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Trap the Market

  • #681
  • Feb 17, 2019 8:27am Feb 17, 2019 8:27am
Quoting KeenPips
Do you do a pre-market analysis? It is worthwhile for traders to do a pre-market analysis and develop a plan of action based on the analysis. For example, intraday traders may do a daily pre-market analysis. As a short-term swing trader, I do a weekly pre-market analysis. During the analysis, I scan the pairs on my watch list to see which pairs meet my criteria for possible trading during the week. I have just completed my weekly pre-market analysis and will look to trading the EURUSD southward during this week. The XAUUSD is another I will look...
Hi KeenPips, i will add my opinion. Is it worthwhile for traders to do pre-market analysis and develop a plan? My answer is yes and no, its ok if you plan for next week but you must be totally prepared to trow your plan out the window, worst thing that can happen to a trader is to have a plan and sticking to the plan and we all know how that can end. You should always remember yourself that you are planing for things that are totally out of your control. Good luck for next week.
  • #682
  • Feb 17, 2019 9:14am Feb 17, 2019 9:14am
Thanks mate for your post. However, I have a totally different view. You do a pre-market analysis and develop a trade plan based on that analysis. You trade that plan if the market is in consonance. If the market is not in consonance, you review the basis of your analysis. If the basis is still valid, you stick with your plan and wait for the market to be in consonance. At any rate, you trade whatever market is in consonance with your plan. That's how you build consistency and have confidence in your trading skill. This does not mean that there is no place for the tweaking of your trade plan if the basis pf the analysis is faulty.

Trade safe.

KP

Quoting STrading
{quote} Hi KeenPips, i will add my opinion...its ok if you plan for next week but you must be totally prepared to trow your plan out the window, worst thing that can happen to a trader is to have a plan and sticking to the plan...
Do your homework, follow the footprints of smart money
  • #683
  • Feb 17, 2019 10:05am Feb 17, 2019 10:05am
A main focus of this thread is to emphasis the need to analyse, track and watch the markets and develop boundary conditions or criteria for feasible and profitable trade setups. This was covered in my first few posts on this thread. This still is a major focus of the analyses and ideas I present here. I am aware from the onset that this may not gel with many FF members as they are largely scalpers, but fellow traders who have the same persuasion or want to share their ideas in this regard should find this thread welcoming.

Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #684
  • Feb 17, 2019 10:09am Feb 17, 2019 10:09am
Quoting KeenPips
A main focus of this thread is to emphasis the need to analyse, track and watch the markets and develop boundary conditions or criteria for feasible and profitable trade setups. This was covered in my first few posts on this thread. This still is a major focus of the analyses and ideas I present here. I am aware from the onset that this may not gel with many FF members as they are largely scalpers, but fellow traders who have the same persuasion or want to share their ideas in this regard should find this thread welcoming. Trade safe and prosper....

Yep, I as a day trader or a scalper or whatever you want to call, I only work with one currency pair and I do not need to do any previous analysis because I do not need to have a BIAS to trade and neither a lot of pips to achieve my goal.

Have a green week
POW!
  • #685
  • Feb 17, 2019 10:16am Feb 17, 2019 10:16am
Mate, you are not really responding to my post. Your remark is off topic.

KP

Quoting fxprimate
{quote} Yep, I as a day trader or a scalper or whatever you want to call, I only work with one currency pair and I do not need to do any previous analysis because I do not need to have a BIAS to trade and neither a lot of pips to achieve my goal. Have a green week
Do your homework, follow the footprints of smart money
  • #686
  • Feb 18, 2019 4:17pm Feb 18, 2019 4:17pm
The CHFJPY is still in a consolidating phase around a significant zone that has held as an S/R level for quite a while. However, a break below the 108.780 level on a daily closing basis is likely to give impetus to a bearish continuation.

I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #687
  • Feb 18, 2019 4:40pm Feb 18, 2019 4:40pm
Which criteria are you using for deciding or selecting the pairs to trade or keep on your watch list? For me, as a short-term swing trader, I believe in markets that trend very well and reliably respect technicals.

Trade safe.

KP

Quoting KeenPips
A main focus of this thread is to emphasis the need to analyse, track and watch the markets and develop boundary conditions or criteria for feasible and profitable trade setups. This was covered in my first few posts on this thread. This still is a major focus of the analyses and ideas I present here. I am aware from the onset that this may not gel with many FF members as they are largely scalpers, but fellow traders who have the same persuasion or want to share their ideas in this regard should find this thread welcoming. Trade safe and prosper....
Do your homework, follow the footprints of smart money
  • #688
  • Feb 19, 2019 7:58am Feb 19, 2019 7:58am
I am aware that many of us keep looking for the perfect trading system or strategy. It is called searching for the 'Holy Grail'. However, the perfection is in the person, his/her personality and mastery of the markets. Time spent on developing in this area rather than on hopping from one system to another will be worthwhile ultimately.

Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #689
  • Feb 22, 2019 5:28am Feb 22, 2019 5:28am
Price action on the GBPUSD has just turned southwards from the 78.6/61.8 fib retracement zone of the drop from the high of January 2019 (1.32150) to the current low of February 2019 (1.27715). Given the bearish candlesticks of the last two days in the area (or the topping formation on the H4 tf), we may see a further southward move.


I may be wrong. Trade safe and prosper.

KP

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD_Feb._22,_2019_H4.png Size: 38 KB
Do your homework, follow the footprints of smart money
  • #690
  • Feb 24, 2019 5:44am Feb 24, 2019 5:44am
Since including AUDNZD on my list of temporary pairs to track before deciding which to place on the regular watch list, I have been impressed with how it respects technicals. This week, the pair is one of the few I will be tracking for likely trading opportunity. I will look for a feasible and potentially profitable bearish setup at an area of value.

KP
Do your homework, follow the footprints of smart money
  • #691
  • Feb 24, 2019 2:57pm Feb 24, 2019 2:57pm
Here's my take on the AUDNZD from a technical perspective.

On the daily time frame, price action is operating in a descending channel (blue). Basically, there was a sideways operation in the latter part of the week but the bearish pinbar printed on Friday was a follow-up to the slightly bearish candlestick printed on Thursday. This pinbar was printed at a minor support zone on the daily time frame. But as a significant support zone, around 1.03650, is less than 30 pips away, we may see some sideways of price action in the early part of this week, before a bearish continuation.

I am bearish AUDNZD.

I may be wrong. Trade safe and prosper.

KP

Attached Image (click to enlarge)
Click to Enlarge Name: AUDNZD_Feb._24,_2019_D1.png Size: 48 KB


Quoting KeenPips
Since including AUDNZD on my list of temporary pairs to track before deciding which to place on the regular watch list, I have been impressed with how it respects technicals. This week, the pair is one of the few I will be tracking for likely trading opportunity. I will look for a feasible and potentially profitable bearish setup at an area of value. KP
Do your homework, follow the footprints of smart money
  • #692
  • Mar 18, 2019 7:39pm Mar 18, 2019 7:39pm
Two pairs on my watch list that I am tracking for sell trading opportunities after the current northward pullback are AUDNZD and EURUSD.

I may be wrong. Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #693
  • Mar 19, 2019 5:58am Mar 19, 2019 5:58am
a very reasonable theory. I will try this theory.
  • #694
  • Mar 19, 2019 11:06am Mar 19, 2019 11:06am
Trade safe.

KP

Quoting MeadeDevan
a very reasonable theory. I will try this theory.
Do your homework, follow the footprints of smart money
  • #695
  • Mar 26, 2019 11:22am Mar 26, 2019 11:22am
The AUDJPY has caught my attention. It is operating within a horizontal channel (bound in horizontal magenta lines) on the daily time frame. I will be interested to go for a southward trade in the market if price action rejects the channel resistance.

I may be wrong. Trade safe and prosper.

KP

Attached Image (click to enlarge)
Click to Enlarge Name: AUDJPY_Mar._26,_2019_D1.png Size: 44 KB
Do your homework, follow the footprints of smart money
  • #696
  • Apr 1, 2019 12:11pm Apr 1, 2019 12:11pm
Here's an update on the EURUSD market. It's a bit ambivalent at the moment. Much likely a break below the 1.1214/1.11910 area on a daily closing basis will witness a southward momentum. Otherwise, we may see a bullish retracement around the 1.11900 area. The immediate significant horizontal support is around the 1.10900 area.

I may be wrong. Trade safe and prosper.

KP

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD_Apr._1,_2019_D1.png Size: 52 KB
Do your homework, follow the footprints of smart money
  • #697
  • Apr 3, 2019 7:53am Apr 3, 2019 7:53am
A lot has been happening with these pairs; EUR/USD ends week under pressure as recovery fades. The euro was unable to recover ground against the US dollar on Friday.
  • #698
  • Apr 3, 2019 9:29am Apr 3, 2019 9:29am
Could anyone tell me websites give data about all live traders open position. Or i have to go to websites of forex brokers to see the data. Basing my trades on traders open position is good idea or not ?
  • #699
  • Apr 3, 2019 9:34am Apr 3, 2019 9:34am
Imho, we need a breakdown of the horizontal channel before a bearish momentum. At the moment, it's a waiting game.

Trade safe and prosper.

KP

Quoting Bryn23
A lot has been happening with these pairs; EUR/USD ends week under pressure as recovery fades. The euro was unable to recover ground against the US dollar on Friday.
Do your homework, follow the footprints of smart money
  • #700
  • Apr 3, 2019 9:38am Apr 3, 2019 9:38am
The FX market is decentralised. So, you can't get the open positions for all traders. You can get for some brokers, e.g. Oanda; and of course FF has info on positions of traders who linked their trade explorers.

KP

Quoting keepmoving
Could anyone tell me websites give data about all live traders open position. Or i have to go to websites of forex brokers to see the data. Basing my trades on traders open position is good idea or not ?
Do your homework, follow the footprints of smart money
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