Williams%R, SAR X-over 15 minute candles

Thank you man, we are ready to receive wisdom whenever you are.

Took off on the spur of the moment for a little surfing, in Puerto Escondido, be back Thrursday. Stay cool

Enjoy!

Textbook setup, although a bit anticipated:

Got out the EU long trade with +5. Here is another perfect entry (missed it, was afk):

I only trade EUR/USD, 2 trades a day - one trade in the London session and one trade in the NY session. Just got my first entry today.
Took it earlier than TL break because slow EMA of MACD was turning down and a bearish divergence showed up.

Update: Trade running at +30 pips...

Update 2: Closed at 30 pips, left some on the table, would have got +40 pips...

Second and last entry for the day, short EU:

Could not resist after closing the previous short trade at +6 pips, another long setup (SL at BE):

Hi everybody, can somebody teach me the logic of system? Please?

STuck with 6E and 6M today bearish only trades due to mess in Ukraine. Would be reluctant to take bullish trades right with anything but USD. London session offered better movement on 6E. But with this news still a lot of back and forth movement though mostly bearish in the end. Trading on TOS today had a lot of Options trades to close and open generally made out very well playing debit spreads on oil.
My apologies to Booghie I haven't forgotten you.

Booghie meanwhile take a look at post 2351. Lays out basic entries. Then ask me specific questions.

I used to think the logic was to look for PA like this.



With indi used as a sort of confirmation but also to save you from drawing lines everywhere. Not every consolidation turns into a get able trade so without the experience of Rocky you finish up with a lot of lines.



I don't see it so well with Rocky's more recent charts, but I used to see a break out from a "flat consolidation". Flat does not have to be horizontal in this context. Both the lines and indi are used to draw your attention to these areas on the chart. When I say the indi are a kind of confirmation, I'm thinking Rocky doesn't need them and they are there for are benefit, in my case they stop me from taking some false breakouts (ie in the wrong direction)

HTH until Rocky explains it properly.

one word. practice practice practice. i see youre drawling channels. Olarion and rocky dont do that they draw trend lines and wait for breaks in the london or US session on futures not the spot . and theyre using renko charts. easier to read them

so thats a couple of differences right there.

Busy day with the 6E, 9 trades , 8 winners and 1 loser. Just followed Price structure. First chart is marked with all entry signals last 2 charts I didn't mark(forgot) too lazy to go back and change.

AUD trading a chart like you posted is great. Especially trading the spot market. You are right That was my bread and butter for a long time, but how I trade has changed. More specifically what I trade has changed, I'm mostly concentrated on the 6E with 1 or 2 others on ocassion(6B and 6M). When you are looking at 10 to 15 pairs it's easier to seek a specific pattern. I loved to trade consolidation patterns.
But with the futures using the heiken ashi/Renko there is more of a flow to the PA and since I'm usually trading just 1 or 2 instruments I'm more aggressive in taking trades and also getting out.
Using the regular candlesticks shows consolidation better(I think). And trading consolidations is a great way to trade. Don't look to trade exactly like me, because you are not me. Take what I show you and trade like you. All the people I've successfully taught to trade, none use the exact system I use, they've all tweaked it to suit themselves. Or in several cases developed their own systems entirely. What I want is for people to realize first comes money management, next comes discipline which leads to consistency and a good psyche, then comes the system. But the ultimate king is PRICE ACTION/MARKET STRUCTURE.

hey bro nice post i’m a new trader and just wanted to ask a quick question if that’s fine, I wanted to ask whether you would suggest for me to follow fundamental news when trading and if you think it really has a major impact on the market, when I’m in a trade would you recommend me to follow the news on that stock or currency and what’s happening. Thank you!

Stop losses set them but don't leave them alone. Never Ever make them bigger than what you started with, that is flat out stupid. Right now my stop are usually 10-12 ticks, If I can 5-6 ticks profit I move my stop up the same amount, I get to 10 or 12 ticks I move to B/E. If I get in a trade that turns against me I'll usually get out before it hits my stop, I can always reenter a trade. Be cold hearted with your trading.

yep news can effect trades very much, longer term trading I don't know, but daytrading with big news its easy to get whipsawed. Trying to enter on news spreads can get huge. I try to wait at least 5 mins. sometimes longer on NFP for instasnce. With stocks it usually going to be earnings that can have big effect, with oil geopolitical news, pharma FDA trails. So yes news can have an effect and it pays to know whats going on.

Done for awhile decent day so far, will keep an eye open but if nothing happens that's fine. USD in downtrend since about 6:30am. So all good trades long, 1 short basically B/E.