EU MONTH TF
Trend is bullish. Price bias has been bearish, up until now atleast. Wait for a good pullback or one of the other candlestick reversal pattern on daily or weekly and now your bias will be bullish.
S&R areas are the only place you can read candles at. Anything forming in between is just noise of traders loosing money.
When u say u are trading short to medium, what does that mean exactly? My short to medium might be half an hour to four hours. For others it might be three days.
Nikita, at what price point would you say that the trend goes from bullish to bearish. What low would have to be hit for this to occur.
Ok u see where price is at now?
If it bounces up than its a BPC. Breakout two weeks ago, pullback last week, this week will be continuum of bullish trend in monthly.
If price falls further and breaks this level, than we wait for a BPC at this same level, for a short.
We dont guess on the breakout but wait for the pullback. It works the same on all time frames.
Like LTtrader said, its the levels that are most important. Not the market times or even the candle patterns.
Nikita every time you post a chart and explain I learn something new and my understanding towards the markets get more logical.
Thanks Nikita!So price bias=price at the moment and trend=longer term(like a day or so).Sorry if Iām asking stupid questions,but doing this is abig challange for me.After working as a motor mechanic for the last 35 years,this is very different to me.You asked if Iām a short term trader or what.I dont know yet lol.The more I read the more confused I get,maybee going senil lol.cheers
Thankās Sharebazar!Another question.When looking for an entry point,do I look in the 4hr TF for say a pin bar+Conf candle near a swing point,then enter in 1hrTF.Do I have to see the same candle formation on both charts(it will never happen will it).Or what do I look for in the 1hrTF. Cheers
This market will eat those who dont have patience for breakfast
You mean we should have a bowl of patience for breakfast? How does that taste, do you add milk?
Sorry Nikita, I couldnāt resist that 
(Itās probably funnier in my head)
It tastes like MONEYYYYYYY! Piptronix.
Fresh USD, crisp and crunchy. Preferred choice world wide.
And here is some of it for this week.
EU MONTH TF
The red line is the S & R based on immediate historical price action.
EU D TF
Yesterday was a buy. Its important to let Monday candle form, unless there are other compelling reasons on why we should take a trade on Monday.
Today we wait for price to pullback to earlier rejection areas, as can be seen. Friday and Monday rejected at the same area. BPC concept in a wave we couldnt see, but its there.
EU H4 TF
Previous rejection candles do not warrant an entry since we dont have clear bias for the week. So, the true pullback candle is the one previous to the current H4 candle. Entry was a little late, but I had to wait for the candle to finish forming as I am blind since I dont have correlation to strengthen my buy signal.
If you remember, someone posted an EU Weekly chart, end of last week, asking me if its going to be a sell. I told them I dont know but my plan is for a buy. This trade was already planned for last Friday. Had to wait till Tuesday to get it going.
Market conditions are very tough. Use to be able to pull 600 to 700 pips a week. Im happy to do 150 now.
But patience is the key.
You would be surprised stefan1. Matter of fact, I personally believe that its much more harder for academics to master this, since the underlying concept is very very simple.
You need to start learning how to identify support and resistance areas, and identify reversal candle patterns.
First part you can do easily by drawing a horizontal line on the bottom wick of todays buy on the Day Time frame, than switch to lower time frames, up until, and including hour 1 time frame.
See what price is doing there. Do that daily, and start asking questions based on what you both do and dont understand from that chart.
This way, you will only need to know what is necessary to start trading.
It will also make your learning less confusing and more structured.
Nice trade.
Iāll admit that it took a long time for me to understand your method, and now that I do I canāt believe how simple it is.
I think I was looking for something more complex.
How many of these trades do you find per week, canāt be too many?
The market is already complicated with so many of us batting the prices up and down, than we add high frequency machines selling taking profit buying and taking profit hundreds of times a minute and it all gets too overcrowded. The last thing we need is a checklist as long as the Challengers launch sequence!
Use to be able to pick on demand, now its much much more difficult, with the markets all whiplashing at key levels.
4 trades last week. 80 pips being the best entry, one was against bias, just for the sake of making a point for this thread. That hit BE + 4 after a max of about 28 pips.
I dont take more than that. And max only two trades allowed at full risk.
Cutting down entries forced me to wait for trades, instead of guessing.
