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  • #128,141
  • Mar 6, 2021 3:02am Mar 6, 2021 3:02am
Get in the Zone
  • #128,142
  • Mar 6, 2021 3:51am Mar 6, 2021 3:51am
Below is how my M15 chart finalized at market close.. Go figure how many times I sold 1.19155 and taking 5 to 10 pips profits each time.. Now, depending on market opening gap I plan to keep selling up swings as long as we are roughly below 1.1935..

Happy weekends to all
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Focus only on what truly matters!
  • #128,143
  • Edited 4:15am Mar 6, 2021 4:02am | Edited 4:15am
Quoting ursinho4711
{quote} Steady yes, but not enough yet to have an independent life. The rule "more profit=more risk" applies to forex as well. Even if you think you know all signals. ==> with a smaller risk but wanting to have steady and reliable win, enough to live from, you need enough cash Imagine you could make 1% a day over the year, and using that 1% for living. Assuming you need 5000USD a month (not even talking about tax you might have to pay in your country). With appr. 20 trading days a month you would need to achieve 250USD a day. That would be 25.000USD...
Yes. On a small account one has to run more risks, at the low end even has a limitation on how low a percentage of the account is the minimum position. Additionally consider that on larger accounts, in the tens of thousands, you can get lower operating costs. This is can be very significant.

With the broker I'm trialing now, IC Markets, I pay a commission rather than spread, it works out at around 3% of transacted and it is equivalent to a 0.6-0.7 spread, I calculated. The swap, buy side is 2%. Those figures are in line with other retail offerings around. But the fact that the costs are taken directly from the balance [and running a P/L EA] has allowed me to uncover just how much money I pay to the broker. With me and in the past week it's been about 40% of gross profits (and, of course is taken on losses too)!
Granted it depends on style of trading, and it's only one week of testing with a lot of messing around in tight spaces, and some of the taking of small losses and gains I do, with my style may be avoidable, I am pretty sure many would not be pleased if they run their own numbers. A second consideration is that the wider you get with your target, the harder it gets. Conversely, near zero costs, small targets and tiny fractions at risk, makes it way easier to be profitable.

Regardless of any other consideration, (lack of formal training, structured environment, temperament, and whatever else) a person trying to make it with hundreds, faces some serious objective obstacles.
Practitioner of the cryptic trading arts
  • #128,144
  • Mar 6, 2021 5:14am Mar 6, 2021 5:14am
Trading is like anything else, it requires effort and time. One can become proficient at anything as long as one is willing to learn and willing to put in the work. There are no short cuts in life and no luck. Luck happens when one has puts in the effort. One needs to be disciplined in life and willing to take responsibility for ones own actions to succeed. The qualities of patience, perseverance and practice known as grid leads to success over time and in this modern world these 3 qualities are falling to the way side in the search for instant gratification. So be focused, have a goal and desire and anyone can succeed. The problem most people do not known themselves and are unaware of what they would like to succeed in. Always follow those that are successful, because the many are not. These many avoid like the plague because they will do anything to see you fail.
  • #128,145
  • Mar 6, 2021 7:57am Mar 6, 2021 7:57am
It dropped below 1.1950 before the market closed, next week we may see it depreciating back toward 1.1800.
  • #128,146
  • Mar 6, 2021 8:47am Mar 6, 2021 8:47am
Daily S/R Levels for Monday

  1. As long as 1.1935 area resists nearest bear target for Monday is to break 1.1896 first.. 1.1862 would be my low-limit speaking solely for Monday.. Personally I see any break above 1.1935 limited with 1.2010 area roughly!
  2. With current trend steepness, the potential low for every day drops roughly some 30 pips.. I listed the potential lows for each day of next week on yellow area.. Ultimate (magnetic) bear target sits roughly around 1.1675!
  3. If steepness softens I assume price will stall somewhere close to 1.1800 for new week but can't be sure with current situation where price is still above 1.1896 area.. We need more data!
  4. Intraday wise I am planning to stay bearish as long as price struggles to rise above 1.1935/55 roughly!
  5. I hope it helps

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Focus only on what truly matters!
  • #128,147
  • Mar 6, 2021 9:15am Mar 6, 2021 9:15am
Quoting Ata-Turkoglu
Daily S/R Levels for Monday As long as 1.1935 area resists nearest bear target for Monday is to break 1.1896 first.. 1.1862 would be my low-limit speaking solely for Monday.. Personally I see any break above 1.1935 limited with 1.2010 area roughly! With current trend steepness, the potential low for every day drops roughly some 30 pips.. I listed the potential lows for each day of next week on yellow area.. Ultimate (magnetic) bear target sits roughly around 1.1675! If steepness softens I assume price will stall somewhere close to 1.1800 for new...
Hi,
if we go directly / fast down to 1,16 we could create a very very big head-and-shoulder pattern, which speculated now, will give us a trading range between 1,16 and 1,18 over the next 16 weeks. Very interesting...

