Trading 101

Completed another day with this system.
Market is moving both direction so i just remove EMA and focuses on price. Had few losing trade too. End the day with positive.

Bet best thing you can do here is wait.

Intuitions and luck, Hit 2 and but Hit TP.

Gold trade, First trade price quickly reverse and hit SL.
Second trade close early Because I don't want to lose what I gain.
Third trade I open I say price will most likely mover lower so lets take risk, close before tp hit.

SUPPORT AND RESISTANCE
In their venerable bible of technical analysis, Edwards and Magee (1948; 4th ed., 1964) define support as “the price level at which a sufficient amount of demand is forthcoming to stop, and possibly turn higher for a time, a downtrend”; they give the inverse definition for resistance. The idea is that, as price declines, lower prices will naturally find more willing buyers. At some point, price declines far enough that buyers are willing to soak up all the sell orders in the market, and the market will stop going down. This theoretical concept is sound, but there is another important point to consider: real markets have so many competing influences and so much noise that prices frequently stop at random levels. That, coupled with our innate tendency to find patterns in random data, can cause support and resistance areas to appear on charts for no significant reason.

Potential Support/Resistance
To start, consider an important refinement to the concept of support and resistance. This may seem like a subtle and insignificant point, but it is important. Anytime you think, speak, or write about a support area, attach the word potential to that definition. Prices are not coming down to a support area; they are coming down to a potential support area. Too many times, traders think that these areas are magic lines on the chart, and that price will bounce there. This may be as much a function of language as anything else, but this change in thinking will remind you that the best we can say about a support area is that it is an area where price may have a higher probability of pausing. It is easy to point to these areas in the middle of charts and to say how well they worked, but dealing with decision making under the uncertainty of the hard right edge is quite a different matter. Be flexible and open to the message of developing price action; always attach the qualifier potential when considering any support or resistance level. In addition, support and resistance should properly be thought of as zones or areas rather than exact lines. If you were drawing them on paper charts, just like trend lines, a crayon might be the appropriate tool, not a drafting pen. It is unrealistic to expect prices to come to a potential resistance level and to stop precisely at the level. It is far more likely to see prices stop at some point in front of the level, or for the level to be violated. If the level is significant and closely watched by many market participants, it is not uncommon to see large spikes through the level, followed quickly by renewed selling at the resistance level. Consider this action in the context of the classic Wyckoff springs and upthrusts ; traders need to consider this point in their process of risk and trade management.

Broken Support Becomes Resistance
One of the classic rules of support and resistance is that support, once violated, becomes resistance. Conversely, resistance, once violated, becomes support. (You already should be thinking, “Wait a minute—support, once violated, becomes potential resistance.”) The reason given for this is that traders made a stand at a previous resistance level by attempting to sell enough to hold down prices. They failed when price traded through that resistance, and those traders incurred losses on their short positions that were entered at the level. If price returns to the same level after trading higher, they will be at breakeven on their shorts and will cover them (buy them back) in an attempt to reduce further losses, or so the theory goes. Their previous selling efforts at a level now turn into buying pressure at the same level, which may be able to at least temporarily halt a rally.

Gold sell. Lets see how it goes. I am expecting nothing much.

Got 11.7 pips. After commission 11.5 pips. I was not expecting much from this trade.

US30, gold both break Daily ADR High today. after many day it happen.

I am waiting for up move. 2 buy trade are open.

Look like some thing is there. ADR high will hold probably.

hello friends
I want this indicator fibo
whets name this indicator?
who download this indicatore ?
you can help me ?
thanks

search in FF search box you will find lot of information there. since this is not an indicator providing thread.

My watch list Trend directions before week end. I can see all the market in long term Bullish and medium term bearish.

It is like a text book trade setup. Gold market.
I was trading US30 Not pay any attention to gold, Yes I saw it is happening but I did not trade gold.

Big fundamental week coming. Stay alert and Manage risk, if possible lower your lot size according to your risk taking power.

Gold monthly Chart. we close to 2011 high.

Joe Ross post here in FF. I hope his suggestion will help you.


A reader asks: How do you handle fear? I seem to have plenty of it.

Let's get one thing straight. Fear, for the majority of traders, is a very real thing. You have it, I have it. Others have it as well. What is it that traders fear? The top three, in order, are:

1.Fear of missing a trade.
2.Fear of losing money.
3.Fear of being wrong and losing face.

In order to become a professional trader, you must learn to deal with fear. The first step is to acknowledge that you have it, which is what you have done. Once you admit to fear, you can begin to deal with it.

When you notice the impulse to trade based on strong fear, it is usually best to literally step out of the trap by stepping out of the situation.

You need to get up, walk away from the computer. Turn off the television if it's tuned to a financial station, take a walk, get something to eat, go outside and cut the grass, water the lawn, or do anything that will move you out of the fear/panic mode.

Don't return to your trading desk until you have managed to achieve some emotional control over your fear/panic reaction. If you can't get a grip on your fear, then don't come back that day.

Most likely you will find that even if you keep thinking about the miserable market conditions while you water the lawn, simply getting away from the keyboard and monitor is enough to make a difference. It removes the demand to take action, and gives you the mental space to gain perspective and let go of your impulsive, fear-based reaction.

I like this book.

we could see GU breakout this week.

Hey, hasib, whats the name of this dashboard? can u share it?