Beyond the Candles

This thread should be studied carefully, it has a very valuable information about long term trading, many thanks for the big effort i would like to hear more from you.

Hi Mucellini and welcome !

I don't like lower time frames...high volatility, a lot of stress and most of all small profits !
In the last month I was ( and I am still ) involved in only 4 trades based on long term analyse and I have no regrets at all...more then 10 % ( is not like this every month...I wish but it isn't ! ) and happy with it :



Disclaimer: This post is not to brag myself, but to underline the importance of the QUALITY and NOT the trade's number

:nerd:

It works, but we have to learn patience, this seems to be a life-long process....

Thank you fxgroup !

M.

How long will it take to learn all this stuff. By the time we learn it, the machines might have also learnt it.

GBPAUD Weekly

We had this strong bullish candle early September, now WPD = slightly higher, but indecision and still in previous sellers territory.

However, the most recent move down was not very impulsive and could be a minor bull flag.

As always I will wait for confirmation, even if a bulish breakout higher happens.

Good trading to all !

M.

hello,

i need some help for make some changes in my indicator.
its about candlestick patterns.
i dont know programing.
i have candlestick patterns v3 indicator in this indicator i want to modify BULLISH ENGULFING AND BEARISH ENGULFING PATTER.

THE LOGIC IS : BULLSIH ENGULFING SHOUD LOWER THEN PREVIOUS CANDLE AND CLOSE ABOVE PREVIOUS CANDLE HIGH..
: BEARISH ENGULFING SHOUD HIGHER THEN THE PREVIOUS CANDLE AND CLOSE BELOW PREIVOUS LOW.

HERE IS MY INDICATOR ..
PLZ MODIFY THIS..

THANK YOU.

Hello Chiragpandat,

welcome ! But I believe you are in the wrong thread, as we focus here on fxgroup´s teaching, and this means higher time frames and no indicators.

You might find someone in another thread such as " All the indicators and ebooks you need etc. " There you will find a lot of indicators and such things.

After many years I have found that simple is best, and fxgroup has taught us such a wonderful way of looking at charts that we really don`t need additional indicators.

For those people that have difficulty finding the levels - where those engulfing bars you mention actually occur - one can fine-tune this with great simplicity by using simple line charts.

Good luck and I hope that helps !

M.
Attached a USDCHF simple line chart, you will find that engulfing candles and other Japanese candlestick formations happen at these important PRICE levels. What is more important : the candlestick itself or the story that price is telling us ? This is why the name of this thread is " Beyond the Candles " !....

SGD index...this is an opportunity that I will looking for and plan it...the P is within the long term triangle with the buyers information ( bullish PB ) to the S level. The bullish PB close above one the most important level 368 , meanwhile on D chart we see how none of the last D candles close below it.
The dinamyc R is the final TG of the pattern.

CAT

The M bullish PB that closed within the previous RM fulfilled the selection criteria for this trade.
On D chart we notice a first buyers reaction at our level and how the P after closind above the D RM gived us 2 BUOBs as buyers continuation and the fact that the old RM became S. The bearish TL and the M RM's R is the main TG !

Thank you fxgroup, great to have a stock trading example, not just Forex !

Attached are monthly RM examples ( I think quite useful ) in EURAUD and AUDUSD.

Fundamentally, RBA Stevens has again threatened to intervene in order to get AUD lower, and EURAUD has not really had a rise going above 50% of the last decline ( all on monthly chart. ) So, many traders are probably automatically positioned LONG EURAUD and SHORT AUDUSD.

However, as we can see on the monthly chart, it is best to follow fxgroup`s advice and WAIT until price has moved outside of the RM.

My best trading wishes for all.

M.

Thank you all for keeping this threath going, lots of wisdom here..
THis is what my eyes spot on eurcad.
On monthly we had 2 closes already below s/r and on weekly and daily we are in a range
so althougth shorts have more potential, i´m looking into the w/d RM to present trade opportunities.

Please...read this post carefully...the trading IS easy and anyone could do it !...all you need is discipline and the availability to study the charts !

EURJPY

The methodology is about reading the higher TF informations then waiting for D confirmation...on M chart the P was stuck in RM, meanwhile on D chart the P closed above the M RM's R did a RET and give us the bullish confirmation with the main trend:

Hello,

I found this thread a few days ago and I'm reading it currently at page 15. I found it to be very interesting and complementary for me, so thanks very much for sharing and keeping it up fxgroup!
I am working with Price Action since Oktober this year. Until I found this thread I marked my S/R on Daily and then looked for signals on Daily and H4 and on MT5 also H12 H8 H6, but I found it to be to stressfull, so now I mark levels on weekly and trade from daily and H12 as I only want to look at the charts one time per day in the morning.
Of course I already have got some questions.
1. Which candle patterns do you trade excepting PB, 2DPB, Engulfing Bar and Inside Bar?
2. Where did you get your knowledge from? I know you have a lot of knowledge and I'm wondering if you work for a bank or trade for a living...Since how many years are you profitable with this? Many peeps in another forum told me that you can't be profitable with a strategy like this, but I won't believe it...
3. I am short in NZDCAD PB from weekly resistance at about 0.89744. (see first pic) on my demo account.
I had some problems with planning my TP. You are drawing your S/R at candles closes and when I do that I get the black support line, if I use the weekly highs and lows I get the blue support line. Now I'm wondering if for planning the TP the black line is the way to go, because it is much lower than the blue line...
What is your experience with that, did you always draw S/R like that?
Sry for the many questions and thanks for your help. I would really like to contribute some charts in the future.
Oh, before I forget, what do mean by the question "is this a point for MM or taking profit"?

