Hi Sharebazar,
Good to see you are doing very well. Do you trade allready full time? I like your post and the way you analyse; I am still learning from this Thanx and keep up the great yob
TC
Hi TC,
How are you my friend, hope everything is fine on your side. Yes I have been trading fulltime but my trade frequency drop dramatically, because I am opening less position now, only the high probability ones.
Getting very good result just trying to keep my risk small as possible.
Hi sharebazar
very nice to see positive pips at the end of the run. do you trail the stops? the audusd trade took like a month thereabouts to complete its run. What made you decide to close the trade? manual or EA?
also, do you enter trades off the dailies? and the bias is confirmed based on weekly chart? so if last week was a sell, the whole of this week its expected only sell positions only? orā¦
weekly as guide, daily for bias to concur with weekly, then enter on hourly?
thanks.
mbn
Hi membina,
Yes it was one of my long term trade. I do trail stop in all my trades. Every trade is manually adjusted time to time no EA.
Most of the trade is based on weekly and daily bias according to the method, Breakout, pullback, continuation with the confirmation of market structure and smaller TF.
Yes if previous week bias is bearish then we will look for sell in present week. But in a week we can see some days is bullish and some days bearish, we can not open position in any day, we need to wait for the price to come to SnR area then we can open position with the confirmation of smaller TF, otherwise SL will hit and we will loose money unnecessary.
I do trades on daily and weekly TF, it really depends on my risk tolerance on individual trades.
I did not closed the trades, my trailing stop hit. I am still looking to go short on this AUD/USD pair if I get an entry setup this week.
There is a compromise to do to get as much out of this risk!
Risk is very important factor in trading as we are trading in random markets and highly depends on probability.
By reducing our risk we can increase our long term opportunity in trading.
As we all know that we will not get profit on every trades but if we have an edge on the market we can make profit after many trades( laws of large number) and can increase our capital, and eventually become consistent profitable trader.
Hi every one,
What do you guys think about the NZD/ USD pair.
I am looking to go short near the horizontal line.
Hope it works according to my plan.
Hi sharebazar
my understanding:
nzdusd is in a strong downtrend (weekly).
daily is on an uptrend, possibly retracement.
h4 is also uptrend going into resistance (look left and i see a pinbar). possibly bounce off and resume downtrend.
my queries
-
do you take countertrend trades? on hindsight its easy to see if yesterday was a buy, today will be a buy. because Nikita says the trend is not your friend.
-
do you enter based on last known chart (the H4), or drop down to hourly charts? Nikita is very good at reading the charts and she uses 15min to minimise stoploss.
-
I see that your charts do not use many R&S lines? just the most current one approaching a possible R/S? its much cleaner to based analysis on i think.
my current issue
i am scaling back on the entry position size as the market has not been nice to me. i need to work on the timing of my entries, so i am now using the dailies and entering based on daily candles. position size is adjusted of course to % equity risk. daily candles are stronger in essence and the signal is more powerful than the lower time frames.
mb
Hi mb,
- Countertrend trades is not very simple to classify because we have long term trends and short term trends. It depends on individual trader to understand what is long and short term trend for him/her.
Nikita is correct by saying trend is not your friend in her post, when we only look for daily TF for our bias and opening trades on smaller TF like 15 MIN, 1HR or 4 HR then it is very true that we get different bias on different day in a week and it can go against the trend or with the trend.
But according to the method we follow the BPC pattern. Breakout Pullback and Continuation which she explained very nicely on her post. She also mentioned that we need to see how the market move in waves from one place to another. If we follow the waves then we can get good result on our trading.
- Most of my entry is based on 1HR or 4HR TF but I look 15 Min TF for better entry price not for my SL. If we want to open position on daily TF it is vital that we give enough space for our SL otherwise price will stop us out first and then move according to our predicted direction.
Nikita mentioned on her post to place your SL above the swing high or swing low which is great but it does not mean that you put your SL on 15 min Tf swing high or swing low.
- Past price is only a reference for us to predict the future price it is not 100% sure that price will do exactly the same as previously.
Just draw couple of random horizontal line on your chart in any TF you will get support and resistance but we can not use every line for our SnR so we need to have a clear SnR where we can have potential reaction.
Timing of entries is important if you have small capital but if you have bigger account size then exact timing is not relevant.
Market donāt know who we are, our duty is to follow the market which way they are going and try to make some profit.
Reduce your position size and trade frequency, try to save your capital and you will be fine in long run.
