bob regarding the valid S&L levels, I have so many lines on my charts and I’m unsure which ones you are referring to when you mention valid. It seemed to me that this shooting star was pretty valid on the daily and even weekly chart as previous candles did adhere to it (roughly around dec 2010). Would you care to advise me more on this please?
Psylence did you went for a short today? I was thinking along that lines too and price shot up instead. I can’t seem to catch this bias thing correctly 
I have learned alot from what Bob has posted on this thread.
I cannot agree more on what he has to say in regards to the above.
I took a sell on NZDUSD and it hit my SL for 22 pips.
Had I taken the same sell in GU EU or even AU I would have been smiling since it would have hit my 60 pips TP. Kiwi just gave me a max of 35 pips before reversing and hitting my SL.
So there you have it. Its as much as a Science as it is an Art.
Awww shucks thank nikita.
Zellwk regarding a million lines on your chart. It happens in time you will learn not to put so many and know witch ones are relevant. Also to help with that try to stick to higher time frame S/R (not a must) then you will tend to have less lines to look at. Another thing to add I know indicators are frowned at here but toss some fibs up there and see what lines match up with fib levels. Then throw up some pivots (weekly, Daily) and now see where these line up to the levels that survived the fib test. Those levels will react the most due to traders that religiously use fibs and pivots. Also if you do use fibs dont use every fib as you will clutter your chart. Only use what losing traders use i.e. 32, 50, 68, 100, 128. I would stop there for now till you get better. When these levels line up with S/R then they will be the most valid (everyone is watching that level). Now dont be a fool on what I just said and when price moves up to a level shows a inverted hammer dont not short it. Instead use daily bias is in if yesterday was an up day and price moves up to a level and bounces then wait. Wait for it to bounce down to the next lower level (it will most of the time) now if you get a long signal TAKE IT. I am not saying use fibs and pivots as basis for this strategy. It will just keep you from putting so many lines on a chart that you are now bilnd to whats right in front of your face. After a while you will no longer have to use them as you will now be able to spot true areas of S/R and sometime you will be wrong. If you are and miss a trade DO NOT FOLLOW IT. Let it go. There will be another trade. You can enter late but remember higher risk lower reward when you do. I think I already explained a entry exit strat I stole from lumi. I cant use his system like he does but that entry exit is great. You draw a fib (backwards from what people are used to) from your TP to your SL. Entering between the 0 and 38 retracement is ideal. Between 38-50 is late closer to 50 is no go (risk to high reward to low). From there after time you will not use it as you can now judge price and tell if you should enter. Basically use what I told you as training wheels for this strategy (BUT USE THIS STRATEGY IT WILL MAKE MOOOOONEY). Its not easy to read the charts the same as me or nikita or anyone else. All I can do is give you ideas that will put you in the ball park. If you use this strategy with what I just said you will notice when you look at nikitas entries they most of the time will line up. When they dont well thats why your screen name is not nikitafx lol. Now after the next week or 2 I will be on here alot less. I will still make a trading video like I promised using this strategy. I just got to learn the skills to record me talking and screen shoots (I am computer stupid). But the company I work for told me today they have tried to promote me but cant because I dont have a degree. So they offered to send me to collage free of charge. I will be 30 this year I am a fool if I dont take this opportunity. Forex will not take a back seat but babypips as I hate to say it will as I will have school work to do. I will still be around just not like I am now. I will always answer what I can but I have to do what I have to do for me. Now always remember to use the strategy layed out by nikita not what I said. What I put out here are nothing more than guides to help you see what I possibly Nikita sees. Thats the goal I made a killing last year doing pretty much this same thing. What I showed are baby steps to getting there Nothing more. I could go on all night but I am tired of typing and I am hungry and dinners ready. So Have a good weekend we all deserve it.
Haha, great post Bob. Congrats on your free college degree. I have to take some time off from college (again) because it costs so much and I don’t want to take out a loan and it’s not really that important to me as I already have a full time job that I like a lot and plan to stay at the rest of my life even if I get rich off of forex or some other venture of mine.
As for that little gem that luminous gave in his thread about using the fib in an unconventional way I couldn’t agree with you more about how valuable it is. It is especially great when I miss a trade. I’ll put in a pending order at the 38% fib and if it hits the projected TP before it hits the pending order I just close it and wait for the next chance.
