Hi Nikitafx 1 question, you said if yesterday is buy then today will be buy, but if I want to trade on Monday (today) in London session on the gbp/usd pair,you want me to take Sunday candle as yesterday. Please advice. Thanks
Nope sunday is actually monday in the markets you would be better to look at fridays candle. Also you should talk to your broker, if your daily chart shows sunday on it the daily chart is incorrect.
Hello sharebazar. Iām pretty sure you shouldnāt have a Sunday candle. Nikita probably knows the reasons why.
Anyways, I thought I would trust my instincts and go short at 1.3750 on EU. It shot up over 30 pips as soon as I did haha. Just goes to show itās not a good idea to trust instincts in this market.
Iām holding onto it because I believe itās the right direction just a terrible entry.
Edit: maybe not, That 4H candle looks deadly
Hi Nikitafx Thanks for the advice, The broker I am with is showing sunday on the chart,I will try to contact with my broker to fix it. Is there anything else I can do to get the correct chart.
Hi bobmaninc thanks for the advice.
sharebazar,
Some brokers do show/print a daily candle for Sunday. One of the popular brokers in the US, Interbank FX, shows/prints a daily candle for just the 4-5 Sunday hours. Oanda starts itās daily candle around midnight Eastern US time so the Sunday hours are included in Fridayās candle. Andā¦ a number of brokers start the new daily candle at 17:00 EST, with them the Sunday hours show/print on the Monday candle.
See Forex is simple and always clear as mud.
I taught an absolute newbie friend of mine Nikitaās PPA method. Guess what, he made more than 100 pips on his first ever Forex trading week!
And he knew next to nothing about it prior to me teaching him. He did spend a couple of days going through the Babypips school prior to my ātrainingā though.
Today at one stage I was down 39 pips and thanks to his advice I made 7 pips today! And how much did he make?
190 pips! In the first day of his 2nd week of forex!!
He put in 16 trades and all of it made him money. I donāt get itā¦
Well I do actually. It is my psychological weakness. Too afraid to enter and too afraid to exit. He seems to be able to control himself. Bottom line is that strategy can only bring you so far, the biggest aspect is the mental and emotional control.
The next few weeks I will be focussing on this. For the record ever since I used Nikitaās method Iāve stopped making a loss and the last 2 weeks have been profitable albeit small profits only. Am hoping this week I will hit my 75 pips target. Fingers crossed.
You are no doubt pulling stunts!. 
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Do you have a MM / plan drawn up as a guide before you go naked ( no SL ) ?
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I have a 100 pip purse to spend and if I run out of that leash I cut and take losses. But I only do this on entries where all our requirements are met and I know 100% what Bias is for the day.
Today is not one of those days. First Monday of a fresh month.
Becareful.
Guys, I brought the thread up focusing on one area at a time and we did go through SL. The reason we looked at one thing at a time is so that everyone could get the hang of it.
Dont break rules like no SL because I am watching the trade, dont enter against bias, do not enter into same base currencies etc etc unless u really know what u doing.
Ignoring the above will cause serious damage to your account.
6 candles per week is not an accurate chart because when we take into account the closing times, our D TF candles can look very different from what someone else is seeing.
I never had this issue bother my trading until I opened this thread and someone else pointed it out to me.
I had one particular trading experience where GU D TF candle showed a pull back candle, indicating a reversal for a sell where else the others who had a 5 day a week candle did not have the same pattern on theirs. Matter of fact I did not realise that until Bobmaninc pointed it out for me. So as I said, until that time period, it had not bothered me. All the H4 and H1 charts were the same, the problem only started on the D TF chart.
Looking at false chart patterns can cost us money. So its important for us to have the same chart as the majority of traders out there.
Now the million dollar question is, which is the majority chart? Candle absorbed into Friday, Candle absorbed into Monday, or 6 candles per week?
I am going for NY close and 5 candles as its logical to me.
Others might disagree.
I missed the buy for the same reasons also. I know what you mean by psychological issues. That is why I keep hammering that the trick is not to have loosing trades. The winning will come by itself.
Take ur time, you are only racing against yourself.
