Bro I went to the market at best price got out with 23 pips and banked 14 pips from AU.
Nice on Sharebazar.
I was wondering if there will be someone who will take into account of it being a weekend and take that into trading consideration.
The rules will become second nature to us as we keep trading and analysing both he profitable trades, as well as the ones that we lost.
Do not chase the market, do not think of money primarily. This will help us on the psychological side of things.
The coming week will be great.
GU W TF
The end of the week will usually see traders ease off and take profit.
I believe this is the primary reason why wicks form. But wicks also form because trades have been triggered once price hits the next extreme area on a cycle.
The red line marks that extreme this week.
D TF
We can see how price touches that line and retraces. I call this a retrace because bias is buy.
H1 TF
Remember, the higher TF is much more accurate, compared to smaller TF. If we had picked price peak on H4, as the chart shows, we can see that our SL might have been hit.
Min 15 TF
Sold, right at the peak. Entry signal on smaller TF. Entry could have been higher still, with a SL of ten pips, spread and all. But I was not sure of entering, just to make a point, since its a retrace. Anyway, a price like this, with a SL of about 30 pips thrown in will always ensure we can move trade to BE very quickly, and also ensure our SL is taken out rarely.
Have a good weekend.
We shall make abit more next week. Moving trade to BE now.
Hi All,
Especially Lady Nikita and Bob. I’m a newbie to the thread, still reading through it. Anyway just introducing myself.
After looking at the weekly charts and the candle pattern forming, surely next week has to be short for the EU ?
Thoughts?
This is all I know of reading technical charts.
There is nothing else.
I spent the last 4 months away from distractions to refine my thoughts on why i believe the market does certain things, when it does them. I did some research on a few areas, I used logic to figure some.
What I have come to learn is my learning curve, or what many here would call Ah - Haa moments have ceased to be.
The second thing I have come to realise is that I have no motivation to learn any new method, primarily because I believe once you learn to read price and price waves, other ideas seem like hard work, with a lot of uncertainties and guess work attached with them.
Finally, I think the purpose of me writing this thread has been achieved.
I started out entirely on my own as a newbie, and a company I was working for dealt with forex ( they were a scam, unfortunately ), but I learned about pips, lots, SL and how to operate an MT 4 platform during my time there.
And in the same spirit, I continued learning as much as I could, all online. I tried everything from ADX to Ichimoku. Bollinger to SMA/EMA. I met a fellow trader online, Luminous FX, who took pains to point out things that I might not have seen by myself. I learned how to see the chart, observe, to make logical deductions from why this has happened when it happened.
I had burned big dollars twice or thrice, than a few micros and minis. I lost both money i could not afford, and a few quids extra.
But I put in solid 12 to 16 hours a day everyday for more than two years, including weekends, before I was even able to reduce the frequencies of burning my micros. Than it was more 12 to 16 hours for another two before my trading was turning. The idea of giving up never ever entered my mind.
I am proud to say I never signed up for any commercial courses, and I also admit that I never watched any of the tons of how to trade videos out there on you tube.
By than, I had a very rough idea on how the market moved. I realised monkey see monkey do was the order of the day. I understood that the best trades were to wait for a BPC. ( I only knew who Sam Sieden was after starting this thread ). The first person to point this out to me was my husband. Truth be spoken, the Communist system was his idea. He saw that it was just better to follow what the market did on the previous day, than waste so much effort trying to guess if it was a buy or sell.
I knew I was finally on to something, I had the rare moments where I could see a move prior to it. But than it was not always the case. I still made mistakes.
That is when I got the bright idea of writing a thread on a forum. Why babypips? Well I started on both babypips and T2W. T2W 's reader participation was poor in quality, compared to babypips, so It was decided babypips was going to be home.
Why write this thread?
I set out to write this thread so that I could share what I have observed in the charts, and my plan to profit from them.
I knew I was finally on to something, and I believed that if I had others participating in me thinking out aloud, than the quicker I would be able to iron out the deficiencies in my plan.
The only way i could figure the last bits out was if I laid my thought process to be picked on.
