Aussie Trading Room and Cartoons Gallery

Gidday

I closed out my long -$22
I need to lift my game as I am still picking way to many lemons trades.
Next week I will do even smaller trades,just need to get into a pattern that produces better results.
All good as this is my main interest now,my goal would be to earn some extra money.Live the dream an earn online from the comfort of your home.
You ask anybody what do they really want,they can not tell you.

Have a good weekend

bearish divergence macd, 30 min chart

In terms of the TF, it looks like a bullish divergence to me.

Gidday

Bad dog just had to do small long before the close,

Did one EUR/US also

Keep thinking if this the beginning of next wave up 10700
Keep thinking EUR a lot of talk about 13000

See what happens

Let's see if it goes past the 1654 support. It is in a bull trend. Watch out carefully.

interesting thing is, you are both right

Good luck, I am still watching

Why? Your insight please.

just sharing, my friend taught me about gold, the best way to trade gold is done by buy sell stops at define price action/candles area.

Because often the gold moves in a spike direction suddenly up 30-50 points, down 30-50 points, buy sell stops are the safest, because one don't hold only limit trades and worry if the trend go against.

a good rr on buy sell stops work the best on gold.

How does a buy sell stop work??

After looking at daily chart for a few hours, I realized I have been preoccupied by a misconcept that the trend line channel must be straight.

Must the trend line channel be straight? My answer is yes and no. The previous DT was not a straight line. Why should this UT be straight?

Within the two lime color TLs, there are 5 sub channels at different angles. The construction of these 5 sub channels within one parent channel solves some puzzles I have had for a while. IMHO

take recent fomc for example. gold looks high. and trader normally have the conservative thinking of buy low sell high which is not good in the market nowadays. just before such major news that likely to drive the dollar index. gold is normally the first leading mover against usd index. so simply place s buy stop above former resistance on a good rr. or sell stop below the most recent fat candle or pin candle aka demand. the moves are often quick and spike. but only on high volatile period. the trader must breakdven it once 5-10 points ahead to avoid what happened during ecb . up then down. don't let winner become loser. that's why many recommend not trading during high impact period but they are wrong. either u don't take a live trade before a major announcement or one use buy sell stop. i may be wrong . but out of maybe 20 time . its definitely happen more then 10 times which US half. a good rr will be profitable.not all trading months are the same.

a friend of mine does that on gold for each NFP news, he enters the buy and sell stop a few minutes before the news with tight SL

Any lines on your chart that give you an edge are OK, it does not matter how you draw the line, its all about how you use them to trade once they are drawn.

If you have a Trade Manager EA, once a trade is activated it will close the one in the opposite direction and protect your open trade by adding a TSL which will secure some profit should it be a whipsaw.

yes , that's the main purpose, to keep the losers small, and make the winners the champion runner. The trader can speculate on each event out of 20 times, he can lose 12 times with maybe 10 pips, but out of 8 times he can reaped more than 80-100 pips gain, do the maths.

Take for example on Forex pips, during such event, we can see that on the chart just mainly 3 components.

1) Boilinger band is likely to get squeeze. [ A consolidated range waiting for breakout , market get uncertainty and do not know what's going to be like for the news, the truth is Mr market knows, just that we retail traders are too late upon received the news, the move had happened]

2) Volume : Volume is likely to head straight up and increased the MOST, which resulted in a full candle body or candle + WICK / PIN. However, when the candlestick blow up in commonly the 1,5,15 minutes which are more visible at first will likely to go up quite high in 15-30 pips normally, and when that happened,

That particular spot will become what we called, resistance turns support, support turns resistance. However, we still need to identify the market patterns/cycles on the bigger tf from daily/weekly/monthly if its trending up or trending down to know the strength of the incoming breakout, as the bigger tf stills stands for the overall trend and bias.

3) we get news that are already too late.
Why buy sell stops? It's a prediction of the future pricing that's going to get hit and move in that direction, limits are reversal and highly dangerous compared to buy sell stops.

Mr market aka during las vegas/us session, is the most volatile period, because the whole world is trading and US stock market are moving, liquidity comes in the fastest and quickest.

BUT, mr market is also mr dirty. Once tier one bank move a particular orders in a direction his trading volume is often few times bigger than tier 2 bank, then tier 3 bank, and many other hedge funds and etc.

They also uses robot to make sure they minimize their risk. leveraged trading are enter on that particular breakout/direction. Take for example, the first order of breakout that pushes to hit the buy/sell stops order are purposely and quite fast. But the volume are actually fake and temporary volume, but because tier one big boys make the move, if other banks go against him, they will lose, so they follows, and that's when we see the power of breakout in a specified direction.

Why fake? I don't think any banks would want to expose themselves to a winner trade turn loser trade, once it's turns positive its already breakeven. Unless they have a good limit/offer/bids in a specified level of price for a specified target.

I have tried an ea before that executed more than 300 trades per minute on my VPS, and starts to take profit and trail breakeven very quickly during US SESSION. If my EA can do that, what about banks? And they don't use retail mt4, they have their own platform and direct liquid to the market. Secondly, retails traders worldwide upon seeing that would also jump and follows, panics comes in, stops get taken out, new orders filled in, more trend is moved in that direction. If margin of reversed trading are stop out, this left one less counter player, and the trend just keep moving in that direction.

Sorry my explanation is quite lengthy .

What is your EA that dose 300 trades per min?? I want one of those please

my friend uses manual cancellation for the one that doesn't get executed, he doesn't trust EA, he said money should be taken care by his hands instead of EA, a conventional guy he is

lengthy but useful, cheers buddy

if you use that EA, does that mean that we're going to have 300 FUDGE related posts a day here in this thread?

Whether or not the Aussie has peaked is remained to be seen at this point. When the small TFs cannot offer clear views, I have to turn to the weekly and monthly charts. This coming week will reveal the answer. Sunday night open is going to give some clues.

In fact. the UTL has not been reached by the Aussie. In my opinion, there is a mandate for the Aussie to be there before heading south.