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  • #661
  • Aug 28, 2012 8:00am Aug 28, 2012 8:00am
a short question for you guys.
is there a general mistake I can make on trading.
is there a better site for new users to trade on.I have started o work on forex-metal.com and seems quite ok so far.

Thank you
  • #662
  • Aug 28, 2012 10:55am Aug 28, 2012 10:55am
Quoting Praveensuri
Mr Chia
The RSI zone between 60 to 70 that you mentioned is in which time frame/weekly or H4
Thanks
weekly for long term,
i mean h1 h4 and daily, but sometimes h1, h4 and daily 50.
Praveensuri, Don't forget give treadline look my chart ,it's very important,sometimes that will tell us, long term is bull finish and change to bear or bear to bull , time will tell us, everthing in the chart .if against that trend ,be carefull ,use daily candle, i believe you can develop your skill trading, make analisys and read this thread over and over . it's will help you.Happy trading JBU
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  • #663
  • Aug 28, 2012 4:44pm Aug 28, 2012 4:44pm
If you have never traded before there are plenty of mistakes you can make
The first one is thinking that is easy. Nothing can be farther from the truth
Second, taking large positions. It is always advisable to trade the smallest quantity possible of any instrument till you can prove to yourself that your method works and you are consistently profitable

Third ..listening to others. While it is always good to imbibe the best that many people have to offer, it is always useful to be self reliant and develop yur own plan and method. This comes over time and with practice and through education
These are some of the important stuff I can think off.
Hope it helps
  • #664
  • Aug 28, 2012 10:58pm Aug 28, 2012 10:58pm
Please visit my thread i am trying to discuss and solve the same issue.
  • #665
  • Aug 29, 2012 3:35pm Aug 29, 2012 3:35pm
Articulate/Mr Chia

Going by the trading philosphy ( which I hope I have understood) , it will seem that as of writing this post on 29th August, there is no signal yet to trade any of the following pairs:

  1. USD/GBP
  2. USD/Euro
  3. USD/ AUD
  4. USD/CHF(swiss Franc)

Please let me know if my understanding is correct

Also Articulate. I am hoping you will respond to my few earlier posts which I have written after your last reply

Many Thanks

  • #666
  • Aug 29, 2012 7:34pm Aug 29, 2012 7:34pm
Quoting Praveensuri
Articulate/Mr Chia

Going by the trading philosphy ( which I hope I have understood) , it will seem that as of writing this post on 29th August, there is no signal yet to trade any of the following pairs:

  1. USD/GBP
  2. USD/Euro
  3. USD/ AUD
  4. USD/CHF(swiss Franc)

Please let me know if my understanding is correct

Also Articulate. I am hoping you will respond to my few earlier posts which I have written after your last reply

Many Thanks


I attachments 3pairs chart, gbpusd,audusd, nzdusd
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  • #667
  • Edited 9:40pm Aug 29, 2012 8:13pm | Edited 9:40pm
Quoting Mr.chia
I attachments 3pairs chart, gbpusd,audusd, nzdusd
Praveensuri,this is my other chart just with s/p ,rsi and trendline
if you are in demo account, i suggest 2000-5000dollar for account, don't use to much ,like 10.000, 50.000usd, i have reason , why i said that.
money management is important risk 2%, sl 150-200pips(risk:reward 1:1, 1:1,5, 1:2,1:4)
IF YOU ARE NEWBIE, my advice just 1 or 2 for analisys, too many pairs will make you confuse,
GBUusd, i still wait when the price in zona 1.5600-1.5700. if you want first trade, just trade when rsi weekly in 40(ready buy) 60(ready sell) conform with daily weekly candle . for 2 class trade, i wait daily rsi touch 50 point and h4 and h1 in zona 40,(sometimes in zona 18-30) or daily rsi touch 70,comform with daily candle ( sometimes it's go to 70-82,wait it back /out from area 70)

Audusd, if this week close under 1.0400,(RSI WEEKLY IN AREA 50,price can pullback or cross that area) it's means, trend change audusd 1000pips complete, for buy wait rsi in zona 30-40 conform with daily candle, look h4 candle,for reverse, so check it every 4 hours,h4candle, sell it again when price pull back in area 1.0400-1.0470.

nzdusd, close weekly is very important.(RSI WEEKLY IN AREA 50,price can pullback or cross that area) buy when rsi h4 cross or back from area 40,check every 4 hours for buy, rsi daily almost touch 40, can pull back after touch 40, or can be after touch 30(or dance in ares 30-40. if weekly candle close above 0.8080. i make analisys for sell area. JBU happy trading
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  • #668
  • Aug 29, 2012 9:30pm Aug 29, 2012 9:30pm
Mr Chia
I am sorry but I do not understand the charts that you have posted in relation to my question. I was asking if there was a signal to trade or not given where the charts for various pairs are at the moment.
The way I look at it, there is no confirmation on any of the charts to go long or short.
Would you agree

