M candles / Custom candles for second charts 1 reply
Calculating only buy candles vs sell candles 2 replies
Platform which enables the rewinding of candles 3 replies
Missing candles? 1 reply
I need more candles! 4 replies
Dislikedote][quWhen u say 2MPB, do u combine the 2 monthly bars into one pin bar?Ignored
DislikedHi Fxgroup
Just discovering your thread and starting to go through it. So far I find your simple approach really enlightening.
One question : since close and open of candles are so important, what is your recommendation, since different brokers will have different closing and opening hours. For example, my broker is based on GMT and I cannot change the setting. I know of other brokers based on GMT +2.
Another widely accepted idea for end of day in forex is the time of US close, that is (if I am right) GMT -3.
Thanks a lot for sharing your experience...Ignored
DislikedThanks Fxgroup for your answer, you are confirming what I was gradually getting to. Still, sometimes it is not so easy to recognize clear levels, but then I suppose that according to your philosophy, we should go for another pair which tells us clear things !
Thanks again, I will go on through your thread with much interestIgnored
QuoteDislikedHave nothing to contribute yet,
QuoteDislikedjust wanted to say thanks.
QuoteDisliked
M: down trend, Outside bar: seller control, return to down trend
Dislikedlooks at weekly chart, WPG should be 0.8476. If so, price did not make it this time.Ignored
DislikedHigh Fxgroup
Have been studying this market method quietly on the side line with great interest.
Never been happy using indicators and this way seems to fit me well.
Please see attached chart, is this a reasonable assumption for if and when the next trade should take place?
Peter.Ignored
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WPD-WPG method cheat sheet
The following picture shows a cheat sheet about the trading method teached in this course. This cheat sheet shows a sample of bullish market, a buy operation and bullish patterns. For bearish markets the method is the same, just flip the graphs upside down and use bearish patterns.
How to use it:
1) Print the cheat sheet.
2) Have several markets available. The best trades don’t always happen on the same market, some times a market might spend months doing nothing relevant. The trader is meant to keep a basket of markets where to pick the best trades.
3) Look at the cheat sheet top left. Draw the monthly price levels and try and understand what’s going on in the market. One of the most important informations is to understand whether the market is going up or down.
4) Look at the cheat sheet bottom left. Draw the weekly price levels and make sure the weekly price is concording with the monthly.
5) Finally look at the cheat sheet right. Find a trade trigger price action pattern that sits on a retracement on a weekly (or monthly) price level.
Very important:
- Only closed bars are valid and relevant. Example: a weekly bar only closes at the end of the week. This means that before the end of the week you are looking at an half created bar which is irrelevant and potentially confusing. You have to look at the bar before it, since it’s the closest closed bar.
Same for the daily chart: looking in the middle of the day only shows half made and irrelevant bars. You have to look at the chart at the beginning of the trading day or to ignore the forming bar and look at the one before it.
- Price action bars patterns require a context and location. A bars pattern in the middle of nowhere has zero meaning. A bars pattern sitting at a price level is the only kind to consider.