Thanks I honestly thought I was getting layed off today. My boss didnt come in the big boos hands out paychecks every friday. Today was no different but I didnt get my check. Then he calls me to his office. I get here he has my check in his hand. Thats pretty much when he hands you a pink slip. But instead told me to go to collage and they would pay for it. Blew my mind. I love my job to and have no plans on leaving (even though it does affect my trading) but I also know I am 30 (this year) chances of me retiring there are very slim. Trading may or may not come through. A few more years like last year and I am good. Honestly though I have not even placed a real trade this year. One on demo that hit a stop and a trade on the s&p that was real and I took a big loss. But thats fine there hard slap in the face nothing more. Other than that markets just have not been there for me. Yeah there have been many trades but I was not there to trade them. I dont believe in pending orders as I watch price action. I cant do that with a pending order. I am working on a strategy that may work with pending orders but I got a long way to go yet before putting real money on it. Other than that I am not worried about it. I learn over the last few years no need to chase a profit. It will come to me. If I wait then low risk high reward with a high probability. Thats worth waiting for in my book. I know what this treads power holds if you are willing to learn it and wait for your shot. There are trade setup almost everyday using this but being a part time trader means I will probably not be there for it. Witch is fine with me. I learn last year I know what I am looking for and when it lines up and I am there for it done deal. Last year I went from trading all day even at work to a new it system that no longer allows me to trade. In transitioning to just trading the asian session. Not to many trades setup in this session. But when they do they are nice very nice. I learned that there is no need to demo trade. Just watch how price moves and reacts to things. Now I also noticed the key levels I stated you will see stop runs there and can be stopped out. Thats what is so nice about lumi entry strat. If it dont hit that 38% and break it you never entered. So it can run stops all day did not cost you anything. You never entered. The only downside you do give up profits for the confirmation. Also less likely to be stopped out. So it is what it is. I honestly dont use that entry strat to much except for days that show reversal. If it happens probability is it never hit you entry so you didnt get stopped if you didnt enter. Thats why always follow bias and if bias is sketchy find another pair. If you just for some reason have to trade it then put on body armor. It is all over this thread pick it up and use it.
Took the same trade in NZDUSD, lost the same pips.
Also, had a pending order to sell the AUD at 50% wick of previous daily candle. Did make 50 pips on this trade.
Anyway, bottom line I am thinking is that the fact I thought it to be a sell day was wrong. As all the pairs ended up with a bullish day.
Allright Thanks Bob. I’ll give those things you mentioned a try and hope that i’ll get better.
Good luck with your college man.
Dunno why Bob, but whenever I see your name I am ALWAYS reminded of Bob the builder! There it’s off my chest now and I can sleep better tonight.
I suspect though it’s got to do with the fact that my boy loves watching Bob the Builder…well used to now it’s Ben 10! 
I should probably know this, but can someone tell me when the daily bars finish, and start forming a new one?
And now the three pairs GU, EU and AU all are having a bearish day, and the previous day was bullish. That means we stay away, right, or do we still look for bullish opportunity, since “last day” was bullish?
Candle will close at NEW YORK close at 5PM(EST).
Per this thread we should look for buy signal. Which we did not get until 7AM(EST) or 10AM(EST).(This is for the AUD/USD pair)
The more experienced traders please comment If I am wrong here.
Thanks
Sounds about right. I dont like to trade Mondays. Alot can change over the weekend that can effect momentum and bias. But if fridays was bullish then stick to it. On days like this you are either not going to get a entry signal or thats why money management is so important. But like stated above later in the trading day there was opportunity to get in. I personally think this week will be bearish since the last couple weeks have been really bullish. Dont take my word for it though. Tomorrow bias is down so we will see what happens.
Oh okay. so it closed about half an hour ago. But now the previous one was a bearish candle, so we start looking for bearish set ups, I suppose.
Based on Daily candles I wouldn’t say Bearish as the daily candles completed pull backs.
Based on that looks like Bullish to me. If it was the AUD/USD pair, I would wait for the price to drop to half of the wick on daily candle then buy it.
My 2 cents :
If I look at GU and AU it seems like the daily candles finished a pullback and that it [B]might[/B] go bullish so you are right there. If I look at EU and UC it is not as clear cut. However, if I were to draw a trend line for EU there is larger upside then downside and looks like it will be a BPC, likewise for UC.
My conclusion : there is a higher probability for a bullish then a bearish day today.
BUT I have been wrong on countless occasions as well!
Agreed.
The above word is all I wanted to type. But it gave me a message “message to short” lol
Thanks guys!
That being said, the daily candle just closed with a lower low about 50 minutes ago, not AU and GU though. And since there is no correlation, we should be either out of the market, or dealing with a lot smaller trades (for those who absolutely feel like they have to)?
AU & EU are Bearish on Daily Candle.
GU is Bullish.
2 out of 3 are Bearish. So, I would say it should be safe to look to sell on either AU or EU.
Hello! I am sorry be posting here about something out of topic, I also know this is not the Luminous thread, but I would like to know if someone here has the MM file that is mentioned in Luminous ebook “Never Ending Opportunities” - it was hosted at Megaupload and as all we know Megaupload is closed. Thanks in advance if you can put it available in other host! Ex.: Free File Hosting - Online Storage; Upload Mp3, Videos, Music. Backup Files .
Thank you, but I have this one, I need the other one about the MM, do you also have it too?
Yea sorry I just realized you were asking for the “MM”. Tell me, what does MM stand for?
Edit: nevermind… I just looked. I had it but I must have deleted it when cleaning my PC the other day… All it really explains is the power of compounding if I recall. Which can be figured out if you have a calculator handy.