Sonic R. System

EJ: Price is in Ep zone, but there is no responsive trade volume. With about 2.5 hours until news and the Tokyo Open, the price has time to move, if it is to move in preparation for the release. This all has a positive look about it. The only negative at this point is the time; a very slow time just before today's session ends.

EJ: Tp1 reached.

Edit: Tp2 reached. Trade closed.

GU trade......

Hi guys, a friend of mine helped to do up this simple indic. It plots the Highs and lows of the last 4 days. It might help in support/resistance trading. Just something to contribute back to this thread which I have learn alot from.

I recommend you attach a pic showing the indicator's display.

Good idea. The blue and red lines are yesterdays high/low. The orange lines are the previous 3 lows, and the Slateblue lines are the previous 3 highs. Not sure if Im posting it correctly. Its been a while lol.

I am not using this indicator but it is a good one.
You can customize the periods you want and it also has a switch to turn pivots on or off.
.

I don't know about the rest of you all, but I vote Rastaman the LIBRARIAN OF INDICATORS......(this guy has an indicator for everything!)

AU trade I'm in at the mom.

Edit: trade stopped out. -21pips

RM.. U r Da MAN!

Haaaaaa Thanks T

But, what good did they do me?

Absolutely, nothing except to blind me from the wave.

Hi Rastaman,

I just recently come back from school at babypips.com, now I can understand the conversation a bit better and the chart makes a bit more sense to me (I'm still overwhelmed by some of them). I've backtracked and read all of the post from my last post until now. Thank you for all of the wonderful help you gave me (You even dedicated a post to me? That's so sweet! . Thanks also to other wonderful people who have helped me (ddaytrader/zz_zhang)

I've tried to do some trading (demo acc) using some knowledge I learn from babypips.com. So far, not good, more losses than winning but hopefully I can change that once I truly grasp the Sonic System.

I would like to ask couple of question,
- What is TP1, TP2, etc?
- The fibonacci pivots are to determine when to exit right? Does Sonic system teaches when to exit?
- Previous post you said that all I need to follow the sonic system is to set the EMA and CCI, is that still applicable or am I still better off to install it on another trading platform and use one for charting and the other for trading?

Thanks..
BC

Good Job BC!

You have taken the first step to become a Soniker and I am very glad you did, it will create a foundation like building a house, we don't start by putting the roof on. I found that when I took those same first steps at babypips, the more I learned the more sure I was of how little I knew and each new thing learned opened up another question to be answered. There is still a great deal for both you and I to learn.


TP1 just means Take Profit one, usually I scale out of a trade for example, if we sell 0.6 lots of USD/JPY at 87.63, and there is a daily pivot (Possibly strong reversal or resistance area), at 87.25, I will close 0.3 or maybe even 0.5 of that trade a few pips before 87.25 snd then move the SL to break even+, so that if at 87.25 the price bounces back to the original entry point, we will already have taken half the profit and even if price reverses and hits our Stop Loss, which is now lower than the price we originally entered the trade at, we will not lose a penny, and if price breaks through that pivot or fibo area we may be able to make a lot more pips on this trade without ANY risk. It becomes a totally FREE trade.

You can use both pivots and fibo points as either entry or exit.
For example if, USD/JPY is in a downtrend and hits the daily pivot or a fibo point such as 61.8 or 38.2 etc, and it may retrace a little then hit that area again to test the strength of that price area, if there are more sellers than buyers, it will eventually break through that pivot or fibo point and continue it's trend down.

You are in Australia right?
If I were you, I would still only demo the sonic system until you really get to feel comfortable with making trades and you are able to be profitable for constantly for 3 months in row, if you lose money in those 3 months, you MUST open another demo and do another 3 months of trial, until you are sure you can make good trading decisions and not lose money.

It is all about waiting for the wave setups to form and confirming it with support and resistance and the CCI.

I will look at the major time frames like D1, H4, H1 or even the weekly sometimes to see where the major support or resistance areas are, mark them on the charts and note, how close price is getting to that point and watching how price reacts.

Well, congratulations in your perseverance and will to learn to trade.
I am personally, next week at LONG last going to go live with the Sonic system, I expect this to be an experience because the pressure to get it right and not lose money is much stronger than demo accounts.

That said, I think Sonic said this, "Demo as you would trade live and trade live as you would demo"!

This means, just because we are only trading a demo account, we should not make trades which we would not trade if we were putting our own real money on the line, for example we should not put 50% of our account at risk on a single trade which could blow our whole account very easily. Or we should not make trades on a whim or chase a trade, but plan the trade and trade the plan, TO THE LETTER.
NO, moving stop losses or even worse, NOT placing a stop loss int the first place.
And once we are trading live, we should not worry too much about the trades but accept the outcome either good or bad, which we can do, with good money management and Risk reward ratio of each trade. There is no point taking a trade you may only be able to get 10 pips on and risking 50 pips as the stop loss!

Hope this helps and keep up the good work, you can do it.


Below is an example of Support and Resistance at Pivots and fibo areas.
This is not a particularly good trade it just shows S&R clearly.

Think about Support & Resistance as Ceilings & Floors.

In your house you stand in the living room and look up at the ceiling, but then, you go upstairs and stand supported by the floor which was actually the ceiling (Resistance) while you were downstairs looking up at the ceiling.

USD/CAD
A decent bullish hammer on H4.
EP: ~1.0500.
I'm new to this pair so , I'll take this trade on DEMO.

EDIT: Price went into resistance at the psych level 1.0500.
Managed to get above that level by 10 pips, but for now
it seems like it failed.

goodmorniing guyz i sold last night e/j n set TP n SL .........sl hit -77

bad start of the month

here is my gu sell trade

HIT order now lets c wt market decide...feel free pass comments ...

Muhammad

Well, I have a Daily Pivot right at the point of your sell entry, therefore
I hesitated to take the trade. You don't use Pivots? Just S&R ?

yeah i use just s&r

I want to try this one AUD/JPY Long

EP 81.90 or 82
SL 81.49
TP1 82.50
TP2 83