Used to have charts like that.started with simple MAs and added more and more till I realized was just confusing myself more and set back my learning curve.
Hi mumuy, i believe almost all of us here are trading on naked chart except for some S&R lines.
because price is everything while indicators tend to be lagged in nature.
Thatās the reason almost all of us here are trading price actions without any / much indicators.
By the way, today seems quite messed up.
But some pairs have finally break out from range.
Time to wait for an entry patiently.
Hi guys,
Iām a newbie in trading and this is my first post ever in this forum,
Iāve been following this thread, and I was wondering, how did u guys trade with nikitaās method especially in the past few weeks
currently I did not have enough confidence to trade her methods yet, because looking back at my chart history all the way up to last december or january, especially AU was like yesterday sell today buy or a doji very often
Today is another example where EU & AU was a buy yesterday, and UCHF was a sell, today it was completely the opposite of yesterday
I also checked for correlation, but it didnāt help much regarding determining todayās bias :56:
so can anyone enlighten me plzzzz :51:
Geez, Iām so envious to you guys who are already able to trade her method profitably
thx in advance
S&R is mainly about trendlines, though I stick with horizontal ones most of the time.
Sorry never heard of them.
Sorry kores that pair is too exotic for me.
Please feel free to post a chart or two with your thought process attached with it and we might all learn a thing or two.
Hi Nikita,
As a newbie to the thread, I wanted to ask if it was ok to post charts and trades. I have done one before but I guess I was looking for you blessing as it is your thread after all.
Thanks,
I know what you mean.
While the concept of monkey see monkey do is very powerful and valid, we have to understand that if it is followed by everyone rigidly, than technically the market will have only one direction. Continuous up or down.
We have to take the multiple time frame chart and support / resistance into context before applying the MSMD thingy.
I still reiterate what I said two nights ago. The charts are messy because of the weekly indecision.
I dont like the doji on the weekly.
It just means no ine can make up their mind on which way to bat prices for now.
A naked chartists advantage does not lay in their ability to read charts more accurately if compared to the others. Their advantage lays in the fact that they dont suffer withdrawal symptoms if they dont trade and they are happy not to trade when they dont see a clear trade formation.
Their probability in profitability does not lay in more profitable trades, but fewer loosing ones, because of self control.
No one can open a chart today and say ā well i see price going to this area before bouncing back to blah blah blah. " No one can do that. Well you see this on CNBC or something, and if you follow them closely, the weatherman has a higher probability of getting it right.
Only enter when you know whats going to happen.
Get a hobby for the other days.
As long as its something to do with a naked chart, you are always welcome. We are technical naturalists here!
Newbie or not, you might be observing something that the rest of us could have missed. This is open end like linux.
Everyone is a student and a teacher here.
So please do share and most importantly, include your thought process also, so the others can see what you have got right and what might you be missing, as opposed to posting a chart and asking if its up or down.
Its hard figuring out what is another persons thought process unless they think out aloud.
AU pair looks decent to go short on the pullback candle.
I think Iāll wait since the chart is running around my support line, Iām worried if itās going to bounce up from there.
I trade I have taken using pure PA and SR. Any thoughts welcome,
Thanks,
[B]EU Day[/B]
[B]EU H4[/B]
[B]EU H1[/B]
[QUOTE=erinsunc;461302]I trade I have taken using pure PA and SR. Any thoughts welcome,
Thanks,
[B]EU Day[/B]
[B]EU H4[/B]
[B]EU H1[/B]
You did buy close to support.
Bias on EU for today is short. I missed my selling opportunity on this.
Will await confirmation to buy on DTF.
This shows past S/R on H4. This period is mid december 2012. The dotted green is my buy line (just clarifying). But you are correct about the daily bias. I was thinking that this would be the start of a retrace.
Ah well, that was short and sweet. I was +25 at one point. Live and learn.
Trade was against bias.
Secondly, your SL is not a valid one. It has to be at the bottom of a previous wave. Looking at your chart, your SL looks like its way below the second wave, and too high up the first wave.
Even though you trade would have cost you more had you picked the right SL, its important to understand how to pick SLs.
Not if controlling MM to risk a set percentage per trade.
Hi Nikitafx:
Have started following your posts very recently ā¦ love the way you have been doing it. Am new to trading FX ā¦ Have gone through the babypip schoolā¦ Like Pure PA better than systems using indicators. Have noted down all the instructions/tools from the page 1. Have been following your chart posts for understanding.
Is there any other resource like website or books that u would recommend for this Pure PA trading system ?
Thanks a Million for this thread !
Totally disagree with the statement.
Even the most conservative MM will cost us an account in the long run if we do not observe the rules of the game. Picking SL is as fundamental as picking entry and setting a reasonable TP.
We cannot arbitrarily decide where a trades SL is going to be, without looking at how price has moved, by deciding how much we want to risk.
Instead, we should decide if we want to take a trade, and what lot size are we going to enter, after observing how large in pips, the SL in the chart shows. Its the opposite of the line of thinking above.
Do read back and front.
The trading method has had tweaks and some changes to it. Even though the fundamentals of the system is the same.
I cant say I have read that extensively regarding trading price action to recommend any good reading materials out there. Thats mainly to my aversion to traders who write books for a living instead of trading for one.
Most of what I learned, I figured out myself, bit by bit. With generous pointers from other traders, both from babypips community and outside.