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Stop searching for the 'Holy Grail', work on yourself!

  • #621
  • Aug 20, 2020 7:25am Aug 20, 2020 7:25am
Take advantage of technical divergence on an htf such as D1 if price action is at a technical or potential reaction zone (e.g. S/R area). A divergence seen on an htf is far more reliable than that on an ltf.

KP
Do your homework, follow the footprints of smart money
  • #622
  • Aug 20, 2020 10:20am Aug 20, 2020 10:20am
Quoting Smmtrader
{quote} IMHO - If a trader is profitable, the trader is probably just not following a given set of rules. The trader is probably using his/her experience along with money management and the "right" trading mindset. There is probably no automated trading system that is better than a trained, disciplined trader with the right mindset. SM / MM has the capability to create an illusion that a "set of rules" work and then eventually, move the market in such a manner as to invalidate those rules. SM / MM can create an "awry" market condition when they...
This post it's precious. Thanks for this.
  • #623
  • Aug 26, 2020 1:09am Aug 26, 2020 1:09am
Continuous learning for improved performance is key to consistent trading success. The below is a relatively old video you may learn from. As usual, I have no financial interest in the presenter.

Stay safe, trade safe.

KP

Inserted Video
Do your homework, follow the footprints of smart money
  • #624
  • Aug 26, 2020 1:39am Aug 26, 2020 1:39am
How is your system helping you enter the market? Do you have or prefer a system that helps you enter the market early or the one that keeps you from entering the market too early? Share your opinion here.

Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #625
  • Aug 26, 2020 6:31am Aug 26, 2020 6:31am
Quoting Smmtrader
{quote} IMHO - If a trader is profitable, the trader is probably just not following a given set of rules. The trader is probably using his/her experience along with money management and the "right" trading mindset. There is probably no automated trading system that is better than a trained, disciplined trader with the right mindset.
If you are not following a given set of rules, how do you than backtest or forwardtest your strategy? And what does "right" trading mindset mean?
With demo or micro account, how long do you test your strategy? Every strategy can be profitable for a year or so, but if it sudenly stops to be profitable, how do I know, if:

  1. the strategy is bad
  2. the strategy is good but the loosing streak kicks in (with 60% winning strategy I can easily have 10 losses in a row)

Does it mean that I have to demo trade for 10 years to go through all market conditions?
Nothing of what you all writes here does not really make sense to me.
I dont search for the "Holy Grail", I search for any profitable strategy. But I cannot find one.

  • #626
  • Aug 26, 2020 9:26am Aug 26, 2020 9:26am
How you trade is key to how profitable you are. That is central to the theme of this thread.

KP

Quoting Sumlord
... I dont search for the "Holy Grail", I search for any profitable strategy. But I cannot find one.
Do your homework, follow the footprints of smart money
  • #627
  • Aug 26, 2020 9:37am Aug 26, 2020 9:37am
Just Sharing

Follow the trend but respect the short-term momentum. If the short term momentum is not aligned with the trend, wait for alignment or don't linger in the market.

Stay safe, trade aafe.

KP
Do your homework, follow the footprints of smart money
  • #628
  • Edited 10:56am Aug 26, 2020 10:27am | Edited 10:56am
Quoting Sumlord
{quote} ......... I search for any profitable strategy. But I cannot find one.
I am no expert but based on my research and past experience (failed as well as successful trades), one of the strategies used by SM / MM is to trap traders and move the market in the opposite direction. In the screenshot below for EURJPY - you can see that the price was marked up and brought back down, followed by an engulfing pattern. Using a Risk / Reward ratio of 1:2 or more, you can try to get more odds in your favor - even with a success rate of 50 - 60%, it is possible to make a net profit.

You can lookup "Stop Hunt" strategy and practice on Demo account until you are comfortable. Again, you will find scenarios where this pattern failed but the key is to get a Risk to Reward ratio of 1:2 or more... Patience is another key factor

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 576 KB
  • #629
  • Aug 26, 2020 10:46am Aug 26, 2020 10:46am
Quoting KeenPips
How is your system helping you enter the market? Do you have or prefer a system that helps you enter the market early or the one that keeps you from entering the market too early? Share your opinion here. Trade safe and prosper. KP
I prefer to identify (at least try to...) the footprints of SM / MM and enter the market after price confirmation.
  • #630
  • Aug 26, 2020 11:21am Aug 26, 2020 11:21am
A very good illustration.

Trade safe and prosper.

KP

Quoting Smmtrader
{quote} I am no expert but based on my research and past experience (failed as well as successful trades), one of the strategies used by SM / MM is to trap traders and move the market in the opposite direction. In the screenshot below for EURJPY - you can see that the price was marked up and brought back down, followed by an engulfing pattern. Using a Risk / Reward ratio of 1:2 or more, you can try to get more odds in your favor - even with a success rate of 50 - 60%, it is possible to make a net profit. You can lookup "Stop Hunt" strategy and practice...
Do your homework, follow the footprints of smart money
  • #631
  • Aug 26, 2020 11:27am Aug 26, 2020 11:27am
It depends on your trading style imho. I am a swing trader (i.e. holding my positions for more than 24 hours) and thus need to wait for confirmation and not get into the market early. So, I use a system that delays entry and allows some failure or trap of early entrants. Maybe a scalper or an intra-day trader will prefer an early entry to the market.

