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  • #1
  • First Post: Edited May 16, 2010 8:10am Sep 6, 2009 5:46am | Edited May 16, 2010 8:10am

Indicators:

Attached as a zip file to this post, almost all indicators that I use so you do not need to search all over FF for them, even if they are posted redundant times.

Trading Method:

Purely price action based, you need to really learn this stuff. Do not, I repeat do not depend on indicators, indicators are there only for reference, not for actual trading.

By the time an indicator confirms a trend, it has already moved several pips, pips which you could have collected.

So concentrate more on reading the price action in play, Most importantly, do not try to forecast the future, try to read what is going to happen immediately on your charts.

Do not go about posting trade levels at random, give a definite logic behind them, on FF you will see many people posting target levels at random and backing away when things go wrong, avoid this.

Chart Setup:

Never, I repeat never try to learn from others, work hard and develop your own trading system, this way you will learn the ropes of trading forex faster than you think possible, because you will be knowing the reason behind every action you take, every indicator you choose.

When you copy a trade system from someone you are totally dependent on the other person for guidance.

Thread Rules:

 

  1. Anything which does not relate to forex should not be posted on this thread, it will be dealt with severely.
  2. Does not matter what your gender is, or what is your skill level, I will help all.

I will keep updating this first post as and when necessary.

LIVE TELECAst FOREXLION TV:
To update just refresh the page.

http://www.forexlionfx.com/cable.gif (http://www.forexlionfx.com/)

Attached File(s)
File Type: zip Archive.zip   27 KB | 3,895 downloads | Uploaded Sep 16, 2009 9:20am
  • #2
  • Sep 6, 2009 5:55am Sep 6, 2009 5:55am
Got a question related to forex trading and related to a specific currency pair, ask and I will try to answer with utmost honesty.
  • #3
  • Sep 6, 2009 7:33am Sep 6, 2009 7:33am
Hi, How do u determine the Price action?
is it based on the shorter time frames charts or volume?
i will try to paper trade this week to learn the method of trading, all these weeks i have only looked at indicators like ADX RSi Psar stockhastics and traded and to tell u the truth it has NOT been profitable at all,
  • #4
  • Sep 6, 2009 8:18am Sep 6, 2009 8:18am
yes, it would be very helpful if u could spell out what is Price Action and what to look out for ... for beginners like us
  • #5
  • Sep 6, 2009 9:04am Sep 6, 2009 9:04am
Quoting forexlion
Chart Setup:
.................................

Never, I repeat never try to learn from others, work hard and develop your own trading system, this way you will learn the ropes of trading forex faster than you think possible, because you will be knowing the reason behind every action you take, every indicator you choose.
............................
Congrats on your new thread.
You might like to reword that line though. Learning from the right person can make all the difference between a loser and a winner.
  • #6
  • Sep 6, 2009 9:22am Sep 6, 2009 9:22am
Nice thread FXLion - I would also be very interested in how you are looking at PA and determining the reason for your trades
Disclaimer: Check your 1m charts
  • #7
  • Sep 6, 2009 9:34am Sep 6, 2009 9:34am
Ok Lion..we are ready. Whats our first lesson?
Live trade ~ GBPUSD only. No chart! Follow at your own risk!
  • #8
  • Sep 6, 2009 9:51am Sep 6, 2009 9:51am
Congratulation! Forexlion on starting this new thread .

Hope we all can learn and share each other to avoid mistakes, minimise the risk, and banking decent pips together.
STRENGHT IS LIFE ,WEAKNESS IS DEATH - SWAMI VIVEKANANDA
  • #9
  • Sep 6, 2009 10:40am Sep 6, 2009 10:40am
Quoting anika123
Hi, How do u determine the Price action?
is it based on the shorter time frames charts or volume?
i will try to paper trade this week to learn the method of trading, all these weeks i have only looked at indicators like ADX RSi Psar stockhastics and traded and to tell u the truth it has NOT been profitable at all,
price action is typically defined as the movement of candles in respect to supply and demand and requires very careful observation to discern the direction of the move

take GJ for example, GJ has the typical mood to make a false breakout in the opposite direction before startinga fresh trend, this part gets ignored by normal indicators and hence people get caught in it.

to lean price action, just use the default mt4 grid chart with candles, nothing else, no indicators and try to view the areas of supply and demand. the grid itself works as trend lines if you observe carefully.

