Pure Price Action For Dummies

Beginner Questions Candlesticks, Chart Patterns, and Price Action
4106

My current project car is a 1966, I do tend towards older cars, but I have previously done a '93 BMW 325i Touring so have done one modern. And my current Land Rover is a '92. But you’re right, I’m generally more into the older stuff, both cars and houses.

Time? It can get a little tight, but I have always been a night owl, so not much sleep is one helpful solution. It’s one reason I was attracted to trading - it’s a 24 hour market, so can squeeze around real life, and I’m happy to trade using orders, so when other things are hectic I simply drop the Intraday trading and stick to EOD.

I have previously posted setups on here, but have not in some time, principally as it is the best part of a year since I inhabited BP. I have been mucking about with MT4/5 recently, so need to optimise my eSignal settings for use in MT4/5 before I can get back to posting charts. But it is a New Year project for me. But there’s nothing too original in my trading - Support & Resistance is my starting point, then I trade PA out of those levels. Simple and effective.

Cool to build a house - we built our place in Portugal, but our main homes we tend to prefer old stuff, my house these days was built in 1820 so has a significant birthday coming up!

Sorry to ramble on taking up space in the thread, Niki.

ST

4107

Ok, I need to write something about why trader not making money from trading.

As we all know that we all have losing and winning trades every day, every week, every month, but what exactly we do after having few losing trades or winning trades.

I have come across lots of articles that new traders loose money in their first 3-5 years of the trading life, almost 80% of the trader knows why they are loosing money.

According to my experience I have witnessed that I have failed to follow my plan in good amount trades, and it was not good for my account.

Almost every trader has a plan but we always fail to follow it because it is very easy to avoid.

But it is the most important factors to be profitable. If we have a system and it works when you follow the plan then just keep doing it, no need to modify or change it.
We need to believe it.

In my opinion there is no other receipe to be profitable without cutting the loss and follow the plan.

To follow the plan we need an edge and decipline.

Thanks to Nikita and other senior members of this thread we have a great method of trading which we can trust and hopefully everyone following this method have an edge.

Sorry for long post.

Summary:
Need a method ( which we have)
Need a plan to follow the method ( which we have)
Need decipline to follow the plan.( which is entirely up to the individual, are you going to be decipline or not.

If we are not decipline then we are not going to make it. Not only on trading in everything in life.

If you are wasting your valuable time and money just try any system with a plan and decipline for at least 50 + trades you will see the difference, and I am 100% confident that you will become a profitable trader.

System need to be simple because market is random and if you have very complicated system you will get more confused.

Strictly follow the plan we will have loosing trades and winning trades but our account will grow slowly because we are cutting the loss according to the plan when we are in bad trades, we need to be 100% decipline to follow our plan.

4108

Such a great article by you sharebazar, this information is very valuable to all traders new not new.

4109

Hi sharebazar,

I have 1 questions regarding trading this method. Regarding GU & EU, u see, for last week bias is buy. But we know that it is on a downtrend for this 2 pairs. So how do we trade like that? Or do we ignore the downtrend & trade as per our bias method?

Thanks

4110

Hi everyone,

I just went back and re-read all the posts on this tread but realized that all the images of ppl posting the charts are gone. Is there anything wrong with my settings or u guys are experiencing the same.

Would appreciate if someone can help, thanks!

4111

Mine is ok Gssg.

4112

Hi tonyro,

Thanks. Maybe there is something wrong with my settings.

4113

Hi Gssg,

It is very important that we trade only with the bias.

What we are seeing now on GU and EU price is ranging in between 200-250 pips, we will get this type of range before it trend again with the present trend or opposite the trend.

Only problem in ranging market is to many false signal on smaller TF. But if know price is ranging then follow the bias and open the position on potential SnR.

According to my experience majority time market trend in one direction then range for couple of days or weeks then continue trend towards the previous trend. But for sure we don’t know which way market will go.

It is good to open trade with the trend if you plan to hold it longer, but according to the method you don’t need to follow the trend.

If you are not sure about a pair move to different pair,if you don’t find any suitable pair don’t open position just relax and watch the market or you can just mind/paper/demo trade.

4114

Hi Gssg,

I have same problem like you ,can’t see any attachment on my mobile and also having problem with attaching any pic.

May be I need to unintstall the app and Install it again.

4115

Hi Gssg,

There is nothing wrong with your settings A lot of the older attachments are missing I sent a message to the administrator but it seems that they are gone for good. But please report them as well.

TC

4116

Gssg,

Good question because I have also problems with bias. You say up and I understand that and when I say down… ??? See image: Just a wave moving up and making new LH Sharebazar help me out plz. Forget that market is ranging in this case. You see this also in trending market

TC

EU18-12-2014.jpg670×700 48.2 KB

4117

Hi Sharebazar,

Yes I agree, there are too many false signals, that’s why make me a bit confuse. So if we were to follow bias, we should look for a buy today for GU rite? As yesterday is a buy.
Thanks for replying me, it certainly clear up my thoughts, especially after losing few times in a row.

4118

Hi TC Holland,

As Sharebazar has just mentioned, we don’t need to care too much about the trend when using this ‘bias’ method. So I believed technically we should be looking for a buy this week. I think most important is our valid S&R line, and try to buy at the most bottom.

4119

Hi Sharebazar,

You see, according to bias for GU, we shall look for a buy now or yesterday when it touches the support line at1.55476. Am I right to say that we are actually buying the ‘retracement’ as long term trend is sell. The BPC? We are actually buying the pullback?
I just want to affirm my understanding on the ‘BPC’, to see if I understand correctly. Thanks.

4120

Hi Gssg and TC,

Just look at the weekly chart on EU and GU.

ForumRunner_20141219_102116.jpg700×394 27 KB

ForumRunner_20141219_102129.jpg700×394 25.6 KB

Ok take the first arrow down from the left what we see is that our bias is going short or sell, so according to the method we will follow the previous week bias.

What happened market going down and down and with a pause going in range or retrace back for us to enter the market according to the bias( sell).

Even though we can get some buy bias as well but which is only give us 50-60 + pips.

Ok if we take last week bullish candle of EU and GU which was a pullback to our entry short.

Once we get 60+pips we are ready to get out or move SL to 60 pips and trail the rest or if you can stay with market in different way then follow it.

Sorry for the late reply, don’t have desktop or laptop at moment both of the broke down. Using mobile to watch the market.

Hope you guys understand.

4121

Hi TC,

From your chart we can see that last week bias on GU pair bullish and we will only look for buy.

See the arrow on 4HR TF on Monday giving us signal on support area to go long. Also price retrace back again on Tuesday around support area.

ForumRunner_20141219_214550.jpg394×700 23.7 KB

But all depends on how you want to see the market because everyone looking at the same chart and using different method to trade differently.

4122

Hi all,

I would like to wish everyone Merry Christmas & a Happy Trading year ahead. May all our TP be hit in yr2015…

Best wishes…

4123

good systema

4124

Indeed, Merry Christmas one and all!

4125

Thanks Sharebazar,

You see it as a buy and that was my question. In this case you could make some pips in both directions.

TC