This is a strategy on 4H Gold that I posted on 7 December and current chart. Just wanted to note how powerful EW Theory is (and why I thought for some time it might be black magic). Notice how accurate was predicted wave structure, support at 1,178 which was tested and retracement above 1,250.
I'm thinking about posting a trade setup later to short Gold, let's see. For now I will go out and have some fun. Cheers.
you are very professional and very kind to explain your best strategies and because of your kindest mode you are always the best welcome. I explain my studies, the course I am interest in and the books I am reading are based on 2 strategies.
1) it is called Long Term, following the trend, based on Daily candles, I buy or sell on a retracement based on mobil medium Ema at 21 days and Ema at 100 days.
2) trading on news at 1 minute candles.
I'll read again all you posts on saturday and trying to learn more your strategy.
1. Can you explain more detailed your strategy. If possible add a chart. I'm more interested what is your entry, how it is signaled, SL and TP. If you can do so, then I will write about my opinion.
2. I would advice to avoid news. Expectation is always priced, so when you trade the news it is too late. Also on news brokers widen the spread so you will make only the broker rich. Also will not advice to trade on 1m chart. 1 min is just noise, nothing there to know the behavior of the market. I trade on 1H chart and would not advice to trade in less than 15min chart. The higher the cart, the more history it contain, the more are the chances for success.
I have to say the strategy you use is a good one, the only problem for me is to understand the EW theory since there are no books or courses in dutch i have to read a book more than twice to get familiar whit the theory.
The biggest problem i have is to find the first wave (as you see i am new in forex) so i have to learn a lot.
Do you have any advice for me to learn and understand the theory in a good and simple way, please understand i not give up on forex and want to learn, i don't paper-trade because the feeling is no good for me so i trade a microaccount whit only a few bucks so if i lose it is only a few dollar :)
For the moment i trade whit the Ichimoku but .....
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