try to see where the pair is meeting resistance or support and for how long.
  • #10
  • Sep 6, 2009 10:43am Sep 6, 2009 10:43am
Quoting Yngwie
Ok Lion..we are ready. Whats our first lesson?
there is no lesson, you are the teacher and you are going to teach us your experiences, and how you got around road blocks in forex.
  • #11
  • Sep 6, 2009 10:51am Sep 6, 2009 10:51am
India Guru,

Congrats on your new thread. I am looking forward for lessons from you. Can you please give a short info on usage of all the indicators.. what they confirm and how those are helpful in making a trading decision. A short info on all those would be really useful. If u could please update indicator archive with a manual to use those indicators in first post. thanks for this thread .
  • #12
  • Sep 6, 2009 10:52am Sep 6, 2009 10:52am
lets take a very simple GJ chart here

 

  1. what do you see in this daily chart
  2. what do you feel is happening here
  3. what are the support or resistance levels that you see here
  4. what kind of possibilities exist here

Attached Image (click to enlarge)
Click to Enlarge Name: gj.gif Size: 11 KB
  • #13
  • Sep 6, 2009 11:21am Sep 6, 2009 11:21am
Quoting forexlion
lets take a very simple GJ chart here

 

  1. what do you see in this daily chart
  2. what do you feel is happening here
  3. what are the support or resistance levels that you see here
  4. what kind of possibilities exist here

I see that its in an uptrend and i feel that some sort of medium term correction of the previous upside rally is happening here.. Major S/R i see here are 139,143,147,149,163. possibilities are that it may retest 163 or 146 level.

Now whats your take on the chart.. and could you please PM me your Yahoo messenger or skype id.
Attached Image (click to enlarge)
Click to Enlarge Name: gj.gif Size: 19 KB
  • #14
  • Sep 6, 2009 11:44am Sep 6, 2009 11:44am
  •  Jey
  • | Joined Jun 2009 | Status: Market Slave-Overworked/Underpipped | 283 Posts
Namaste Guruji... this looks like a wonderful system. Nice to follow this.
I have seen the enemy, and it is me.
  • #15
  • Sep 6, 2009 11:54am Sep 6, 2009 11:54am
  •  Jey
  • | Joined Jun 2009 | Status: Market Slave-Overworked/Underpipped | 283 Posts
To answer your questions:

1. I see an uptrend.
2. I see that the bulls are losing steam abit as evidenced by the classic double-top formation.
3. S = around 146 R = around 162
4. There could be a strong possibility for reversal but since its only a possibility there could also be a possibility of continuation of uptrend, albeit a little weaker one.

How did I do guruji? I just love PA trades.
I have seen the enemy, and it is me.
  • #16
  • Sep 6, 2009 11:55am Sep 6, 2009 11:55am
Quoting forexlion
lets take a very simple GJ chart here

 

  1. what do you see in this daily chart
  2. what do you feel is happening here
  3. what are the support or resistance levels that you see here
  4. what kind of possibilities exist here

  1. 158.32 seems to be an important resistance zone
  2. tested 2 times already
  3. we could test this a 3rd time, if the current grid level holds as support
  4. if it does not hold as support then down we go to 146.44 zone


now this was daily. what do you guys and gals see on the 1 hour and 4 hour charts, or intraday charts. will the current grid level hold as support or break, what do the lower time frames say.

  • #17
  • Sep 6, 2009 9:39pm Sep 6, 2009 9:39pm
Hi Fxlion,
Since you are so experianced in fx trading, we need ur guidance and trade advice to help us learn how u think of the market. i make alot of mistakes in fx trading.
looking forward for your posts..................
thnx
  • #18
  • Sep 7, 2009 1:13am Sep 7, 2009 1:13am
Thanks lion for starting this beautiful discussion.
  • #19
  • Sep 7, 2009 4:36am Sep 7, 2009 4:36am
a busy day on the 1 min charts, just no time to follow here, i have been doing just the trades the tail throws up at me. i should be free by NY open
Attached Image (click to enlarge)
Click to Enlarge Name: gj.gif Size: 18 KB
  • #20
  • Sep 7, 2009 5:00am Sep 7, 2009 5:00am
I have been using your indicators. Please tell me do you mean 'Girlfriend' is equal to daily pivot level?

thanks
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