Best Regards

Hi Ttf and welcome !

First of all thanks for you post ...now let me ask to your questions:

1- most of the PA candels patterns are those you have written but I do have others ways to enter at market as TT ( touch trade ) , to use IPB as trigger / information or 3 candels patter ( as inversion pattern )

2- I get my information speaking with many traders ( professionals or not ) , reading everything I could about trading / market but most of all studying / working with naket charts, observing and analysing the P behaviour. I have been trading the PA since 2003 and constantly profitably since 2007 (more or less )...I do not work for bank or other financial institution ( nevertheless I have some institutional trades mates ), but over the years I did build a Trading Group witch I work with constantly ( and I am very proud of it !!!) !

3-Next Friday I will make a live webinar and I will be happy to explain you why the " black " levels are the right ones....just a market dynamics matter !

For any question please feel free to ask about it and analyse some charts !

Hi fxgroup,

thank you for your kind answer. Please know that I'm only asking about your story, because I followed another thread once and I recognized after some time that the guy just wants to sell a membership...

At the moment I have another important question. I am not a native english speaker, so maybe I don't get all I'm reading in this thread.
I'm wondering what weekly confirmation exactly means.
For example what has to happen on the weekly, so that I have the confiramtion to short EURCAD, because on the daily it broke an important weekly resistance.
For further explanation please see the charts.

Best regards

P.S.: Where can I watch your webinar? I would be very interested

Hello TTF.
Normally a nice setup would be a Weekly close below the level and then, in the following week, a Daily price action confirmation (like a PB or a BEOB) that tell us the level now act as resistance and we can enter in the trade.
The first scenario you have hypothesized, a Weekly price action, it's difficult to trade because if you enter directly based on the weekly PA, you will have a huge SL...and it's unlikely that after the weekly PA, you will have a further retracement with a further daily PA (but if this happens, it will be a VERY STRONG setup!)
The second scenario you mentioned, a weekly candle of retracement that DOESN'T CLOSE ABOVE the level, would be an ideal scenario for us, because it's a good information that buyers are weak, and the sellers are in control of the level. After this double information (a candle that close below and a second candle of retracement that doesn't close above), we can safely wait a Daily PA in the following week, and this will be a 100% confirmed fxgroup-style trade

The webinar this Friday will be helded in Italian language, but it's free and open to all those interested, i give the word to fxgroup for further details.

Hi Redbullish,

thanks for your answer. You confirmed what I suspected.
I already had in mind that the webinar might be in italian. I also speak french and portugues so maybe I can get some single words and if not I still have the chart and the lines.
I have anther question about trade management: At the moment I move to Breakeven when the price hits my first Target (First S/R that might be trouble on daily). With the fxgroud method, do you do it in a similar way (based on daily or weekly?)? Or do you move to BE as fas as possible?
As I only trade PA since september this year with average 4 trades per month (tried to avoid overtrading from the beginning and am profitable so far ) I don't have that much results until now to decide whichway works better, so I appreciate your experiences

Regards

MM is very personal and must be calibrated on each trader personality, trading style, expectations, risk appetite, etc...
Usually with this trading method, move the SL to BE ASAP it's not a brilliant idea because price tend to retest the PA candle, so in that way price will frequently come back to take your stop and then run again in the original direction....
FxGroup suggest to take a partial profit at the first target, then move the stop behind the candle that triggered the order. This is a safe place for the stop to survive retracements and this way you can stay with the position open as long as possible. The first partial close must cover the risk for the remaining position left open.
In this way you will have a overall BE trade but with a SL put in a safer place

Hello,

sometimes FXGroup holds webinars in English, but they are rare. It is harder to attract interest (and thus, have webinars) on this forum. Sadly FF readers seem to prefer to follow the latest, flashy free MT4 indicators "revolutionary" (yet untested) methods based on the 5 minutes candles rather than a method that promises extended study, dedication effort.

Anyway, FXGroup is not native Italian so he speaks rather slowly and if you understand Portoguese you may understand portions of what he says. I have learned Spanish and find spoken (not written) Portoguese to be closer to Italian than Spanish.

FXGroup webinars are unlike the "self appointed guru trader" ones. They are small size (no huge "trains") and bi-directional, that is you may dictate the webinar, there's no written "canvas". FXGroup "just" or mostly replies to attendants questions, therefore they are a great chance to see answered your own, personal questions and doubts. Imagine you have a chart like yours above and want to discuss it with FXGroup: you may talk or copy and paste on a text chat your questions and FXGroup will take his time explaining everything you want!

In case you wish to participate, FXGroup announced the webinar for today at 9pm GMT (10pm CET). FXGroup webinars are usually made with TeamViewer 9, in "meeting mode". No super-professional stuff you see, but FXGroup is a trader, not a marketeer so don't expect shiny and polished "trading rooms" or similar. The protagonist may be you this time.

Right before the webinar start, FXGRoup posts the webinar "ID" on the forum, a number to copy and paste in TeamViewer in the one input box used to join webinars. I don't know if he'll post it on this forum, but if you want I can post it.

@Redbullish
that was a very clear example, thanks! I am currently at page 50 of the thread and I think I already read about this technique, but I didn't get where to put the "BE" SL, but now I understood.
BTW I am wondering which broker you use for you charting? I recongnized that my broker doesn't save the data long, so my weekly and especially monthly charts are very short... :/
@dfumagalli
I would appreciate it if you could post the ID in here. Which is the other forum fxgroup and you guys are active in?

Best regards