Many Thanks for your response
  • #669
  • Aug 30, 2012 2:05am Aug 30, 2012 2:05am
Quoting Praveensuri
Mr Chia
I am sorry but I do not understand the charts that you have posted in relation to my question. I was asking if there was a signal to trade or not given where the charts for various pairs are at the moment.
The way I look at it, there is no confirmation on any of the charts to go long or short.
Would you agree

Many Thanks for your response
i am not trade.USD/CHF(swiss Franc)
eurusd, pending order 1.3100 for long term, i have not trade eurusd for short and med, because can interrupted my trading(gbpusd, audusd, nzdusd)
GBPUSD, have not sign , audusd and nzdusd, have sign to buy, i still wait for h4
  • #670
  • Aug 30, 2012 2:07am Aug 30, 2012 2:07am
Quoting Mr.chia
i am not trade.USD/CHF(swiss Franc)
eurusd, pending order 1.3100 for long term, i have not trade eurusd for short and med, because can interrupted my trading(gbpusd, audusd, nzdusd)
GBPUSD, have not sign , audusd and nzdusd, have sign to buy, i still wait for h4
look the chart
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  • #671
  • Aug 30, 2012 5:16pm Aug 30, 2012 5:16pm
Mr Chia

Would you be looking to buy AUD/USD at 1.0220 or higher around 1.0255

Thanks
  • #672
  • Aug 30, 2012 10:26pm Aug 30, 2012 10:26pm
Quoting Praveensuri
Mr Chia

Would you be looking to buy AUD/USD at 1.0220 or higher around 1.0255

Thanks
BUY in zona 1.0170-1.0230, look daily candle and h4 reverse for buy.(becarefull for buy,because against new trendline,weekly direction) sell limit 1.0370-1.0430.
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  • #673
  • Sep 2, 2012 1:31am Sep 2, 2012 1:31am
Quoting Mr.chia
BUY in zona 1.0170-1.0230, look daily candle and h4 reverse for buy.(becarefull for buy,because against new trendline,weekly direction) sell limit 1.0370-1.0430.
SEE BIG PICTURES, will guaranted you profitable. JBU
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  • #674
  • Sep 2, 2012 6:28am Sep 2, 2012 6:28am
I am a bit confused on when to execute the trade. Let's take EUR/USD as an example. On a weekly chart there is no signal yet to go short as yet , although the weekly candle is at resistance. However on the daily chart we had a reversal candle on 24th August, followed by confirmation on 27th August. I would have thought the prices will continue to go down after a minor pullback to daily support . However we bounced off the 4 hour support and made a new high.
SO WHEN WOULD YOU HAVE TAKEN A TRADE?

Same thing on GBP/USD. We have no signal on the weekly. But on daily we had the first reversal candle on 23rd August.Based on that if we had taken a trade on the 4 hour chart, we would have made close to 100 pips or more. However if we waited for the daily reversal candle on 23rd to get confirmed, which got confirmed on 24th August, there was no more opportunity to trade.

So when would you have taken a trade?

In case of AUD/USD

We are waiting for abuy zone to be hit before entering a trade

So can you please explain this
I have been waiting for Articulate to respond to my earlier posts and hoping he will respond to this post as well.
Mr Chia what do you think. I looked at your big picture charts, and I undersatnd them, but I still do not understand when to enter a trade and how?
  • #675
  • Sep 3, 2012 10:10am Sep 3, 2012 10:10am
Quoting Praveensuri
I am a bit confused on when to execute the trade. Let's take EUR/USD as an example. On a weekly chart there is no signal yet to go short as yet , although the weekly candle is at resistance. However on the daily chart we had a reversal candle on 24th August, followed by confirmation on 27th August. I would have thought the prices will continue to go down after a minor pullback to daily support . However we bounced off the 4 hour support and made a new high.
SO WHEN WOULD YOU HAVE TAKEN A TRADE?

Same thing on GBP/USD. We have...
YES ,you are right. watch audusd 1.0200 and 1.0000 for buy. now rsi weekly 50 rsi daily in zona 40-30.
  • #676
  • Edited Sep 4, 2012 7:08am Sep 3, 2012 10:35am | Edited Sep 4, 2012 7:08am
If you don't trade in the direction of the higher time frames (weekly and monthly charts) you are simply countertrading. That is what most new traders are doing and they lack the expertise to counter-trade.

