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  • #121
  • Mar 24, 2021 4:42am Mar 24, 2021 4:42am
now that might look like a good sort but it might not be that is why i am not taking it.
look at 4hr and see how extended down it is.

now is it extended enough to reverse?
icant tell, but i do know that reversals happen in a flash. i;d rather be in a flash move than a slow trend.

waiting game, to see the price behaviour for my long setups when the lows get retested once more
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  • #122
  • Mar 24, 2021 4:47am Mar 24, 2021 4:47am
GU ORIGINS (entry is the origin of he previous move and tp1 is the origin of the down move)
see if i can get an entry
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  • #123
  • Mar 24, 2021 4:48am Mar 24, 2021 4:48am
Just for people doubting. I do the same as @nikosk0 is showing here. I want to support you, pal, by providing extra proof.

My analysis is very different but the resulting structure is sometimes the same.

What @nikosk0 is teaching here represents ultra-high probability setups, go to your charts and verify it by yourselves.

I do not offer support to new traders as nikosk0 does, so you are lucky that someone is doing this for you.

This was my trade today morning. You can get two or three of these per day. I do not really care too much about precision.

Questions: what are these numbers? I just measure what happens after Asian-Pacific markets close.

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  • #124
  • Mar 24, 2021 5:02am Mar 24, 2021 5:02am
gu daily
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  • #125
  • Mar 24, 2021 5:03am Mar 24, 2021 5:03am
Quoting nikosk0
GU ORIGINS (entry is the origin of he previous move and tp1 is the origin of the down move) see if i can get an entry {image}
My question is on the screen

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  • #126
  • Mar 24, 2021 5:08am Mar 24, 2021 5:08am
Quoting laksior
{quote} My question is on the screen {image}
same reason i didnt sell the eu.

i find 4hr way over extended to go with it and dailly sits at a massive "support" or "origin of a move"

multitimeframe analysis that schertzi was refering at some post
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  • #127
  • Mar 24, 2021 5:12am Mar 24, 2021 5:12am
Quoting scherzi
{quote} You have to articulate your trades in like 3 timeframes or even more (I usually use D1, H4 and H1 to see where the price magnets are; m15 to understand the main structure and m5 to find enter and exit signals. Sometimes, but not always I use m1 to refine). But I am usually trading the daily range. In any case, let's say you use 3 timeframes. The higher one shows you the main direction. The second lower one lets you see if you are near a support or a resistance level (rejection level to be more precise). The third one is the one you will...

This makes a lot of sense. Thank you.

I currently look at H1 & H4 only to ensure that I'm not running into a potential reversal level, while I take a signal on m5 or m15. I don't really look at them for confluence with my entry direction/timeframe as I believe each timeframe has its own trend , but this process of waiting for an alignment will definitely add some more confidence to entries and more conviction behind my decision to hold trades for longer.
  • #128
  • Mar 24, 2021 5:16am Mar 24, 2021 5:16am
one more thing i look at.
eu daily has not reached its ADR (average daily range) by visual

it can mvoe another 40-50 pips down of 70-80 pips to the upside. witch scenario offers the highest rrr?

we wait for 5m and see what happens.

look at weekly, has it reached its adr? can it turn bullish?
look at monthly? is it gonna close with a wick or not? is there a possibility for it to turn bullish?

does it sit at an origin of a move?

these are the things you should ask yourself to see witch direction you wanna trade.

by now you should have already understood that indicators for me are useless
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  • #129
  • Mar 24, 2021 5:16am Mar 24, 2021 5:16am
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Perfection is the enemy of good enough!
  • #130
  • Mar 24, 2021 7:02am Mar 24, 2021 7:02am
you dont always need a HH for a buy.
pa can help with a good enough rrr and HTF

