What indicator are you using?
Seems to me that you have very low knowledge about PA, actually not always you need a S/R level to be valid, of course is much better when you have confluence.
Actually is unethical what you are trying to doā¦ make new traders think that for understanding the market you need an indicatorā¦shame on youā¦
Have have you seen my trades on here. I will admit I use fibs as a reference to where I am looking for price action setups this helps with swing projections nothing more. I tell you what I was not going to post this trade as it makes me feel like a bit of an ass. I told a guy last night to hold off a little longer on shorting the AU. But when I seen the nice pin bar candle on the 4hr I was going to wait for the next candle to retrace to the 50% mark of the candles wick. That was untill I scrolled down to the 15 min and seen a head and shoulders pattern forming. This told me I was not going to get my 50% retrace and the short was then right then or you will miss it. Base once again as so many other trades posted here lately based on price action another win a bigger bank account. Check it again for your self. Almost all my trades this year are on here. Execpt for 2 that I made last week. I would have posted them to but they were stopped out pretty much as fast as I entered so there was no live data to show as I like to do and show my entry. By the time I could have taken the screen shot they were stopped and entry shots were gone. 2 losses totaling 25 pips. As you can see by this trade I made that and plenty more this week. I dont trade often so I am not the guy thats places 20 trades a day but only shows my winners. No I will show my losses to I just got to get quicker because when I get stopped it tends to happen very quickly since stop is so small. In fact this one I must have lost the connection between my charts and plattform. Because I thought I got stopped as I didnt see my entry and stop on the chart. Today I just opened the charts and plattform to find a pleasant surprise. I was not stopped after all. Thats twice this year thats happened. Both times winners here is the 15 minute chart so you can see no fancy crap price and price alone. There is a trend line in there but not sure why it did not carry over to the 15 minute.
and to ywboo3 sorry I was going to come back on and let you know I entered. But like I said I thought I got stopped and if I did then I was going to wait for what is posted above as the head and shoulders would have been proven invalid. What even more messed up is my head an shoulders was invalid but the larger one formed. so I got in at a better price. Kind of luck but not really. You dont always have to be right as long as you know how to manege risk. Sorry to tell you one thing and do another you were right thats why I said last night you were right and to trade what you see. You nailed it perfect.
Agreed I am not going to say indicators are bad but you dont really need them. All they honestly do is suggest possible areas of S/R. Again when they suggest S/R on a valid S/R yeah they will work for the most part. But if you can spot valid area of S/R and can read price for confirmation then the indicator is not needed. But if you feel you need them then go ahead and use thm what ever floats you boat. But there are plenty of threads on indicators. If one does not suit you then thats what the new thread button is for. Please dont come on here and cloud this thread on your baseless opinion because you cant read price. I can venture to say you probably cant read the indicators you are using either. So I dont know what point you are trying to prove but I have live account statments that can prove you wrong. So please take your opinions elsewhere or come back with something solid to back what you say.
Perhaps you should withhold your opinions until you have a little more knowledge about trading. Indicators are derived from price action and an experienced trader does not need to rely on an indicator.
im inexprinced but i belive that price is evrything
I lost my money on Indicators.
I am sorry but if you understood the markets and knew how to read the charts, you would know how silly it was to use indicators for an entry.
Indicators tell you nothing that you cant see off the price chart already. Provided you know what you are looking for.
For Newbies, take my advice.
If you are dabbling with indicators, or a combination of indicators, or āspecialā indicators you can get by donating to people like TRO, my advice would be [B]STOP WASTING YOUR TIME AND MONEY! [/B]
If there is one piece of advice that is worth a million bucks on this thread, than this has to be it.
Take my word, or increase your learning time by a factor of 3 or 5 even. Worst, you might quit long before.
Dont waste your time looking at colourful bling that fails most of the time.
I started with indicators as well. Everytime I looked at the indicators, I have no idea what I was looking for. Most of my trades in the past (on demo) were just trying to double and triple confirm indicators and hope that they work (with some reference to support and resistance of course)
Bottom line, I was already looking at support and resistances + candlesticks the minute I started with indicators. After removing these distractions, I think I am able to focus better on what the price is trying to show and decoding it instead of fumbling around with indicators.