In simple term if the monthly and weekly are bullish charts, you can only be profitable in long run if you buy in the lower time frames. Conversely, if monthly and weekly charts are bearish, you can only be profitable in the long run if you sell in the lower time frames. The weekly chart is the most reliable chart, while the monthly is basically a mere guide as far as a retail trader is concerned. A currency pair can remain bearish for bullish or bearish for upward three months or more until the Masterchart levels (500, 1000, 1,500 pips) etc are reached. This is what most new traders fail to realise.

To provide useful guide, I will continue to post monthly and weekly charts at the beginning of each month explaining the bigger picture for some major pairs and my views for the short-terms. Look out for these posts.

Quoting Praveensuri
I am a bit confused on when to execute the trade. Let's take EUR/USD as an example. On a weekly chart there is no signal yet to go short as yet , although the weekly candle is at resistance. However on the daily chart we had a reversal candle on 24th August, followed by confirmation on 27th August. I would have thought the prices will continue to go down after a minor pullback to daily support . However we bounced off the 4 hour support and made a new high.
SO WHEN WOULD YOU HAVE TAKEN A TRADE?

Same thing on GBP/USD. We have no...
  • #677
  • Edited 11:49am Sep 3, 2012 10:59am | Edited 11:49am
Here is the monthly update for EURUSD comprising of both weekly and monthly charts. The pin of the current bullish run sat on the red line and has remain bulish for the past six weeks. 1.2500 was successfull broken last week with the body of the weekly candle opening and closing above 1.2500. The monthly was bulish and weekly candles were bulish for the whole of August irrespective of what happened in the lower timeframes.

My view for September 2012

The temporary support for now is 1.2500 and the target is 1.3000, but there is a barrier between 1.2750-1.2800 (check the top of the previous weekly candles to recognise this barrier). For 1st class trading opportunities, wait for a weekly pin around 1.3000 for opportunities to short for at least 500-1000 pips or wait for a re-test of 1.2000 to begin to look for opportunities to go long.

For day traders, draw a line on the weekly pins under 1.2500 and take that as base for a bulish run until you see another H4 pins. 50PAA will clearly show the progression in whatever direction.

This is how to plan a trade, set your parameters and determine the range ahead of the game.
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  • #678
  • Sep 3, 2012 11:12am Sep 3, 2012 11:12am
Articulate

Thanks for your reply. I understand the concept of trading with the monthly/weekly trend. My question has always been that you have mentioned three types of trade.. Long term/Medium Term and day Trade. You have also given combination of time frames for each type of trade. For example day trade 4hrs and 15 min, Short term Daily and 4 hours znd so on. In your posts you have mentioned that when RSI in both times is at yellow or red boxes you buy or sell. However if you notice, RSI for long periods of time never reaches red and yellow zones and many times reverses either from above or below 50 line. Yet the pair moves 100 pis say for a sMedium term trade. Are you suggesting that these trades be ignored?

In case of EUR/USD weekly for rxample, while the weekly trend is bullish, the weekly price point is at resistance level. RSI is belwo 50 arnd 47 or so. Logically it would make sense to buy pullback on 4 hour chart, However when I look at the Daily RSI is around 62, price at resistance , weekly RSI jsut reaching 50, so in this case what kind of decision will you take.

Thanks and hoping for your reply. If you could also look at my earlier posts and provide a guidance that will be very useful
Thanks again
  • #679
  • Edited 12:06pm Sep 3, 2012 11:54am | Edited 12:06pm
Here is the monthly update for EURGBP comprising of both weekly and monthly charts. The pin of the current bullish run sat on the yellow line and has remain bulish for the past six weeks. What we are witnessing is a retest of 0.8000.

My view for September 2012

The temporary support for now is the yelow line at 0.7700 area with the price trapped between 0.8000-0.7730. The base for long-term trading is the yellow line where the weekly is currently, while the more solid support is 0.7500

For day traders, draw a line on the weekly pins under 0.7700 and take that as base for a bulish run until you see another H4 pins. 50PAA will clearly show the progression in whatever direction.

The best strategy in fx is to keep it simple!
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  • #680
  • Sep 3, 2012 12:11pm Sep 3, 2012 12:11pm
Once I am through with my monthly updates, I will answer your you question and provide clearer explanation for short term trading.

Quoting Praveensuri
Articulate

Thanks for your reply. I understand the concept of trading with the monthly/weekly trend. My question has always been that you have mentioned three types of trade.. Long term/Medium Term and day Trade. You have also given combination of time frames for each type of trade. For example day trade 4hrs and 15 min, Short term Daily and 4 hours znd so on. In your posts you have mentioned that when RSI in both times is at yellow or red boxes you buy or sell. However if you notice, RSI for long periods of time never reaches red and yellow zones...
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