GU H4.
This is how we trade news. Wait for it to be over and then take a good lotsize if its against bias. If news push was with bias, then there is nothing there for us.
GU H1
These are still yesterdays levels drawn yesterday morning. Note how they are still applicable today. Note how Resistance breaks and is retested for support? That is your trade entry for the day. The GU would have been a discretionary trade as there was no other confirmation other than bias and S & R levels. NO candle patterns and not my favorite market time. We can still trade that 30 or 40 pips, but make sure its a smaller risk entry.
I havenāt read through the entire thread but I will. Really great stuff.
How often do you calculate bias? Daily? Weekly? I know you have said that āif yesterday is a buy then today is a buyā but is that pretty much the end of it? If not, how far out do you go? Again, really great thread.
I look at Bias on a daily basis from D TF JimFNA. I do have a look at W and M TF also just to see where prices are and what levels of S & R might be there. But since I dont hold for hundreds of pips per trade, I find that D TF is the most important for me.
I watch out for previous S & R levels and mark the HH or LL areas so that I can be careful when I get to those areas.
If I am not sure where price is going to shoot for the day, then I either dont trade or reduce my risk factor considerably. Money management my style when it comes to trading.
EURO AUSSIE, EA H4 TF
EA H1 TF.
The yellow marks where I would watch for candle patterns.
Broke the support and retested for resistance, then and is about 22 pips from entry now. I might move this trade to BE now because its already on the LL on H4 so I am not very happy about the trade.
Again these are lines I drew for Mondays trade.
This is the final part of this system. I have not included trendlines yet, but i rarely take entries with them.
I think its time for me to close posting on this thread. Everything that needs to be talked about has been talked about here.
I hope it helps those who are still trying to find an easy method to trade with.
Good Luck guys.
Great thread nikita. I agree with you that all questions have been answered. I have reread this thread almost three times and found all the answers I was looking for, even the ones I asked (sorry about that).
Nikita,
So Iāve been looking at the daily TFs of EU, EA, GU, & AU. It looks like short on EU Monday. Iām a newbie and I let a position ride over the weekend short on the EU based on what I think Iām reading. What is your take?
Thanks!
Mondays will be hard to say, just like Fridays. First week and the last week of the month are also times to be careful.
With that being said, GU shows a nice pull back on H4 and D TF shows its at the previous bounce area. So you might be right that EU could be a sell on Monday.
Noted on the times of the month. Thank you for the feedback, Nikita!
you are welcome.
Dont set any preconceived ideas of what this or that is going to be. Wait patiently and you would be able to see a clearer entry as the market starts on Monday and goes into UK session.
Hi Nikita,
I have read this thread twice now and been referring back to my charts to spot biases and correlation. I realise that the biggest issue I have is understanding and spotting biases. A good example is yesterdayās run. Am aware that it is not wise to trade on Monday but I traded anyway just to get the hang of using this PA system.
As you mentioned, it MIGHT be a sell and it does seem like it was as there was a nice big inverted hammer in D TF AU. EU D TF was a sell on Friday so SHOULD be a sell on Monday and GU D TF had a big selling pressure towards the end of Fridayās session.
I donāt understand what happened then when I saw a signal in AU H1 to sell at 4pm GMT+8 but the damn thing kept creeping up. Would you have shorted yesterday and what was your view of bias then?
By the way this thread is exactly what I was looking for. I am determined to ride this out with a demo account and only convert to live when I have increased my equity by half. I am very excited over what Iāve read in this thread.
Cheers!
P.S. This is my virgin post in this forum. 
This is what I saw psylence and it wasnāt going my way. When I figured it out I went long and did better than my loss on the original short I was looking at. The market goes where it wants to go and we just have to let ourselves go with it after we realize it isnāt going our way. It is tough for me because I was convinced that it HAD to go my direction based on what I originally determined. But, that is called [U]forcing a trade![/U] It never works. Iām working on personal rules that tell me my original idea is being violated so I can cut my losses.
I see where you are coming from. But it doesnāt seem like a solid strategy if we canāt see where the bias is forming. This is where reading and practising are 2 different things.
Anyway I am long on EU at the moment and based on what you say it looks like this is going to be a short. Wait a minuteā¦could this be THE bias?
Oh wellā¦
I havenāt completely figured out what bias is but I do recognize that we have hit resistance on the EU at 1.3700 and again at 1.3650. But Iāve also read recently that during the Asian session trends can appear to be turning and then resume on London/New York markets. I suspect that bias in the last week would be for the bulls on EU.
A solid strategy is one that works for you. Nikitas strategy is solid for Nikita. She didnāt trade the short I saw and told me what to look out for. And sure enough her suspicions were correct.
Yeah I agree. The strategy is definitely solid for her. I am hoping to get mine up to that kind of solidity level. Am trying to understand how to read bias and good entry signals.
I am ok on the Elliot wave front and currency corellation just that 2 key bits on bias and entry that I am trying to work on.
Whatās your position like today? I am long EU but seems like a slow day today for EU, been ranging in a tight band for the last 6-7 hours.