I am happy to say that it was exactly what happened.
For those who have been participating from the very beginning, and for those who made an effort to read through so many posts, I am sure you would realise that there has been some ideas that went out the window right away, some that has changed a little over time, and finally, my retreat to finally put it altogether to my satisfaction.
Very arrogant approach towards the market, like I know bias, so screw the SL was both cautioned by many right from the beginning, and a painful lesson on why in between was also experienced.
Attitude towards money management and risks has also changed tremendously.
Frequency of trades was another that really changed. Cutting down on frequency is the only way we will ensure we stick with the rules and wait for formations. No wasting equity was a revelation, once frequency of trades went down.
Correlation was another concept, that if anyone has noted, has been mentioned less and less. This is one of those things that has slowly changed over time. I dont look at correlation that much these days, just as an after thought.
The final product, of which I have been sharing with everyone here in the last two weeks is the product of everyones participation in this thread. Each idea, thought, or opinion that came from you guys, was tossed and turned, evaluated, looked at in the process of my trading, and one by one, until I believe, I have found final pieces of the puzzle. I knew if any of my thoughts and takes of the market was erroneous, than it would be spotted. In other words, my method was tested by all who participated, and the leaky holes plugged.
And while this whole thing was going on, the motivation that came from this thread, has been immensely helpful.
I am now going to take this opportunity to thank a few traders here who have contributed immensely to my trading, without whose ideas and timely input, I most probably would have been still lost in a sea of information and differing opinions out there.
Bobmaninc, you told me off hand once that you always had pending orders at 2/3 or 3/4th of the previous weekly or daily candles wicks, to get the best price and limit SL. That was a nugget weighing a few hundred kilos. That was the biggest turning point of my final puzzle. That is where I started observing wicks, weekly candles, and finally made the interrelated connections.
ST, your advice on trade frequencies and your trading ideas was what led to me reducing mine and being much more disciplined. I now know burning an account is not acceptable, even for beginners
Yunny, thank you for sharing your charts and your amazing entries with ridiculous SLs. I still remember the one that was filled with a two pip overshot. Legendary. The way I plot and trade the weekly and daily candles now, especially how buys and sells are filled within a few pips by picking historical prices close to them is entirely an idea and inspiration from your tutelage.
MoneyNVRSleeps, I read your post, on how tough things got sometimes, but you still stuck it out and never lost patience or gave up when things just didnt make sense or go according to plan. It really helped me keep calm and discipline myself even more, knowing I am not the only one who went through such things while learning how to trade.
HomeOfGolf a.k.a. Hog, for reminding me why ordinary folks, just like me, are doing this to themselves.
All the newbie traders, like sharebazar, Villain, SalimVP, GS8888 and the numerous others, who participated, and who are still around today, trying to understand what I have been doing in regards to trading. Every time I answer a question, I am forced to think from your point of angle, and each time I do that, my own ideas were reinforced to me. It was and still is like a revision. Without you guys, I would not have been forced to think about time zones, candle closing hours, how it affects our trades etc etc. Each of the questions were cues to retest my ideas and assumptions.
If I have not mentioned any other names specifically, please do forgive me, as the number of traders who have helped me along in this journey, both experienced and newbies alike is huge. In no way does this suggest that your input and help in this journey of mine has been less than the names of the members I did mention.
Thank you all for helping me learn how to trade.
Id be looking for a buy, depending on the weekly candle. Look at monthly TF.
Will you still be posting charts? I found your posts over the last few weeks particularly insightful.
Congrats
As usual. I got time to kill in between trades.
Hello Nikita and all,
I, like you have been trying to make sense of the markets this last year. I have come to the conclusion recently that price levels of key support & resistance on the higher time frames are more important than most realize, it’s not necessarily the candle shapes, as we all have different candle shapes & sizes painted due to our brokers being spread across the globe and on different time zones. This shows up when we post our charts here and someone will show a beautiful pin bar, ready for a retrace, then someone else will say they see no pin bar and therefore no signal. Now I’m not saying we should ignore candles, no, they give us more information on the fight between the bulls and bears which is useful to us. What I am saying is reactionary price levels on higher time frames in my opinion are first in my list of chart reading.
