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  • #2,981
  • Mar 3, 2024 9:52pm Mar 3, 2024 9:52pm
Quoting PatienceFx
{quote} If I look at daily weekly monthly I am not expecting anything more than last week High {image}
To get the fibonac replacement on mobile

On Saturday of every week using the high and low of that week place the Fibonacci replacement which will be valid for the next week
  • #2,982
  • Mar 3, 2024 9:57pm Mar 3, 2024 9:57pm
Talking about the data this week

Non farm payrolls cannot be higher than this so naturally it will come out weaker
Unemployment rate should be same
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  • #2,983
  • Mar 3, 2024 10:43pm Mar 3, 2024 10:43pm
How long do you guys wait before you take a trade after big news is out? the prices spikes up and down and there is slippage etc. So how do you decide on when to enter a trade? Do you wait for 1hr to close or open above or below sepcific s/r zones?
  • #2,984
  • Mar 3, 2024 11:39pm Mar 3, 2024 11:39pm
Quoting vinesh1
How long do you guys wait before you take a trade after big news is out? the prices spikes up and down and there is slippage etc. So how do you decide on when to enter a trade? Do you wait for 1hr to close or open above or below sepcific s/r zones?
Vinesh you need to understand the concept of price movement first, in this age of computers

for every trade there has to be a buyer and a seller for a trade to complete. In High Frequency Trading this is taken care of by specialized companies who always counter trade against your trade
.
when a news is released both are working together this is why despite a strong usd news you see price going in the opposite direction.

this why we never trade THE NEWS but we understand what that news will do to the economy and TRADE THE ECONOMY not the news

the currency pair is comparing two economies.

i hope i have been able to explain
  • #2,985
  • Mar 3, 2024 11:56pm Mar 3, 2024 11:56pm
Quoting PatienceFx
{quote} Vinesh you need to understand the concept of price movement first, in this age of computers for every trade there has to be a buyer and a seller for a trade to complete. In High Frequency Trading this is taken care of by specialized companies who always counter trade against your trade . when a news is released both are working together this is why despite a strong usd news you see price going in the opposite direction. this why we never trade THE NEWS but we understand what that news will do to the economy and TRADE THE ECONOMY not the...
Like if I take the main stock index of India as a way to read economic activity in India

then average price movement every year has been 24%, in 2022 it was a dismal 4%.

This helps me gauge what to expect and what direction to trade

This way if I read the economy of USA & Eurozone i may be able to visualize future price movements of their currencies
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  • #2,986
  • Mar 3, 2024 11:58pm Mar 3, 2024 11:58pm
Quoting PatienceFx
{quote} Like if I take the main stock index of India as a way to read economic activity in India then average price movement every year has been 24%, in 2022 it was a dismal 4%. This helps me gauge what to expect and what direction to trade This way if I read the economy of USA & Eurozone i may be able to visualize future price movements of their currencies {image}
On basic MT4 chart we use weekly fibonacci, macd and h1 chart to visualize what to do immediately
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  • #2,987
  • Mar 4, 2024 1:35am Mar 4, 2024 1:35am
Quoting PatienceFx
{quote} Like if I take the main stock index of India as a way to read economic activity in India then average price movement every year has been 24%, in 2022 it was a dismal 4%. This helps me gauge what to expect and what direction to trade This way if I read the economy of USA & Eurozone i may be able to visualize future price movements of their currencies {image}
Same way eurusd average price movement in each year

