DislikedHi zamfir,
I have del all of the indicators, and makes it a bit more clear now, just another thing, say for argument sake Im looking to Trade the 4H and i have marked my S/D on the daily, chart, now should i wait for the PA to reach the Daily S/D level before i look for trades on the H4, is this the correct way to trade this method
if this is the case then we would not get enough opportunity to trade in a week we may lucky to get one or two trades a week and if one does not pan out then other one does then Risk on reward is not good then, wouldn't...Ignored
CashForex, first thing is DO NOT QUIT YOUR DAY JOB.Everyone in forex trading wants to do this badly. But we are no where near to trading for a living. It requires hard work and dedication for few years and after that may be.
Im looking to Trade the 4H and i have marked my S/D on the daily, chart, now should i wait for the PA to reach the Daily S/D level before i look for trades on the H4, is this the correct way to trade this method
Not necessary to look for Levels on Daily and then wait for it to reach in there and then look at H4. there will some difference. Like i said the levels are there on all time frames including 1m. But the levels are more reliable on higher TF(H4 onwards). But when you choose any TF, look where the price is just one level higher, so that you don't run into the opposite level on a higher TF.
E.g if you see a good supply level on H4, see daily to make sure you are not running into a Demand level on the daily,because then it would be a total disaster. if the level line on both daily and H4, that's the highest probability you have to get a good trade.
if this is the case then we would not get enough opportunity to trade in a week we may lucky to get one or two trades a week and if one does not pan out then other one does then Risk on reward is not good then, wouldn't be better to trade short time Frame eg 5M that way we can get more trading opportunity
Yes, this is why i said we as trader when new are very very impatient. It takes a while to get hold of your emotions in this business. I used to very reckless in my trading earlier. Bad idea. Some days you will have 2-3 opportunities , like i had yesterday. Its OK to trade 5M once you have become very very good at picking levels. Also good way to practice is on 5M.
Hence what is necessary to become good at this method
1. picking good levels with good reasons.
2. Good entries , tight stops. This is because as you can see the best entry's are the one's where the the price goes no where near the Stops and moves away to your target. Many examples of this in ken's thread i have posted.
3. Good exits, this one will be slightly harder, as it depends on person to person and Time Frames.
4. Setting POs and let go. This is very very important, if you cannot do this and you might as well pluck out all hairs , go mad to reach your levels , only to get a bad entry with big Stops. Remember if you use PO's , your risks will ALWAYS be smaller then instant orders.
Now first practice , practice and practice some more at picking good levels.you can demo trade until you're good at picking levels , after that start small with real money(emotions) and you will learn to discipline yourself in setting PO,Stops and Targets.
I suggest you keep posting your picked levels in here , so the seniors can guide you and help you analyze the trades.
And more importantly DO NOT quit your day job. we all have long way to go in this business.
Good luck!!
