Price action trading - Trade like the pros!

I think this week will be the dollar's week, there are a lot of retracements happening (EURUSD, GBPUSD, AUDUSD....) may not be reversals from the main trend but they contribute for the dollar going up this week

New trader here. Love the videos Wdays, great job explaining the concepts. Market Structure seems a little difficult to spot so can anyone tell me if I'm on the right track?
See attached picture.
Thanks.

Yes, except you're looking at a 5m chart. And if you zoomed out, you'd see that this entire construction is part of a consolidation. But generally speakng, whenever range tightens we can soon expect an expansion.

Hi Wdays, i am a silent reader, what do you think about eurusd? could you please update about eurusd, i would like to see your chart on eurusd, daily or h4 . thank you

Hi guys can we just bring these Room back to life! !! Please

it would be nice actually but looks like its dead already

Technical analysis traders with lethal entries lets bring this house back to order.

I have a trading channel where i post all my trades here t.me/wicksfxlabs

Feel free to check them out and we can discuss more.

but we can make it rise again! The staff is pure Gold in here!

Guys, it's hard work keeping a thread going as the author. Especially if your style of trading is quite time-intensive. It can wear you down.

If you want to keep things going, then I'd say go for it. It's a worthwhile thread. Keep it alive by supplying the content yourselves

so nice

Why do you assume this assumption? When we left the Asia zone, a new day at the door and everything is possible .......

yup it's a shame what has happened to this thread but then again he wanted to keep it for educational purposes only.

I disagree. It's really no shame that I let this thread die out.

While creating all the material, I realized I wasn't doing anybody any favors. Seeing all the messages I kept receiving in my inbox made me kind of sad that real people, with real lives have their hopes built up to such an extent, they are hopping through threads in the forum, trying out this system here and that system there, hoping it would help them improve and start making those big bucks real soon, so they could retire early.

This logic is flawed on so many levels, because it's entirely based on desperation and the determination to get rich fast. As soon as someone offered a more distant approach, like not letting them know which indicator cross-over they needed to watch out for in order to open a buy or a sell, they run away from that thread like they're on fire. People want systems & not to actually put in work and understand what's going on.

Unfortunately, this only goes to their detriment. And I do not wish to uphold and feed people's delusions which can cost them more than just some money.
____________________________
To those of you, willing to put in the time and effort to build their way up, I suggest we start from scratch. But first let me answer the people inboxing me on here & twitter: I do not wish to capitalize from any mentorship programs. I will not hold secret skype chats, with small groups of people paying me to teach them how to trade. I do not wish to prove anything to you or whoever. I'm only doing this in my free time, for whoever wants to take a moment and listen/read. The content is up there, on Youtube, since it's easier for me to get through to you while talking/showing a presentation coupled with live examples. All of the content will be public, I will answer (pertinent) questions if there are any first chance I get. Besides I don't think what I've got to show you is very appealing to the FF crowd, since... well I ranted enough about that above.

The idea is to truly help people improve, not just bring them more and more delusions about something that is cloudy enough as it is.

I've seen so many people get lured into this world, myself included once, thinking “lol, it's easy, just gotta make 10 pips/month with tons of leverage and #BRBGOINGTOTHEMOON”. And that's because there's so much info out there, it's overwhelming enough as it is to go and look for a proper education. We want to put ourselves out there and start making money. We open a demo account, then fiddle around with it for a few days, score some quick cash and think to ourselves “why am I still working that dead-end job, when I could be doing this every day day-in and day-out”.
We open the real account with a small amount of money, and find a broker that offers as much leverage as possible. Waste the account and either quit, or fund another one, this time trying to read up a little – generally in the interwebs and ForexFactory among others. We find some cool looking, very colorful chart with loads of different indicators out there, in one of the many Trading System threads that exist, slap the template on and go for round #2...
...which ends just the same way. We start hopping from one system to the next, never stopping to think what we're actually doing wrong.

Now, having read that, if you thought it sounded just like you, keep reading. I'm about to tell you what you're doing wrong... And you're not going to like it. At all.
Trading is serious business and should be treated as such. Time for a reality check, before we go any further. This is going to be the start of an entire series of boring, finance & economy lectures, that nobody wants to hear or has time for. Yet without this knowledge, you cannot be profitable. Not in the long run, anyway.

As I was going on, I already mentioned some of the biggest mistakes people who are new to this fall victim to. If I had to shortlist them, it would be something among the lines of:

 

1. Not being prepared and/or having little to no idea WTF you're doing.
2. Not taking the time to get to know the world of investing.
3. Not getting to know the fundamental basics that drive markets, because hey, who needs to when we can trade with a simple chart
4. Using hugeass leverage to trade, without understanding what “leverage” truly is.
5. Only looking at what gains you could earn by opening a position, without taking into account the fact that the position may just as well go against you and crush you.
6. Never ever hedging and/or diversifying your portfolio (trading 1 currency pair is all you need to make a living... yeah right)
7. Starting out waaay too undercapitalized, hoping profits will grow the account fast enough.
8. Using crappy (and free) trading tools

And the list goes on and on. I'm not even going to go in on most of the problems “trading mentors/teachers/gurus” usually talk about (you should trade with the “smart money”; “you need to keep a journal”; “you need to have good Risk/Reward parameters”) . I think they really don't matter if you're completely new and looking to improve.

At the end of the day, trading is psychological. And once you know your way around the financial world, it's only then you can begin working on the aforementioned “pro” traders' advice. Otherwise it would mean nothing to you.

Well said bro.

That is exactly what I have found time and again and again and again.
I meet traders all the time who want help. But when you try and help them and they realise you are offering "real help" that comes with real work, with thinking and learning and not the kind of BS help that is out there they hit the road, looking for the next best thing.
The vast majority want the "instant fix", just like their instant coffee, hence the reason the vast majority fail. They are not interested in learning, they just want an indicator to tell them when to get in and when to get out. They are not interested in learning to fish, they just want the fish.


"At the end of the day, trading is psychological"... This is all trading is. 90% psychology, 10% strategy.

I fully agree with you, but I think everyone should go through that process and that takes time. it is a fight with yourself. and if you sustain long enough, the puzzle pieces slowly fall into place. but that can take years!
learn to loose !!

That's not exactly true, because when people get into it for all the wrong reasons, they inevitably fail. And once they fail, it doesn't take too long for them to quit and call it a gamble.

It's all about built-up expectations vs the cold hard reality of the business. Trading is boring af, it's not some super intense party. It's ever changing - nowadays, intraday trading on an institutional level is mostly automated. So most people look for an edge, just so they can go up against computers and get robbed. All that because they think/are told "trading should be easy".

Dear WDays,

I like you update it what is your view on every trading day. I love to see it..hopefully to learn from u...please.. tq

hi in here, lets take a look at dis setup

I just want to say thank u so much to Wdays!