Bottom right corner
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  • #2,988
  • Mar 4, 2024 2:22am Mar 4, 2024 2:22am
Quoting PatienceFx
{quote} On basic MT4 chart we use weekly fibonacci, macd and h1 chart to visualize what to do immediately {image}
So when things go as planned
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  • #2,989
  • Mar 4, 2024 10:18am Mar 4, 2024 10:18am
Quoting PatienceFx
{quote} So when things go as planned {image}
Target achieved
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  • #2,990
  • Mar 4, 2024 11:11am Mar 4, 2024 11:11am
Daily 50 SMA resistance
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  • #2,991
  • Mar 4, 2024 12:26pm Mar 4, 2024 12:26pm
Quoting PatienceFx
{quote} Vinesh you need to understand the concept of price movement first, in this age of computers for every trade there has to be a buyer and a seller for a trade to complete. In High Frequency Trading this is taken care of by specialized companies who always counter trade against your trade . when a news is released both are working together this is why despite a strong usd news you see price going in the opposite direction. this why we never trade THE NEWS but we understand what that news will do to the economy and TRADE THE ECONOMY not the...
Thanks for the explanation. I don't trade fundamentals mostly technical. I do keep an eye on the news but do what i see on the charts. However, during the news there is a lot of before and after volatility so I am asking the group here. is how long do you wait for the dust to settle.
  • #2,992
  • Mar 4, 2024 6:04pm Mar 4, 2024 6:04pm
does anyone need help with MT5 and Python
I volunteer to explain simple python scripts as long as person understands coding
  • #2,993
  • Mar 4, 2024 7:35pm Mar 4, 2024 7:35pm
Quoting vinesh1
{quote} Thanks for the explanation. I don't trade fundamentals mostly technical. I do keep an eye on the news but do what i see on the charts. However, during the news there is a lot of before and after volatility so I am asking the group here. is how long do you wait for the dust to settle.
I wait 1 minute OR atleast when spreads calm down
SKQT - Super Kool Quant Trader
Daily Remy All Time Return: 5.6%
  • #2,994
  • Mar 4, 2024 8:26pm Mar 4, 2024 8:26pm
Quoting 7154Superman
{quote} I scalped a few longs and shorts on Thursday and Friday with profit as usual. Currently, I have 1 EUR/USD short position in place. TP = Open. Current progress so far: 11 Level 1 (demo) accounts are finished at +100% ROI. 4 Level 2 (Live) accounts are finished at +100% ROI. 7 Level 2 (Live) accounts started with $100. 4 Level 3 (Live) accounts started with $400. Current Net Equity results from best to worst: #2 Level 3 = $423.10 (+5.78%) (4 trading days) #3 Level 3 = $419.62 (+4.91%) (4 trading days) #1 Level 3 = $416.26 (+4.07%) (9 trading...
I scalped a few shorts with profit today.
Currently, I have 1 long and 4 short positions in place on EUR/USD. Short TP = 1.0823.

Current progress so far:
11 Level 1 (demo) accounts are finished at +100% ROI.
4 Level 2 (Live) accounts are finished at +100% ROI.
7 Level 2 (Live) accounts started with $100.
4 Level 3 (Live) accounts started with $400.
Current Net Equity results from best to worst:

#4 Level 3 = $423.30 (+5.83%) (5 trading days)
#2 Level 3 = $423.10 (+5.78%) (5 trading days)
#3 Level 3 = $419.62 (+4.91%) (5 trading days)
#1 Level 3 = $416.26 (+4.07%) (10 trading days)

#10 Level 2 = $141.30 (+41.30%) (18 trading days)
#6 Level 2 = $133.72 (+33.72%) (33 trading days)
#9 Level 2 = $128.17 (+28.17%) (21 trading days)
#5 Level 2 = $125.13 (+25.13%) (34 trading days)
#7 Level 2 = $116.11 (+16.11%) (33 trading days)
#11 Level 2 = $81.64 (-18.36%) (15 trading days)
#3 Level 2 = $71.06 (-28.94%) (36 trading days)

Combined results for live accounts:
Deposit = $1,900.00
Net Equity = $2,479.41
Profit +$579.41 (+30.50%) (15-44 trading days)

Overall equivalent results of Total (Demo + Live) accounts combined (11 Level 1 (Demo) accounts @ $200k each + Level 2 & 3 (Live) @ current % ROI)
Deposit = $1,100,000
Net Equity = $3,276,540
Profit = $2,176,540 (+197.87%) (29-69 trading days)