Wait, Iām confused. Why donāt we want news to CONFIRM bias? Wouldnāt that just strengthen the trend/move?
this is what nikita calls as rubberband strategy. she believes that news that has strong effect against the bias will eventually return to the earlier price before the news. so once the the strong movement against the bias has over and the market is calming down and returning to its sense, that is when we take a good lotsize and trade back to the bias.
if the news indeed strengthen the trend/move then we are already in the ride, right?
GU H1
In answering Kummi90s question, do you recall the Rubberband theory I talked about earlier? Price moves like a rubberband. It bounces, pulls back, and does all the other in between.
We want price to go in the direction of bias only when we are already in a trade and we are holding a profitable position. Then smack comes news and pushes the position another 50 or 100 pips into profit.
I dont like to do that because its a very big IF. IF news goes our way. What IF it does not?
So I rather wait for the news speculation action to be over and the bigger carnivorousness beings are done, then we sneak in and enjoy good pips without the hazards.
So on days where there are major news, I tend to TP early move it to BE atleast and then wait for news to be over. You might miss 3 trades this way, but the forth that you catch will be much much more profitable than trading speculatively.
Many in babypips chat room the other day shorted GU I think, after the news, thinking that it will do the same thing it did last month, fall further ones news was over. Well sorry to say but last months news events, the bias was already sell, last Friday it was a buy.
Now back to the chart.
we have a best fit horizontal line that was previously a solid resistance area and was broken on Thursday after the news event. ( its the red bottom line )
Always remember when resistance is broken, it will become a support. The arrow on the chart shows the candle that confirmed that it was going to go up after retesting the price that it broke the day before. So buy after that candle finishes and put a SL at the bottom of that wick.
This method of being patient and waiting reduces false Break outs.
Look at the yellow tick, shows the same type of candle, again after resistance was broken and retested, in this case twice. Where did I get that line?
Go to D TF and draw a line at 1.5572. That is my support / resistance area.
Then come back to H4, I adjust the line again to those candle patterns. Try to get a best fit. This now gave me 1.5570.
Now I go into H1 and look at the charts, I adjust it again to about 1.5577. Best fit line for a support and resistance.
I didnt take the morning bounce because
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I dont know if that is a valid support resistance area. was not very confident.
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I dont like to trade asian session because its slow and there are too many false signals. So I let it be and when it bounces again second time I took a position much higher but with smaller risk cause SL being huge.
Top red line is todays trade. I got the line at 1.5628. Again I got it from the D TF chart. Then I looked at H4 and there was not much adjustments I could do. So I go down to H1 and hey its sort of looked perfect.
My entry was not perfect. As I am typing this I am currently holding - 6 pips from a maximum of 25 earlier. Did not move SL to BE. Hope it goes back up.
EU H1
Bottom yellow line. Resistance for days, then breaks upwards and then on Friday it retests the line. Monday morning I took a small buy where I marked with an arrow. I got out at the dotted red line with about about 30 plus pips because it was the Asian session and I was keen to bank in the first profit for the week.
Dotted red line, 1.3451, again same method, look at D TF, then best fit for H4, then fine tune at H1 and I get that line.
Breaks up and does a small come back to retest the line. Now I was looking at this entry where I have the yellow Tick marking it. SL was about 10 pips, but yet I did not take the trade!!!
Why? Cause Im thinking well bias is a sell and correlation is all out of whack and I am not sure, well Ill wait. And I waited and waited and waited while it just kept going up and up and up.
So between GU and EU, I could only afford GU with a smaller risk so I took that.
I remember telling a few who were chatting with me to be careful if they planning to sell because I really dont see a sell just based on that one candle that dropped on Friday. I was right. But I still didnt make much money! 
The reason I avoided a sell is because I was looking at the Resistance broken and becoming a Support. So prices might shoot down but it wont break that point.
So I hope you can see how the entire process of trading gels together Bias, higher TF and lower TF and finally candle sticks to maximise chances of profitable entries and minimise losses.
I dont profit on every move, even the good ones. I still miss some fantastic pips, and I still make mistakes at times, loosing some money.
So if you are getting on the red once in a while, its ok. Its trading.
There are no 100% profitable method or signals out there, and that includes correlation and bias. But with practice, you can reduce your false trades tremendously.
Right now I am holding -1 in GU and BE in EU. I had 35+ in EU and 24+ in GU. I have to go see what am I going to do with it.
Hope that answers your questions.
Spot on Villain.
I think I have mentioned about the Rubberband Theory of mine somewhere in this thread. When news speculators push prices strongly on the opposite direction of bias, be ready to see prices stall, then do a violent turn around and not only hit the previous levels, but push higher in the direction of bias.
Same like what happens when you pull a rubberband and at one point let it go. It will not only return to its original point wher you pulled it from, it will shoot further front.
Safe way to make pips, but you have to be
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Very patient and wait for prices to stall.
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Be sure of Bias 100%.
Thanks Nikita, it made it clearer. Seems my reading of bias is not far off since you were tempted to believe that it was a sell on Monday as well. Based on the commie doctrine I was in the trade today by around 25 pips for EU and am now stopped out. 
Again my reading of bias and correlation for today is not far off from yours as well(at least I hope it is). My entry though needs to be worked on.
Is it just me or is the market a bit wonky at the momentā¦sigh.
Thanks all.