okā¦ hereās what iām going to trade. iām still waiting for the candle in the H1 to complete. but there are many resistance in all timeframe. so if it cross the resistance itāll be much better no?
EU D TF
EU H4 TF
EU H1 TF
i still use the fibo to see the resistance.
sell limit on 1.400
TP will be 1.3930
Im sorry Villain but I dont see what is your trade plan or game plan here for the matter.
I dont use Fibo. So I cannot comment on your trade.
I only use two TFs, H1 and D TF.
I would advice that you get rid of your grids on your chart. Unnecessary distraction. Please look at your statements when you say there are many resistance in all time frames and I still use fibo to see the resistance.
My suggestion at the moment would be for you to look at the daily candles, follow the rules outlined at the start of the thread.
In a trade, you are either in early, or not at all. Because entering in the middle of a move or at the end of a move before a new wave of momentum starts makes your SL bigger and bigger. If it is a false move or a wrong bias reading then you will end up loosing more.
The whole idea is to keep losses minimal.
If you are going to follow the basic way of trading, then I would strongly suggest you get rid of the fibo as its for much more experienced traders.
Please look at your D TF Chart. What is the point of your Fibo there? It is going to distract you.
So is the trendline. I drew a trendline on trade 41 as an example of supporting analysis. If you are just beginning then I would suggest you stick with PA alone.
Once it does see how the candle retraces. Then you will see market momentum coming in and price stalling and it going back and crossing the daily opening price before ending as a bear candle.
You have to watch that a couple of times to see what I mean by entering with Bias.
hi, can i ask, what time does ur daily candle open? i am also at GMT+8. I am using MT4 and my candle starts @ 8am GMT+8. Using ur method, does the candle open time matters?
The candle open close time matters when you are looking at the D TF chart. If your candle close/open time is very different then your entire candle will have different shape. This is especially disastrous when your candle is showing something of a bull when most of the others are having a pullback candle etc.
You will have this issue especially if your MT4 platform has six candles in a week.
Look at my postings and Bobmanincs postings especially post 66 on this thread ā> 301 Moved Permanently
Other then the effect on the shape of the candle, opening times are irrelevant.
Alright :). Oh, and dont give up on VSA just because Peteās system doesnt work for you. I personally donāt trade fibs at all. I use VSA to confirm S/R setups and channel trading. Peteās thread was what got me into VSA though and I will be forever thankful for that :). Right now Iām following Todd Kruegerās teachings, but you donāt need that if your system isnāt based on VSA solely.
Hi Nikitafx, thanks. tats my worry too. different brokers showing different candles due to different timing. So which brokerās chart r u looking at now? I am still on FXCM.
By the way, I do use VSA to see if there are more buying or more selling. It helps to certain extend although I am not an expert with VSA.
on the subject of VSA, if it aint broke dont fix it, is your system working without it? I donāt mean that in a negative way, just saying you donāt seem to need it. On the candle timing thing, price is a smooth continuum except for the weekend gaps. Theoretically you could have a broker in each of the 24 time zones and so you could have 24 different looking daily candles each with an open close high low offset 1 hour from each other. Many of those candles would look the same but there would be differences. Is there something fundamental about price that is important to look at that these arbitrary divisions might obscure? Does it matter what brokerās candles you look at? Just a few thoughts I had as a result of getting up too early in the morning.
my AU trade hit take profit during London session while I was asleep. I like the simplicity of this system but need to read back through and absorb more of the details.
Not adding anything TalonD. Got a suggestion so I am just checking out what is this VSA is all about. Need to kill time in between waiting for entries and waiting for TPs.
I pondered about that too. I hope we could get an association like MT4 users association or something going. Get everyone to have their charts adjusted. The more ppl see the same opportunities the more powerful the move gets??. Anyway I got up too early to hence the silly thoughts.
Day candles that are different especially on pullback patterns can be disastrous though.
huhā¦ yesterday i thought i got the answer about this candle time. well for the hour candle it actually following my computerās clock.
as for the daily i thought it starts when the sydney opens and closes 24 hours after that which is when another candle starts. isnāt it like that?
I think the important thing this is to recognize the candle patterns/price action that forms on the platform one uses. It could be that on one platform, a single candle reversal pattern (pinbar) can form, while on another platform, it will take shape as a 2 candle reversal pattern (engulfing) instead because of the different opening and closing times of the broker.
Being that there several reversal candle patterns, if price is reversing one of those reversal formations should appear and one should base their trades on what they see, which means their entry price and timing will be slightly different from someone elseās.
However, I know itās reassuring when everyoneās on the same page and can follow along in the beginning, but itās just something to keep in mind.
