar? Where the wick? You need to know about some candle formation. It explained at first page of the thread.
[U]FOURTH:[/U]
Now Zoom in to 4H or 1H Chart. Draw immediate support and resistance levels. If you are BUYing then make sure you are buying at the support. You can see how much room there for upside move in Daily chart.
You could see there are lot of pips in hourly chart to resistance level. But may not be in daily chart. If the resistance is near in Daily chart Don’t buy. It’s clear that never Buy at resistance (top) and never Sell at support (Bottom). Just sit sideline.
Always update support and resistance levels in your favorite daily chart.
Below chart is Daily AUD/USD.
This is how I draw support and resistance level. The pair is now in a Medium term Bullish trend. The blue lines are Support (1.0325) and Resistance (1.0550) level. The red is the near term resistance 1.0460) that I draw last week. This red level resisted first two days of this week and yesterday it pull back and close above the resistance level. The red level is now support (may be Lol… ) (resistance turned support).
Now zoom to 4H chart you can see the 1.0460 is clear support area. We have a Bull candle yesterday so we should buy today at the support level. In this daily chart there is 100 pips to the resistance level.
In this case you fear about the support level, then buy break of high of Yesterday candle if there is more room to upside move.
I hope It may help someone…
PS: this is how I trade. The above chart is only for illustration purpose only.
Happy pipping.
.
Yes, that’s true - although personally I am also an Intraday as well as an EOD trader, so I spend more time analyzing charts than my relatively low number of setups taken would suggest.
However it’s also a wider point: it is easy to find a discussion group as a whole distracting, it can sometimes dent focus. It is not so much a case of maintaining one thread as the fact that sometimes it can be healthy to step away from the wider distraction of a discussion group with its multitude of differing views and priorities.
I am a full time trader, yet I must confess that occasionally I have been swayed into either taking a trade that I ordinarily would not, or into missing/ignoring a setup that left to my own devices I would have taken, purely because I have listened to stuff said on BP. That is entirely my own fault, but occasionally it can be a good practice to step away, refocus and get back to pure trading.
Plus some members, particularly those with more posts, can attract attention on here - for my own part, I have on various occasions been accused of being a scammer (because I took a course and am positive about them, I’m not actually selling anything), a fraud (accusing me of claiming to have placed trades that actually I have just looked up after the event on a chart and posted after the even), a sockpuppet (I had to look that one up, but a handful of people think that I am one), and on occasion a few more unpleasant things. There are a lot of frustrated, losing traders out there, who want to lash out, occasionally, it seems. This negativity is one reason why I use a screen name rather than my own name - Simon Templar embodies some of the values I hope that I do, and gives me a buffer against the unpleasant minority. You would be astonished at some of the stuff that has been said to me over the years by members here! I ‘drop cover’ with anyone I have dealt with 1-1 when we get on.
Then on top of that, I get a number of PMs asking trading questions, asking for advice, for further detail on things I have posted. I don’t mind that at all - indeed, I enjoy helping people, so I generally do what I can - but that again can be a drain on time and focus during some periods.
So I do not intend to answer this point for Niki, but for my own part I thought, based on my own experiences, that I would throw out some reasons why experienced traders might, occasionally, want to step away for a while to refocus things. I know that I have in the past, and probably will again, although hopefully for positive reasons rather than a recurrence of some of the bile and negativity that has, on occasion, been directed my way. I know that I am not the only sufferer!
ST
I must agree with Mr Templar as I have found myself taking trades that I normally would not have taken. In the end I guess it was to keep my thread going and spark some life in it as my trading can be a bit boring. Like lets take the short I took last night for instance. My broker switched to variable spreads and 5 decibel pricing on 11/18/12. This means I have not even logged into my trading plattform since before that date let alone take a trade. Pretty exciting I know.
Although I have been around here a lot I do know that even for me I understand there comes a time you must step away from the charts in order to regain focus. I know first hand how just looking at charts and coming on here and seeing other peoples trades can ware on me as I sit tradeless. Then the well what if I tweaked this part of my trading then I would have a valid signal. Or well if I just look at a smaller time frame this will produce more setup to trade. This type of mentality (although natural) will break both you and your account in the end. For instance I seem to like to trade the 200 daily sma but I never have it on my chart. The only time I have it on my chart is when I see it on here and I know my pair is getting close to it. However I get my butt kicked trying to trade the 200 sma. Why? The 200 sma is a very powerful ma in trading so why cant I trade it profitably? Its because my trading strategy was not formulated around a 200 SMA and it simply will not work out in my favor. There is a reason you have a plan stick to it and it will stick with you.