(THIS IS NOT A TRADE SIGNAL OR SUGGESTION, i know how to cut losses, if you are learning from this thread, you propably dont know, so dont take the trade)
GO DEMO AND BACKTEST TO MASTER
practise makes perfect

even if i am wrong on this one and take a full loss, i know that there is very small chance to be wrong on my next buy setup. (that is the confidence you get after knowing exactly what you want to see totake a trade)

also, and most importantly, i have had good profits today so I AM WILLING to take a risky trade for high RRR

if i didnt have profits, i would have thought 3-4-5 times before takign the trade
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  • #131
  • Mar 24, 2021 7:58am Mar 24, 2021 7:58am
that would be enough for today. already said a lot more than i originally intented to when i started the thread

(i think you have guessed by now that EU is my favourite pair. it gives me the trades i want so there is no need for me to look at other pairs. start by doing exactly that, mastering one pair)
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  • #132
  • Mar 24, 2021 8:19am Mar 24, 2021 8:19am
Quoting nikosk0
that would be enough for today. already said a lot more than i originally intented to when i started the thread (i think you have guessed by now that EU is my favourite pair. it gives me the trades i want so there is no need for me to look at other pairs. start by doing exactly that, mastering one pair) {image}
Smart. Best time to get in is early. If you anticipate that price will reach the neckline of the Head and shoulders or even break it, then why not enter before it gets there? If you get stopped out, fine. If the trade works out, you have a greater reward to risk. You could even get out at the neckline while H&S break out traders are just entering.
  • #133
  • Mar 24, 2021 9:03am Mar 24, 2021 9:03am
Quoting Koop
{quote} Smart. Best time to get in is early. If you anticipate that price will reach the neckline of the Head and shoulders or even break it, then why not enter before it gets there? If you get stopped out, fine. If the trade works out, you have a greater reward to risk. You could even get out at the neckline while H&S break out traders are just entering.
Notice that what we can see on the examples by nikosk0 are just channels.

My advice: forget about every single chart pattern you've learned. All that of chart patterns and candlestick trading is a crap and poisons your perception of price. Indicators are also very dangerous. Keep things simple. Your trading rules and pattern description must fit within 1/2 sheet of paper. Maybe you have first to learn a few thousands of pages, but then you need to condensate all into a small and elegant idea.

Cheers.
  • #134
  • Mar 25, 2021 12:55am Mar 25, 2021 12:55am
Hello nikosko and sherzi, thanks for posting, I would like to post some setups for you to check
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if thats ok, thanks Mike
  • #135
  • Mar 25, 2021 1:16am Mar 25, 2021 1:16am
AU
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  • #136
  • Mar 25, 2021 1:22am Mar 25, 2021 1:22am
GJ
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  • #137
  • Edited 3:34am Mar 25, 2021 3:20am | Edited 3:34am
Basic trading rule no one respects. Considering the structure you have shared. As a main rule of thumb and without acutally analyzing the setup nor the structure itself in terms of price action.

Are you able to successfully sell at the tops being profitable?
Are you able to succesffully buy at the bottoms being profitable?

Can you find setups there?

It is the most basic trading rule.

I, at least, only trade a structure if I expect trading it from side to side and beyond.
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But it is already explained here by nikosk0 as you can see on the screenshot.
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Study hard and practice every detail. Just stick to the rules nikosk0 is saying, do not assume any prior trading knowledge apart from that.
  • #138
  • Mar 25, 2021 3:50am Mar 25, 2021 3:50am
Late entry. SL moved to B.E tho. Currently sitting at 1R.
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  • #139
  • Edited 4:12am Mar 25, 2021 3:55am | Edited 4:12am
Quoting asset21
Hello nikosko and sherzi, thanks for posting, I would like to post some setups for you to check{image} if thats ok, thanks Mike
GJ looks ok but
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the other 2 not valid
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  • #140
  • Mar 25, 2021 3:55am Mar 25, 2021 3:55am
Quoting Koop
Late entry. SL moved to B.E tho. Currently sitting at 1R.{image}
I took a late entry too today. I was looking at the wrong asset, EU would have given me much more, but I like limiting my trades to one during the European session and another one for the American session and just stick to one single instrument per session.

In fact this is the worst entry I've done in the last two weeks.

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