Sure you might already know but probably didnt use it till it was to late. A little thing called top down analysis not bottom up. Its easy to get carried away on the 1 hr as you can see what yesterdays bias was just by looking at the daily. However you should actually look at the daily. Mark levels of S/R from the daily. After time S/R on the 1 hr is easy to spot so no need to mark them. Now when you are on the 1 hr you know where S/R levels on the daily lay. Now you can proceed on the 1hr as the daily does not change much very often.
Good luck Nikiā¦ Go and enjoy the new opportunitiesā¦
I dont think I am going to see anything on the charts today.
I cannot load Photobucket for some reason so I cant share the trade chart either.
I am happy with my 43 pips on GU today.
Time to watch something until I fall asleep.
Gnite folks.
Happy pipping.
43 pips is still good. I missed that entry as I was sleeping.
No trade for me today.
And now it is almost 12pm CST so I will just let this day end.
Can you run me through your trade please, Nikita?
The established bias was bearish, no?
Photobucket has failed. So had to spend the whole night looking for a better alternative. Signed in for googles monstrosity called Picaso. Total waste.
Than it was some other crap called keep and share, which is equally bad.
Than I found out you can directly load photos into babypips. So thank god for that.
Gimme a minute and Ill take a few more shots of H1 and H4.
The above is min5 and the SL was below the new HL wave, all in all with spread about 6 to 8 pips if I am not mistaken.
GU D TF.
Just a support and resistance area marked.
GU H1 TF.
The thumbs up shows a pullback candle.
The arrow from the left shows price heading south. Many would have shorted here. The reason I didnt is because
a. price has dropped. so it needs to retrace on a new weekly candle before it can go down further. That retracement has yet to happen because its a monday and the week just started.
b. the pullback candle earlier on friday shows that the big orders are still down south. I did not see a similar pullback for a short above that. So I am assuming there is someone down there who would help drive the price up.
Second arrow shows a bull candle opening right above D TF support area. So going in here will ensure that my SL is small. So I drop to even smaller TF, min 5 and see if there is a reversal there. I saw one and I go in.
The third arrow is marking resistance, 43 pips from my entry, I put a TP there and leave it. Hits SL about 6 odd pips loss, hits TP and that is a 1:7 RRR.
If we look at H1 chart, it would be logical for us to buy at a lower price and that lower price is represented by the second arrow. It did a pullback at that area on Friday but due to saturday and sunday being non market days, it did not get the time to conclude that price move.
As I said, this is not a trade that I would advocate for a newbie to catch. Its not one of the better ones displaying PA. This trade required some " I have seen this before " screen time.
So dont worry if it did not seem obvious to you at that time. Watch, learn, trade demos and try to analyse the trades that went wrong, ask why it did. On the ones that went well, try to see why it went well and keep an eye out for the same factors to come together again. Remember, its about knowing one or two things and waiting for those things to repeat itself. Its not about entering whenever we open the chart and expecting to be profitable.
If a PA trader took a loss, it was because he or she jumped the gun and not wait for the proper signal to buy or sell.
Let the market move, for that is what it has to do. You cant and should not be taking it all.
EU Min5
If we look at H1 chart, its the very same set up as yesterday. Matter of fact entry price was around the same area.
Pulls back, than shoots back up.
This applies to all time frames. They all bounce back and forth around the same range. Yearly has its range, Monthly has its highest and lowest, all the way to min 1.
That is price action. Low and a high, and all the drama in between as it goes from one extreme to the other.
After missing a few trades this morningā¦ fingers are getting very itchy to get into a tradeā¦
control control controlā¦
my trade today morning was not according to my compounding chart. It was way smaller lot.
The reason being is I dont see that AAA trade set up which allows me to go in with higher risk.
I still face the problem of executing the trade when the setup is right there in front of my eyes, and it has to do with the fear āWHAT IFā I loose the trade.
I need to overcome this.
maybe your trading too big for your account at the moment.
why not try trading maybe 0.25 percent of your equity per tradeā¦then you may laugh and pull the trigger easilyā¦
or maybe your getting your settups from a crystal ballā¦
but crystal balls can breakā¦
my balls are made of titanium and titanium balls NEVER BREAK.
I risk around 1.5% per trade.
I rather take quality trades and wait for the right trade. Instead of getting into a habit of trading more just cause I can afford to trade by having a lower risk.
You know what I mean.
Woooooo Hoooooā¦ I finally got promoted from a āNewbieā to āJunior Memberā on babypips.
lol
Donāt know if you have ever dabbled in poker, if not I hope you take this for the complement itās meant to be.
Post #1867 is sick!
This is a long on the AUDUSD that I just took on demo as I try to get more experience and confidence. Please provide your thoughts on my thoughts.
My bias is long based on this daily chart from Oanda (I know, itās not a NY close 5-day chart). Although yesterday was a bearish day, price looks like it found support around 1.0154 and is ready to bounce of the trend line to make another swing up.
On the hourly, price came down to a previous support area and formed an indecision candle (sorry, not good with the candle names).
Then on the M15 chart, this looks like a tweezer bottom/inside bar, followed by a strong bullish candle, indicating a potential reversal.
I went long at market (1.0187) when the H1 candle closed with a SL about 5 pips below the previous swing low at 1.0155. I didnāt set a TP because I want to take part off around 1.0220, part at 1.0240, and let the rest run with previous candle low trailing stop.
Nick
Have been away alot, but havenāt spotted any opportunities today.
What pairs can you use this thread for again?
I saw a lot of indecision on the D1 charts so bailed on the day.
Pairings are GU EU AU (and sometimes UCHF?) as the first group and GJ EJ and UJ in the second group
@Nick aka Tyranno
Iām not an expert and sorry if Iām stating obvious but watch closely at 1.0193 - 1.0196 that the support doesnāt become resistance and bounce you back down.
Also it looks like you are in a succession of LHās which would indicate a downtrend and perhaps that your final target may be overly ambitious and might actually be an indication for a short rather than a long.
In turn I would be really interested to hear yours or anyoneās opinions on my analysis.
Though Iām sure you already know you can trade on Oanda but do your analysis on something such as TradeInterceptor which gives you access to lots of different data feeds if you wanted 5 candle analysis opportunities.
im actually short auā¦with a little starter trade for tomorrow.
but i only want a few pips out of it plus the possibility to catch a break ā¦and maybe it will dropā¦
there is contention at the moment as to if the au is actually on an extended retrace of a downward trend ā¦or on an up trend.
last week i was convinced trend is clearly upwardā¦
but now i got a feeling that there is a chance this wont lastā¦and maybe it will range or dro ā¦so i put a little x1 sell order on to hopefully catch a move downā¦as it could be quite fast if it gets goingā¦anyway we shall seeā¦if its ranging then it will go up and then back down so its cool.
if anything happens to continue the upward move too much ā¦ill be on it.
so good luck.
edit
potential head and shoulders forming on AU.
Hi Whippet,
Iām no expert, either, Iām just a learning and demo-ing newbie. I do see lower highs on the 15 minute, but looking at the daily and the hourly, I see higher highs and higher lows forming, marked in the attached pictures.