I heard mermers that they were in the process of securing US brokers but I’m not 100% sure, i do know they aren’t choosing to limit it to Aus, they don’t wish to exclude anyone its just red tape and legalities that is the hurdle i think at the moment. Ill see what i can find out 43.
Your not wrong Njokie , i thought they were hard at first but once i watched her vid its quite simple and methodical and they bloody work too lol !
al watch out for her videos esp the range videos
I would appreciate it. Really would like to check things out in the trading room.
Hi,
I had an idea to share with the ones are actively participating in this thread and especially with SR player.
Couldn’t we create each one of us a messenger account (or for ultimate sharing of screens we can use “teamviewer”) where we can log on and chat freely. There we could share ideas, graphs setups and trades as long as they appear? It could be the start of a live trading group…
Comments appreciated.
Hi SR Player,
that looks like the system I am searching for: easy to understand, easy to apply and valid for all pairs. How do you integrate EW in your trades? Sorry if I am asking something you answered allready but I didn’t read all 25 pages of that thread. I will stay “tuned” here, hopefully I can learn a lot of you!
Hi Tradermom
Yes I do follow a check list as such, these days after so many years of implementing this strategy it becomes second nature, but yes as a newbie it is vital that one employs such a check list when trading with a particular strategy.
- Find a dynamic/impulsive move in the market off a higher timeframe such as a daily or h4 chart. You can do this in 2 ways, watching the price action in a given move and comparing it to the previous move, for example, if the market moves down or is in a downtrend off a H4 chart compare the current move to the previous down move, if the current move is more dynamic in nature, that is, the candles are longer but also the rate of the move has been completed in a quicker manner compared to the previous move, this highlights a dynamic/impulsive move.
An easier wasy is to use the waves indicator, the oscillator will indicate this dynamic/impulsive move compared to the previous move down by generating a bigger peak. This suggests that a further potential move back down will occur. You MUST identify the current peak as being the largest to suggest another move in the same direction will occur. Comparing these peaks and 2 moves will govern the direction of going short. This move down is called a WAVE 3.
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You must then focus on the price to retrace, pull back in other words…Once the direction has been defined, in this case we are going to sell, we need 2 things to occur. Firstly we must WAIT for price to retrace enough to warrant some profit taking. The worst thing you can do is SELL without the price retracing. We can simply watch the indicator retrace back to zero! This should in theory suggest a significant enough retracement. I have highlighted the chart below with a vertical yellow line at the point where the indicator has retraced back to zero. This is called a WAVE 4… Once this has occured we try and find an ENTRY point to sell.
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At this point we know a few things, we know that the market is heading down by it creating a dynamic/impulsive move down, we then have allowed for a retracement, so we have had a Wave 3 & 4 and know we are looking at selling the market at a point to trade WAVE 5 down.
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Fing a resistance point, a previous significant LOW in other words to use as an ENTRY point. As the market has retraced enough this should be evident, the LOW or combination of LOWS should be significant, in other words you should be able to clearly see these lows off higher timeframes such as a Daily and H4 chart. Use this price point as leverage to go SHORT.
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I apply a minimum of 1:3 ratio when I take these set ups.
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Normally I am right with the overall direction, if I stop out it tends to mean that I have got my entry wrong, that’s ok, because if you feel confident with the system and defining the direction of the dynamic/impulsive move, you can take the trade off another resistance level a bit further up, which will mean your profit target will also increase from the original trade set up. For those who love FIBS, measure the length of the retracement as indicated in the chart below and target the 127% extension, stop above the zone, this should enable you to produce a trade with a min of 1:3 ratio…
Hope this helps
WELL DONE njokie!
How does it feel when you make 150pips by only risking 50pips?
Hi nickopip
Yes I do contribute in the tradingit Live Trading Room, because I feel they are great traders and know their stuff! These guys are the real deal in my opinion and I can only say good things.
These guys are trying to revolutionize the industry from what they are saying and expanding very quickly, I’ve been in many trading rooms in the last 10 years, and yes it really comes down to the individual trader to make it in trading, no one will do it for you, you have to learn on your own and produce the consistancy on your own, however there is so much bad education out there it’s not funny. Everyone’s trying to sell you a system or an indicator or a magic EA so they can profit off you, I think we are all aware of this…There is enough free flowing information on the internet these days to be self-taught, that’s why I like these guys because there is no catch, they are professionals and their Live Trading Room is the best I have seen, at what cost free! They do recommend you open an account with there preferred broker, obviously to make brokerage, but who cares, there is no cost to me as the user, we need brokers to trade forex anyway, opening another brokers account doesn’t cost anything, yes I am sure they get their share of the spread but we pay that anyway, what a great way to receive all services for free…All paying educators that charge thousands of dollars should take note how these guys run their operations.
We constantly learn as people in life and as traders, absorb as much as you can!
Hi DonPipxote
I have explained this for you on post #247 in terms of elliot wave today…enjoy
hope this helps
Hi Psalda
Great idea, not sure how practical it will be with many people in different timezones…
For those newbies today, there was a text book trade on the AUD/JPY…
Before you look at the chart below look at the H4 on this pair and you will see what I mean…
I have provided an example off the 15min so it makes it clear for you…
ps…Most people would of thought that the RBA decision helped this short, but I am a believe that all fundamental data is built into the technicals…
feels good thenx to you it now dawning on me that a good risk reward ratio is the best thing one can have.
now i still have my eur/gpb which missed tp by 3pips i guess the spread and the eur/usd but anyway whatever happens am covered.i hope othernewbies like me are learning along
the impulsive wave is clear in 1h and 15min could u hightlight it in 4h please
your explanation on the usd/jpy on impulsive wave is sooo perfect i wish u could be highliting the impulsive waves using charts its really soo helpfull i was making a mistake and now its corrected because of ur explanations can u see how ur helping lots of people thenx alot keep on
Two charts daily and the same view in 4H. My questions:
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Did I mark the levels correctly?
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If you did, which way will you trade this, up or down?
I have shorted it … probably I should have waited a litle more … look at waves indicator; still not crossed 0 line.
We can use google talk for chat!
my ID is Pedro Salda. Send me invitations to start joining and create a group.
Saludos Pedro,
Me parece bien iniciar un grupo por GTalk. ¿Cuál es tu email? ¿Cuáles horarios serían?
Hi 2os
The daily chart has already re-tested the high there so the H4 Short looks better as Lows have been broken and re-test is on now… Look at Psaldas last post also in terms of the dynamic/impulsive move requirements…