blueberry markets 10/10 on both trustpilot and forexpeacearmy and markets dot com
I believe this is a similar concept…
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Would you trade a currency pair where the trend on the monthly chart is still showing a downward trend however, the trend on the weekly chart has changed directions and is now forming an upward trend? I’m using your strategy on the daily and H4 chart, currently looking at the AUDUSD. As you can see, the daily chart is still showing there is a downward trend:
If we drop down to the H4 chart the trend is changing:
I’ve seen this video a number of times but never watched it! Great Explanation!
tx for posting!
KC
Tomorrow is the Australian interest rate decision. It’s expected to decrease, so will be partly priced in, but it will likely drop off afterwards and whipsaw. I’d be very skeptical about buying AUD long term right now. Also, you can see a rally in USD after China trade tensions have been slightly relieved this weekend.
@chesterjohn Ignoring any form of economic (pretend that there was no data due to be released) and using the trend only, what would be the course of action you take?
@The_Baller can I have your thoughts on this please?
Which is another reason I don’t like defining trends in two time-frames - what do you do when one says up and one says down?
Fair point, but the higher time frame is a downtrend that has pulled back to resistance, the lower timeframe is an uptrend. I’d probably wait and see which way it went for a little while (probably down), then do that.
Exactly the point. You recommend preferring the higher time-frame and waiting for it to break support/resistance. So why not just stick with the higher time-frame?
I’m being partly provocative because I think multiple time-frames leads to conflicted TA for everyone, but for new traders it also over-focuses them on textbook entry patterns over what’s actually happening, and once you’ve opened the door to H4 charts, where do they stop?
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That’s a slippery slope I went down recently!
Looking to refine indicators on the 4-Hour trying to get a jump start on The daily, I found myself down into 30 minutes and 15 minutes. It’s crazy so I will review the 4-Hour as a possible “heads up”, but trade the daily.
KC
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Have the same question as @aalim79. Be interesting to see Baller’s response because I dont think he follows news. USD/CAD is doing the same thing. Monthly trending up but weekly is dropping like a rock.
when u have large stops like @The_Baller, u don t really care about news and exact entry etc… i think he just monitores from time to time to see about changes in main dir on monthly weekly…plus… u can defenetly trade if daily for ex is going up but weekly overall is down. could be just a pullback on weekly but a trend on daily 4 hr etc…if u trade weekly and above that s considered investing already. like with gold, i m short gold right now, even tho overall main dir is still up. but gold can move up to 350 pips in a day, if the catalysts are there, so why not take advantage… even 20 pips are good haha… cheers and stay green
@amrogers3 funny you should mention USD/CAD as I was looking at that myself yesterday on the daily and H4 chart. The daily chart was showing downward trend developing whilst the H4 chart was showing downward trend had already developed so I went short on the pair.
Very similar from the lovable big guy. Seen a few of his videos before.
Yes - but you’d have to analyse each trade on its on merit.
I don’t pay attention to news.
This sums it up. I don’t care about news or anything of that nature and I don’t sit there and wait for the perfect entry.
A lot of my trades are executed within 60 seconds of opening the pair, looking at the bigger picture, determining the potential support and resistance levels and I’m in.
Now this is going to get my big mouth moving.
I was just having more or less the exact same convo with a good friend of mine, who just sucks at trading.
Can’t stick with any strategy for more than a week.
Why is it that people buy stocks with the aim to hold for a very long time, 5+ years and are perfectly happy when their portfolio of stocks are down 20%, 30%, sometimes over 40% - you’ll see it on YouTube all the time, just buy companies you like, believe in and think that will do well in the future.
That gut feeling.
Is that it?
But with Forex you need to cut losses or should I say realise losses quickly and move on. If that’s part of your game plan then yes, do it.
All it boils down to is, are you trading or are you investing.
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I didn’t touch this one. But from what I can see, on the monthly, its hit a bit of a ceiling since 2016.
It could well be on the way down.
Last months red candle has taken out the previous 4 months, so that could be a little sign.
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hahha, right on… i couldn t trade off the weekly chart let alone monthly, to wait so much for a damn candle lol…for main dir and areas of possible interest, yes, but that s all. from my own exp gut feeling in trading can get u wiped out pretty fast, as for those people keeping portofolios 40% in drawdown, i think they don t have to worry bout money, and bad advice from whoever guru out there. as for ur friend that can t stick to 1 strategy for more then a week, have him combine things he learned and liked so far and make a strategy of his own… it s what i did…i was movin from 1 strategy, book, etc to another… had so much knowledge, and 0 results lol, till i got sick of it all and decided to combine things that i consider important and trade my own way… worked for me. btw, still have the icmarkets account in AU… why they kicked u out beats me, maybe u was too succesfull haha… cheers