Beyond the Candles
Beyond the Candles
I'm a technical trader and this is not my method, it is a market's method. It is based on what we hear every day long:
-trade with the trade
-trade the retracements of the main trend.
This is long-live proved method and what I will explain here it is only what is works for me and the way it does !
a-Identify if the price is trendy market(up/down) on monthly and weekly charts, wait for a retracement with price action confirmation and entry on daily chart (buy at resistance and sell at support level).
b-Identify if the price is consolidating on monthly and weekly charts, wait the price to reach the top (down trend) and the bottom (up trend) and trade the consolidation in the main trend direction on daily chart.
The trading process has few rules/steps:
The market study
-the process of identifying what the price is doing: trend or range market.
-the process of identifying the support/resistance levels.
-plan the trade-one of the most important in trading process is the trade plan, understanding what the price is doing, who is in the market control, waiting for the price to reach our levels and the emotion control.
We accept and we are taking all the responsibility for our actions as trades, entries, exits, etc.
-the fase when we have the confirmation by who is in the market control. we have a trading decision only if the price does what we are expecting, for all the rest of market situation…we stay out.
-only with price action confirmation to the choosen levels
-only with pending orders
-only above/bellow the first daily support/resistance level
-above/bellow the current swing
-above/bellow the first daily support/resistance level
-could be very different in base of our market analyse: trend/range market
-money management in trendy market: a-stop loss moved behind the last daily swing; b-stop loss moved behind the last weekly candle; c-stop loss moved behind the choosen levels (with daily entries, we are looking for monthly and weekly levels+ confluences); d-partial taking profit.
-money management in range market: a-the stop loss at break even as soon as possible: b-quickly partial profits of the most important levels from the inside of consolidation.
-all of the trades don’t have to exceed 2-3% of account’s size.
-to the support/resistance levels
-to the reverse candle/patterns
-after every trade, we analyse it in order to learn from our own experience the positive and negative aspects of our trades.
-price action candles
-Big Round Numbers and Round Numbers
-no time frame lower than daily
-I lost pips and precious time with “dreams”…so no EA, lagging lines, indicators, etc.
Just a simple, clean chart with proper attitude is the best way to start being profitable !
-the purpose of this thread is trading education/ experience to high quality level
-every trader is responsible for his own actions.
WPD-WHAT THE PRICE IS DOING
WPG-WHERE THE PRICE IS GOING
BUOB-BULLISH OUTSIDE BAR
BEOB-BEARISH OUTSIDE BAR
DBLHC-DOUBLE BAR LOW HIGHER CLOSE
DBHLC-DOUBLE BAR HIGH LOWER CLOSE
IPB-INVERTED PIN BAR
NCA-NO CLOSE ABOVE
NCB-NO CLOSE BELLOW
PTT&TTP-PLAN THE TRADE&TRADE THE PLAN
Looking to a chart
Waiting for confirmation.
Monthly in range market with sellers and buyers at identyfied levels.
1-buob weekly-the buyers are strong but they can't close above the level, they don't have yet the level's control.
2-buob daily-the buyers finally pushed the price inside of mothly range market and take the control of the level with buob as confirmation.
The first target is the first and the most important level within the range market, meanwhile the final target is the resistance of the monthly range market.
nice thread you got here..
i have one questions.. can we apply this to lower time-frame like H1 or M30?
do we still looking for monthly/weekly trend? or H4/Daily trend is enough for lower time-frame trading?
very interesting ... thanks
I think the problem is how to look for clue when the trend is reach bottom or top , will the price reverse or continue the trend after breakour from consolidation zone , when a breakout is weak/false or strong ?
Maybe you can inform us what sort of clue that you use..is it only S/R , Fibo retracement or something else new ?
Many thanks & Good Luck !!
a good thread. i like plain chart trading. u r v good. i am learning such plain chart trading but with 1 or 2 indy and incorporate with RN + PA. pls. continue posting
p.s. any comment on gold, silver, e-u, g-u?
p.s.2. which MT4 u r using as i saw u have eur-sgd (interesting)?
For H1 or M30 you have to monitor the trade every hour or 30 min and personally I belive that the trading should be a positive part of our lives and not to take us away from the families, friends and to stick us to the monitor. Just mine.
Excellent thread...looking forward to learning more..
Thank you being part of this thread !
The purpose of this thread is to learn how to read the price, buyers& sellers, what the price doing and where the price going, but, in the safetiest way ! Picking tops& bottoms could be very dangerous for our accounts without a good market base.
To recognize the tops& bottoms there are trading advanced stuffs as market psychology or market dynamic...step by step we will get there !
I am looking forward to your thread
and good luck to all
p.s. gold-the long term buyers start to close their positions and re-bought to a lower price. Still HH+HL and with buyers on weekly(W), I'm looking for a consolidation.
silver-the sellers are looking for the dynamic support(S).
g-u-sellers till the triangle will start the congestion.
p.s.2 fxpro& others for charts.
Thanks for your partecipation.
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