Also, how many pairs on average do you monitor each day?
Thanks again!
Angie
[QUOTE=“FXpari;498984”]
Hi donsls,
I’m new to this thread too. As far as I’ve understood from the thread rules,these are the reasons:
1- Looking at the daily TF for EUR/JPY, you see yesterday’s candle is a hammer, indicating reversal and possible start of an uptrend for today ==> Bias=Bullish
2- Record today’s opening price off the daily candlestick.
3- You go down to the 1hr TF for picking your entry point for a long position. You go long when the price has closes above the opening price you recorded in step 2.
4- TP and SL are not shown here, but I’d pick low of 00:00 candle as SL.And set TP as 60pips,because the prev HH is 70 pips away (June 6, 12:00 GMT).
Someone please correct me if I am wrong/missing something?
Cheers,
Angie[/QUOTE]
That is not correct.
Buying when price opens above or selling below yesterdays closing price often enlarges the SL.
The buying above and selling below close price was just an example for people to see how price trends or bias works for a few days in each direction. It was meant as an example for those who are utterly new to this and have no idea whats going on. P
We have to buy at the most possible lowest low or sell at the most probable highest high of a given price wave.
How do we do that? By looking at a particular price wave we are in and check our for prior support and resistance areas.
Once price hits this areas, we look for candle patterns that indicate strong buying or selling action, on smaller TFs and enter in that Area.
This will ensure our SL remains as small as possible.
Watch price direction on Daily and Weekly.
Thanks Nikita, I’ll read up more on your thread to understand it better.
Angie
[QUOTE=“FXpari;499397”]
Thanks Nikita, I’ll read up more on your thread to understand it better.
Angie[/QUOTE]
Market is trending. Ranging monthly and weekly periods are over for the moment.
Traders are just following what the market did on the day before.
i usually trigger orders my my android phone cos i cant be watching the chart all day with my laptop, hope i answered your question
[QUOTE=“FXpari;499338”]No problem donsls!..I think for a pair that’s main trading session is Tokyo/Sydney, like AUD/USD,NZD/USD or maybe USD/JPY, you can look for patterns at start of Asian trading day. But, if its for GBP/USD,EUR/USD for example, you should wait for the UK session open.
The daily candle open time for my chart is 21:00GMT which is 17:00 EST. I have just started using this method and to be honest I prefer to look for patterns in Asian session because that’s morning time where I live. But, I think constraining yourself to Asian session might make you miss out on some pips.
If you’re confused about your timezone, look at Time Converter - Conversion at a Glance - Pick best time to schedule conference calls, webinars, online meetings and phone calls., Choose Settings–>Forex Schedule. Add New york to the list of cities and that way you’ll see easily when different sessions start/end in your timezone.
Hope this helps :d
For all other members active on this thread, assuming you see a reversal pattern on yesterday’s daily candle, and now you’re looking at 1hr timeframe to enter a position. How long do you usually wait for a good entry?
Thank you!
Angie[/QUOTE]
If there is a reversal pattern on daily, than the next day i watch 4H candles closely. Usually there will be a pull back or reversal on that time frame around London opening time.
That would be my cue to enter, with the SL being either the peak of that 4H candle or the previous day candles wick. Give or take five pips.
Again this is text book price action. Daily occurrence may vary a little
DTF EuroAussie
Possible reversal spotted from yesterdays candle.
H4 Candle
Candle does not show pullback pattern. No entry on this TF.
H1 Candle.
Entry spotted on H1.
The blue horizontal lines are daily opening closing for New York. I mark the opening times On the H1 time frame on all pairs I trade because it gives a nice picture of price action inside one Daily Time frame candle. Price action inside a price action, wave inside a wave, if you may.
Makes picking entry, either on a continuation of bias, or a reversal much more easier.
The red line is around my entry price, just to highlight how waves inside a wave clearly shows where rejection happened and where we should go in.
So draw some lines, separate the smaller time frames to reflect bigger time frame candles, try to see how price moves in waves, upon bigger waves etc etc. market does not move randomly, and that includes news events.
SL is moved to BE and currently holding about 50 pips. Its very very important to try to move SL to BE when we are trying to catch an unclear, non ideal reversal during a strong trending market move.
If not, we can get burned multiple times, trying to catch a falling knife, so to speak.
Always protect capital. If entry is not very clear, wait for the next train. There will always be another one.
Make trading fun. Dont turn it into another job.
Relax and dont chase the market for money, just learn how it moves. The rest will come.
Euro Aussie H1
Rare 1:4 RRR trade.
That is a very nice trade. I’m wondering why you took this trade at that moment? From which bar you went short?
If I’m looking at the D TF chart, I see a Shooting Star (Bearish) at Tuesday and a Hanging Man (Bearish) at Wednesday. I think I see now why you shorted EUR/AUD. I still have a lot to learn.
PS I’m watching D TF charts on a GMT basis.
[QUOTE=“Rossem;500042”]
That is a very nice trade. I’m wondering why you took this trade at that moment? From which bar you went short?
If I’m looking at the D TF chart, I see a Shooting Star (Bearish) at Tuesday and a Hanging Man (Bearish) at Wednesday. I think I see now why you shorted EUR/AUD. I still have a lot to learn.
PS I’m watching D TF charts on a GMT basis.[/QUOTE]
@ I have also same doubt , nikita ,
Euro Aussie Month TF
I have often said how big money orders or institutional players trade off key levels.
I believe that they do not change their order levels as often as we do.
So everytime price reaches a key level, history will repeat itself, because the same people will be there repeating the same orders, often right down to the last pip.
This happens on many time frames, but are clearest on the higher time frame. Prices do not go out of the two extreme channels. Once it touches the upper channel, it is deemed overvalued, hence batted down, and once it touches the pip of the bottom channel, its deemed undervalued, hence bought, and batted back up.
This is the basis behind the price action theory. That is why price bounces back and forth where it previously did.
Once support is broken and retested, in becomes resistance. Why? Again I believe its because the same big players are at the same level, but now, they have changed their position, say from bullish earlier, to now bearish. But their entry point and orders are at the same price levels, sometimes down to the pip, but now in a different direction.
This is why BPC works all the time.
So with this theory in mind, I took a short based on the Monthly and Weekly key price levels as identified by the red line. The moment I saw a weakness in the bulls on DTF, II took an opportunity to short the smaller TF.
Again, this is a trade that I did not hold for more than 24 hours, because long term outlook still supports a buy. I believe that price will bounce back and retest the entry point, hence I took whats on the table.
Prices might bounce back to the same levels on the opening of the new candle next week, which we have to see. But if it does, than we can be assured that the big players will be pushing prices back down again.
I hope this explains my thought process.
All of the above are just my ideas, theories and rationalization of why the market moves the way they do. There might be truth in it, or I could be way off the ball park. I really dont know.
All I know is, more often than not, it helps me make a few dollars.
excellent nikita ,
Again, thank you for your explanation and sharing your experience with us, Nikita.
It makes things very clear to me and others. 
AU H1 TF
History just keeps repeating itself.
lol… Nice trade.
[QUOTE=“salimvp;501018”]
lol… Nice trade. :D[/QUOTE]
Thanks. Took the 50 odd pips cause its a monday. Risk was smaller too.
Lol i like that. I like your image.:13:
:13: i got 82 pips from nzd usd short trade
[QUOTE=“sagrifa;501038”]<img src=“301 Moved Permanently”/>
<img src=“301 Moved Permanently”/>
:13: i got 82 pips from nzd usd short trade[/QUOTE]
Nice trade for a Monday!
Nice trade guys.
Too bad I’m still refraining myself from trading on Monday and Friday. Haha