Thanks. Apologies I should have read the entire thread before asking my questions as everything I was unsure about popped up and was answered throughout. Great post and great read. Thank you!
Hello @the_baller thank you very much for sharing your experience you have helped me a lot to prepare before jumping into the markets. Although your method seems great to me I have a doubt, in this thread you mentioned that there are no Bollinger bands or things of that style that help identify weaknesses, but you have also said that buy into weakness and sell into strength. So, can you identify that weakness and strength with S / R or not identify it? ¿Smart money uses Trend Channels and Envelope channels techniques?
Apart from that if you can give me some advice on how to operate like the big players I will be very grateful, thanks.
thanks lots
NZDCAD EURCAD AUDCAD are underneath everything: Price is under the Ichimoku Clouds and Kijun Sen on D and H4, Chikou has penetrated the clouds both in D and H4.
Price is under Ehler;s two pole smoothe on W, D and H4 (however last weekly candle is bullish not bearish for all three)
BUT the price NZDCAD and EURCAD is right on support. How do we know that is has officialy penetrated the support?
AUDCAD looks good to go as it’s not near any supports but I’ll wait for the daily candle to see whether is still gonna respect the shorting rules and the weekly candle to close bearish so to enter a few minutes before the weekend market close.
Also the Non-Commercial column on the COT report agrees on the currencies direction:
Ratios Long to Short
CAD 38.9 : 30.2,
AUD: 25.7 : 54.8,
NZD: 19.2 : 72.7(!!!),
EUR 29.6 : 44.5
What do you guys think?
You can use bollinger bands, if it works for you. I simply use S/R levels and see how price reacts to it.
All you have to do is observe.
There is no other magic formula big player use.
3 Likes
I see you had a closing quantity of 0.8 on one of those. What was the reason for going so high?
Thanks.
I haven’t used anything, right now I start with the demo account, thanks Baller for the advice I will focus on that I also like simple things.
First, AUDCAD short-train is rolling nicely, will have a quick retrace up but don’t mind that. I would hold a while to go long on EURCAD as the price is still under the cloud.
Finger slipped.
3 Likes
@The_Baller So do you generally stick to the same size for all trades, or do you risk going higher lower depending on confidence levels?
Let’s use The_Baller method to analyse NZDCAD, EURCAD and AUDCAD.
Long term direction for NZDCAD is short but I don’t see any resistance line here. So I skip.
Long term direction for AUDCAD is short but I don’t see any resistance line here. So I skip.
Long term direction for EURCAD is short. And if the price rise up to 1.48689 then I will short from that resistence line. Meanwhile I wait.
I’m still learning The Old Wise One method, so take my advice with a large pinch of salt.
how do you know?
Already has on the Daily. Might continue but too early to say.
hello I would like to scale in this method but I can’t find clear information on how to do it.
I understand that if I use a lot of 0.5 I can first enter trades with 0.10, 0.25 etc …
but if I go into an trade at 0.25 and it goes against me, do I have to scale in DD or should I wait for the break even to add lots?
Thank you
1 Like
Hye, sorry to interrupt but I hope I can anwer your question on behalf of Baller.
Your question is really kind of basic and it varies a lot depending on your trading style.
I suggest your dig into School of pipsology again on the subject of scaling and you might get some of the answers there.
But from my opinion with my style, if I were to trade with 0.5 on a certain market. I would break the trade to smallest possible position available and that is 0.01 lots.
Therefore I would have 50 possible entries of 0.01 lots per entry.
The first entry may vary but i suggest not going more than 1/3 of your total position at any given moment.
I may enter up to 0.15 lots but when the trade goes againts me thats when I can utilize 2/3 of my remaining position to capitalize the market movement depending on price action , candle stick patterns , SNR’s plus all the technical , fundamentals and sentiments involved.
The key to capitalize your remaining entry positions is to look at smaller time frames to find signs of reversal at any given moment.
I most probably will not use the remaining 1/3 of my entry position wheareas it will be utilized as an insurance, only, if the trade really goes far away against me and I find a very strong sign of reversal that has broken all the obvious strong SNR levels. Or maybe I can use it to trade the counter trend setups available that has very obvious reason to happen.
Yess, it may sound kind of deliberate.
But remember, no matter what size your account is;
-always trade as though as you have a bazillion of money.
-always trade like you are a dealer.
-always think like a dealer.
-trading is a zero sum game (someone at the other end must lose for you to win).
-95% of traders lose money, that remaining 5% that wins are dealers, sharks and Ballers. So, if you cannot beat them(sharks,ballers etc.) BE THEM.
3 Likes
nice add bro
2 Likes
Thank you very much for your response, it has helped me a lot. All I want to learn is how the big players trade, I don’t care about the immediate money, just the consistency in time and freedom,
I’m very grateful for this thread, especially to @the_Baller for create it, and for participants like you, I have read all the thread and I find very professional traders in it. I hope this thread can provide more quality information in the future for new traders like me. Thank you.
1 Like
then you have to google the COT report, tradingster, efx plus (thread continued today in babypips forums) to see what the big institutions are trading with entries, TPs and SLs and long to short ratios etc
2 Likes
Hey guys, how’s everyone doing with the strategy? I feel like I’m waiting and waiting for the yen to strengthen a bit. Certainly is improving my patience this way of trading! Prob shouldn’t have taken on so many jpy orders.
1 Like