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  • #1
  • First Post: Jan 14, 2008 1:00pm Jan 14, 2008 1:00pm
I am new to Forex, and I am in search of a signal I can trust. I have been trading for a year now and I am looking for help to increase my pip totals each month. Anyone and everyone with suggestions and comments would be welcome.

Thank You,

Alan Smith
  • #2
  • Jan 14, 2008 4:24pm Jan 14, 2008 4:24pm
Forex is like otcBB (penny stocks) dont trust others. Trust yourself. Read the well established books (not the ones from people just trying to make an easy buck). One book I would suggest is Technical Analysis of the Financial Markets, by John Murphy... You have to learn and most importantly WANT to learn.

Hope you do fine.
  • #3
  • Jan 15, 2008 1:36pm Jan 15, 2008 1:36pm
http://www.forexfactory.com/forumdisplay.php?f=71
  • #4
  • Jan 22, 2008 8:41pm Jan 22, 2008 8:41pm
I am in the same shoe I am trying to learn this stuff.
2008 C63 Benz coming soon !!!!
  • #5
  • Jan 22, 2008 11:50pm Jan 22, 2008 11:50pm
heres a few hints, you dont have to use tons of indicators, just be aware of the volumes, the long term cycle (up or down) and previous highs and lows, coz it may serve as resistance/support. hope this can help you get more pips.
goodluck!
  • #6
  • Jan 22, 2008 11:58pm Jan 22, 2008 11:58pm
Quoting xynyh
heres a few hints, you dont have to use tons of indicators, just be aware of the volumes, the long term cycle (up or down) and previous highs and lows, coz it may serve as resistance/support. hope this can help you get more pips.
goodluck!
Trading with out thinking is the easiest way to disaster.
  • #7
  • Jan 23, 2008 8:51pm Jan 23, 2008 8:51pm
Quoting xynyh
heres a few hints, you dont have to use tons of indicators, just be aware of the volumes, the long term cycle (up or down) and previous highs and lows, coz it may serve as resistance/support. hope this can help you get more pips.
goodluck!
Xynyh,

Sorry for budding in, but I need help with the same thing.

Can you please explain in simpler term meaning of previous highs and lows? Is it 1 previous bar or candle high and low just to the left of most current bar on the right of it, or several bars/candles ?
Can we determine high and low just by looking at the bar or what do we use to determine that and if is low is it signal to buy and high to sell?


Thanks for your help.
  • #8
  • Jan 23, 2008 10:15pm Jan 23, 2008 10:15pm
Previous high/lows meaning previous swing highs and lows. Markets move in waves, wave up, wave down, and so on, the top of the wave is called high, bottom of it is called low. Once you have lows forming above previous lows, and highs forming above previous highs, the market is in an uptrend. Once you have highs lower than previous highs, and lows lower than previous lows, the market is in a downtrend. Please see the screenshot.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusdhighlow.gif Size: 45 KB
Trax Tibidax Tibidox...
  • #9
  • Jan 24, 2008 12:10pm Jan 24, 2008 12:10pm
Quoting masterpiecefx
Previous high/lows meaning previous swing highs and lows. Markets move in waves, wave up, wave down, and so on, the top of the wave is called high, bottom of it is called low. Once you have lows forming above previous lows, and highs forming above previous highs, the market is in an uptrend. Once you have highs lower than previous highs, and lows lower than previous lows, the market is in a downtrend. Please see the screenshot.

masterpiecefx,

Thanks for your explanation and I understand how to interpret uptrend/downtrend once it has already played on the chart, as it is clearly visible, but I have problem of figuring out when to inter trade from a real-time chart that is newly forming as in 5,15mi,1H time frame.. for instance.
I hear some experienced traders referring to number of bars or candles to inter a trade. Are they referring to high/low of a most current bar/candles on a chosen time frame?

Thanks
  • #10
  • Jan 24, 2008 1:23pm Jan 24, 2008 1:23pm
To be honest, I have no idea about number of bars/candles concept, never heard of it. What is used for entries, however, are candlestick formations, such as morning/evening stars, tweezer tops/bottoms, engulfing candles, etc. Others use bars formations, you can find some good info on that in James16 Chart thread, in the forex systems section. With regards to candlestick formations, just google for it and you'll find tonns of free info. This is truly good stuff and it works best when combined with support/resistance levels.

Good luck, and happy trading.
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  • #11
  • Jan 24, 2008 1:54pm Jan 24, 2008 1:54pm
Quoting xynyh
heres a few hints, you dont have to use tons of indicators, just be aware of the volumes,
goodluck!
Volumes? Where are you looking at volume data?

