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The real Basics - how to start and how avoid the traps

  • #81
  • Dec 1, 2019 12:02pm Dec 1, 2019 12:02pm
Quoting MichaelSch
{quote} Clean overview and nice setup. Something that newbie may look deeper.
Hi Michael,

Chris Lori Post #27 has been a great help in me understanding Market behaviour.

It is well worth newbies investigating the free videos he has available, just do a Google search.

It might take some time to fully understand what he is talking about but, for me at least, well worth it.
  • #82
  • Dec 1, 2019 12:10pm Dec 1, 2019 12:10pm
Quoting MichaelSch
{quote} Clean overview and nice setup. Something that newbie may look deeper.
Hello Michael and Steve,
because Michael asked me for my entry condition for the next example I had similar thoughts today. That means I would observe the price-movement in a certain direction until the probability of a movement in the opposite direction gets higher and higher. When I asume that such a reverse will happen that would be my entry condition. That means kind of basic swing trading.
After reading Steve' s explainations I see that my knowledge and strategy is far below.
But general for me this setup is the one I would prefer.
And for sure I know that it needs a lot of practise for me to identify the right points to enter.
Regards
  • #83
  • Dec 2, 2019 12:52pm Dec 2, 2019 12:52pm
Number 06.

Please give exact condition for your entry, so the training will be more deeper.

Have fun doing it.

Attached Image (click to enlarge)
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Perfection is the enemy of good enough!
  • #84
  • Dec 2, 2019 1:08pm Dec 2, 2019 1:08pm
Quoting MichaelSch
Number 06. Please give exact condition for your entry, so the training will be more deeper. Have fun doing it. {image}

Luv this!

This chart really meets my conditions for naked trading.
Attached Image (click to enlarge)
Click to Enlarge Name: The real Basics Luv it.png Size: 105 KB
Risiko birgt immer auch die Chance.
  • #85
  • Dec 3, 2019 2:06pm Dec 3, 2019 2:06pm
Hello Michael,

some Input from my site:
I tried to identify entry conditions according the two setup we have discussed before:

1) "4 Steps Setup" by Michael
--> Marked the phases in "green / yellow/ green" or "red / yellow/ red" with horizontal brown as entry --> in points A-I.

2) "High-Low-Bleed back" by Steve
--> Marked entry points --> in points 1, 2, 3, 4.

To give exact entry condition and reason is still a challenge for me.
Would be interested in how other traders see and interpet this chart.

Regards
Attached Image (click to enlarge)
Click to Enlarge Name: basic 6.jpg Size: 90 KB
  • #86
  • Dec 3, 2019 11:24pm Dec 3, 2019 11:24pm
Before taking a swing trade on daily chart always note the following:
1. Fundamentals are the leading Indicators
2. Price Action the lagging indicator.

nevertheless; they interchange positions during chart analysis and now price action become the leading indicator.

***once you see your set up complete; don't just jump on the trade, go back to the fundamentals and analyse the force behind the set (thus you interchange positions again; making the fundamentals leading indicator). If there is important fundamental expected the following trading day; wait for the data before entering the trading...this will save you from possible pullback if the data is unpleasant.

