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Beyond the Candles

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  • First Post: Edited Oct 31, 2011 11:43am Sep 28, 2011 12:37pm | Edited Oct 31, 2011 11:43am
  •  fxgroup
  • | Commercial Member | Joined Nov 2010 | 1,178 Posts
Beyond the Candles

Presentation:

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 !


The method.

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.

Psychology
-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.

Trading decision
-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.

Entry
-only with price action confirmation to the choosen levels
-only with pending orders
-only above/bellow the first daily support/resistance level

Stop loss
-above/bellow the current swing
-above/bellow the first daily support/resistance level

Money management
-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.

Risk
-all of the trades don’t have to exceed 2-3% of account’s size.
-capital preservation.

Exit
-to the support/resistance levels
-to the reverse candle/patterns
Trade’s analyse
-after every trade, we analyse it in order to learn from our own experience the positive and negative aspects of our trades.

Tools
-price action candles
-support/resistance levels
-patterns
-confluences
-trend lines
-channels
-Big Round Numbers and Round Numbers
-Fibbonacci levels.

Thread rules
-respect
-friendly environment
-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 !

Disclaimer
-the purpose of this thread is trading education/ experience to high quality level
-every trader is responsible for his own actions.

Thank you
fxgroup.


Abbreviations used:


P-PRICE
WPD-WHAT THE PRICE IS DOING
WPG-WHERE THE PRICE IS GOING
BUOB-BULLISH OUTSIDE BAR
BEOB-BEARISH OUTSIDE BAR
PB-PIN BAR
DBLHC-DOUBLE BAR LOW HIGHER CLOSE
DBHLC-DOUBLE BAR HIGH LOWER CLOSE
IB-INSIDE BAR
S-SUPPORT
R-RESISTANCE
SW-SWING
C-CLOSE
O-OPEN
PA-PRICE ACTION
RN-ROUND NUMBER
TL-TREND LINE
RET-RETRACEMENT
CT-COUNTER TREND
SL-STOP LOSS
TP-TAKING PROFIT
BE-BREAK EVEN
RT-RETEST
H-HAMMER
SS-SHINING STAR
IH-INVERTED HAMMER
HM-HANGING MAN
IPB-INVERTED PIN BAR
MM-MONEY MANAGEMENT
RM-RANGE MARKET
DT-DOUBLE TOP
DB-DOUBLE BOTTOM
LL-LOWER LOW
LH-LOWER HIGH
HH-HIGHER HIGH
HL-HIGHER LOW
TF-TIME FRAME
M-MONTHLY
W-WEEKLY
D-DAILY
NCA-NO CLOSE ABOVE
NCB-NO CLOSE BELLOW
PTT&TTP-PLAN THE TRADE&TRADE THE PLAN
__________________
Nothing personal,just business
  • Post #2
  • Quote
  • Sep 28, 2011 2:47pm Sep 28, 2011 2:47pm
  •  fxgroup
  • | Commercial Member | Joined Nov 2010 | 1,178 Posts
Let's see some simple charts !

The price breakouts of the range market in up trend,at that point we start to look on daily chart how the old resistance of the range market becomes support for the next price evolution.
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Nothing personal,just business
 
 
  • Post #3
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  • Sep 28, 2011 3:05pm Sep 28, 2011 3:05pm
  •  fxgroup
  • | Commercial Member | Joined Nov 2010 | 1,178 Posts
The overall trend is down, the price closes bellow the range market support and becomes resistance.
With the price action confirmation, the price continues its way to monthly+ weekly support.
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Nothing personal,just business
 
 
  • Post #4
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  • Sep 28, 2011 5:33pm Sep 28, 2011 5:33pm
  •  fxgroup
  • | Commercial Member | Joined Nov 2010 | 1,178 Posts
A chart with an explanation of how we read a chart, entry, target and exit !
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Nothing personal,just business
 
 
  • Post #5
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  • Sep 29, 2011 4:32am Sep 29, 2011 4:32am
  •  fxgroup
  • | Commercial Member | Joined Nov 2010 | 1,178 Posts
1° step of trading process= market study.
-what is price doing= range market.
-identification of the most important levels whithin the consolidation.
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Nothing personal,just business
 
 
  • Post #6
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  • Sep 29, 2011 8:55am Sep 29, 2011 8:55am
  •  fxgroup
  • | Commercial Member | Joined Nov 2010 | 1,178 Posts
I see the market as a battle between buyers and sellers.
This is a personally interpretation of what I see when I look to a chart.
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Nothing personal,just business
 