Though I have not made much money out of this trading style yet, I am at least confident enough to go live with it for a trial. Its been a 2-3 weeks at least, I lost some, I won some, with my account just slightly above break even at this point. Im happy with this outcome since its my first time going live and I do hope to learn more from just price action.
so please, before you think about throwing aside price action, spend some time to look at it from a different point of view. Try to take it in (on demo please) and not be so cynical of it. I am confident that you will learn much, just like the rest of us had learnt from Nikita here.
Said my piece, and Iām off to study for my examinations on Saturday.
Happy pipping guys! Iāll take a look at the charts and hopefully win some next week (:
Well it is one thing that i have learned from the starting.
I did not use any Indicators at all and i was only using the Charts for my trades and i am successful trader now.
I did at any point feel that i a missing some pips but overall it has been a wonderful experience for me.
I just want to give one example from my trade on EU today, around 8:00 am GMT most of the indicators was giving signal for short, but price start go long from 10:00 GMT , according to price action from yesterday bias was long and there was a support on 1.31085 so I open a position and got out with 61 pips gain, No indicators can give me the signal to go long on 1.31085 price.
There is no harm to use indicators, but as Nikita already mentioned that you will already know from the chart what indicators will signal then there is no need to use the indicators.
Also bob mentioned that it is helpful if we use it to have second confirmation.
This thread is 100% virus free (indicators) thread.
Only price action no indicators so we need to respect it.
Hi Bobmaninc, sorry for the late reply as I was quite demoralised to do any thing else after being stopped out at the EU trade. What happened was, I did a buy on EU as mentioned to you on my demo account.
Before I was stopped out, I also noticed the 4 hr pin bar on AU. Was tempted to short it then. But refrain from it as it didnāt retrace and also I try to limit myself to 1 trade at a time.
Then come the next day, I saw the price drops from the 4 hr pin bar on AU so nicely till it hits the bottom on the recent swing low. Thatās when I decide to sell it. The basis is that the resistance at the 4hr pin bar holds. So I donāt mind shorting it and place my stop just above the pin bar. My thought is that so long as I am not stopped out and AU is in a downtrend, I donāt mind prices creeping up a bit before it falls again for me to make a small profit. But as things turn out, the resistance is broken the next day and I was stopped out again.
Will still purse on this price action path as I think itās the correct direction and suits my personality. The school at Babypips give me a relatively strong foundation. However, the actual trading is really something very difficult to get on track. Most of the time, I couldnāt decide on a market bias or make a wrong oneā¦
Anyway, today I thought I saw one on USDCAD daily. It looks like an evening star to me where the top of the evening star has made a false break of the recent trading range. To achieve a risk reward of 1:2, I put in a limit order waiting for price to retrace to somewhere near the middle of the long bearish candle. The SL is at the top of the evening star.
[U]Any comments/flaws you see in this setup?[/U] I understand this is not for advice and we should strive to trade our own method. This is more to see things from another perspective.
Thanks in advance!
Where can I find the easiest learning of Candle Method? :8:
U mean candlestick formation?
The school here on babypips. They are the simplest thing to learn in chart techniques and what is covered there is more than enough
Learning from the charts we are able to understand the Price Action Theory easily and then we can use it for our trading and get some Profits easily.
Anybody form India is here? I just want to know whether I can open a live account for forex trading? Are people are trading forex from India?
I am not from India but I know there are a few on here trading from there. I dont think you will have a problem opening a live account. I would suggest to demo first before risking your hard earned money. Welcome to babypips and good luck
I managed to get some decent pips out of it but would up getting stopped out for a profit if 60 pips. The reason resistance was broke is we made a 3 month low so price was bound to make some sort of correction. Then you toss the employment data out of Aussie and away it went. I do see this as being a correction on the higher time frames. NU weekly is looking like it want to push lower. So next week could be interesting. Now I must comment on a few things that stand out in your post above.
