Thanks Bob, I’m thanking as I was the one asking the questions about charting feeds.
I am using 3 different broker charts for different timeframes myself but something occurred to me. I can understand that candles can appear different on different charts due to opening and closing times but the thought I had is the Surely the price at any given time should be the same on any chart regardless of whether or not it is a broker or Indi feed. If this isn’t the case then we are at a serious disadvantage and are basically being lied to by our broker which can cost us money. I guess the only way to know that would be to correlate prices which is almost impossible for us mere mortals. The only thing we have to go off is the experience of others.
I just wanted to comment on the misunderstanding that seems to be happening recently. I think at times some posts get lost in translation between ‘us’ mother tongue English speakers and others for whom English is a second language.
For example Stefan1 has written:
“HI.I tried to follow things thats on this thread,but not doing to well.Is It only me or more the political scenario.Maybe things changed since the start of the thread?”
I read this in a way that was more about the recent behaviour of PA in the charts rather than a comment on the tone of the thread.
I’m also thinking that although being direct, Satunya was just trying help with his posts and not particularly looking to rub anyone up the wrong way. I’d like to believe that anyway.
Let’s keep the Karma good, and the vibes friendly. There are quite a few of us ‘newbies’ who are taking trading very seriously and are looking to glean lessons and info from you experienced guys and I really do thank you for your replies.
I also read Stefan’s post as referring to politics impacting on the currency market rather than referring to any issues within this thread, but it is open to interpretation either way.
I have lived and worked overseas on a number of occasions, in three languages, so do try to be flexible when I think that any bluntness etc is due to reasons of language.
You must keep in mind it is not generally the broker lieing per say but rather spreads are going to differ from broker to broker and this will be shown on your chart. So even though the broker is giving you an accurate feed they will all differ most of the time. On the daily chart this will not effect you much. But on a say 15 minute chart it can make a difference if spreads widen from one broker and not another. This can and will change the formation of a candle. All you can do is either get a broker with the lowest spreads possible or like ST and go with esignal (or someone like them). That way I dont think spreads can effect those charts (I dont think anyway). So in time of liquid markets and low spreads most brokers will be close to the same but it times of news events and low liquidity when spreads widen there can be a big difference in price feeds.
Thank’s everybody.Sorry I didn’t try to bag anyone,and my spelling is shocking I know.Thank’s Bobmaninc for reading between the lines.Ok back to the important things in life like forex.This is how I been trading(trying on demo only)1 look for short and long term trends on daily and weekly and previous daily candle.2 find s&r levels on daily and weekly.3 When price closes in on s&r look for rrev candle following the trend or waiting for pullback towards a s&r level.4 Tp and Sl set on 35 and 25.OK GUYS WHERE AM I GOING WRONG ?I do try to use correlation but finding it very confusing(can anyone help).I normally enter a trade on the 4hr chart so should Ilook for s&r on the 4hr chart aswell.Any advice would be much apreciated.
Cheers Stefan PS I’m an older Swedish born Aussie that’s my excuse anyway
I am a newbie so take this with a grain of salt and if others could comment on my comment here too if I am wrong, that would be great. So from your here you are trading daily setups and you indicate that you usually are entering on the 4hr chart. Maybe the pair you are trading has a daily range which is larger than your 35 sl / 23 tp limits. So, maybe check the average daily range of the pair you are trading. Then you would know how much it could potentially move. So if you get stopped out too frequently, then it might be noise in the market. So if you are entering on s & r levels, then identify those and then place your stop on the other side of the s & r zone. I say zone because the support & resistance may not be so sharp in its delineation. Then once you know where your stop is, then size your position. So don’t trade the same sized position every time. I’m not saying you do that but I was doing that and then I realized that I was not adequately accounting for risk for my account. Take the amount of your account you are willing to risk, hopefully 2% or lower, size your position based on that value with how far your stop loss is sitting from your entry point. Then for your TP, maybe try a fib level the other way where you think it might retrace. Hope this helps for you. Best of luck.
Nikita, I won’t presume to give you advice since you are a more experienced trader than me. But I have some thoughts on the subject that some might find useful.
I have recently realized that all financial instruments seem to have a ‘natural’ time frame where trend structures are dominant and support/resistance carry a lot of weight. Price action trading is much easier when the analysis is in sync with these time frames.
For example, look at the USDJPY chart on D1 vs H4:
If trading is getting hard, we should step back and question whether we are trying to swim upstream. Price action is adaptable, it is we as human beings that find it hard to adjust.
GU= GBP/USD
NFP= Non Farm Payrolls A report released the first friday of the month. It can cause some wild swings in price action. Nonfarm Payroll Definition | Investopedia
I am a newbie so please help. This is probably a really stupid question, but what does D TF and H TF stand for. I assume that D stands for daily and H for 1 hour chart. I am really excited about trying to use price action as a way of trading.
Thank you in advance.
lol
Hope more posts from you.