Indeed to all of the above. I wasnāt going to let this trade ruin my account. Being a Monday I went with very very low risk (2% per 100 pips) and was watching S/R lines very closely. I ended up holding onto it anyways and got 1.5 pips profit which believe me was totally NOT worth it haha. Suffice to say, this was the most noobish mistake Iāve made to date.
Hi all so what do you suggest about the previous candle on Monday,I am with Fxcm.
What pair?
Any suggestion on Gbp/Usd pair
I hate to speculate and and this juncture its just pure speculation. But if I have to Ill bet on a long GU D TF. Chances of me being wrong is 50/50.
Try not to reduce equity too much in this sort of challenging market times.
How do you not have losing trades? Just out of curiosity? Or are you joking?
The [B]TRICK[/B] is not to have loosing trades. Who said anything about not having loosing trades? I do have loosing trades. I dont have a crystal ball you know.
Last week I did not have a single loosing trade. despite me entering positions left right and centre on various pairs for more than 600 pips. I risked 15% of my account on some of those trades.
Offhand, I think I took about 15 trades last week and I didnt have a single loss nor was my drawdown larger than 20 something pips. ( or did I have a 12 or something pip slip somewhere? or was that this week? ). Can I say my trick is not to have a loosing trade?
This week started off with a looser of about 17 pips on EA, which I recovered with a 60 pip trade on AU. It has broke my continuously profitable trades and no loosing trades for nearly two weeks. Can I say the trick is to not having a loosing trade?
I had another 20 pip looser with EA again today, which I covered back with 75 on UCHF later on. Can I say the trick is not to having a loosing trade?
First time in a few weeks that I have had two losers in close proximity but hey the markets been tough since Friday.
But then, the real question is how many trades do we take per day according to our system?
I dont take more than two. If I am taking a second trade on the same pair, that means I have messed it up for the day. My system only gives one entry per day ideally.
Compare this with a system that gives me 5 or 8 or even 10 entries per day on the same pair.
Smack sell buy sell buy sell buy and now our winning trade ratio is bad enough that we have to back test and ensure we have a statistical edge to be profitable. We even have to follow the rule of not risking more than 1% or 2% of our account lest we be wiped out by end of the month.
For those who have traded or are still trading the second type of system, they will definitely find my statement āthe trick is not to have loosing tradesā incredulous.
Someone asked me what was GU going to do today. I said up, 50/50 I am wrong. When I say that, it means I am not trading GU today. I dont guess, I dont feel, I dont watch CNBC or someother smart infotainment channels, I dont rush, I dont want pips for the day. Patience.
I have been holding a sell on UJ since last week Thursday or Friday rather and paying a swap on it for so many days and it being in a minus but I still held. Its currently in profit at 30 pips. Patience.
I dont rely on a win loss ratio of 4 to 6 or 1 to 1 but than have to sneak in an edge with a RR ratio of 1:4 etc etc etc.
I dont do statistics.
Its either I know where this trade is going or I dont enter.
Oh and just to add to the above,
I didnt start this last month and am in a position to say āthe trick is not to have loosing tradesā this month.
It took me solid 12 to 18 hours of full time screen time 5 days a week, week in week out and atleast 4 hours a day during saturdays and sundays running simulators and reading up on trading continuously for 4 over years.
1 plus year of that I had a mentor helping me out. Its only these last 2 months I completely dont touch the markets or anything about trading ( minus participating in this forum ) during my weekends.
If you have been following this thread since its inception in July or August and are wondering how valid is it or even possible when I say you are ready to go live when you are capable of doing atleast ten or fifteen trades continuously on different days without a loosing a single trade, please dont.
USD CHF Min 30.
What is my SL? My SL is my spread, 3.0 on one, 1. something on the other and 4.0 on the last broker.
No SL ( I have got into trouble for using this statement before. )
It does not mean I am saying we should hold when the trade is going against us. It also does not mean my system does not cause loses, especially when we have misread S&R and candle patterns.
Read through the entire thread, use common sense.
Why a Min30 chart this time? Just to show what my drawdown on this trade was.
So I can demonstrate why I rarely have issues with loosing trades or how it does not really affect my trading.
Try not to guestimate trade entries.
Enter when you know. Not sure? Stay out.
The trick is not to have loosing trades? Read through my entire thread to understand what I am trying to point out.