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  • Post #1,861
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  • Jun 19, 2022 5:29am Jun 19, 2022 5:29am
  •  Oliver.Twist
  • | Joined Nov 2021 | Status: Member | 43 Posts
Quoting TimeTells
Disliked
{quote} Hi Ollie, Cheers. That is how I would trade it also. I always have a near (and set in stone) Target in place (above AND below) current price. And then I also have extended Targets all along the way, so I can adjust TP on-the-fly inside the moves (not before) should the momentum runs continue. (ie sometimes I abandon the first near target and look for the 2nd etc, or sometimes even close for TP and then re-enter same trade direction after a pullback). As you say, each to their own as long as its successful in the long run. I am fortunate...
Ignored
I couldn't agree more with that last statement. When lurking around social media / forums , there are 2 kinds of trading assumptions that are easily thrown around, that I've come to despise:
1 - I tried something, it didn't work, hence it can't work for anyone else in the universe.
2 - I've found a way that suits me, hence anyone not using that method or tools are fools that will never be profitable.

If you have the emotional intelligence to not get stuck in those mindsets (might be tough for some, depending on how they monitor their ego), then it's a good starting point.
 
6
  • Post #1,862
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  • Edited at 6:19am Jun 19, 2022 5:32am | Edited at 6:19am
  •  Ihlas
  • Joined Nov 2020 | Status: Member | 1,947 Posts
Obviously there are many ways to skin. But someone shouldn't lose the grip on reality. Posted in Cable thread (I don't know when, obviously before December 21), realized cable came to that zone
https://www.forexfactory.com/attachm...3?d=1642947758

And according to this next target is:
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  • Post #1,863
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  • Jun 19, 2022 9:17am Jun 19, 2022 9:17am
  •  BWilliam
  • Joined Jan 2020 | Status: Member | 1,571 Posts
Quoting TimeTells
Disliked
(But to then run around other threads, even this one, suggesting to new & impressionable traders that there is no way to trade Forex without volume or delta is quite misleading imo.)
Ignored
Tbf he do repeatedly ask a valid question about volume. He provokes for a direct response.

The answer has already been given by OliverTwist.
Quoting Oliver.Twist
Disliked
There are other ways to read volume, without having the specific values. With all the data we have, everything can be extrapolated, one way or another. The trick is to find a suitable proxy for your volume.
Ignored
Happy trading everyone.
 
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  • Post #1,864
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  • Jun 19, 2022 5:24pm Jun 19, 2022 5:24pm
  •  bluesteele
  • Joined Aug 2007 | Status: Member | 1,335 Posts
Quoting whitesta
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Hi All, Anyone here knows about trader Tom @Thetradingforexx. His has a channel on Telegram.
Ignored
Not sure if your referring to Trader Tom Hougaard. But the real Trader Tom runs a telegram and never asks for money.. The channel is free.. He has a new book coming out soon on Amazon that costs money... He occasionally holds seminars ..and some do.coat money..there's no upsell...there's. Nothing hidden.. complete transparency..


A rare rare find.. Best bet is to goto his website tradertom.com 100% free... He has alot of imitators that are scamming people.. which is only reason I am rgiving some details.

If this isn't whom your referring too than still worth checking out..

Cheers
Blue
The Best Loser Wins
 
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  • Post #1,865
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  • Jun 20, 2022 3:38am Jun 20, 2022 3:38am
  •  whitesta
  • | Joined Aug 2018 | Status: Member | 88 Posts
Hi All,

Same happenings on GBP/JPY. Finally i placed a trade. So not in hindsight. Full 10 Lot....ON DEMO...lol. It hit the target in 5 minutes. The Target was the Round Number 164.500. Like Pete says there are always targets above or below price. All found in advance. Thrust candle went past Daily Open quite easily at London open. Daily Chart was still up, Hourly was neither. So a quick trade. Not sure if it was a perfect setup but it worked. Have been following the posts by all experienced traders and taking notes. As i am writing the price is back up to the Daily Open. Well Daily still up, Hourly neither so a reason there. For me i am not sure where the big players, algo n all are planning to take the price but just a little ride on the right side never hurts.