#happy trading
  • #87
  • Dec 4, 2019 8:54am Dec 4, 2019 8:54am
Quoting dougkenya
Before taking a swing trade on daily chart always note the following: 1. Fundamentals are the leading Indicators 2. Price Action the lagging indicator. nevertheless; they interchange positions during chart analysis and now price action become the leading indicator. ***once you see your set up complete; don't just jump on the trade, go back to the fundamentals and analyse the force behind the set (thus you interchange positions again; making the fundamentals leading indicator). If there is important fundamental expected the following trading day;...
Fu damentals not part here, because we discuss the real first step to read the chart as it is. I mix my charts from every avaible time frame without note it. No one have trouble here to trade what is visible, so the information what timeframe is not needed. Also fundamentals not needed. This will only fuel you thinking carousel, more not.
Perfection is the enemy of good enough!
  • #88
  • Dec 4, 2019 9:21am Dec 4, 2019 9:21am
Quoting MichaelSch
{quote} Fu damentals not part here, because we discuss the real first step to read the chart as it is. I mix my charts from every avaible time frame without note it. No one have trouble here to trade what is visible, so the information what timeframe is not needed. Also fundamentals not needed. This will only fuel you thinking carousel, more not.
I hear you. Whatever works for you bro; as long as you squeeze the pips out of the market
  • #89
  • Dec 4, 2019 11:16am Dec 4, 2019 11:16am
Quoting Viator
Hello Michael, some Input from my site: I tried to identify entry conditions according the two setup we have discussed before: 1) "4 Steps Setup" by Michael --> Marked the phases in "green / yellow/ green" or "red / yellow/ red" with horizontal brown as entry --> in points A-I. 2) "High-Low-Bleed back" by Steve --> Marked entry points --> in points 1, 2, 3, 4. To give exact entry condition and reason is still a challenge for me. Would be interested in how other traders see and interpet this chart. Regards {image}
Nice. I see youhave make some deeper thoughts what you got here on informations. You are on a good road.
Perfection is the enemy of good enough!
  • #90
  • Dec 7, 2019 10:41am Dec 7, 2019 10:41am
We go over to number 007.

Have fun and be precise with your drawing. Give entry condition, so we are now going more deeper yet.

Attached Image (click to enlarge)
Click to Enlarge Name: Training_07.png Size: 10 KB
Perfection is the enemy of good enough!
  • #91
  • Edited 11:50am Dec 7, 2019 10:56am | Edited 11:50am
I can post over and over charts with not much going into zoom and we can see all what we need to trade. We have here no information what timeframe is used, we have no crap that will make our chart unreadable. We have no information what fundamentals around the points of interest. The chart is really simple and thats all.
See the "line" is going through white area. Train your eyes to build a balanced view. The black and white coexist. Both can not without the other. If you watch to close the black, you have no clue how the "snake" is going through the field. If you have only the white in your eyes, you can not see the important breaks of the black line.

As in my posts before, my simple setup on this chart aswell.

Attached Image (click to enlarge)
Click to Enlarge Name: Training_07_simple_trading.png Size: 88 KB


Attached Image (click to enlarge)
Click to Enlarge Name: Training_07_trendline.png Size: 96 KB


The hard truth is, we need not much information to trade well. One setup is enough in a naked chart to make money. More money you can not earn in a real job.
All the blink blink around forex is to kick off the road.
See my setup again. I wait for movement in a direction, wait for price is about turning. I watch for building levels in these movement and build criteria for SL and entry. If goes well my trade is activate or the price is eliminating the movement.

You can see other things and it is good, as long you able to structure it for you and you able to stick to it.

I will only show that with the second chart more as one way to trade it is possible. This is what i will show the rookies here. Take what YOU can see and build your conditions around. If you miss this step you are going to build a puzzle with one missing piece. You will not finish it!
Perfection is the enemy of good enough!
  • #92
  • Dec 8, 2019 1:57pm Dec 8, 2019 1:57pm
Hello,

Some Input from my site:

I just combined the two graphs and re-produced the given setup.
--> A1-A4, B1-B4
Trend T1-T4

Then I added 3 interesting points with the given setup
I also see chances here.
--> C1-C4, D1-D4, and maybe E1-D3?


Also I added a Trendline T5 --> not sure if it gives us an extra value.

For T2, T3 and T4 --> Can you explain the meaning of them?

You can be sure that I´m really ok with "a hard truth" aslong as I can make provit with a simple setup...


