As someone who’s gone through the get rich quick part and come out on the other side named 5-10% per month, I have to say that was an excellent first post you made InnerCircle!
Plenty of very sound advice and I’m curious to see what else is up your sleeve 
I realize these forums can be littered with ego maniacs and or Elite traders capable of making a trillion dollars a year or maybe they have the holy grail system that makes an incredible 99.999% winning trades; I humbly admit I am not that good, I’m afraid. :rolleyes:
As for using MACD, I do not like indicators to be honest. However, I submit the use of MACD as a single indicator if a gun were to my head. It is useful to weigh price against and it highlights what other traders might be expecting based on it’s current levels.
My point was you don’t need 47 indicators on your charts… less in this area equals more… more clarity.
I have nothing to peddle on here, I do not take offense to questions.
I have seen well intended threads get taken off topic and creators lose interest in continuing them. So I understand how folks can be on these forums.
I appreciate the feedback, but I do not need an ego stroke or even want anyone hanging by a thread, no pun intended, as it relates to my posts. My original post made this clear… be a free thinker. Rely on nothing or nobody else for your decisions. After all, be it good or bad… who are you going to blame for the results? :rolleyes:
I already found Tymen credible. No offence to InnerCircleTrader, though he made a great first post, it was still his first post. Just makes me skeptical for a little while until something is proven. If he had already had a track record on BP I’d be less skeptical. My MMA trainer always says, “white belts dont teach other white belts, because neither of you know what your doing.” It is alot easier to say how to do something then to actually do it. But, as of his recent post, he looks like he has some pretty good knowledge to share.
I used to trade the same way with minor differences. I used to use pivots, Stoch, and BBands. If price was at a resistance and PA looked overbought I’d short. Vice versa for longs. Didn’t use too much of S/R, that’s what I had pivots for, and I only used basic reversal patterns that I’d look for at the pivots.
Actually, if you’re interested in tracking your trades you might want to look into mt4pips.com which is also part of the babypips sites.
It requires no work as it automatically publishes your positions/orders on a live or demo metatrader4 account. (Metatrader 4 is the most common software offered by retail forex brokers and you can download free demos from almost all brokers.)
Just a tip.
My question is how long its going to take to develop proper risk control and trade management within one trade per week? how long it going to take to gain experience and technics that is requared to be successfull? :rolleyes:
anyway, I am looking forward to join
As you probably noticed I was one of the skeptics whose first thoughts when I read your initial post was god, not another one of those, but you are talking a good game, a trading method based on good solid principles I’ll be looking forward to reading what you have to say.
Well done ITC, a refreshing voice of reason with no bells and whistles. Lets hope that this can remain a nice clean thread
best regards
The easiest way to find Key levels to anticipate reactions in the future is to begin with the long term charts and work your way down to the lowest timeframe you intend to trade from.
Monthly charts:
Note the highs the market turned at and the lows the market turned at. These levels are the obvious levels that any quick glance would reveal. Do not strain your eyes and waste time wondering if a specific level is a Key level… it is because it is obvious. These market turning points are obvious… do not overthink them.
Weekly Charts:
The long term Monthly Key S&R levels will appear on these charts as well as new Key Levels the Monthly timeframe was not so apparent to see.
Daily Charts:
This is where the banks work from. All the longer term Monthly and Weekly S&R levels are to be plotted on this Daily time frame. The Daily chart will present its own Key S&R levels and these need noted as well.
The Intraday Time Periods:
I like the 4 hour, 1 hour and 15 minute time periods. These will show excellent reaction levels to anticipate trades to set up on far in the future and this is the key to proper trade selection and developing patience. Note the Key S&R levels on your individual intraday charts you like to use. The ones I mentioned are considered professional choice.
Now that you have these levels noted on your charts, plot your Pivot levels on the intraday charts and you’re in business… I promise you… if you do the routine above on any pair of your choice… every major swing in the weeks trading will either begin or end at one of these Key levels. Look on the left side of your charts and study how these levels called huge swings.
Once you have these plotted walk forward this week and see how your pair of choice reacts at these levels. You will be amazed at how you can sit back and wait for the market to come to you… and not chase it and find yourself on the wrong end of the Dealers Spread and negative Pips to boot!
Happy Hunting!
Eveyone learns at their own pace. The reason you want to focus on trying to capture only one trade per week… it will keep you out of overtrading and develop your patience and confidence in your method and most importantly… yourself.
You can start using proper risk control immediately… this is important. Only risk .5% on your trades if you are just starting. It’s not important to make money in the beginning… you want to keep your risks controled and the profits will take care of themselves.
If you are demo trading and want to develop trade selection experience, then by all means trade the setups using real world leverage you would use in live trading. As it relates to live trading from the beginning… set a realistic goal of one trade per week. If you develop quicker you can take more set ups… but start with small goals and build the base of sound trading procedures and emotionless executions.
would you mind for another critical remark?
dont you teach to make 20pips a week? am I correct? :rolleyes:
I suggest new traders set a goal of 20 pips per week… to start yes.
If you have traded before, obviously this would be something of a snail’s crawl.
As you develop increase your pip goal by 20 pips per trading day you anticipate trading per week. Now I don’t advocate forcing a trade every trading day… but one could realistically find 20 pips per day should they have the homework done in advance.
I personally like to find potential 50-100 pip setups. If I don’t get all of it and come out with 30… who’s complaining about the profits?
It’s all relative.
what is dayly swing for cable? 
It not unreasonable to expect a daily range over 100 pips high to low.
So 20 pips is not hard to find in a range average like that.
The content & material of your thread has a very similar theme to this one 301 Moved Permanently
Looks like this is going to be another high quality addition to the Babypips stable.
It also has some similarity to my Daily Hi Low, although trading in the opposite direction.
just thought of …
20 pips is not a goal.
TalonD I trade the Daily High as support if technicals are supporting a trending market condition and this same area is in a buy zone for Pivots.
Reverse for shorting the daily lows as resistance. To filter these trades I use the daily and 4 hour trends to determine if we should see continuation or expect a reversal.
If you trade breakouts on daily highs and lows in the daily chart direction… you will see handsome results and it will align your trades with the general market flow.
Look at a daily chart of any pair and plot a momentum indicator and as long as it is trending higher and not overbought… count the number of times the daily highs are penetrated then acts as support intraday before continuing the trend higher. Filter trend following breakouts like these when Daily is extremely Overbought. This is the area I like to find false breakouts above daily highs.
Reverse for shorting the daily lows. If the Daily and 4 hour trends are down… once the Daily low has been pentrated, watch for it to become resistance, then short into the bullish candle right at the broken Daily low.
Last week’s setups in Cable can be seen in an image I attached to the post My Trading Routine.
Thank you
Where is that ?