Nov 10 2015 at 15:27
togr posted:HolyGrailPTY posted:
Hello everyone,
I have been paper trading for some time now, and I have finally gone live today. I would like to use this thread to speak some of the formations which I trade and why I do so... Have a look at this formation below...
Doesn't it look like 'Italy' ? The move down creates what looks like a 'leg' and the accumulation prior to NY market close makes what looks like a 'foot'. Now if you find the same formation on your 5m or 15m of any pair, what happens next?
Nice title.
I do not see any edge here, just beginning trader...
Of course you won't be able to see anything because looking at the nose dives your account always takes, itis clear to see that you have a hit and miss system, and you don't aim for accuracy as I do!
Nov 10 2015 at 15:29
sbnelson2005 posted:
We are in a strong Dollar environment but with little News out this is just a trappy market. Watch out for false breaks out where the big boys can get you upside down fast.
The purpose of this thread was to share charts which speak about high probability formations. The sad reality is that people rather follow then learn, or be pessimistic about making profit in forex. Giving people advice like 'Watch out for false breakouts' doesn't help anyone earn money, as a false breakout can never be identified before it happens.
Nov 10 2015 at 23:53
Wow! A bit negative. Yes false breakouts can be identified ahead of time when you consider the entire SHAPE of the market. Like we were in today. Sorry to have bothered you. Good luck with your chart of Italy!
Nov 11 2015 at 07:59
sbnelson2005 posted:
Wow! A bit negative. Yes false breakouts can be identified ahead of time when you consider the entire SHAPE of the market. Like we were in today. Sorry to have bothered you. Good luck with your chart of Italy!
It's always easy to say something ÄFTER the fact. Why don't you upload an account and show us your ability to profit from being able to identify a false breakout PRIOR.
Nov 14 2015 at 09:11
As the account continues to grow, the fact remains that the market trades with very strick patterns. These patterns are created with by price action, and has nothing to do with what 'herd traders' know as 'support or resistance'. Most of the time in which a currency trades, is far away from support and resistance, and the 'noise' people mention is the price action which ends up shifting the price towards pivots (resistance and support).
I personally take profit at pivots, instead of entering positions at them. Reason being is that once the price touches any given pivot, nothing in past charts could possibly tell you if the price will stop or continue. However, if a person has good money management, tight stop losses, and non-bias towards reversing the trades once the stop has hit, then you can achieve high profits (3 -7% daily without losing the same amount of your account.
The holy grail in forex is trading 'Price action' and not sitting and waiting for specific prices in which to enter!
I personally take profit at pivots, instead of entering positions at them. Reason being is that once the price touches any given pivot, nothing in past charts could possibly tell you if the price will stop or continue. However, if a person has good money management, tight stop losses, and non-bias towards reversing the trades once the stop has hit, then you can achieve high profits (3 -7% daily without losing the same amount of your account.
The holy grail in forex is trading 'Price action' and not sitting and waiting for specific prices in which to enter!
Nov 14 2015 at 11:52
Week two has ended well. If anyone wants to talk price action please do so here.
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