Life will not be same anymore…
There is a reason behind for everything…
Hi Nikkitafx,
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You mentioned to enter when price crosses the day opening, do you mean the previous day or today’s opening?
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You have changed your trading TF from 1hr and daily to daily and weekly. Do you mean it is no longer profitable to trade 1hr and daily TF?
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You mentioned you only trade twice a week. Does this mean that there are lower trade opportunities in the 1hr and daily TF?
Regards,
Hi Nikkitafx,
I was looking at AudJpy H1, D1, W1 TF charts.
I notice the up swing in H1 TF, however previous D1 candle shows bearish candle whereas previous W1 candle shows bullish candle.
So are you looking at the H1 TF chart? Mind explaining abit further for which bias to follow, D1 or W1?
Regards,
[QUOTE=“coolbriz;547511”]Hi Nikkitafx, 1) You mentioned to enter when price crosses the day opening, do you mean the previous day or today’s opening? 2) You have changed your trading TF from 1hr and daily to daily and weekly. Do you mean it is no longer profitable to trade 1hr and daily TF? 3) You mentioned you only trade twice a week. Does this mean that there are lower trade opportunities in the 1hr and daily TF? Regards,[/QUOTE]
Todays opening.
That was an example explaining to someone when they said they could not understand how bias helps us make profit.
Do not trade ur real account that way. The absence of a reasonable, valid SL will ensure u loose money in the long run.
I should delete that statement. Confuses too many into thinking thats how wr trade.
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I still trade H1. My entry signals and SR areas are based on H1 and H4, but the reason I look at Weekly is so that I wait for the one overall move from bottom to top, that usually comprises two to three day candles, instead of trading daily.
Trading H1 and H4 with daily as bias guide is still profitable.
Price action will always work, because the market might move differently or change the way it moves from point A to point B over time, thus making statistical indicators give false entries, but price will move from point A to B, always, which is what price action is. -
I trade twice or sometimes three when i get entries on different pairs because it gives me plenty of time to think of my entries and minimize my mistakes.
Secondly it makes me hold longer for more, increasing my RRR.
Thirdly, looking at weekly candle formation allows me to capture the best moves more often, as compared to trading daily and cutting of intraday.
The system still works on H1 as usual.
The reason trade frequency becomes less is because price on weekly touches its support or resistance only ones. It then goes all the way for the entire week for the weekly candle to form. Technically, one pair, one weekly candle, we buy at the lowest of that weekly candle and hold to the max, will only give you one trade for the week.
,
[QUOTE=“coolbriz;547516”] Hi Nikkitafx, I was looking at AudJpy H1, D1, W1 TF charts. I notice the up swing in H1 TF, however previous D1 candle shows bearish candle whereas previous W1 candle shows bullish candle. So are you looking at the H1 TF chart? Mind explaining abit further for which bias to follow, D1 or W1? Regards,[/QUOTE]
Please note the ? behind my statement was a question I asked everyone.
If it was a ! than it would have been a statement.
Anyway this is what I saw
WTF
Weekly shows a breakout upwards and the grey line is my resistance broken. How we would trade the BPC pattern is wait for price to hit that area, than go long.,
This is the basis we trade any time frame. Wait for resistance or support to be broken, than we enter on the retest.
Retest will only be entered when we see a pin bar or engulfing pattern etc on smaller TF forming at the retest area.
This is the core idea how we trade this system. We always mark the broken area and wait for the retest.
Do not try to do what Im going to point out next, until you are comfortable doing the BPC first.
DTF
Do you see Thursdays candle, the Doji? Well Dojis are interesting candles. They show market equilibrium, where both sellers and buyers are equal.
Than see Fridays candle being a solid bull, closing above the wick of the doji?
That means buyers are back in full force and the price up is imminent.
These is another price action pattern that is very profitable.
I have never mentioned this and much more on this thread as it will make everything more complicated than it needs to be.
Beginners should not get too much on their plate, hence I stopped with just pin bars.
So what I did next was wait for a signal on lower TF.
H4.
You can see the I bought right at the bottom of the ranging area on H4, as soon as the first bull candle appeared. H1 provided an even lower entry with a smaller SL of a out 15 pips with a nice pinbar formed.
Now this is where we should not mess with a system, because changing any part of it will dramatically change our returns.,
Ideally, My SL would have been below the wick of the pin bar candle on H1, which is about 34 pips, and my TP would have been 75 to 80 pips of my entry.
And it had hit my TP if I had followed my rules.
Its what I normally do.
But since I was testing something new, My entry is taken as part of the range area and my SL is at the bottom of that range area, as to catch the swing up.
The idea is still new and I am testing it to see what works and what doesnt.
Thats the reason the TP was not at 30 plus but is at 80 something and the trade is only on demo.