Thanks to you returning to your thread and posting your latest charts and thoughts as this has reinforced my recent a-ha moment. All I have to do now is practice, practice and practice getting it right!!
Many thanks Nikita, I hope you continue giving your input for some time yet.
John
This may be off topic but when you say 12-16 hours, what did you actually do ? trading a Lower time frame chart or reading any trading related stuff ?
I’d spend no more than 3-4 hours a day even though i have to read something. So, i was bit curious how you used to spend that amount of time on trading.
Hello everyone! I’m new here and followed this thread for a while and finding it very interesting to read .The best part is that you guys explain things in plain english not like the advisor firms.Can anyone please advise about a typical trading week or day like do you start reading news (if so from where),looking through charts etc?That would give me something to start with,get into some sort of diciplin.
Cheers
Great thread here :10:
Hi again!Question how to establish “a trend” without spending hours .I read Nikitas explanation easy makes sense,just read Jonathon cox’s thread hes talking NY closing time etc.Any inputs to start us newbies off?
Cheers
Hello Stefan.
I can only say how I view a ‘trend’. There are always both up and down trends in play in any market, but are seen on different time frames. For instance if you were to look at GU below of the daily TF, you will say it was in a down trend, but there were 2 counter trend moves up, which, if you were to zoom into them on a lower TF, you could say they were up trends. It all depends on what type of trader you are.
If you are a position trader, you would trade in the general trend shown on the monthly, weekly and daily TF’s. If you are a swing trader, you would probably trade in the direction of the trend shown on the weekly, daily and H4 TF’s etc.
Now as you know, a trend is made up of waves between swing highs and swing lows. Generally if price is making higher highs and higher lows, you have an up trend. If price is making lower highs and lower lows, you have a down trend. If price is doing something else, it’s not trending on that TF.
If you look at the picture below, GU has been in a downtrend lately, can you count five waves? 3 down and 2 up? My basic understanding of elliott wave principle tells me to now look for an up trend of 3 waves which will probably end up around the 1.6000 price level (If I am right of course!) as this would be a corrective wave to the previous down trend that is being played out on a higher TF.
I looked at the charts gs8888.
From the time asian opens, all the way to NY.
Traded multiple demos, each with the newest indicator or trade plan I came across.
Every hour one candle was watched, entries practiced, SL hit.
Hi stefan1 every week you will get at least 2 to 3 good setup for entry in most of the pair. For the new trader like me I try not to trade on Monday and Friday, which way I reduce my risk and spend more time to read the chart. As most of the time Tuesday and Wednesday is showing good entry setup. For the news the best place is babypips economic calendar. Just look for the major news as you don’t really need the news to trade but it will reduce your risk if you know the major news.
Very well said.
Candle patterns defer, and every trend and bias ends at the key price levels. All the drama in between is price bouncing back and forth trying to hit those levels.
Though it is widely viewed that the real candle pattern is one that is based on the opening and closing of NY markets, with no weekend candle, in other words, a five day candle week, as opposed to six.
I found this chart much more accurate so far.
Bias is our utmost concern.
Trend is an oversold concept.
Contrary to popular believe, trend is Not your friend, Not unless you are willing to hold up to a few hundred pips in retracement, hoping that the disastrous entry will be back in black since trend is one way or the other.
In my opinion, trend means price bias on weekly and monthly TF. Confirmation of trend can only be made on hindsight.
Well, I guess I need not spend that much amount of time on indicators or any other trading method’s like you did. Though I did work on 3 or 4 method’s, they din’t suit me.
This particular method is simple and suits me better. So I’d spend as much time as possible on this one rather than searching for the 100% Bluecrossover system…
Thanks everybody for the Quick reply.Nikita What’s the diff between trend and bias,I don’t get it.Say if I was trading short to medium,do I look at trend (bias??)on daily weekly or what?And when you look for trades in the morning,do you mainly read the candles near s&r lines?