This might not be the right method, especially for those who prefer to be in the action more often. But nothing beats the feeling of having a good return week on week.
EU H1 TF
The blue arrows show a price wave on H1. The green arrow shows another possible entry on the H1 BPC, for those who missed the first move.
This will suit smaller TF traders, or newbies to this method, as practice to read higher TF.
But beware, this method has two drawbacks.
The first is obviously, smaller TF SL can usually be taken out more often, before a move in the direction of our trade, compared to higher TF.
Secondly, if we are to opt for the original SL of this move, which is at the bottom of the move, than SL becomes very high and risk to reward ratio will be much lower.
For learning purpose, best to use demo. If you had missed the trade and must take the lower TF pullback, than adjust risk, lower it to a minimum.
H4 TF
Pay attention to the current H4 candle. Watch how the candle opens, than goes south to a point, than shoots back up in the direction of bias?
Well have you ever wondered why it shot to the point it did? Why not lower? Or why not any higher?
Draw a line at the wick and you will find the same line I have drawn on H1. Price waves, inside a bigger wave.
This is what I have been trying to point out when I urge people to watch how a candle opens, forms a pullback, than shoots in direction of bias before closing higher.
A classic BPC. We can draw a line on the resistance that was broken and wait for it to be retested as support on H1 just as the current H4 candle had opened, and with that we could have reasonably know where price will touch on H4 chart before it continues in the direction of bias.
This applies on all time frames. Day TF is best for this type of trading.
Remember, the market does not move randomly. Learn how to read a technical chart, and thats all we ever need.
P/s, gs8888, you asked me what did I do looking at the charts up to 16 hours a day, day in dayout. Well I was watching candles open, form and close, literally. On all TFs. It took me so long cause I didnt understand what was I looking at, nor did I know what was it that I was looking for. Hence the hours.
This threadās really on fire at the moment, if there were more like this Iād be a vastly more regular BP contributor these days.
Iām currently long EUR/USD - not as elegant as Nikiās Entry, just a simple break of the Daily high, but the bias is the same. Price is currently bumping its head on the Weekly Pivot (1.3460 on my chart, there was quite a sharp rejection earlier on but Price is currently having another run at it) but is we clear that the. 1.3585 would be nice!
Sorry to be so absentee, recently - BP has tested my love.
Itās tested us all, us all I sayā¦ Not seen you about for some time now!
You guys long EU, me short GU, thank god they donāt seem so correlated these days LOL
GU testing daily high as we speak.
Lol yes, one day the correlation will kick back in and a few of us will catch a cold. In the meantime, Iām just sticking to ātrade what you see, not what you thinkā.
At one point I was fixed on quitting BP altogether, now I have simply withdrawn from all but a handful of threads. When I started attracting criticism for offering well-intentioned advice I cried āno masā and revisited my approach. On the plus side, at least we have all learned a few things about a few people, and knowledge is never a bad thing.
Anyway, enough of that nonsense: I was short Cable, but got the hell out of Dodge before that pretty solid 1.5633 level. I find Cable pretty spiky so tend to take my pips and leave at the first sign if trouble. I find EUR/USD much more progressive, and often gives a more complete picture.
Hello there old friend!
Just mentioned you in a post few pages back.
Hope all is going well on all fronts.
Nice to see you here again.
Hi Niki, good to be back, sorry that I have been away, just wasnāt enjoying BP so stepped back.
I need to read back in - I unsubscribed from everything - so I missed your mention but yours is the first thread to read back in on so Iāll get there this week. Thank you for the mention, and for the kind words here.
Yes, I am weāll, thank you, although slightly flat out - Claire (Mrs Templar!) is expecting a baby two weeks today, and we have builders in trying to complete some work ahead of that, so Iām managing them amid heavy snow while doing school runs, trading etc. Itās all good fun, though, and Claire starts maternity leave on Friday which will make everything seem easier.
Anyway, Iām rambling - Iām glad that you and I are both back on this thread, and thank you again for the kind words.
ST
Congratulations ST!
All of us here on this thread hope that diaper change and feeding shifts will be entirely yours, so we can see more of your postings here!
Welcome back old friend.
Lol thank you - one ābenefitā of trading from home is that I am around 24/7 to embrace the full joy of disturbed nights, nappies, winding etc. My kids have ruined me, though - Iām actually looking forward to all of it!