guys and girls, the direction of market for most of major pairs are not clear huh for this week? seems to be ranging. am i right?
[QUOTE=āAretes;579744ā]guys and girls, the direction of market for most of major pairs are not clear huh for this week? seems to be ranging. am i right?[/QUOTE]
Welcome to the end of the year Aeretes.
From now until the second week of January, market will start to range in a small area.
Best not to trade, or trade min15 etc.
Nikita, could you please explain on the price extremes/wicks part?
Remember key price levels people talk about?
0.800, 0.850 etc etc are key price levels yaddaaaa yaddaaaa yaddaaaaa.
Well it doesnt really work like that.
Small TF traders do mad stuff trying to trade these key levels.
Key levels should come off the charts.
Now its not a hard fast rule, but nothing is in forex. Its all about probability.
So what is our core trading method? We trade support and resistance.
How do we trade it?
We wait for the BPC patterns. Breakout, pullback and finally continuation. Its important to wait for this to happen.,
What indicators do we use? Candlestick patterns.
Where would we look for BPC? At key price levels from the chart.
Examples of EU WTF
Each line shows the extreme end where price had reversed previously. That would be the circles on the left.
The circles on the right show how price comes and often touches the same levels with a different of few pips before flying off again.
This is what the real key level is.
So what is our trading method? We wait for price to first break that level and go up. We than wait for it to comeback and touch those areas again.
What would be the direction of our trade? Well we follow the direction of previous candle as in the monkey see monkey do.
Once price touches these areas, we can than drop to H1 or H4 and we will see a candlestick pattern that will give us a signal to enter.
This is our entry.
Our SL will be based on the candle pattern or LL or HH formations prior to entry on the smaller TF.
Every weekly candle and monthly candle more often than not will form, touch a previous corresponding TF high or low before going in one direction to finish for ing that candle.
This is where we will find the best entries.
The rest we dont have to look at and guess entries.
Every week, keep an eye on one pair and watch how the candle opens, forms and ends in weekly TF.
I had a very good run with GU after looking at its candle pattern two months ago. It was a clear sign GU was going to fly up.
So I keep looking at GU.
The first pic is a rejection trade.
Previous week can be considered as a reversal candle. This week goes and touches the same spot and falls.
SL of about 50 pips on a pending order in this areas is often very very safe.
Good day nikita! Thank you for replies.
[QUOTE=āAretes;581342ā] Good day nikita! Thank you for replies.[/QUOTE]
Min15 range trading.
[QUOTE=āNikitafx;581362ā] <img src=ā301 Moved Permanentlyā/> Min15 range trading. :P[/QUOTE]
Merry Christmas to all!
Blessed christmas
Merry Christmas to all.
Merry Christmas to all
Nice thread and exactly what I want to learn now.
Subscribed as I still read other good PA on this wonderfull siteā¦
au dtf.
AU H4. No other option for SL. Lets hope the weekend does not hit it.
Tighten stop further.
Not valid PA as its still Monday but rather have the first trade of the year for 65 pips than nothing at all.
Hey Nikithafx!
Just popping by to say hello. Just started following you.
I love your concept of āless is moreā
I am also from the land of M1 - but expensive svc provider! Hope the 4G is gng good too.
i have just cleared out ALL of my indicators and lets see how it goes for next 2 weeks.
[QUOTE=āanishrei;585179ā]Hey Nikithafx! Just popping by to say hello. Just started following you. I love your concept of āless is moreā I am also from the land of M1
- but expensive svc provider! Hope the 4G is gng good too. i have just cleared out ALL of my indicators and lets see how it goes for next 2 weeks. :P[/QUOTE]
LOL.
4G on an Ipad is very very expansive as it is a data hungry monster, although I cant complain about the speed.
I wish you luck in seeing the market as I do.
Nikita ā¦ what you looking at this week? Any good trades coming up?