So please dont think too much into the Aussie Yen thing I mentioned.
Just look at the basic method first.
[QUOTE=“sharebazar;547482”]Life will not be same anymore… There is a reason behind for everything…[/QUOTE]
Please tell me you hit the winning prize in lottery.!
[QUOTE=“Nikitafx;547618”] Please note the ? behind my statement was a question I asked everyone. If it was a ! than it would have been a statement. Anyway this is what I saw WTF <img src=“301 Moved Permanently”/> Weekly shows a breakout upwards and the grey line is my resistance broken. How we would trade the BPC pattern is wait for price to hit that area, than go long., This is the basis we trade any time frame. Wait for resistance or support to be broken, than we enter on the retest. Retest will only be entered when we see a pin bar or engulfing pattern etc on smaller TF forming at the retest area. This is the core idea how we trade this system. We always mark the broken area and wait for the retest. Do not try to do what Im going to point out next, until you are comfortable doing the BPC first. DTF <img src=“301 Moved Permanently”/> Do you see Thursdays candle, the Doji? Well Dojis are interesting candles. They show market equilibrium, where both sellers and buyers are equal. Than see Fridays candle being a solid bull, closing above the wick of the doji? That means buyers are back in full force and the price up is imminent. These is another price action pattern that is very profitable. I have never mentioned this and much more on this thread as it will make everything more complicated than it needs to be. Beginners should not get too much on their plate, hence I stopped with just pin bars. So what I did next was wait for a signal on lower TF. H4. <img src=“301 Moved Permanently”/> You can see the I bought right at the bottom of the ranging area on H4, as soon as the first bull candle appeared. H1 provided an even lower entry with a smaller SL of a out 15 pips with a nice pinbar formed. Now this is where we should not mess with a system, because changing any part of it will dramatically change our returns., Ideally, My SL would have been below the wick of the pin bar candle on H1, which is about 34 pips, and my TP would have been 75 to 80 pips of my entry. And it had hit my TP if I had followed my rules. Its what I normally do. But since I was testing something new, My entry is taken as part of the range area and my SL is at the bottom of that range area, as to catch the swing up. The idea is still new and I am testing it to see what works and what doesnt. Thats the reason the TP was not at 30 plus but is at 80 something and the trade is only on demo. So please dont think too much into the Aussie Yen thing I mentioned. Just look at the basic method first.[/QUOTE]
Hi Nikitafx,
Thanks so much for the detailed explanation! There is certainly a lot to catch up on price action. May I know what’s BPC? As for the day TF for the previous day, am I right to say if it’s a price action bar of say pin bar, it will be necessary to look at the bar 2 days ago to determine the direction and then the pin bar will be a signal for the reversal/continuation of that direction?
[QUOTE=“coolbriz;547633”] Hi Nikitafx, Thanks so much for the detailed explanation! There is certainly a lot to catch up on price action. May I know what’s BPC? As for the day TF for the previous day, am I right to say if it’s a price action bar of say pin bar, it will be necessary to look at the bar 2 days ago to determine the direction and then the pin bar will be a signal for the reversal/continuation of that direction?[/QUOTE]
It looks like all you naughty girls and boys dont read the thread before hand!
Cant blame you guys as its as long as tolstoys war and peace, worst, much more boring.
BPC. Is short for breakout pullback continuation.
Its how price waves move.
They hit a resistance or support, break it and shoot upwards. than they fall back to the support or resistance hey broke earlier, before continuing in the direction of the breakout.
We wait for the retest and enter there because it gives opportunity to enter with very small SL, it goes into profit very quickly, and it rarely comes back and hit the entry point or takes out the SL.
Pin bars on DTF should form at bottom or peak of price action waves.
There should be significant resistance or support at the area where the oin bar on DTF is observed.
If a pinbar forms in the middle of that wave, than its indicative of either a small correction or worst, a false signal.
Either way, its prudent to find an entry on the smaller TF to minimize risk exposure.
Look at USdChf now.
Pin bar formed on weekly is right at the bottom of the yearly range, it signals that price is bouncing up.
But the problem is it might range, or even make a lower low before shooting up.
So trading pin bars on higher TF had to be coupled with entries reflecting the same on lower TF.
i have entered two trades on USdCHF based on H4 entry signals.
Even when price is ranging at the same area for nearly 48 hours, one entry is still in profit and the other is minus 8 pips or so.
This is important, as if I had entered on higher tf my net will be negative at the. Moment, and if it decides to do a lower low I will take a 60 or 80 pip hit, i stead of a 30 or 40’pip hit.
So always keep in mind of how much u might loose and not trade thinking how much you could win.
