Good stuff. No lag. Takes patience. Thanks.
100 instead of 1000?
Risk 20% of 100?
That would be $20.
What do you mean the account will still have the starting $1000?
Sorry I’m still lost:/
Say you have a thousand dollar account.
Just take 100 dollars from it and do a projection with X% risk on that 100 dollars.
then trade like you only got that 100 in your account.
Build from there. So say after 10 or so profitable trades you are in a situation where your trade is going below the initial deposited amount, cut off all positions immediately to preserve deposited capital and go back to demo first to see what you are doing wrong.
That is a safe way to preserve capital and compound.
This was an awesome read, after reading it once by page 14 i wasnt reading greek any more, it was starting to read like english and i was seeing the paterns. I am going to go back and read it from the beginning again and it will all be in english lol.
Hi Niki, I really like this PRICE ACTION and your simplicity idea. Could you please tell me from which site I can read more about the Price Action? Thanks
You say to put a line on the chart where the day opens and then wait for it to be crossed, then enter the trade in the direction of the bias when it is crossing the line.
Do we wait for pull backs to this line on the 1 hour TF chart and then enter in the direction of the bias?
Thanks
Hi nikita,
after reading post #136 and your reply post #138, i’m still a bit confused…
your rule states BUY if yesterday’s a buy, SELL if yesterday’s a sell.
based on the example, yesterday’s a BUY, but due to correlation…it suppose to be SELL…so it’s shall be a SELL day.
but am i correct to say, in order to determine the BIAS, we still need to double confirm to check the correlation with other pairs to confirm?
kindly enlighten me again…on BIAS terminology…and RULE #1.
thanks
dear nikitafx,
just want you to know that i start to get the hang of the concept and able to practice it quite well. my chart is still cluttered with many horizontal lines, though. my mental is not ready to wait up to more than 20 pips so i always put my TP many pips before the lines. i need to hone my wave reading.
because of my dull wave reading, i then too become impatient of waiting for reversal signals. so far so good though.
ahh… and i second ling’s question about the market bias and rule #1. actually i tried to google about market bias, but basically what i got is that market bias is actually the trend.
thank you
biased and confused in africa
Tom82,
That was just an example of making things very simple for those who cannot see the H1 entry techniques yet.
I would only suggest doing that on a demo because of the obvious reason that you stated above.
Pull backs on H1.
The reason why I dont simply draw a line and trade that way is
-
SL will be big.
-
Missing out on good pips because of not entering on HH or LL on H1 TF.
I hope that helps.
This is a good thread also.
He is abit more advanced where he includes S&R areas as well.
Other then that I am not sure of any other good sites to recommend Dapps…I never tried reading it up or google it online.
Hope the other thread gives you more ideas.
ling,
we use correlation as a second confirmation to our candlestick patterns on D TF.
This is specially important when we are looking at reversal candle patterns like hammer, doji shooting stars and what not on the pair that we want to trade.
We look at other pairs to see if they are showing signs of reversal also.
This is what we use correlation for. Otherwise we just follow the communist rule.
Villain,
As I pointed out earlier on the thread, I am not big into terminologies. I dont worry about being politically correct either 
Now lets look at what the trendmafia are saying, Bias and trend are the same thing.
Why do we have two names describing the same thing?
Some “trends” only lasts for two or three days, before going the other way.
When this happens the trend mafia never agrees that it was a trend. Its too short, they say.
Only a long term move on one direction is always pointed out as trend.
meanwhile I rather call the two or three day move Bias and profit a few thousand dollars from that.
Let the terminologist worry about that. We only busy ourselves on whether to buy or sell.
For those who are following and bought today, please pay attention to post 135 on what happens when there is news and why.
There was a entry in H1 TF GU as a possible buy, it went against and gave us a chance to cut off trade at BE.
It is now 100 pips south.
Great thread! I am really enjoying putting into practice what I am learning.
Would you be up for live trading with a group of the thread followers, via babypips chatroom? I would definitely benefit from having direct input from you while analyzing the charts.
Regards
Finch
I might do that ayefinch but maybe at a later date.
I have had experience running a chat room and trading on paltalk before.
Too many input distracting you.
And most come there for free trades.
Would rather have them atleast trade demo on their own and then we discuss what and which needs correction here.
this would be a bit tough strategy in a choppy volatile mkt right now. i.e. false signal from candlestick? eu and gu bearish now
dam… i would really like to have live lessons. i can’t join babypips chatroom. java is not available in this country.
btw, is that inverted hammer in EU H1 and H4? it’s not really in bottom of wave, is it?
my charts have been cluttered with many horizontal lines they really concern me. my TP will be 10 - 20 pips now with the fear that price will not be able to break it 
Just sell if yesterday was a sell and buy if yesterday was a buy.
that is why its important to be on a demo.
Get rid of all those lines and trade without worrying too much.
i totally agree, its best to keep trading stress free
actually ppl thinking they can make money short term more than higher timeframe not true
overall in long term it evens out, so even a daily trader make same amount
forex is even sum game. higher TF has higher pip risk reward trades
What country you in Villain?