You likely mean "momentum" no?
  • #12
  • Jan 24, 2008 2:10pm Jan 24, 2008 2:10pm
Try every indicator you can get your hands on. Tweak the colors, change the parameters, combine multiple indicators into a single display window. The more the better. Do this two to four hours every day and try to enter at least one trade per day. After you've done this six to twelve months in demo and you've totally satisfied your curiosity...get rid of them all and learn price action.

I've finally gotten rid of the last of my indicators (Stoch). Trading naked, once you get the hang of it, gives such a feeling of confidence it cannot be described. It must be experienced.

S/R and trend lines, candlestick patterns, chart formations, quick peek at breaking news before entry.

That's all anyone needs. Yes, it takes more effort, more study, but you want to succeed for the long term, don't you?
  • #13
  • Jan 24, 2008 2:18pm Jan 24, 2008 2:18pm
Quoting opie999
S/R and trend lines, candlestick patterns, chart formations, quick peek at breaking news before entry.

That's all anyone needs. Yes, it takes more effort, more study, but you want to succeed for the long term, don't you?
That's the universal method which works on any market where there's plenty of buyers and sellers, the base on which one should always remain. Everything else (indicators) can be successfuly applied only if you know the base. I believe this is what opie999 means too
Trax Tibidax Tibidox...
  • #14
  • Jan 24, 2008 9:48pm Jan 24, 2008 9:48pm
Quoting JFX81
Volumes? Where are you looking at volume data?

You likely mean "momentum" no?
you can see volumes data when you insert volume indicator, candles tends to decrease/increase volume before the end of the run, (especially at certain resistance point) they're likely to change direction if it does so, well not all the time of course.
  • #15
  • Jan 25, 2008 6:41pm Jan 25, 2008 6:41pm
Quoting xynyh
you can see volumes data when you insert volume indicator, candles tends to decrease/increase volume before the end of the run, (especially at certain resistance point) they're likely to change direction if it does so, well not all the time of course.
First of all, I still believe you are talking about momentum. Secondly, how am I supposed to use "insert volume indicator" when I don't even know what charts you are looking at?

If you really are talking about volume then you would be able to tell me how much money is being used for specific pairs either with your market maker or with the entire market in general.

Momentum and volume are two different things entirely.
  • #16
  • Jan 26, 2008 10:14am Jan 26, 2008 10:14am
The Volume indicator in the MT4 platform is based on the number of transactions made through that specific broker, not the whole forex market.
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  • #17
  • Jan 26, 2008 11:27am Jan 26, 2008 11:27am
Quoting masterpiecefx
The Volume indicator in the MT4 platform is based on the number of transactions made through that specific broker, not the whole forex market.
Ok, this is exactly what I thought would be the only way. Not sure how useful it could be because you would have no idea about when large institutional buying or selling was taking place.
  • #18
  • Jan 28, 2008 6:05pm Jan 28, 2008 6:05pm
Anyone care to comment on the above assertion?
  • #19
  • Jan 28, 2008 6:56pm Jan 28, 2008 6:56pm
Quoting opie999
Try every indicator you can get your hands on. Tweak the colors, change the parameters, combine multiple indicators into a single display window. The more the better. Do this two to four hours every day and try to enter at least one trade per day. After you've done this six to twelve months in demo and you've totally satisfied your curiosity...get rid of them all and learn price action.

I've finally gotten rid of the last of my indicators (Stoch). Trading naked, once you get the hang of it, gives such a feeling of confidence it cannot be described. It must be experienced.

S/R and trend lines, candlestick patterns, chart formations, quick peek at breaking news before entry.

That's all anyone needs. Yes, it takes more effort, more study, but you want to succeed for the long term, don't you?
Very nicely put Opie.
  • #20
  • Last Post: Jan 29, 2008 10:29am Jan 29, 2008 10:29am
Quoting JFX81
Ok, this is exactly what I thought would be the only way. Not sure how useful it could be because you would have no idea about when large institutional buying or selling was taking place.
This is why very few MT4 users use this indicator. It makes sense to use momentum indicators, which will tell you that there's big buying or selling power going on. But for me, the price itself tells you everything, no need for such indicators because you can see on the chart whether there's big buying or selling pressure. And the datafeed is not based on the transactions of course but on the quotes viewed by the whole makret. I'm not sure if I made myself clear...
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