Best
Chriss
  • #128,148
  • Mar 6, 2021 9:31am Mar 6, 2021 9:31am
Quoting chrissfx
{quote} Hi, if we go directly / fast down to 1,16 we could create a very very big head-and-shoulder pattern, which speculated now, will give us a trading range between 1,16 and 1,18 over the next 16 weeks. Very interesting... Best Chriss
Based on Elliott wave count we are expecting a much higher wave to the upside later.. Therefore my Elliott wave count disagrees with H&S.. One or the other can be true not both.. Only time can tell.. Cheers
Focus only on what truly matters!
  • #128,149
  • Mar 6, 2021 10:28am Mar 6, 2021 10:28am
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  • #128,150
  • Mar 6, 2021 10:57pm Mar 6, 2021 10:57pm
My view on the euro is that we might get a retracement on the setting of the weekly candle. Price might move upwards 300 pips, however the long term trend is still down. My opinion, not fact.
  • #128,151
  • Edited Mar 7, 2021 4:45am Mar 6, 2021 11:10pm | Edited Mar 7, 2021 4:45am
Quoting Endoephemera
{quote} ...I'm still not licking [liking LOL] this "reversal" Probl. rational thing would be to be out, flat. Edit. It will make a new low and close near the bottom.
Following Friday's close I maintain that the down trend is not reversed. However EURUSD will go up for a significant (for intraday trading) retr. to 1.196 area, possibly higher. Scenario invalidated at breach of secondary low [or 1.1902/04]. It's a Monday Asia op rather than a London one, I believe, at least if you really want to be on board.

Easy money for you, guys. You can thank me after you have cashed in your prudent +1% on equity (and not bother me if you lose, ). I'll see if I can manage some demo account doubling. It's all about finding the right entry.
Practitioner of the cryptic trading arts
  • #128,152
  • Mar 7, 2021 4:07am Mar 7, 2021 4:07am
What amazes me is how many different systems people follow. I suppose we all learn differently, process information differently. It’s always the simplest methods which work the best and tend to be the most robust and reliable. There is always an abundance of opinions.
  • #128,153
  • Mar 7, 2021 4:13am Mar 7, 2021 4:13am
Quoting Ata-Turkoglu
Daily S/R Levels for Monday As long as 1.1935 area resists nearest bear target for Monday is to break 1.1896 first.. 1.1862 would be my low-limit speaking solely for Monday.. Personally I see any break above 1.1935 limited with 1.2010 area roughly! With current trend steepness, the potential low for every day drops roughly some 30 pips.. I listed the potential lows for each day of next week on yellow area.. Ultimate (magnetic) bear target sits roughly around 1.1675! If steepness softens I assume price will stall somewhere close to 1.1800 for new...
If go to 1.16 its impulse because its making rule of 3 for impulse. Wave C correcetion bellow 161.8% of Wave 1. Ussually 100% of expansion Fibonacci. But time to tell.
  • #128,154
  • Mar 7, 2021 5:02am Mar 7, 2021 5:02am
H1 Status Update

Based on this time frame my only question is: From which side of this squeeze (aqua colored area) will we have the breakout from? As long as we see price swinging up and down inside this narrow zone bears will have the upper hand and therefore I still plan to continue to sell as high as I can for now.. Simplicity is best!

*Would I try to buy the dips? Not likely.. Even buying after a macd divergence on smaller time frames can still be risky! I prefer to stay away from the buy button as long as H1 candles still close below my 1.19255 aggressive sell level.
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Focus only on what truly matters!
  • #128,155
  • Mar 7, 2021 6:12am Mar 7, 2021 6:12am
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  • #128,156
  • Mar 7, 2021 6:13am Mar 7, 2021 6:13am
I shared this before and now i updated it. BIG '' M '' PATTERN.

The important price zone is 1.1946 - 1.1986. This will give some hard time for bears and bulls. 1.1946 is 23% fib. This is also the middle of the '' M PATTERN ''. As long as weekly closes below it then it'll hit 1.17 where this M pattern finish.
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  • #128,157
  • Mar 7, 2021 7:03am Mar 7, 2021 7:03am
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  • #128,158
  • Edited 7:29am Mar 7, 2021 7:18am | Edited 7:29am
Quoting Traderview
I shared this before and now i updated it. BIG '' M '' PATTERN. The important price zone is 1.1946 - 1.1986. This will give some hard time for bears and bulls. 1.1946 is 23% fib. This is also the middle of the '' M PATTERN ''. As long as weekly closes below it then it'll hit 1.17 where this M pattern finish. {image}

thats the potential bat vs the shark. And if mkt wants, the bat can easily morph into a crab..which means 1.12 at an extreme.
  • #128,159
  • Mar 7, 2021 10:02am Mar 7, 2021 10:02am
from another thread with thanks to the autor

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Trends have a higher probability of continuing than not.
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