Even though I know this I still find a moving average on my chart from time to time. I still see stoch or macd on my charts from time time. None of these fit into my trading strategy but here they are. It comes from reading and watching other people on here. It is a normal emotion and there is nothing you can do about it. We are not robots and the sooner people realize that the better.
Now that you know you cant stop these emotions and thoughts from coming you must realize that only you can do something about it. In my case I delete all my templates and walk away from charts for a while. When I come back I reset up my charts from scratch with a bare chart and its back to business as usual. I cant tell you why you cant follow your own rules. I can only speak for me but pay close attention to your surroundings as they will ware on you and impact your trading both for the good and the bad. Remember you must take the good with the bad and cut out the bad apples from the bunch. We all come here to learn but sometimes we learn stuff we wish we didnt. Only you can figure out how to unlearn the bad and keep the good.
This ramble didnt quite go the direction I intended but I like it as it is what helps me deal with emotions
Thank you Salimvp for the explanation and the illustration.
The whole of Europe is waiting for EU to go up I guess.
Trade what we see, never what we think.
Which than brings us to the next question. Isnt drawing S&R lines and looking at multiple TF bias part of the process of thinking?
Well, this is one of those things about trading and teaching how to trade. Only practice will bring clarity to any method. All methods work, with varying degrees of profitability and risks attached to it. Getting to the point where we get the hang of it is a matter of putting in the screen time and not breaking the rules.
The above is a very great piece of advice.
I would like to add that profitable traders stay out of the market more often than they are in the market.
Sounds so contradictory doesnt it? How does one profit if they are not in a trade?
Well, thats where Bobs advice comes right in.
Slam banging the buy sell icon 30 or 40 times a day or even a week is not what a profitable trader does.
Trust me on this. Two trades a week is more than what one needs to see solid returns over the month.
PATIENCE.
Choose and be very picky of your entries. Wait for it to play out to your plans. If it does not, look for the next set up.
The exact opposite of scalping really. I think we should call it snipping. ( I saw that analogy being used by a trader in the Australian trading magazine called Your Trading Edge, and I think its very accurate way to describe the wait for a trade. )
The one issue is about getting a profitable entry on a tip from pages such as fx street or even the popular news channels. ( personally still looking for the elusive profitable entry from the “experts” ).
The other issue is important considerations like SL and MM are never given.
One of the first things I do religiously every morning regardless rain or shine is make myself a mug of steaming hot black coffee and have a cigarette with it. Even on mornings when I had not had an iota of sleep the night before.
I like to think of it as investing in ones own wants and needs.
You are spot on when you said I am onto a job. I am.
Unfortunately, its a price I have to pay to try to move out from Malaysia, into Singapore, permanently. That is part of the plan for the next two years, an investment for a much better future and opportunities for my two boys.
On top of that, its also about investing pure attention to trading also. Its about religiously putting in time and effort moving from profitability to professionalism. Again, this requires that I retreat into my personal space and re look at many aspects of what and how I do things when it comes to trading.
We have to remember, as we keep learning and practicing, we will come to a point where the biggest struggle or barrier that needs to be broken is the glass ceiling that is we, ourselves.
That is the hardest to break, better, and outperform.
It needs all our focus and attention. Looking at ourselves from outside the box is not something we are thought how to, trained to, or most never would have done before coming into trading.
Get to that point, and you will also retreat into your personal space in order to game up.
Its the same questions that I use to knock myself about.
And this is coming from the same person who shared this simple method of trading called the Communist Trading Method here!
Figure how that one worked and you would breeze through your why questions without batting an eye lid! :18:
See, I figured out the simple trading method long before I figured out how to have the discipline to actually follow my own bloody rules! Hahahaha.
It just goes to give more credence to what I had said earlier, that fighting yourself is the biggest challenge of it all. Controlling our emotions and sticking to the rules, going contrary to what we naturally want to do is the hardest. Fighting ourselves is the hardest part to learning how to trade.
The discipline and patience can only come with practice, until we learn that its much more rewarding to wait, stalk, and than go for the trade.