 
  • Post #7
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  • Sep 29, 2011 10:49am Sep 29, 2011 10:49am
  •  fxgroup
  • | Commercial Member | Joined Nov 2010 | 1,178 Posts
The same chart with two kind of support/ resistance levels: static& dynamic.
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Nothing personal,just business
 
 
  • Post #8
  • Quote
  • Sep 29, 2011 4:30pm Sep 29, 2011 4:30pm
  •  fxgroup
  • | Commercial Member | Joined Nov 2010 | 1,178 Posts
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.
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Nothing personal,just business
 
 
  • Post #9
  • Quote
  • Sep 29, 2011 4:58pm Sep 29, 2011 4:58pm
  •  fxgroup
  • | Commercial Member | Joined Nov 2010 | 1,178 Posts
Psychology

Planning the trade and waiting the price to give us the confirmations at our levels.
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Nothing personal,just business
 
 
  • Post #10
  • Quote
  • Sep 30, 2011 4:21pm Sep 30, 2011 4:21pm
  •  fxgroup
  • | Commercial Member | Joined Nov 2010 | 1,178 Posts
Some exemples of how I put and use the first type of support/ resistance levels.
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Nothing personal,just business
 
 
  • Post #11
  • Quote
  • Oct 1, 2011 3:04am Oct 1, 2011 3:04am
  •  Ainks
  • | Joined Feb 2010 | Status: Just trade for money... | 9 Posts
hi fxgroup..

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?
 
 
  • Post #12
  • Quote
  • Oct 1, 2011 7:37am Oct 1, 2011 7:37am
  •  porfirio
  • Joined Jul 2009 | Status: Member | 985 Posts
very interesting ... thanks
 
 
  • Post #13
  • Quote
  • Oct 1, 2011 7:59am Oct 1, 2011 7:59am
  •  andri66
  • | Joined Jul 2011 | Status: Member | 350 Posts
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 !!
 
 
  • Post #14
  • Quote
  • Oct 1, 2011 10:08am Oct 1, 2011 10:08am
  •  tradpat
  • | Joined Jul 2010 | Status: I LOVE MACD | 511 Posts
hi fxgroup

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

cheers

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)?
 
 
  • Post #15
  • Quote
  • Oct 1, 2011 3:35pm Oct 1, 2011 3:35pm
  •  fxgroup
  • | Commercial Member | Joined Nov 2010 | 1,178 Posts
[quote=Ainks;5003590]
Quote
Disliked
hi fxgroup

nice thread you got here..

i have one questions
hi Ainks, even more http://www.forexfactory.com/images/icons/icon14.gif..
Quote
Disliked
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?
Yes, this method is based on price and the price is the price in any time frame and any market....but...in lower time frame the profit/money management levels are very closed and you have to be very fast, the time for analyse,time decision, etc becomes very tight. If you add the volatility ....!
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.

Thanks Ainks.
Nothing personal,just business
 
 
  • Post #16
  • Quote
  • Oct 1, 2011 3:36pm Oct 1, 2011 3:36pm
  •  oconnor365
  • | Joined Sep 2011 | Status: Member | 171 Posts
Excellent thread...looking forward to learning more..
 
 
  • Post #17
  • Quote
  • Oct 1, 2011 3:44pm Oct 1, 2011 3:44pm
  •  fxgroup
  • | Commercial Member | Joined Nov 2010 | 1,178 Posts
Quoting porfirio
Disliked
very interesting ... thanks
Ignored
Hola!
Thank you being part of this thread !
Nothing personal,just business
 
 
  • Post #18
  • Quote
  • Oct 1, 2011 4:02pm Oct 1, 2011 4:02pm
  •  fxgroup
  • | Commercial Member | Joined Nov 2010 | 1,178 Posts
[quote=andri66;5003744]
Quote
Disliked
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 ?
Hi andri66

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 !

Quote
Disliked
Many thanks & Good Luck !!
Thanks to you sir !
Nothing personal,just business
 
 
  • Post #19
  • Quote
  • Oct 1, 2011 4:10pm Oct 1, 2011 4:10pm
  •  Tatbat
  • | Joined Jun 2011 | Status: Member | 474 Posts
I am looking forward to your thread
and good luck to all
 
 
  • Post #20
  • Quote
  • Oct 1, 2011 4:36pm Oct 1, 2011 4:36pm
  •  fxgroup
  • | Commercial Member | Joined Nov 2010 | 1,178 Posts
Quoting tradpat
Disliked
hi fxgroup

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

cheers

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)?
Ignored
hi tradpat

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).
e-u-sellers channel
g-u-sellers till the triangle will start the congestion.

p.s.2 fxpro& others for charts.

Thanks for your partecipation.
Nothing personal,just business
 
 
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