Happy Trading All.
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  • Post #1,866
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  • Jun 20, 2022 4:09am Jun 20, 2022 4:09am
  •  TimeTells
  • Joined Dec 2018 | Status: Member | 1,899 Posts
Quoting whitesta
Disliked
Hi All, Same happenings on GBP/JPY. Finally i placed a trade. So not in hindsight. {image}
Ignored

Great call W,

And the thing is, as well as what you read here and what many posters offer here as our own impressions, you can be proud of what you did as

it was YOUR OWN call, your own entry, and your own thoughts at the time of entry, well done.


We all of us here before you got our own little somethings from others before us, then integrated it into our own ways of thinking,
and then after that, what we do - we then do as individuals.

You are an individual in that trading aspect also.


(I always lol like to remind folks there are two sides to a coin, and two sides to every trade outcome, and I am certain all will understand what I say; trade safe)
 
2
  • Post #1,867
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  • Jun 20, 2022 8:54am Jun 20, 2022 8:54am
  •  T721
  • Joined Oct 2020 | Status: Member | 349 Posts
MY EG PLAN
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@tt
 
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  • Post #1,868
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  • Jun 20, 2022 6:38pm Jun 20, 2022 6:38pm
  •  TimeTells
  • Joined Dec 2018 | Status: Member | 1,899 Posts
Quoting whitesta
Disliked
....ON DEMO...{image}
Ignored

Hi W,
All the best with the markets again today sir.
 
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  • Post #1,869
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  • Jun 20, 2022 6:44pm Jun 20, 2022 6:44pm
  •  TimeTells
  • Joined Dec 2018 | Status: Member | 1,899 Posts
Just my own general thoughts here.
I welcome all thoughts from all posters on an interesting topic for new traders.


Demo Trading, advantages & uses.

Demo accounts are a great way to test out a few things for a trader without any actual financial risk.

(Later penny a/c trading is a real way to feel both emotional pain maybe of losing trades with real money &/or the satisfaction of winning trades.
While each trader must assess for themselves when any real money trading is practical, both emotionally and financially).


For considerations with a demo a/c.

- Using a demo a/c at the exact same account value size as what a trader might trade in a real time trade setting.
- Using a demo a/c at a similar lot size that a trader might trade in a real setting.

This can serve a few purposes.

It can allow a trader to see practical profit returns AND losses relative to their life & lifestyle.
And can allow a trader to do practical assessments on important things like leverage & margin.
But mainly to allow a trader to experience losses relative to what their real a/c might undergo.

When demo trading relative to how a trader might trade with a real a/c (a/c size, trade lot size etc),
all winning trades then are a great way to check trade methods, entries & exits,

And there is also an added benefit in demo trading, of doing something folks might not like lol,
trading to losses.

Why might a trader use a demo a/c for losses is to then assess how the trader might deal with negative trade situations,
things such as what SL level is best suited to their trading (whether it be a physical OR a mental SL) etc etc.

How might losses then affect a traders’ margin availability.
Also how extended DrawDown (DD) levels might affect a trader’s ability to enter any new trades at the same time (with the same pair or another new pair).
And not just financially but how DD ties up time in recovery, when other new trades might then be missed while servicing that DD trade.
Also how DD can affect our current outlook emotionally, ie how we might feel about the market at the time (ie anger, frustration, or clarity etc).

Sometimes working out, on demo, how a trader deals with a negative trade can be more beneficial than how they deal with a winning trade lol.
(ie most winning trades, in a way, take pretty good care of themselves, while a current losing trade requires much more emotional/psychological effort to bring it either back into profit, BreakEven, or to just accept the trade is now lost and close it while the a/c still has strength).

As Kev has posted earlier, we are mostly trading against ourselves as much as trading against the market. And we can learn a lot about ourselves with any losses as well as wins.

And as Andy has posted Risk Management & Money Management are integral to our long-term survival as traders.

Once we have these well under our internal control, and as BW has posted earlier, we can then push the envelope and stretch our a/c and trade size capabilities to obtain maximum benefit from our time trading.

(in the end dealing with our wins is pretty easy, however dealing with our losses and what we can do to avoid them, sometimes takes a lifetime in Forex).
 