- āBefore I was stopped out, I also noticed the 4 hr pin bar on AU. Was tempted to short it then. But refrain from it as it didnāt retrace and also I try to limit myself to 1 trade at a time.ā
Commendable shows patience and discipline. To survive in this market you will need them both. I would also recommend waiting for the Retrace of the candles wick tend to be a better setup. Not because of higher probability but for the stop loss to be smaller. I tend to have better results this way but thats just me.
- āThen come the next day, I saw the price drops from the 4 hr pin bar on AU so nicely till it hits the bottom on the recent swing low. Thatās when I decide to sell it. The basis is that the resistance at the 4hr pin bar holds. So I donāt mind shorting it and place my stop just above the pin bar. My thought is that so long as I am not stopped out and AU is in a downtrend, I donāt mind prices creeping up a bit before it falls again for me to make a small profit. But as things turn out, the resistance is broken the next day and I was stopped out again.ā
I really hope I am missing something here. To trade that pinbar you must trade off that pin bar. Reguardless if you trade the break to the bottom of the pinbar of as I do and trade off the wick. But you never ever ever ever ever trade a pin bar after price has already reacted to it and moved so far. Where was your profit target? Seems to me that you entered with a big stop loss and hoped for price to go in your favor. When I entered I was looking to take partial profits at the 1.02 level as it has proved to be a strong level in the past. Final target was the swing low on the daily. Neither target was hit but since I trailed my stop I still got out with a 2:1 R:R. You went short right on a major level that has proved itself many times in the past. Where was your entry candle? The pin bar had long been proven valid and the ship had long sailed when you entered. You only look to enter on pullbacks. The reason is to avoid what you just did and sell low and buy high. This will never end well for you. I assume this is demo so take it as a lesson learned. IF the ship sailed dont swim after it or you will drown in a pool of sharks. At least you will be good at controlling your emotions in a drawdown but I prefer to leave those lessons for other to learn and just try to avoid drawdowns altogether. Please dont take this as an attack on you as that is not my intention. It is just to point out that trading that concept you stated is a loosing strategy and will only leave you in the poor house. I can also assure you that none of what you did was ever taught on these pages in this thread.
- āAnyway, today I thought I saw one on USDCAD daily. It looks like an evening star to me where the top of the evening star has made a false break of the recent trading range. To achieve a risk reward of 1:2, I put in a limit order waiting for price to retrace to somewhere near the middle of the long bearish candle. The SL is at the top of the evening star.ā
Sounds like a decent setup. I even looked at it just to see what else was going on in that chart. I dont trade this pair but a chart is a chart. The entry looks valid. Trading the range with a 2:1 goal is reasonable as it puts you about the bottom of the range. I personally would not have taken this setup for a couple reasons. Your entry was to come on a friday so now you are left open over the weekend and alot can happen. 1 nice gap and your stop gets missed. I also dont like to trade monday as price seems to be waking up and not sure what it wants to do. That make it to unpredictable in my opinion. Not saying I have not traded Sundays/Mondays but tend not to. With that said you should look to the left a little. This level has been a strong level of S/R and the biggest physiological level in existence PAIRTY (1.0000). Price came down to this level and stalled telling me it might have run out of steam and most likely will be rejected and going back up soon. Pay attention to nice round whole numbers as they tend to hold as S/R. I also dont trade evening stars as I had to go back to school real quick to even learn what it was lol. But if I did trade it you nailed how I would do it. As for a short the 50% mark will typically get you in at the high of the day. Which by the looks of it Your entry was hit and it was the high of the day. Just to bad it was the end of the day. Looking for a quick small range trade you should be ok watch it and cut risk as soon as you can just in case. Always protect capital. Another note watch limit orders on daily charts unless you either know what you are doing better or got the capital to back it. Use top down analysis. Meaning you found your trade setup on the daily witch even though I would not have taken it its still valid. But drop down to smaller timeframes to pinpoint entry and see if you can find logical TP zones (I bet you can). This will give you a smaller risk and a more fine tuned trade setup.