Good morning Nikitafx,
sorry if this is a completely newbie question. I still have trouble figuring out how to read the market bias. if yesterday was a buy, today is a buy. if yesterday was a sell, then today is sell. how would you determine market bias then? by looking at yesterday’s candle(colours etc), by observing a series of candlesticks, by comparing yesterday’s opening price and today opening price or using HH LL methods to identify market bias? tried to look for luminous direction thread in kreslik and couldnt get a link. 
[QUOTE=“Aretes;547727”]Good morning Nikitafx, sorry if this is a completely newbie question. I still have trouble figuring out how to read the market bias. if yesterday was a buy, today is a buy. if yesterday was a sell, then today is sell. how would you determine market bias then? by looking at yesterday’s candle(colours etc), by observing a series of candlesticks, by comparing yesterday’s opening price and today opening price or using HH LL methods to identify market bias? tried to look for luminous direction thread in kreslik and couldnt get a link. :([/QUOTE]
Is yesterday was a sell than todays market will be biased towards a sell.
Thats all there is to it.
If yesterday was a buy, than todays markets net sentiments or bias will be a buy.
No need to complicate it with opening or close price or any averages in between.
And certainly get rid of the fibo.
Dont complicate it with HH LL Hl and LHs.
In my frank opinion, Those things are great to look at post market move, and we can point out with clarity hey look peak here, bottom there.
Try doing it when the market is moving, you will find that it keeps breaking the LL or HH you identified.
Especially on lower TFs.
I wasted a good two years following that crap.
Its worst is when market is trending, even on daily.
Your HH or LL keeps getting taken out, you giving away 20 or 30 pips each time to the market, while missing the whole cake of 100 to 150 pips because of directional bias.
Just watch daily candle for now. When you can see how price wave moves, than incorporate weekly candle into it, as weekly bias operates just as daily bias.
Ignore monday and friday candles as they are generally a retrace candle.
[QUOTE=“Nikitafx;547960”] Is yesterday was a sell than todays market will be biased towards a sell. Thats all there is to it. If yesterday was a buy, than todays markets net sentiments or bias will be a buy. No need to complicate it with opening or close price or any averages in between. And certainly get rid of the fibo. Dont complicate it with HH LL Hl and LHs. In my frank opinion, Those things are great to look at post market move, and we can point out with clarity hey look peak here, bottom there. Try doing it when the market is moving, you will find that it keeps breaking the LL or HH you identified. Especially on lower TFs. I wasted a good two years following that crap. Its worst is when market is trending, even on daily. Your HH or LL keeps getting taken out, you giving away 20 or 30 pips each time to the market, while missing the whole cake of 100 to 150 pips because of directional bias. Just watch daily candle for now. When you can see how price wave moves, than incorporate weekly candle into it, as weekly bias operates just as daily bias. Ignore monday and friday candles as they are generally a retrace candle.[/QUOTE]
Somehwere in the middle of this thread I would have incorporated BPC and price wave movement with a rough drawing.
Read that post to see how daily moves are reflected in smaller TF.
Here let me show you a good example on USD CHF.
Firstly we know price had come to weekly support. Its been bouncing that area for a year or more.
Than we find weekly candle has stopped forming bear candles and formed a pinbar candle last week at the support area.
This is the chart.
The grey line shows the bottom of the wick of previous pullback in price. So that is where we will look for a buy again.
So this week candle opened and crossed that line and shot back up.
But assume that its Monday and the new weekly candle has just touched the grey line.
We look at Daily for bias.
Mondays candle is a sell, but we wont sell on Tuesday because
- We ignore Monday and Friday candles.
- Weekly Bias is up because of last weeks pin bar.
Tuesday candle opened and went all the way up and did a pullback to close like a reverse pin bar. This shows sellers have lost the momentum as price closed as a bull candle. So Tuesday was buy.
If Tuesday is a buy, than bias for Wednesday is buy.
Ou
We look at H1TF
Its the same grey line I drew on Weekly earlier. Price bounces and we buy cause we knew today everyone who is going to make some money today is buying.
H1 TF
Ignore the top buy.
The bottom buy was done two days ago but the important part is price will obey the levels.
We can trade different systems, but we must be able to understand how price moves and price levels.
This system, just makes it easier for newbies to have a systematic way of learning how price moves.
No arbitrary and constantly moving points like HH or LL.
Once you can read price waves, than you will know which are LL and which are the valid HH.
thank you nikita for the swift reply.
let me attach an example to test my understanding.
here is a weekly eur/usd. the sort of like inverted hammer was going to the resistance area and price likely to bounce off the resistance area. so i presume bias is to sell.
here is the eur/usd D TF chart. which shows a sell bias since a LH is formed after the HH. and it is a doji candlestick.
since both WEEKLY TF AND DAILY TF shows a sell bias, we would look towards a sell at the H1 TF.
at the opening of 9 oct 2013 0000 hours chart, there was a hammer formed for the h1 eur/usd chart. after waiting for a confirmation of a bear candle after the hammer, i would trigger a sell order for the eur/usd h1 and set a SL at the LH of the hammer.