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  • Post #1,870
  • Quote
  • Jun 20, 2022 8:06pm Jun 20, 2022 8:06pm
  •  BWilliam
  • Joined Jan 2020 | Status: Member | 1,571 Posts
Quoting TimeTells
Disliked
Just my own general thoughts here. I welcome all thoughts from all posters on an interesting topic for new traders. Demo Trading, advantages & uses. Demo accounts are a great way to test out a few things for a trader without any actual financial risk. (Later penny a/c trading is a real way to feel both emotional pain maybe of losing trades with real money &/or the satisfaction of winning trades. While each trader must assess for themselves when any real money trading is practical, both emotionally and financially). For considerations with a demo...
Ignored
Hi Pete, reverse all the trades from buy to sell vv. Cheers
Happy trading everyone.
 
3
  • Post #1,871
  • Quote
  • Jun 20, 2022 8:30pm Jun 20, 2022 8:30pm
  •  TimeTells
  • Joined Dec 2018 | Status: Member | 1,899 Posts
Quoting BWilliam
Disliked
{quote}
Hi Pete, reverse all the trades from buy to sell vv. Cheers
Ignored

(And there is also an added benefit in demo trading, of doing something folks might not like lol, trading to losses.)



Hi Jason, yes,

Yours is an excellent suggestion & a way for traders to test themselves on demo for dealing with the losing trade.


In horseracing we used to say to the young kids that one of the worst things that can happen to a gambler is winning their first bet .
And a few of them did understand & grasp our meaning.


And I love it here in Forex we label ourselves Traders not gamblers . Trading seems very adult, where gambling sounds so very low level, almost ugly.

However, when we trade under “probability circumstances” rather than certainty well some might still suggest we are also actually gambling, in some way.
It doesn’t really matter. As long as we know the possibility of both potential outcomes when we go in and trade, & we then have plans to deal with either outcome.


So reverse our trade plan in demo to test our ability at handling, mitigating and at least addressing loss possibilities.
That could help engage a positive reality to our future trade dealings. Nice. Cheers BW.
 
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  • Post #1,872
  • Quote
  • Jun 21, 2022 1:35am Jun 21, 2022 1:35am
  •  whitesta
  • | Joined Aug 2018 | Status: Member | 88 Posts
Quoting TimeTells
Disliked
{quote} Hi W, All the best with the markets again today sir.
Ignored
Hi Pete,

Was busy with work today so could not have a look at the charts. Will be home soon and check the GBP/JPY chart again and see what i could have learnt during Aisa open.

Happy Trading All.
 
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  • Post #1,873
  • Quote
  • Jun 21, 2022 2:07am Jun 21, 2022 2:07am
  •  Ihlas
  • Joined Nov 2020 | Status: Member | 1,947 Posts
This is how generous FX is. Second chance for the target
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  • Post #1,874
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  • Jun 22, 2022 2:36am Jun 22, 2022 2:36am
  •  Onra
  • | Joined Aug 2021 | Status: Member | 33 Posts
Quoting Ihlas
Disliked
Obviously there are many ways to skin. But someone shouldn't lose the grip on reality. Posted in Cable thread (I don't know when, obviously before December 21), realized cable came to that zone https://www.forexfactory.com/attachm...3?d=1642947758 And according to this next target is: {image}
Ignored
Frankly, I'm still puzzled by the concept of "targets"...

If we view them as liquidity pools, they make sense on the smaller TF's, but not on a Weekly...
The only liquidity resting on the extremes is dumb retail money, like myself, letting price get back to their stops
or, maybe..., governments stepping in to protect their currency...
 
 
  • Post #1,875
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  • Edited at 1:51pm Jun 22, 2022 1:16pm | Edited at 1:51pm
  •  Pumi
  • Joined Nov 2017 | Status: Member | 469 Posts | Online Now
Why forex traders seems to prefer to use the Candlestick charts more and tend to disregard the Point and Figure charts of which I find to be useful at showing better the aggressive selling and buying, the herd mentality, targets, rotation and "order flow"?