Lastly post charts if you can. You seem to be missing key support and resistance levels which is telling me you need more practice at spotting them or you might be to zoomed in on your charts. Dont be afraid to take a step back to see the bigger picture.
Here.
Yes, You can open an account but canāt deposit money to your foreign broker from India.
In my experience Itās Impossible to deposit money in any broker outside India. Why? The s**t government not allow you to send money to any foreign country. The government want your money remain in India. Government allow you to send money to another country only for education, medical treatment and tourist purposes only. Even though itās very strict. They will accept money from abroad without paying tax to government ( I am sending monthlyā¦ 
I can make as much as money from here and no need to pay tax because I am NRI ).
You can trade Currency Futures & Options with an Indian broker (I donāt know about that term) only USD/INR and EUR/INR (I think). And pay them service tax, education tax and if you make some profit, pay them 15% income tax.
I tried SBI, Canara, HDFC and ICICI. They donāt know how to send money to abroad.
I went to SBI for sending money to an American based broker and told them I want to send money. They ask where? I simply said to America. They astonished (and there were several customers, who stunned) I enjoyed well that moments.
Even the branch managers donāt know about it. They told me contact Reserve Bank of india to get permission. LOLā¦
No man, you canāt make money from India. You can invest in share market and lose money. Government will be happy with you. They donāt allow you to get rich.
You should go to a Offshore bank and open a bank account. And also get a NRI status. Otherwise they track your transaction and force you to pay tax And If chance they will lock in prison if they find your transactions are Illegal (anything happen in India, the great democratic and currepted country)
HEYā¦ GOVERNMENT BANNED FOREX TRADING IN INDIA. Google FEMA and SEBI regulations about Forex. Years ago I saw many advertisement in yahoo and other sites about forex brokers. But now a time you canāt find one.
You can hope.
I read some where that You can deposit money using ICICI bank credit card. They allow you to international payment. Do you know, It will kill you because of the Interest rate. For getting a credit card at least you should open a Fixed deposit with them.
But I send money to my broker from my Dubai based bank account. Because I am currently working in Dubai. I tried it from India because Avoid the withdrawal Difficulties.
There are some brokers who receive money via Western union money transfer. Contact UAE exchange or other exchanges. There are some broker (dependable) who only receive money that send from your very name. For such brokers you canāt send money from India. IMO itās not possible.
Like [B]Bobmanic[/B] side, there are many here trading from India. I donāt know about them and how they deposit money. Better wait until they see the thread and reply.
Salim.
[QUOTE=bobmaninc;341254]Now I must comment on a few things that stand out in your post above.
Hi Bobmaninc
Thanks for replying to this, I am more than grateful and not offended. It is another perspective to look at things. The fact is I have not breakeven on my demo account which means something is not working right.
I am afraid I canāt post charts yet as I have only engage in a few discussions. Most of the time, I am a silent observer and learner. Will post more frequently from now onwards.
For Au, on hindsight, I agree with your analysis. It is not a sound setup. The resistance at the pin bar is not a key resistance to start with. At the point of putting the trade, I have a feeling this is not right. But put in any way to test whether such a strategy could work. Will refrain from doing so from now onwards. At least not at a so so resistance or support level. I did not incur a huge loss as I have position size my trade with a stop loss of $10.
For USD/CAD, I still have a few pips to go before it gets triggered. I have gone over what you said. You may be right. I am keeping the limit order open to see how things go as I would like to watch how this evening star setup is going to unfold.
One thing you have nail into me is that I am not looking left enough to take those support and resistance levels seriously. Will pay more attention to this area. You also recommend to use a top down approach. This is something which I can trying to improve on.
On a side note, I shorted on the 4 hr pin yesterday forming on GU. Yesterday seems to be a major turning point with many pairs making reversal. I found the GU to be more tradeable cos the top of the pin bar was near a the key resistance point 1.6 and by the time I noticed it, I still have a risk reward of more than 2 (TP 1.56). On hindsight, I probably am too optimistic and forgot that that there is a significant support at 1.5844. Have closed half for profit and the remaining with SL moved to breakeven. See how it goes for this free trade.