Beyond the Candles

Hello fxgroup,

you mean, we have to wait for WC above DRM?

You're right..a W close above the RM will give us a very useful information= the buyers are in RM's controll !

Thank you for your answer. Maybe you could write a post or two about MM. What techniques do you use? I would really appreciate that.

Hello all,

Spotted this in USD/CAD:

M: DRM (bullish flag - I may be wrong )
W: PB on M DRM S = bullish bias

Waiting for WC above M R

CAC- RM with PB@ R level.

Thank you fxgroup for pointing out, I am watching....

I see additionally that P - in the next candle after the PB - closed below 50% of the entire PB candle height. For me another bearish sign.

How do you see AUDCAD and AUDJPY in the meantime ? I see on weekly a lack of buyers, therefore ranging market and lack of trend in Daily.

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I have now more time until the end of year, so I hope to post more charts.

Thank you !

Michael

i have to say to FXgroup, you way to do forex is what i try to do in the forex. i think this is the only right way to win pips in the market.

Thanks outman and welcome !

AUDCAD charts:

I will continue to follow this thread, and contribute what I know.

and I really think everyone in the thread should know what money they are ready to earn. FXgroup, good friend, you just give us two cores of "money-making machine": trade the trend and trade the range.

Besides technical stuff, the other most important part of doing trade is to improve our health by leading regular life and do more sports in our daily life. Only by doing this can we develop good habits and control ourselves.

Human itself is the most important factor in trading.

understanding this, I think then we can use ourselves to develop a real trading system, not those system with indicators like tons of those on this forum ,but a trading system which can supervise our behavior, mood ,health, technical details.

I suggest we can also apply a business principle "PDCAR" to develop this real trading system, "plan it, do it, check it, Action , Record" , in this way i think our trade can be going into a really virtuous circle. in this circle, we accumulate experience and trading capital.

For newbie, the best way to learn is to have a monthly plan, then go to weekly plan. this is what I try to do in my trading, so I don't need to sit in front of computer everyday, I spend most of time doing sports and gain positive power for my heart. only we ourselves are strong, then we can be stronger in the market, we can't control market, but we have to control ourselves. For short-term trading, it's gruelling and eating our energy and mood, damaging our health.

[quote=msmarple;6151778]
AUDJPY

Thank you fxgroup, interesting to see that you use 83.47, and not 83.00 as level - this makes sense to me although it is not using the close of the candles as only means.

Thank you,

Michael

P.S. In AUDJPY I still have the basic but excellent setup from dfmagalli as the one I watch, but this pic from you is very helpful. I still have the tendency to draw too many lines...:-)

I had another look at GBPSEK ( trying to simplify my levels ), here I see how P is rejected yet again and back in smaller RM. There was only 1 last green bullish candle reaching at R, but so far without follow-through.

WPG : I would wait for breakout of smaller RM, and retrace/pullback.

The overall trend is still down and too early to go long.

Any comment appreciated !

Michael

Hi Michael and fxgroup,
Well decision point in this pair is a bit higher from MTF and at the moment as you wrote we are still in M RM. Higer price was rejected, so now looks like price is more in short direction bias.

Rgds.

Dariusz.

GBPSEK is a mess right now and has no sense to complicate with it....there are a lot of pairs far more interesting: NZDSGD, AUDCAD, NZDJPY, USDCAD, etc !

Lovely thread nice to see a clean and pure movement of the market am definately sign up to this thread.

Hi Tiwa and welcome !

Here's a chart as a good example of the simplicity:NZDSGD.

So you meant to wait for confirmation to close above 10203 and buy on pullback.

Yes, thank you fxgroup ( & Dariusz ), I am just going through all kinds of RM for practice purposes.

Michael

Seems as if AUDJPY has closed above 83.47, but the move up is not very impulsive.....

Thank you.

Michael

Said in "bad moment" Michael

84.58-60 looks crucial