Please correct me if I am wrong with the explanation. thank you! 
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[QUOTE=“sharebazar;548062”]Trying to send a private msg but receiver msg box is full.[/QUOTE]
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[QUOTE=“Aretes;547996”]thank you nikita for the swift reply. let me attach an example to test my understanding. here is a weekly eur/usd. the sort of like inverted hammer was going to the resistance area and price likely to bounce off the resistance area. so i presume bias is to sell. <img src=“301 Moved Permanently”/> here is the eur/usd D TF chart. which shows a sell bias since a LH is formed after the HH. and it is a doji candlestick. <img src=“301 Moved Permanently”/> since both WEEKLY TF AND DAILY TF shows a sell bias, we would look towards a sell at the H1 TF. <img src=“301 Moved Permanently”/> at the opening of 9 oct 2013 0000 hours chart, there was a hammer formed for the h1 eur/usd chart. after waiting for a confirmation of a bear candle after the hammer, i would trigger a sell order for the eur/usd h1 and set a SL at the LH of the hammer. Please correct me if I am wrong with the explanation. thank you! :)[/QUOTE]
Correct, thats how it goes.
We ignore all other signs on lower Tf to. Uy.
Thanks ST, I will send it again.
AU pair looks good in daily and 4 Hr TF to go short. But weekly looks bullish.
[QUOTE=“Nikitafx;547975”]Here let me show you a good example on USD CHF. Firstly we know price had come to weekly support. Its been bouncing that area for a year or more. Than we find weekly candle has stopped forming bear candles and formed a pinbar candle last week at the support area. This is the chart. <img src=“301 Moved Permanently”/> The grey line shows the bottom of the wick of previous pullback in price. So that is where we will look for a buy again. So this week candle opened and crossed that line and shot back up. But assume that its Monday and the new weekly candle has just touched the grey line. We look at Daily for bias. <img src=“301 Moved Permanently”/> Mondays candle is a sell, but we wont sell on Tuesday because 1. We ignore Monday and Friday candles. 2. Weekly Bias is up because of last weeks pin bar. Tuesday candle opened and went all the way up and did a pullback to close like a reverse pin bar. This shows sellers have lost the momentum as price closed as a bull candle. So Tuesday was buy. If Tuesday is a buy, than bias for Wednesday is buy. Ou We look at H1TF <img src=“301 Moved Permanently”/> Its the same grey line I drew on Weekly earlier. Price bounces and we buy cause we knew today everyone who is going to make some money today is buying. H1 TF <img src=“301 Moved Permanently”/> Ignore the top buy. The bottom buy was done two days ago but the important part is price will obey the levels. We can trade different systems, but we must be able to understand how price moves and price levels. This system, just makes it easier for newbies to have a systematic way of learning how price moves. No arbitrary and constantly moving points like HH or LL. Once you can read price waves, than you will know which are LL and which are the valid HH.[/QUOTE] Hi Nikitafx, Thanks again for the wonderful lesson. It’s so nice to feel like going back to school can I check with you if you would enter at the bottom of the valley as it bounces up? I m not sure if the image I have inserted can be seen.
Based on what you mentioned about ignoring Monday candle, does it mean effectively we should only trade on wed since we need to look at the first valid candle of the week which is Tuesday?
[QUOTE=“coolbriz;548221”] <img src=“301 Moved Permanently”/> Hi Nikitafx, Thanks again for the wonderful lesson. It’s so nice to feel like going back to school can I check with you if you would enter at the bottom of the valley as it bounces up? I m not sure if the image I have inserted can be seen. <img src=“301 Moved Permanently”/> Based on what you mentioned about ignoring Monday candle, does it mean effectively we should only trade on wed since we need to look at the first valid candle of the week which is Tuesday?[/QUOTE]
The best days to trade would be tuesday to thursday.
But it doesnt mean best prices for that weeks swing will not be available on Mondays or even fridays.
Until we get a hang of trading this way, its best to stick to the rules.
I missed the best trade for last month on EUroAussie, a 350 over pip drop because I couldnt see a pinbar on smaller TF.
I was sore about knowing where price is going to go, but I still didnt take it, because those are the rules.
Do not break the rules as results from breaking the rules will confuse us more on our trading method.
Do not overtrade. Over trading is a sign that we are not doing proper analysis. Over trading also robs you of the ability to analyze your own trades at the end of the week and learn important lessons for ourselves from mistakes we might have made.