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Proper High and Proper Low
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tamali

Członek od Feb 19, 2014  2 postów tamali Feb 19 2014 at 12:41
Can you guide me how we will be able to know what is proper high and proper low so that we can open a sell or buy position accordingly to get some profit. What is the timeframe you look at - is it 30 minutes or one hour candle sticks or what. Please help.

CodeMonkey

Członek od Aug 19, 2013  182 postów Viva La Puerto Rico! (CodeMonkey) Feb 20 2014 at 08:26
tamali posted:
Can you guide me how we will be able to know what is proper high and proper low so that we can open a sell or buy position accordingly to get some profit. What is the timeframe you look at - is it 30 minutes or one hour candle sticks or what. Please help.



There is no specific time frame that we can tell you to look at which will guarantee you a profit. There are numerous different trading strategies. Some use very small time periods such as the 1 minute chart, while others like to trade on the daily and weekly charts. It depends on what your trading style and strategy is.


Viva La Puerto Rico!
tamali

Członek od Feb 19, 2014  2 postów tamali Feb 21 2014 at 12:22
Since I am new in trading, I mostly go for intraday trading and not interday. So I look for M30 or H1 charts. But as most people recommends Fib analysis is most trustworthy, I do not find it so. May be because I am new but Fib analysis is based purely on past trends, which may not repeat in future timeframes. As a newbie, I just want some tips or suggestions which I can follow to earn some money.

Thanks.

CrazyTrader

Członek od Nov 21, 2011  1716 postów CrazyTraderfx (CrazyTrader) Feb 22 2014 at 00:50
If it was that easy to pick up high and low we all would be profitable traders.

I have been studying market structure price action for the past 3 years to locate high and low on Fx pairs.

This strategy is currently running on demo account (under my profile) Signals can be issued from 1M to Daily. (High Timeframe is more reliable).

For example I got a sell signal on Daily Timeframe today:

EA sold GBPCAD @ 1.8635, Highest price was 1.8669 (Sold 34 pips away from the highest price level)
Current price is 1.8489

Market has printed a Pin bar doji candle. Market could retrace lower 100 to 300 pips from current price.... so EA could have sold the pair at the highest entry point.

You love my free signals... Like me on fb
CrazyTrader

Członek od Nov 21, 2011  1716 postów CrazyTraderfx (CrazyTrader) Feb 22 2014 at 12:11
PS: Fib is an awesome indicator that predicts future retracement. It helps you to find the entry area to enter a trade when Market is supposed to resume major trend.

You must study it again and practice a lot more.

You love my free signals... Like me on fb
thefxtrad

Członek od Feb 22, 2014  7 postów thefxtrader (thefxtrad) Feb 23 2014 at 02:57
tamali posted:
Since I am new in trading, I mostly go for intraday trading and not interday. So I look for M30 or H1 charts. But as most people recommends Fib analysis is most trustworthy, I do not find it so. May be because I am new but Fib analysis is based purely on past trends, which may not repeat in future timeframes. As a newbie, I just want some tips or suggestions which I can follow to earn some money.

Thanks.


Buy when price is turning up and sell when price is turning down. Keep losses small, by cutting them early and add to winning positions. Don't think too much, follow the trend.

Trade what you see, not what you think.
thefxtrad

Członek od Feb 22, 2014  7 postów thefxtrader (thefxtrad) Feb 23 2014 at 02:57
Forgot to add, try to do that for 2-3 years (fail a lot of times along the way) and you'll be profitable.

Trade what you see, not what you think.
thebigwhatsup

Członek od Mar 28, 2014  2 postów Bennett (thebigwhatsup) Mar 29 2014 at 08:18
Tamali just stick with it. Youtube offers great videos on high and lows. Remember you will always be a student of the game! I suggest practicing with a practice account and keep notes on loosers especially. Since everyone uses fibs just figure out where you were in the trade compared to everyone else and work backwards.

1. "Never Act on Emotion" 2. The market is a whore who is out to fuck you!!
suguehenry

Członek od Mar 14, 2014  2 postów suguehenry Mar 30 2014 at 19:54
Yes, as the say practice makes perfect. One thing to be successful in this endeavor is good money management and discipline. Losses are avoidable but learn from it to improve your strategy.

suguehenry

Członek od Mar 14, 2014  2 postów suguehenry Mar 30 2014 at 19:54
I should say unavoidable

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