Wow…!!! I’m very happy to see everyone back. 2013 will certainly a great year for trading and learning.
Looking forward to more posts from Niki, ST and Others.
Cheers.
Hi Nikita,
I understand the difference between brokerage times across the world and how that is reflected in candle patterns and the fact that it has been discussed previously, so I’m not looking to flog a dead horse again. I just wanted to know if you would have still entered the EU long based upon my H4 chart below? Your reversal pattern is quite different to mine and a lot more obvious. I don’t know if I would have been as confident in the trade with my chart. My charts are GMT+2 (although I a live in GMT) and as London Open and NYO are static I am just wondering if it’s worth reading the charts with your timeline.
Thanks in advance,
[B]MY H4 Chart[/B]
[B]Nikita H4 Chart[/B]
!
GU MONTHLY TF
Just to highlight a point. Price can be exact.
Its like when you are in the northern territories of Australia. The local guides always look at the waters of a river or a billabong for salties before giving you a nod, to either enter or not. ( remember good old Dundee? ).
Well, its a bit like that. There are crocodiles, sharks and at some price levels, huge megadolons. They do not change their spot, only directions, if it suits their feeding. I believe support, if broken becomes resistance, and vice versa because these huge orders remain at the same spot once their positions overwhelmed, only to change direction of their orders to push market further one way or the other.
We are probably the small feeder fishes, who should try to capitalize on the feeding frenzy of much bigger carnivores of the market, for we can never be predators of that size. That is the idea of the game, anyway.
The circle highlights one such spot on our price charts.
GU H1 TF.
Wonder why things suddenly shot north on the smaller TF?
To fx conspiracy theorist, do you still think your broker is trying to snatch your money?
Well there was a megadolon there. The tell tale signs of it being there can be seen on the monthly chart above. What we just saw is the megadolon splashing out!
Very poor entry, moved SL higher up as that is how much I want from the this trade. If it goes higher than its a small bonus. The reason why I had done so is because there is no signal of price building up for an up move yet, and the entry was solely to make a point. So might itself be safe and take the reward now. For all we know price might fall back to my entry before going up further tomorrow, or worst, continue south.
Watch out for the Sharks in the deep waters.
The problem with having different market opening hours on our chart is that we will be looking at a different type of candle pattern, compared to the majority of others. The obvious difference starts showing on H4 TF and above, never below, as highlighted by your screenshot.
In this game, we cannot afford to see a chart that is different from the major players. It is widely accepted that the day chart starts at New York opening.
This is the unofficial standard market opening time world over.
You can change your settings to reflect this. I would strongly suggest you do so.
Hello Niki, I’m bit confused here. I’m using a New York closing chart. It means the new daily candle is open when Aussie market open. You and me using FXCM. Fxcm charts are New York closing one IMO.
Need to clear I’m on the right path.
LOL. Ok my bad!
Its five pm New York time. The time everyone goes home from the office.
Not everyone here on NY time. I am already home with cold beer in hand Just entering the trading lair 
Say hello to another invaluable member of this thread!
From what I gather, you are not concerned about five pm’s of any time zone at the moment.
I hope its the opportunity for you to just go fulltime into trading.
To that end, I wish you pips galore!
Not yet next week is when I get my feet wet at full time trading. My last day here at the job is friday.
Very good news that everybody is back on the thread.
Good luck and congratulation ST.
Good to see everyone is back.
Time to bag some heavy pips…
Hearty Congrats ST and welcome back to the thread…
Isn’t it a weekly chart ? I was confused when you stated it as monthly.
LOL. Sorry guys. Very sloppy of me.
AUDUSD D1
AUDUSD H4
AUDUSD H1
Hi Nikitafx, I just read your post about waiting for BPC (I used google to find out what’s BPC mean :D) before entering the market. I’ve been checking out AUDUSD chart above, the trend is bearish, looking at the chart, can I categorize the current H4 candle as pullback candle before continue to go down?
Hi Nikita, below is my interpretation of what i see today. Mind to help critique? 
EURUSD
The first green line is the immediate support that i see right now.
My understanding is that if price retrace back to the first green line, it can potentially be an entry level for a long since yesterday was an up. Is that right?
Another question, the middle green line which also seems to be a support line to me, is it a valid one?
Thank you!
Yes and yes. Sometimes it can bounce off the first, especially if higher TF is very bullish. Sometimes, it wont even bother for a retrace.
Than there are days, when it might pullback on the first green line, than fall again up to the second before continuing.
This is where trading experience leads to picking a valid SL etc etc.
But your grasp of the underlying idea is spot on.
You may enter after the hours four pullback candle forms, with the top of the wick being the valid SL area. Your trade idea is good.
But your entry is not a valid one. Atleast not according to the communist trading method.
You still dont have a confirmation pullback candle on D TF. So where is the monkey see monkey do thing?
It doesnt mean prices will not fall south, but in the long run, you will find that you will have more entries that has hit your SL, compared to if you wait for the confirmation of bias by following what yesterdays price action did.
With that being said, if you look at the day time frame chart, what we are watching might be a classic BPC for a bigger move south.
Pardon my ignorance but what is the BPC pattern? I do apologise for asking this as I’m not having any luck finding out about it via google and the search thread function.