Hi Nikita when did you open the position yesterday or today.
[QUOTE=“sharebazar;626376”] Hi Nikita when did you open the position yesterday or today.[/QUOTE]
Yesterday Sharebazaar.
And EG is still at about 6 pips! Hahahaha
[QUOTE=“sharebazar;626376”] Hi Nikita when did you open the position yesterday or today.[/QUOTE]
From top left to right top to bottom. H1. H4 D, and W TF.
Was a false pullback on H4 at my entry if u look at h4, was working and couldnt wait for a better price.
But still entered as I can see the weekly and monthly going to be an up. So left it with a big SL.
Now SL is moved below first wave. If price breaks current range and moves upwards, I will move SL below the current waves wick. This is the next best way to harvest, better than moving under each previous H4 or H1 candles.
It can cost some profits if it decides to turn around, but when it runs, you can easily bank in more than 150 pips.
Trick is not to constantly watch the trade. Otherwise becomes to emotional
Well executed.!!!
I am thinking to go short on this pair because of the last week bearish candle around 1.6080 price, but I stop due to the yesterday daily candle which is bullish and also the weekly candle had long wick and you have long position open. I am bit confused so I will look for another pair. But you got it master. Thanks for the explanation.
[QUOTE=“sharebazar;626421”]I am thinking to go short on this pair because of the last week bearish candle around 1.6080 price, but I stop due to the yesterday daily candle which is bullish and also the weekly candle had long wick and you have long position open. I am bit confused so I will look for another pair. But you got it master. Thanks for the explanation.[/QUOTE]
Same on EuroGBP but last chart on right hand bottom corner is monthly TF.
Finally the damn thing is moving after two days.
Im no master Sharebazar, I’m learning from you guys as I go too.
Not to mention stalking other threads when time permits so I can to get more ideas and knowledge.
I would like to share something I use often these days.
It works well on higher TFs. DTF to Month TF.
Its the opening price level of a new candle.
Like EuroGBP in this pic.
When price opens higher than previous support or range area and retraces into that previous rejection, than its a good place to put in a solid buy and have a generous SL in place.
Look at DTF, left bottom corner pic. See the previous candle? I do not take this to be a valid pullback candle. Often, in the last few months, appearance of this undecided candle signals bias to continue as previous candles, which is a sell.
But the reason I looked for a buy is the days opening price is above the previous candles opening close and previous rejection.
Same on Monthly. So keep an eye on is the next time you guys have a chance to observe this.
Like everything in forex its not written in stone, but its good to know and keep it at the back of our minds when shopping for positions. Its payout is often much well worth it.
Im done for this month with these two positions.
Im going to gear down on my risk % and trade till the month ends knowing that Ive hit what I wanted this month already. Stick with it, no matter how tough.
It will gradually make sense and be well worth it.
Talk about getting out right on time!
It is very nice when you can meet your quota for the month early on, and then scale back until the closing of the month. Perfect example Nikitafx :57:
[QUOTE=“tonyro44;626543”]It is very nice when you can meet your quota for the month early on, and then scale back until the closing of the month. Perfect example Nikitafx :57:[/QUOTE]
Still, getting out on a nick of time is not very good trade call Tony.
It slides back to half of where it was, with euroGBP crossing my SL mark had I he
D for more.
Hi Nikita as I said many times when ever you show us new ideas or different way to see the market it looks genuine and very easy to understand.
I have learn almost 80% of trading from you and from this method, you accept it or not you will be my forex master for life. Yes I have learn so many things from different individual and babypips they are great and generous to share their view and trying hard to show us the easy and profitable way to trade. Really appreciate their support and help. I am still learning not yet profitable to leave my job but I am on right direction only for you and I will not step back to show how grateful I am to find this thread and your contineous support. I do make mistakes all the time but somhow I managed to make it right with my experienced and knowledge I have gained so far from you and this tread. please keep posting and help trader like me to become profitable trader. Thanks a lot.
EU D1
EU H1
I took sell position because I see sell continuation trend on D1 for 3 days which show me that market bias is sell. Can you comment about my entry, take profit and stop loss.
TP-30.6 pips
SL-15.5
R/R-1.97
[QUOTE=“izzdin;627437”]EU D1 <img src=“301 Moved Permanently”/> EU H1 <img src=“301 Moved Permanently”/> I took sell position because I see sell continuation trend on D1 for 3 days which show me that market bias is sell. Can you comment about my entry, take profit and stop loss. TP-30.6 pips SL-15.5 R/R-1.97[/QUOTE]
Izzdin, without looking at the entry too deeply, here are a few things you would like to take note first.
A. Never trade PA on DTF or lower on mondays and fridays. Not when you are beginning to trade PA.
B. Sell at the top, buy at the bottom.
C. Identify support and resistance and wait for price to retrace before entering.
D. Rule A also applies for beginning of the month and end of the month.
Rule A and D is self explanatory if we watch how a weekly candle forms. Watch how the candle begins, retraces and than follows bias. Same for Monthly.
Identifying wave is important in forex, as it helps us discount out false moves.
Finally, I dont know whats your risk to reward ratio is, but an account will not survive if we are just starting out and our TP is not atleast two times of our SL.
All materials regarding the above has been discussed in this threads history if you would like to read further.
MTF EU.
Yhe red and blue line marks the area where I would wait for price to retrace before attempting a short.
Same lines, but made much more precise on the WTF. Again these is where I would want price to retrace before attempting to short again because I cannot afford the SL at where price is at the moment. And to hope for atleast 1:2 RRR from where it is now does not suit my style of trading.
Hope that makes things clearer.
When we dont see anything viable, its best not to enter a trade. And dont trade contra, or try to catch a retracement.
Ok this is how I usually go about it Izzdin
Monthly TF. We see the pullback candle. I dont like where it is, at the bottom of what seems to be an uptrend, but a monthly candle allows a good take if the signals are supported in the lower TFs.m
See left side wick for price extreme and why the rejection there.
Weekly TF. The grey line is where I would look for a buy if Monthly did not have that pullback candle.
Dropping to DTF. Looks like we have another pullback. The red line shows price broken previous support/resistance. So our game plan is to wait for price to retrace back up to that area tomorrow before being further rejected south
H4 line is reference from DTF marker.
So once price climbs back up there and forms a pullback candle, we wont be confused on why its acting funny and if we should take that short signal.
Mind you price might not retrace back up at all but continue south. In which case all this will be wasted work. But in the long run, its better to trade this way. Enter only when the market does what you think its going to do, leaving out prediction.
Good luck.
Very interesting!
Thanks for posting.
Very good explanation Nikita. That is why I called Golden method.
Hi everyone this is my first post on here I didnt want to post anything until i had read the whole thread but this seems like a good time to break that line of thought. Just followed the link and it says link not valid just wondering if the doc was available from another location
many thanks
Thanks for the heads up on AU pair, I am on trade 20 pips + . When you get time write something about trade management. I am having really big issue with trade management. Most of the time I close the position early with 25-35 pips and later it hits 80- 100 +. If you can try to explain with AU pair.
We all wait for the moment the markets are going to dive.
Today wasn’t yet the day.
Yesterday hit my TS and closed the position with 30 pips.
15min TF
Today open another position and also closed with 36 pips.
15min TF
All together 66 pips on AU pair.
Still holding 1 position on NU pair lets see how many pips can make.