[QUOTE=“sharebazar;557347”] Honestly it was very tempting to go short, but try to stay with the plan, made lots of mistake not to follow the plan properly, as you said patience is very important to this business and very important to let the entry go for genuine reason and wait for the next one. Hopefully we will get good entry during the week.[/QUOTE]
I dont think there is going to be any more trade for me this week sharebazar.
The boat moved overnight and I got up to see todays move completed!
[QUOTE=“sharebazar;557350”] Same here, it is very important to understand the method before it can apply, and to understand a method we need good explanation, and for good explanation we need a good teacher, and for good teacher we have blessed with Nikita. She explain with plain and simple words, after many years of trading I feel that I know what I am doing now but still long way to go. Trying to improve myself everyday.[/QUOTE]
I have followed people who are big on rules but vague on explanation before Sharebazar.
The rules will keep changing.
Every third week there will be a new million dollar system that fxcm wanted to buy off them story.
And the system will change so often.
From I only trade GJ story to all kind of bird droppings under the sun.
Three months and a few losses later, suddenly will be talking about EU, a new system, the " real system" and when asked why did u not be truthful, it will be some vague story of I was " testing you" story.
This weeks rule will break their own last months rule.
And they will never admit that they dont know something.
Been there, had that bitter lesson before.
The real word to describe these people is conman.
Ive been a professional looser before I figured some things, even though not all in trading.
So I might not have made my first five hundred thousand yet, But I know a con artist when I see one.
I know how it is when people whom you trusted as friends and mentor cons you.
If they cannot tell you what or why in very simple english than just drop it like a ton of dung.
Its all tall stories.
100% agree with you. It is very hard for the new trader to know who is con, that is why it is always better to get self educated before blindly follow or trust someone.
hi guys, gbpusd took a sell order at the red arrow due to confluence of market bias of sell, weak pullback towards resistance/support zone, lower low to lower high bpc pattern and a doji. btw nikita, why dont you trade h1 timeframe anymore? no time for it?
[QUOTE=“Aretes;557829”]<img src=“301 Moved Permanently”/> hi guys, gbpusd took a sell order at the red arrow due to confluence of market bias of sell, weak pullback towards resistance/support zone, lower low to lower high bpc pattern and a doji. btw nikita, why dont you trade h1 timeframe anymore? no time for it?[/QUOTE]
I dont open the charts and look at H1 or H4 first Aretes.
I look at daily and weekly first.
When I see whats price going to do than I look at H1 and H4 for entry signals.
Looking at H1 or H4 first or only at those TFs is akin to guessing where price is going to go.
Ypu might get lucky ones or twice, but in the long run its not good for ur trading.
So H1 and H4 only fir entry signals after direction is confirmed.
[QUOTE=“Aretes;557829”]<img src=“301 Moved Permanently”/> hi guys, gbpusd took a sell order at the red arrow due to confluence of market bias of sell, weak pullback towards resistance/support zone, lower low to lower high bpc pattern and a doji. btw nikita, why dont you trade h1 timeframe anymore? no time for it?[/QUOTE]
[QUOTE=“sharebazar;558263”]I am holding a position on CAD/CHF pair, it is my first ever trade on this pair. 1HR chart <img src=“301 Moved Permanently”/> Daily chart <img src=“301 Moved Permanently”/>[/QUOTE]
One thing about trading exotic combinations.
Try looking at the main forex pairs before looking at crossed pairs.
For an example I love trading Euro Aussie.
Often, when Euro and Aussie moves, we can read how Euro Aussie is going to move much more easily.
For an example when Euro is strongly up and Aussie is going down or at resistance, than Euro Aussie will be a confirm up.
It really helps in picking good positions.
Its exactly like correlation but much more given.
So in this case, watch usdcad and usd chf.
Which way both are moving will tell u how cadchf will do.
The beauty is u just need to know the general current trend of the forex pair, to find out the precise move on the cross pair.
Hi Nikita thanks for the advice, when I realised that price will shoot up very soon I just moved my SL to 14 pips+ so atleast trade not go waste. I can see it now that it is really show you the up or down move if we see the main pairs before the cross pairs.
[QUOTE=“FX Geek;558776”]Yeap, price action is great, although i can’t give up using MA. The chart looks so empty without them.[/QUOTE]
Its ok to use MA.
As long as we can train our eyes to look at the candlestick chart under the MA lines first before looking at the MAs.
MAs can be a great assistance for entry signals.
But we have to make sure that our primary chart reading is not MA as they lag, but the actual price.
The problem with MAs are with websites out there explaining how to use MAs.
For example the alligator method.
Red yellow green means the alligator is opening its mouth and that means look for buys, green yellow red means the alligator is upside down, looking to dive, so look for shorts.
Newbies who start out and are totally lost with the multiple TFs, market times, trends and stuff would naturally be attracted to it. And they would loose heavily trying to follow such bad false information regarding the market.
Thats the problem with most indicators. Not the indicators themselves, but the popular myth that got created around them.
Its like trading smaller TF without the bias of higher TFs.
Its worst with indicators cause we are looking at a lagging interpretation of price.
[QUOTE=“Aretes;558813”]Hi Nikita, is the eur/usd on a reversal now to a downtrend in daily charts and h4 charts?[/QUOTE]
It looks like the trend up is over and we are looking for a southbound move, judging by the monthly pin bar candle.
But dont expect price to fall on Monday morning, as the new monthly candle will open, retrace back up to a aport broken to retest it as resistance, than to fall south.
EU WTF
The grey line marks the immediate SR area.
If price pulls back to that area and we find a pinbar in say DTF, than that would be our signal for a short.
This is all keeping in mind that monthly price broke a major resistance and has done a pullback to that area now ( see monthly chart ).
For all we know, price might bounce this area and keep going higher.
This is the reason I dont like to do prediction on what price might do next, but follow our method and watch daily for opportunities as they come.