Hi guys Iād just like to say what a great thread this is for us new guys to the world of forex. I have only just started to read through this thread and already after just a couple of pages itās starting to make a lot of sense because if itās simplicity.
after just a few pages I thought I would test what I had read out and so far so good.
Iām sure this strategy will develop as I continue reading through this thread but for now I will share with you what I have learnt and the result of my first trade using this system.
So from my understanding so far we look at the weekly chart then the daily chart to confirm price is still moving in the same direction and then we look at the H4 chart for and entry signal and finally the H1 chart for a refined entry SL and TP.
I looked at the NZDUSD than saw that the weekly is showing a strong sell. (Write or wrong I used this weeks candle because this week is nearly over)
The daily chart had a nice doji followed by the confirmation of a sell candle and an obvious down trend.
The H4 chart also had a nice doji following a recent pull back
The daily had a point that price struggled to break and offered a good RR ratio so I set my SL above the point that price struggled to break and my TP a tan old support level and then went to sleep.
When I woke up price had taken out my TP for a nice gain had I not had to go to sleep I could have managed it better and still be taking pips.
Any feedback would be great.
[QUOTE=āmicallef78;713959ā]Hi guys Iād just like to say what a great thread this is for us new guys to the world of forex. I have only just started to read through this thread and already after just a couple of pages itās starting to make a lot of sense because if itās simplicity. after just a few pages I thought I would test what I had read out and so far so good. Iām sure this strategy will develop as I continue reading through this thread but for now I will share with you what I have learnt and the result of my first trade using this system. So from my understanding so far we look at the weekly chart then the daily chart to confirm price is still moving in the same direction and then we look at the H4 chart for and entry signal and finally the H1 chart for a refined entry SL and TP. I looked at the NZDUSD than saw that the weekly is showing a strong sell. (Write or wrong I used this weeks candle because this week is nearly over) The daily chart had a nice doji followed by the confirmation of a sell candle and an obvious down trend. The H4 chart also had a nice doji following a recent pull back The daily had a point that price struggled to break and offered a good RR ratio so I set my SL above the point that price struggled to break and my TP a tan old support level and then went to sleep. When I woke up price had taken out my TP for a nice gain had I not had to go to sleep I could have managed it better and still be taking pips. Any feedback would be great.[/QUOTE]
The hour had a price that it struggled to break sorry not the daily.
[QUOTE=āmicallef78ā]
So from my understanding so far we look at the weekly chart then the daily chart to confirm price is still moving in the same direction and then we look at the H4 chart for and entry signal and finally the H1 chart for a refined entry SL and TP.
Hi micallef78,
Very good understanding and congratulation for the trade. Keep it simple is the most important factor.
When you are trying new method always try with small position, that way you can have reasonable SL to avoid unnecessary stop out.
Keep reading the thread you will get very valuable information.
If you get series of bad trades try to understand the reason behind it.
Hope to see many many good trades in coming days.
Good luck and welcome to the thread.
Hi everyone hope you are doing well on your trading.
Just want to update the trade on NZD/USD.
Trade closed with 84 pips.
Hi Friend,
Something new for me in your explanation I always thought SnR meaning the collection of Support and resistence lines not as a different kind of line I understand what you mean but just didnt think this way.
Is your SL still max 50 pips or is it depending on longtherm / shorttherm trade?
Thanx and goodluck trading
Hi TC,
SL is very important element of our trading, if our SL is not at appropriate place it can be very difficult to get profitable trades.
My SL is really depends on longterm and short term trades, but lately I am trying to hold my position as long as possible so my SL is not fixed any more, by that way I am getting more profitable trades then before.
Before i read through 400 pages of postsā¦ is this method still profitable and working?
Hi Fxamj,
Welcome to the thread, I canāt speak for other followers of this thread but I can say to you that this thread is very good for new and experienced trader.
It can give you a clear direction how to look at the market. This method is profitable for me so far but it doesnāt mean that you will be profitable.
This method is a guidelines for profitable trades but it all depends on individual trader how we take the trades on live market.
If you really follow the thread and practice for at least 6 months then you will find out gradually that this method is profitable or not.
I can say this is the only method we all need to become consistent profitable trader, still many trader will not make money out of this method.
Hope others members can provide more information about the thread.
Last month was a very good month for me hope to get the similar or better result this month.
My GBP/CAD position closed with 357 pips.
Looks like you want everything without effort hummm ā¦ hehe
JamesBr that is the problem with most new traders ,they want everything on a silver platter and donāt want to do the work. To all new traders 10 people can use the same method and most likely get a different result. So do the work and take your time and learn , NO short cuts if you want to be a great trader on the long run.