Hi All, I haven't had a good trading week so far. I got stopped out on many trades. So I decided to wait for explicit signals on D1 time frame and then Enter with very good confirmations from H4 and D1. So here are the charts that I am watching and waiting to get out of this damn choppy market1st: AUD/USD - D1 is showing a long signal: {image} But on the H4 there is a visible area of R. So I'll enter at the break and re-test of this R zone: {image} 2nd: NZD/USD - D1 is showing a long signal: {image} H4 is still in the range area. I am using...
Hi guys, forex market conditions have been tough, price whipsawing (liquidity challenges?).... tip for any scalpers willing to put in the work have a look at the DE30index and JAPANIndex (great daily movement) look on the 15min TF you may find some joy (RH method indicators ofcourse RSI must have crossed the purple line for entry)... took the last 30days to test and work on some new ideas.... ive just shared the most successful findgood luck! {image}
To most of us we are still pretty lost. If you could explain to us by charts that would be great.
- #5,843
- Edited 8:42am Jul 5, 2020 6:44am | Edited 8:42am
- Joined Aug 2018 | Status: Trader | 343 Posts
{quote} Bravo! I dont know how you do it, but pretty impressive. Could you show us by examples how you trade by examples on your chart? To most of us we are still pretty lost. If you could explain to us by charts that would be great.
The key is to follow R.H method entry and exit rules/ or suggestions... what I do different to everyone else is that I bank(check my trade pic attached times of open and close ).....opening and closing trades as long as all conditions are in effect and still valid. As shared here, I was fortunate to establish that indices / index markets are brilliant for R.H trading method (especially RIGHT NOW). just back test on the 15min Time frame, the goal is to bank / I risk 5% per trade, retraction always comes make sure youve banked!!!... also incase of a spike against trend they do come... but if you're watching price action you'll get a heads up because the RSI will cross the purple line you should exit immediately lol...
But it is important that you understand what validates as a correct entry signal (trade the first 2-3 candles for safety unless youre confident in reading the market based on price action) ...but the correct entry conditions are noted on the first page. a candle must close under or above the yellow line and once that second candle starts you jump in
then if one considers them-self still a novice on the method trade to the 3rd candle because from 4th candle its no longer guaranteed as taught to us by Big E! * look at the size of the candles to determine if there is enough action to see good movement, the candle sizes is a very good clue as to what is going on.PS. notice on PMO bottom indicator when blue and red crosses its the start of a new trend... if you were to trade the indices on the 15min for example and bank pips say anywhere from 8 to 20 pips watch your balance grow (i have fixed spread/ comms so I dont feel the pinch by opening and closing trades). the catch is not to be greedy, know the market youre trading have your set times and set your target pips hit your target and stop for the day/... trade them following R.H method rules i.e. start of valid signal entry as in the pics I assure you that you will see profit. I find the key to success in trading is understanding good position sizing. I have faith in the indicators and what their telling me about the market. and use the Murrey Maths template R.H shared because you will need to exit trades before a key level or trade it after you're 100 certain a key level has been passed (i now use 13 pips after a level as notice its passed, sometimes price wont go all the way to a level so with that said I bank before it) also dont fall for the fake breakouts having said that I got caught on 2 this week so its easier said than done those 2 "lessons"cost me $1000 but it happens learn from them dont beat yourself up about it.
feel free to raise any questions if youre unsure or need tips/ pointers etc.... i found the corona conditions have affected the forex assets badly so trading the index markets in real time is working out better or atleast for me (I was trading the H4/Daily before). Ive married 1 asset (for the time being atleast) and decided to learn it study it... if i could give you a tip is to follow your instincts they are always right!
The more you learn, the more you see
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