Invincibility lies in the defence, the possibility of victory in the attack
Invitation for everyone to analyse my trade strategy 9 replies
Tools to analyse trades 16 replies
Please analyse and let me know 9 replies
Using Meta Trader to analyse stocks? 6 replies
anyone recommend a broker which allow perfect technical analyse 4 replies
Disliked{quote} My sentiment exactly. I had to google him 😁. As someone who bases trades almost entirely on technicals, I rarely pay attention to things like that. Perhaps I should though, to avoid trading around such events, in the interest of avoiding being stopped out in the shorter run.Ignored
DislikedMy current approach to trading involves initially identifying a trend in market on a higher (D1 and H4) timeframe, and then dropping down to the H1 chart to find an entry point for a trade in the direction of the main trend... Yesterday (at 19 : 21 : 00 GMT) I entered a short order on the GBPJPY pair for the following reasons: 1. The market was trending downwards on the D1 and H1 charts, as you can see below {image}{image} 2. On the hourly chart, we can observe that there was a shorter term up trend (retracement) between the 1st and 4th of March....Ignored
DislikedHey there Ponzi JR, Well, the reading of the chart is quite ok, however, there are a few factors that could have worked against you. 1.- The move from that double top was quite extended, and it certainly needed a little bit of a rest, so the retracement that took you out should be considered as something normal. 2.- There is a very steep trendline from your double top formation that has actually been broken, retested and sustained, that could have been a clue for your to be cautious about the position. 3.- There is a 159.80 level on your daily chart...Ignored
Disliked{quote} Apologies for bringing up an old post, but would you mind explaining why sentiment is a more important consideration when trading Yen pairs? It's rarely a factor that I pay much attention to - I usually keep my analysis strictly technical.Ignored
DislikedA few words of wisdom - marubozus are huge bodied candles without shadows whatsoever - their bodies being large, try to wait for next candle's retracement of that marubozu. I understand you were afraid the price would have gone away from you and you would be late for the short (as it would me) - but in time and experience you will realize marubozus will require special attention and in more than 50% cases you can wait for a retrace of the marubozu in the next trading session.Ignored
Disliked{quote} No need to apologize! Sentiment is not "The" most important factor to take into consideration, but it does play a part in Yen pairs and makes them quite volatile. What generally happens whenever there's some major event is that the Yen is going to be bought heavily as it is a safe haven currency. The issue is that once the effect of the news wears off, be that momentarily or for good you get some really wild swings. Basically it pays to have some caution and have your ear in the ground, so to speak, whenever there's some major news going...Ignored
Disliked{quote} Thanks again for your help - I never realised that the Yen was considered a safe haven currency . As a final question, how do you try to avoid going against sentiment, in this way? Do you simply check an economic calendar, check certain forums/threads?Ignored
Disliked{quote} Thanks for your input. Regarding your advice on Marubozu candles - why do you believe that the candle following a Marubozu is likely to be a retracement of it? I completely understand the logic that 'the market may be overextended after a Marubozu, and will correct itself if this is the case (giving a retracement)'. However, we could also argue that a Marubozu 'is a strong indicator of supply/demand at that level, and momentum in that direction, which makes it more likely that the successing candle is likely to follow the trend of the Marubozu'....Ignored
Disliked{quote} First of all - you will be having a lot of problems trading solely on candle patterns. That being said, that signal you took (traded) is fine by me, but I asked you a question before and you still haven't answered. (Regarding your SL placement according to your trading signal). I just want to say, if you're analyzing daily setups, entering at the bottom of that marubozu is just trading blindly. One should look at the bigger picture as to where did marubozu occur - long story short - it is just one candle. Regarding retracements - they are...Ignored
Disliked{quote} My suggestion: stop trading candles and start trading structure. Good luck.Ignored