Wow. This thread promised to cover the widest possible range. But it ended up with just 4 words. Biggest let-down since Theresa May.
Tommor, are you disappointed in thread or Theresa May? I think that they both did their best effort in order to accomplish something that ended up in nothing. These things happen, but it is not the reason why we should not continue this thread. Right?
If only somebody would post something here we could discuss.
Meanwhile Theresa May also has had nothing further to say. Her best week in 3 years?
200 euro demo account see if we can day trade and grow this small acount
closed all pos for 71 euro, can t get to greedy as weakness is comin in on pound pairs, as for gold i think it might still continue upwards as there s dollar weakness, but we got to bank some profits as we can always get back in. many traders are killed trying to squizze every last pip from the market.
i m not a professional trader (nor do i claim to be) and i got nothing to sell or to gain by posting trades here. i opened this 200 euro demo account just to see if i can grow the mini account and over what period of time. i know many on this forum doubt that it can be done or that day trading is profitable over the long term.anyways, the trades that i ll take are exactly what i m trading in my real accounts, and therefore i d be treating this small demo account as if it was a real 1. my template consists in 2 EMAS< 14 and 50>(14ema mainly used for tests and trails and 50 ema as support, resist, confluence), volume(tick in this case as i m trading forex) and rsi 7 perioud only to spot divergence if any. i also have round numbers on my chart as i found that price is interacting very well with them and daily pivots.
My strategy is VSA(volume spread analysis) combined with divergence, basic support and resistance,fibs, pivots, areas of confluences. M ost of the entries will be done on 5 or 15 m chart after i ll establish a bias on higher timeframes.
2 other great resources that i ve found on babypips and that helped me consolidate my view are> How to read chart and Supply/Demand, VSA, Wyckoff with Petefader
again, i m not trying to advertise or create publicity, just what works in my humble opinion and what has helped me understand and put into practice some of the concepts.
i ll try to post the trades with some info on why i took the trade, why at that lvl, risk that i m willing to take and trade management. (this will help me keep track of what i m doing good or bad and see where i can improve).
i ve closed the gold trade cos i ve seen the highest volume on a green candle in the last 4 or 5days at previous area of resistance, closing well of the highes, and below that prev resistance, and the 5m chart showed climactic volume with a bearish reaction(weakness). if i d be trading with 0.20 lots, i would have banked 0.10, stop at BE and let the rest run, but since the account is still small, i can t afford to let a good trade turn into a bad 1 or close at BE after i was in profit with 60 or so pips.
Screenshot by Lightshot Screenshot by Lightshot
1hr weakness(meaning high vol, pin, and bearish reaction). a green candle on high volume and a doji after to me means that as much as they tried to push price up(effort),there was a good amount of selling pressure cos price couldn t continue the up move and confirmed with the next candle closing bearish. after that then i move to the 5m chart to look for an entry.
again>> this is just my view of the market and how i trade, not to be considered financial advice
small accumulation on gold on 5m chart, i m long (ahead of news). let s see if u can scrap a few pips
Screenshot by Lightshot
update, 25 pips so far, news in 20 mints, i ll move stop at BE and let it be
short pound cad, 1hr fib, weakness, failed effort to rise, test and should be droping.
with the accent on < should ?>
regular bearish divergence, macd weighted, stop 10 pips above the high, entry on first JE bar colour change closed.
another possible trade just now
just my opinion and not to be taken as advice or a sure thing lol, but i expect higher prices next week as i ve seen strenght coming in after they tried to push price down and the result was bullish, and the shakeout that followed right after. atleast a retest of the highes, maybe some consolidation there(absorbing the sells) before breaking the daily channel upwards since we re still in an uptrend on higher TFS.
type of setups i look for, entry was on the 1 hr, but same scenario can be implemented on 5, 15m and so on
fib retracement after weakness, effort to rise, pin(doji) matching the buys with sell orders and the bearish bar as a result confirming the setup (reversal pattern also if i ain t mistaken)
buyers stepping in as lower prices are made, climactic and stopping vol(stopping the down move), with a bullish reaction. was also a fake break of the low that was formed 4 days ago, then the AR is made as price starts to move down again. first entry on the break of the AR that was made on low volume suggesting supply is scarse. second long entry after the successful test of the AR(as price comes down and touches the AR volume increases which results in a rejection with a bulish reaction right after). i enter right after that or sometimes i ll wait for a NO SUPPLY bar to be confirmed by the next bullish bar.
the setups might vary as the market isn t perfect but these 3 setups are what i look for every day and gave me confidence. again, this is just my way of trading and what makes most sense to me.
tries to make new ground, price is getting squashed down closing well of the high, and the result of all that activity(volume) trying to push price higher results in a pin(doji) that tells me that they are matching the buy orders with the sell orders, and the confirmation really is the bearish bar that came right after. when i see that in any market or currency pair i ll only look to short.
demand comes in on the selling frenzy stopping the down move, i consider this STRONG background and i ll only look to buy after.
again, all this represents just what i m looking for to trade and what works for me, these are just notes for me to review and remind myself( like a diary if u will).
it s not advice to buy or sell. due ur own due diligence, study, fail, study some more, fail some more till u ll succeed.
range defined as accumulation because volume is scarse at the top and increasing of the lows rejecting.