Average 45.18 trading days per account (11 Demo + Level 2 & 3 (Live) accounts combined)
Average +2.45% ROI per trading day (+12.87% per week, +68.97% per month) compounded.
You cannot fail if you never give up.
  • #2,995
  • Mar 4, 2024 9:57pm Mar 4, 2024 9:57pm
Quoting vinesh1
{quote} Thanks for the explanation. I don't trade fundamentals mostly technical. I do keep an eye on the news but do what i see on the charts. However, during the news there is a lot of before and after volatility so I am asking the group here. is how long do you wait for the dust to settle.
In news based trading we try to look at reasons why price will move

Basically in trading we are looking to capture the volatility if there is no volatility they will be no trade

All your indicators and strategies will not work if there is no volatility in the market if it is a plane horizontal line what can you trade

So the concept of news base trading is

First go and read the calendar and see what kind of news can move the price, then try to visualize what kind of movement that news can do to price

Finally come down to your technical setup and see where price can go and what is the market thinking

Technical setup is the final stage in trading it is not the first stage

The first stage is always finding where price can go what news will affect it

Read the calendar below and tell me what do you think price can do this week. Also read the previous news item on this particle event and tell me what is the trend in the news.

Yes price trending can be caught from the news events
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  • #2,996
  • Mar 4, 2024 10:01pm Mar 4, 2024 10:01pm
Like from this image the piece of information I visualise that's suddenly non farm payrolls cannot drop so much

If it comes out just a little bit stronger than expected then USD will become strong

And eurusd will drop

Now go to your charts and try to see if there is any setup that says that price can drop

And if you find that set up then you have your entry and exit levels marked for you automatically

This is called news trading
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  • #2,997
  • Mar 4, 2024 10:03pm Mar 4, 2024 10:03pm
Quoting PatienceFx
Like from this image the piece of information I visualise that's suddenly non farm payrolls cannot drop so much If it comes out just a little bit stronger than expected then USD will become strong And eurusd will drop Now go to your charts and try to see if there is any setup that says that price can drop And if you find that set up then you have your entry and exit levels marked for you automatically This is called news trading {image}
Once you get how to use it you will be making insane amount of money like me

The same concept applies in stock markets. News and events about the company and the economy

Like my 10 year average in the stock market is 97000% only because I had the news about certain events
  • #2,998
  • Mar 4, 2024 10:22pm Mar 4, 2024 10:22pm
Quoting PatienceFx
{quote} Once you get how to use it you will be making insane amount of money like me The same concept applies in stock markets. News and events about the company and the economy Like my 10 year average in the stock market is 97000% only because I had the news about certain events
for example there was a news about a 50:50 joint venture between reliance and blackrock [ a company managing $10 trillion in assets]

i went and purchased jio financial at 210 based on technical chart setup.

try to find the TREND in the news, not just a single event
.

you never just go and trade NFP the most volatile news event, you look at the TREND and what set of events can affect NFP outcome.

i remember many years back on a website called forexlive there was an event to predict the exact figure of NFP news and the prize was Greg's book. I won that prize and GOT that book.
  • #2,999
  • Mar 5, 2024 1:41am Mar 5, 2024 1:41am
When we trade based on technical indicators we are basically looking for where as the price disturbed the balance

Without news volatility the balance cannot be disturbed

Where was the price at a balance, the moment the balance is disturbed we get a trade

Finding that exact moment when you have a flat balance a consolidation in price is the key

Because the moment that consolidation is broken you have the trade
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  • #3,000
  • Mar 5, 2024 3:42am Mar 5, 2024 3:42am
like here on daily chart i see that there was a trend on monthly

  1. which was broken 10 days ago
  2. 3 days ago price revisited the level where it broke this monthly trend

now go back and read the news events flow on why this happened to get a sense of what news events in future do i need to track

this also gives me a logical target for future shorts

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