Neil Callard says he has been in the forex industry for more than 30 years (since the 80s) and over these years he has closely witnessed what goes on in the wholesale market (interbank market) as a trader and chief leader of traders (market makers). He says throughout he has been using the PnF charts of which I find it to be very useful (as someone who has been studying and applying the Wyckoff method - Bob Evans came up with his mathematical count method of estimating the target price range by using the PnF chart).
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  • Post #1,876
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  • Edited at 2:06pm Jun 22, 2022 1:38pm | Edited at 2:06pm
  •  Pumi
  • Joined Nov 2017 | Status: Member | 469 Posts | Online Now
Quoting Onra
Disliked
{quote} Frankly, I'm still puzzled by the concept of "targets"... If we view them as liquidity pools, they make sense on the smaller TF's, but not on a Weekly... The only liquidity resting on the extremes is dumb retail money, like myself, letting price get back to their stops or, maybe..., governments stepping in to protect their currency...
Ignored
You don't think that there is dumb wholesale money? You are smart money only after closing a win trade. There are dumb wholesale money of which are targeted by other wholesale market traders. Also, the market is fractal and some tactics also work on the long term positions (the smaller sharks targeting the retail traders also copy those proven and working tactics and it works until the big sharks come into the game).
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  • Post #1,877
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  • Jun 22, 2022 10:45pm Jun 22, 2022 10:45pm
  •  BWilliam
  • Joined Jan 2020 | Status: Member | 1,571 Posts
Quoting Onra
Disliked
{quote} Frankly, I'm still puzzled by the concept of "targets"... If we view them as liquidity pools, they make sense on the smaller TF's, but not on a Weekly... The only liquidity resting on the extremes is dumb retail money, like myself, letting price get back to their stops or, maybe..., governments stepping in to protect their currency...
Ignored
Hi Onra, yes it's confusing how to figure out the targets. Notice I don't use jargons like sr, sd, volume, orderblocks, liquidity......and so on. It's all about the algo math revealed by price itself. Yes, just the price nothing else is required.

Notice in my weekend post I did not label target3 which lay just below last week close. So obvious target but it's not the target(why not?). I labelled clearly target2 which last week close slightly above that becomes the future target for this week. See the chart after 4 days trading this week to see the importance of target2. That's what the algo math told last week. Market now trades above this week open line and way below target1....what next after FOMC last Thursday marked by target 1 and 2 ?

Most traders look at too small timeframe to try figure out market structure which makes the chart become a washing machine. This is a common mistake. Cheers
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Happy trading everyone.
 
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  • Post #1,878
  • Quote
  • Jun 23, 2022 10:34am Jun 23, 2022 10:34am
  •  broder96
  • | New Member | Status: Junior Member | 1 Post
All the best all of you.
the market is getting up again.
 
 
  • Post #1,879
  • Quote
  • Jun 24, 2022 8:01pm Jun 24, 2022 8:01pm
  •  TimeTells
  • Joined Dec 2018 | Status: Member | 1,899 Posts
GBPUSD overview the past 2½ weeks

.
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  • Post #1,880
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  • Jun 24, 2022 11:47pm Jun 24, 2022 11:47pm
  •  BWilliam
  • Joined Jan 2020 | Status: Member | 1,571 Posts
Quoting Onra
Disliked
{quote} Frankly, I'm still puzzled by the concept of "targets"... If we view them as liquidity pools, they make sense on the smaller TF's, but not on a Weekly... The only liquidity resting on the extremes is dumb retail money, like myself, letting price get back to their stops or, maybe..., governments stepping in to protect their currency...
Ignored
Hi Onra, my chart analysis is based on the real world economy that analyse the fair value of the currency pair.
Targets represent price levels that create questions about valuation of the asset.

Update - conclusion for the trading week.

How do we spot daily open line Thursday as target2 ?
Why is dol Thursday important for future trading ?

Post FOMC closing at day high, price started to drop back in London session.
Until .....

https://news.sky.com/story/uk-centra...rates-12635574
This report is self explanatory which explains for the trading this week.
(This is an example how to use fundamental analysis to validate the cause of technical analysis.)

Based on the report, BOE has decided to "forcefully" use the interest rate and foreign exchange lever to fight inflation.
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Happy trading everyone.
 
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