Stay safe, trade safe and prosper.

KP


Quoting KeenPips
How is your system helping you enter the market? Do you have or prefer a system that helps you enter the market early or the one that keeps you from entering the market too early? Share your opinion here. Trade safe and prosper. KP
Do your homework, follow the footprints of smart money
  • #632
  • Aug 26, 2020 12:26pm Aug 26, 2020 12:26pm
Quoting KeenPips
A very good illustration. Trade safe and prosper. KP {quote}
Thanks, KeenPips. Green pips and stay safe.
  • #633
  • Aug 26, 2020 12:45pm Aug 26, 2020 12:45pm
Keep it up mate. Lol

KP

Quoting Smmtrader
{quote} Thanks, KeenPips. Green pips and stay safe.
Do your homework, follow the footprints of smart money
  • #634
  • Edited 4:34am Sep 3, 2020 4:13am | Edited 4:34am
Just sharing

One of the things I do that keep me from entering the market at the wrong time is to seek for clarity of price action at the time frame immediately higher than my trading or set-up time frame. When I am puzzled by the market, I go to the immediate higher time frame to see a bigger picture and relate it to what is happening at my trade setup time frame. For example, currently the USDJPY is at a location where it may be tempting to go long, whereas technically it is on a retracement and the 107.780/107.100 zone (magenta) represents a potential technnical reaction area (in this case, between the 61.8 and 76.8 Fib zone of a significant downward swing on July 1, 2020). As a swing trader, therefore, rather than immediately look for a buy trade, I will wait for how price action handles that zone and look for a potential and feasible sell trading opportunity.

Stay safe, trade safe.

KP

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYDaily_September 3, 2020.png Size: 44 KB
Do your homework, follow the footprints of smart money
  • #635
  • Sep 3, 2020 4:16am Sep 3, 2020 4:16am
The clarity is got from the W1 tf. See attached chart.

KP

Attached Image (click to enlarge)
Click to Enlarge Name: USDJPYWeekly_September 3, 2020.png Size: 56 KB


Quoting KeenPips
Just sharing One of the things I do that keep me from entering the market at the wrong time is to seek for clarity of price action at the time frame immediately higher than my trading or set-up time frame. When I am puzzled by the market, I go to the immediate higher time frame to see a bigger picture and relate it to what is happening at my trade setup time frame. For example, currently the USDJPY is at a location where it may be tempting to go long, whereas technically it is on a retracement and the 107.780/107.100 zone (magenta) represents a...
Do your homework, follow the footprints of smart money
  • #636
  • Sep 4, 2020 2:31am Sep 4, 2020 2:31am
hi,one of the things that kept me stuck in this business so much is focusing too much on the setup,rather than the context of the setup.I would study the best pinbar setups take them and wonder why they were not working.until i learnt the best setup by itself is just a gamble.context is very important,if price action confirms your thesis thats an A++ setup.

nowadays i do my analysis from the weekly,daily and 4hr,come up with a thesis,mark all the important zones then wait patiently for my setup on the 1hr chart in those zones.Thought i should share.happy trading.
  • #637
  • Edited Sep 5, 2020 3:02am Sep 4, 2020 3:34am | Edited Sep 5, 2020 3:02am
Thanks for sharing mate. The phrase in bold type is a bit similar to how I trade really, but I swing trade and also include the monthly time frame in some cases. Looking for candlestick patterns can be problematic. Context is key, as does location.

Stay safe, trade safe and prosper.

KP

Quoting philemon123
hi,one of the things that kept me stuck in this business so much is focusing too much on the setup,rather than the context of the setup..... nowadays i do my analysis from the weekly,daily and 4hr,come up with a thesis,mark all the important zones then wait patiently for my setup on the 1hr chart in those zones.Thought i should share.happy trading.
Do your homework, follow the footprints of smart money
  • #638
  • Sep 7, 2020 2:18pm Sep 7, 2020 2:18pm
Just Sharing

You will go far as a skilled and successful trader by learning price-action based market analysis. This will take some time and effort but you will gain better market insight and be more confident as a trader doing so.

KP
Do your homework, follow the footprints of smart money
  • #639
  • Sep 8, 2020 8:46am Sep 8, 2020 8:46am
You can make progress in this regard by identifying the prevailing operating horizontal support and resistance zones on the daily time frame and where price action is located between them.

Stay safe, trade safe.

KP

Quoting KeenPips
...You will go far as a skilled and successful trader by learning price-action based market analysis. This will take some time and effort...
Do your homework, follow the footprints of smart money
  • #640
  • Sep 9, 2020 3:38pm Sep 9, 2020 3:38pm
Consider using line chart rather than candlesticks when mapping out the S/R zones.

KP

Quoting KeenPips
You can make progress in this regard by identifying the prevailing operating horizontal support and resistance zones on the daily time frame and where price action is located between them. Stay safe, trade safe. KP {quote}
Do your homework, follow the footprints of smart money
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