The earlier part of the learning curve will be a repeated cycle of getting a rush when we are right, and going back into dark moods when a trade goes against. Its the same feeling a gambler gets when he or she is taking a bet.
The need to be right, and the emotional thrill that comes with it, even if it means we cut off with a few pips in the bag, will eventually make us believe that holding short term is best.
This will than lead us to other systems thinking that scalping is the best. ( this is just an example, pointing out how the emotional mind influences our decision making process. It does not mean there are no profitable scalping methods out there )
We have to understand that this is a classic emotional response to trading.
We see this all the time on babypips, where suddenly a new convert is advocating that the only way to trade is scalping, or holding for weeks or RSI + ADX is the only way to be profitable etc etc etc.
Than it all crashes and burns only to be reborn in another form.
Always remember, when your trading is not going right according to how the method had prescribed, than its not the method which is at fault, but the trader who is trying to learn the method. Always.
This addictive rush on being right, and plunging into new levels of low dark moods when its all shot to ****s ( pardon my french ) is something that is inherent to our nature. It is stronger in some than others.
Some people can never get the idea of whats the thrill behind a bet, or a gamble. Some are so prone to it that they are hooked on to it like heroin.
Control over it comes with patience and discipline.
Its easy to say that trading less is much more profitable. Reading it is simple. Doing it is another ball game all together, especially if you had started trading much more earlier and learned alot of bad habits while trying to figure it out.
Control it. Or else this game is not for you.
You know that you are on the right track when a good winning trade with a healthy profit does not get you excited or your pulse racing, any more than your trade hitting your SL causes you to feel your gut in knots. Your emotions and feelings to a trade hitting SL or TP should be neutral.
Not neutral as in a dead pan face, but no genuine euphoria or anger, resentment or even a slight feeling of frustration. Just another day on the job. It will come.
Until than, its practice practice and practice. There is no other way.
I wish you the best. If there is anything I can do to help put you all in Singapore let me know.
This is one of those posts that I want to print out and hang up in front of my desk or put in my playbook. I forget this sometimes, but it really is key.
Hi Nikitafx, just curious why do you want to move out from Malaysia? Is it due to forex regulation imposed in Malaysia, or any other particular reason? Have a nice day!
Hi Nikitafx, it’s nice to have you back here on thread!
Looks like you have join the club of those leaving Malaysia and heading down south to Singapore.
Me too is one of them! 
First trade of the week, nice 27 pips on GU but i can get more if I hold the position for 1 more hour,my TP was for 50 pips,but I need to seriously work on the SL and how to hold the position longer, it is so nice when you see the price moving according to your projected analysis.I think believing is very important what we do.
Since i finished Baby Pips School i was a bit amazed, but soon adopted counter trend trading, S&R and S&D all i need now days.
Still a micro lot trader but getting there 
It is good to see when the price move according to the plan, really missed a good trade today on GU. Waiting for the next one.
AT SALIMVP
The main concept of the trading system is If Yesterday a BUY then Today a BUY, If yesterday a SELL then Today A SELL.
So in daily chart if there is a bull candle then we should buy today. (make sure yesterday candle is not a doji or Pin Bar)
Is ur logic work well in ur trading and if it working what is ur success rate. thanx
Yes. It works very well. Since I have a day job and I can’t watch the chart whole day, I trade on EOD basis. I will wait to the given pairs hit S/R level for enter a trade. I explained it in my thread 301 Moved Permanently
So I usually take one or two trades a week. My vacation is near and when I take the vacation (usually for 4-6 months) I’m gonna trade off the system every day. I have an edge with the system. See all the chart on daily time frame. It worked very well end of the each daily session. But our thinking and fear make a barrier to trade.
Here is EUR/USD daily Chart.
See the above PURE NAKED chart. The red boxes are reversal candles. But how you trade based on the candles. You can’t trade on all doji’s or pin bars. It need to print in significant levels.
Where is the significant levels then? The answer is SUPPORT AND RESISTANCE LEVELS. Will it works? Yes. see below chart.
Hey, But what the F**K those two red boxes which are pointing arrows? Why the pair reversed after those candles?
Again see below chart.
So, long story short, The logic behind the system works very well and profitable. The main indicator for the system is SUPPORT AND RESISTANCE.
Hope it helps.
Enough fun for today. Read box (or pane) instead of circle on the chart.
Happy Pipping.
Good informative advice there salim!