Regards
Attached Image (click to enlarge)
Click to Enlarge Name: basic_7.jpg Size: 122 KB
  • #93
  • Dec 8, 2019 2:17pm Dec 8, 2019 2:17pm
Quoting Viator
Hello, Some Input from my site: I just combined the two graphs and re-produced the given setup. --> A1-A4, B1-B4 Trend T1-T4 Then I added 3 interesting points with the given setup I also see chances here. --> C1-C4, D1-D4, and maybe E1-D3? Also I added a Trendline T5 --> not sure if it gives us an extra value. For T2, T3 and T4 --> Can you explain the meaning of them? You can be sure that I´m really ok with "a hard truth" aslong as I can make provit with a simple setup... Regards {image}
Really nice and it shows you can transport input here to your view. Hope other new trader will put same effort to the examples.

Greets

Michael
Perfection is the enemy of good enough!
  • #94
  • Dec 11, 2019 5:49pm Dec 11, 2019 5:49pm
Quoting MichaelSch
We go over to number 007. Have fun and be precise with your drawing. Give entry condition, so we are now going more deeper yet. {image}
Explanation on chart. Basically, track HH/HL, LH/LL, when the last LH breaks in downtrend, trend is now up, trade first pullback. And vice versa.
Attached Image (click to enlarge)
Click to Enlarge Name: Training_07.png Size: 25 KB
Small disciplines repeated with consistency lead to great achievements.
  • #95
  • Dec 11, 2019 9:00pm Dec 11, 2019 9:00pm
Quoting jmflukeiii
{quote} Explanation on chart. Basically, track HH/HL, LH/LL, when the last LH breaks in downtrend, trend is now up, trade first pullback. And vice versa. {image}
Thank for your post. In the past you make a few good insights in other thread.
Perfection is the enemy of good enough!
  • #96
  • Dec 11, 2019 9:45pm Dec 11, 2019 9:45pm
Quoting MichaelSch
{quote} Thank for your post. In the past you make a few good insights in other thread.
Thank you for the kind words. I am certainly no expert and won’t pretend to be, but tracking the market as depicted in my image has helped me find some level of consistency, although I am perhaps targeting smaller moves than some of the analysis that has been depicted so far.

Really like your thread here so wanted to participate!
Small disciplines repeated with consistency lead to great achievements.
  • #97
  • Dec 12, 2019 7:44am Dec 12, 2019 7:44am
Quoting jmflukeiii
{quote} Thank you for the kind words. I am certainly no expert and won’t pretend to be, but tracking the market as depicted in my image has helped me find some level of consistency, although I am perhaps targeting smaller moves than some of the analysis that has been depicted so far. Really like your thread here so wanted to participate!

Have you time to go a little deeper in your setup. I think some more words about it will be good. Nice you are here.
Perfection is the enemy of good enough!
  • #98
  • Dec 12, 2019 9:01am Dec 12, 2019 9:01am
Quoting MichaelSch
{quote} Have you time to go a little deeper in your setup. I think some more words about it will be good. Nice you are here.
Sure, just finishing up managing a good example and will post detailed chart afterwards. Thank you for the invitation.
Small disciplines repeated with consistency lead to great achievements.
  • #99
  • Dec 12, 2019 9:05am Dec 12, 2019 9:05am
Quoting jmflukeiii
{quote} Sure, just finishing up managing a good example and will post detailed chart afterwards. Thank you for the invitation.
Few minutes ago i prepare example number eight, but i will wait for your discription first, so we have a good flow. Or you wait for next example from me? My english is bad and sometimes i do not get at first try.
Perfection is the enemy of good enough!
  • #100
  • Dec 12, 2019 9:15am Dec 12, 2019 9:15am
Quoting jmflukeiii
{quote} Sure, just finishing up managing a good example and will post detailed chart afterwards. Thank you for the invitation.
The trade is over, here is the chart. Hopefully this makes some sense. Obviously strong momentum up, so instead of looking for any short, I waited for the "first pullback" setup to go long. I do use some candlestick patterns to trigger entries, which are the little markings on the bars, but the candlesticks have little value without understanding the context.

EDIT: Had to correct some grammar/typos.
Attached Image (click to enlarge)
Click to Enlarge Name: NQ 12-19 (233 Tick) 2019_12_12 (7_12_36 AM).png Size: 102 KB
Small disciplines repeated with consistency lead to great achievements.
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