EURUSD only

deep penetrationnnnnnnnnnnnnnn

No rebound at 1.1600 and we are well into the 4 month distribution triangle, that's bad sign for bulls but still too early to talk, has to go below 1.154 to confirm a new multi-week downtrend

Follow price action guys,, don't jump into unnecessary longs until price says so....learnt that the hard way...and RISK MANAGEMENT GUYS (for beginners )

I'm also learning from the superstars on this thread and I've been getting better

Guys, I am worried for some of you! There seem to be a significant number who are firing off trades almost indiscriminately then closing their eyes, crossing their fingers and hoping .

I know most won't even read this post as it is so long but, if it helps even one person it will be worth the effort. What Ata has taught here has been amazing, his genorosity in taking the time to do this and the patience he displays is beyond belief. He has given you the building blocks to potentially make a decent return. But what many of you seem to be lacking at the moment and what you must really work out for yourselves is how to put these building blocks into a context.

I have been in this game a very long time now and I would say the three most important things I have learnt are:

1. there is a structure to the market that repeats over and over for every timeframe and you should only ever enter a trade when you have a very good idea of where you currently are in the structure

2. the same patterns are generated over and over again - learn a few and you will make money

3. you are never too old or too knowledgeable to learn valuable new tricks/tools

1. Structure
the market moves from consolidation to trend - rinse and repeat. In the consolidation periods the smart money (SM) is steadily amassing a position in the eventual position it wishes to push the market. Once SM considers their position large enough (or they are out of funds and need to cash in), they will push price out of the consolidation range into what is usually the first leg of a three leg push.



Can you see that there is an extra long bar as price comes out of the consolidation areas and into the first leg of the trend move?
I won't pretend that is easy to read where the legs start and finish because due to smaller timeframes than the one you are watching also making legs it can become a little confusing. However, what you don't want to be doing is anticipating the end of a third leg when a trend move has just begun or when you are almost certainly only in the second leg.

2. Patterns
there are many patterns that repeat and much has been written if you take the time to read up on them. But there some that typically occur at the end of a trend so it is these I will mention here. Again I will repeat that you should not be looking for these before you are fairly sure you are in the third leg otherwise you may pick a small pullback and get burnt unless you have a SL in place at the previous leg.

a) pins are a dead giveaway that SM is trying to trick non smart money into going the wrong way. Look at the huge pins at the top where many poor non smart traders got left high and dry holding longs. Over and over again this happens and they particularly like news events to do it. So, if you think you are in the third leg or at the top/bottom of a consolidation channel start looking out for pins.



b) M & W patterns often occur at the end of third legs (M at the top, W at the bottom) and will usually be accompanied by pins. They won't all work but you can have a reasonably close SL with a very good R:R and, if you've seen one that fails in a third leg, another will probably be along very soon.



c) RRTs (railway tracks) where you have more or less equal and opposite candles also often occur at the end of third legs and, if you look at the same area at a lower timeframe, you will often see an M or W



So, before you launch into another hail mary trade, take a deep breath, stand back and look hard at where you think you are in the structure and what the current price action looks like. You can pick any timeframe but it is a good idea to know what the tf's above and below are doing as well.

Now look at the current 1hr chart. Would you still consider going long right now?



And remember, new knowledge doesn't mean that you throw out the old, especially if what you were using was working very well. New knowledge just helps you build the context and gives you additional information on which to decide whether or not to enter. A good discipline is never to enter a trade unless you could explain exactly where you think you are in the structure and what pattern (including and especially Ata's of course) you are using to trigger the entry. If you aren't sure of the structure, just sit back and wait until it clarifies.

I guess anybody not selling now is afraid of spikes. Example me. Lol

bypass TP, change to SL at 1.15995 so anything below is FOC, looking at 1.1560, if price stalls there, will manual close it.

off work now, so can glue my eyes to the screen

low enough?
watch this area...

Be careful with that sell order...1.1584 is the 261 fib ext on the 1.1815 [24th Sept] -1.1726 [26th Sept] swing.

-------7
____________________Nice indeed m8

sometimes we all need to go back to the basics. This is great FREE information that all should print off. But again, that is just my opinion..

When I read Structure
I already know that you know what you're talking about, so I clicked like.

Thanks for sharing.

lol, that's understandable !

If we wait for a better level we miss the train and if we enter, we get the spike, you choose

Its all relative to your trading style, timeframe, and your position. To a scalper or short term trader, people might view it as catching a falling knife. To me its not ballsy cause I was short from 1.1700s, I am covering with a 130 pip profit, and now long. I have my own timing method. Usually my stops are a little wider on my swing trades but this trade I put a 25 pip stop because I only wanted to risk 20% of my gain. Cashing in nice gain, and only risking 20% of gain after a 200 pip drop in 36 hours is prudent.

last moth close 1599 the line in the sand now currently trading below it at shot at 96 again will make the month very bearish and this thing can keep going into

Thanks for your sharing. I read it all, really helpful

Makes good sense. I re-read my post and realised the tone came a bit off. I apologise, had no intention to sound rude or offensive. Just a casual comment that’s all. Good luck to us and I hope you get the target you’re shooting for. I am long too but from 1.15817 with tight stops at BE +4.

I wonder how Lord and Master Ata is doing? Is he selling?

Dollar Index shows the divergence on M30.

Thank you for sharing this.

What a wonderful piece!!!, well appreciated