Beyond the Candles

Hi, fxgroup, I PM you for a link for the software for stocks, thank you!!

Update on USDCHF.

M Chart : WPD - uptrend, with HH HL

W Chart: WPD - uptrend, with HH HL, but the last RM was a LL? or the 2nd RM should not be counted as a HL? Last week candle closed above RM + W R, but price was below the Trendline.

D Chart: WPD - RM, price Broke out of RM with BUOB, after that, sellers tried to regain the control, but got rejected with another BUOB, which is Friday's candle. yesterday we had a Pin Bar at W + RM SR, but was a red bar (IPB?). Is this a confirmation for a LONG entry? Or it's risky since the price was below the TL which turned into R?

Please enlighten me

That's how I look at USDCHF

M: overall down trend, but now P is at RM's R

W: price is testing the old small RM's R

D: still stuck in a small RM and yesterday's PB doesn't close above the RM. that's my opinion about it. So the best way for usdchf is to stay out,or just use small SL to sell at the S of small RM for very short-term trading.

That's my opinion about it.

Hi Outman, Thanks for your inputs. Note taken. Makes alot of sense, especially the D charts. For this trade, lesson i learnt was, to wait for D RET AFTER the W candle CLOSED above the R. I took the trade based on the last D bar last week, which appeared to be a BUOB. It was a mistake. This Daily PB last week might be one of the confirmations, but it was still not strong enough to be traded as it didn't close ABOVE the D R as you mentioned.

NOtes to be remembered: Find reasons NOT to trade. When you can't convince yourself that the trade is not to be taken, THEN you take the trade.

USDCHF
It is very interesting to see if the P will turn back within the old RM !

look at eurusd, quite similar to usdchf. I guess there will a 2WPB formed at the end of the week. Let's wait and see

Let's see a practical example of how to read the price beyond the candles in order to understand the buyers and sellers answering to our questions WPD+ WPG !

EURNZD:
-W=RM with PB @ S (1.55 BRN)= the buyers are in RM controll...all we have to do is to wait for a D RET.
-D= RET on RM'S with PB as buyers confirmation.
The levels that are inside of the RM become MM level, meanwhile the RM's R become the main (final) TG.

Thank you for the great example !

Here is a weekly chart of EURGBP, another practice example of mine, as I am going through as many examples as possible, where P is stuck inside a dynamic range ( triangle or wedge ), something that we see very often - and often don`t know if it is bullish or bearish.

Good trading to all of you and once again thank you to fxgroup !

Michael

Hi fxgroup, great trade! There's one thing i'm curious about. it's regarding your buy limit. i noticed that you set the buy limit at the retracement of the W PB on S. Did you do that because you were confident enough that it will be bullish, even without the Daily confirmation bars?

Hi Fxgroup and fellow traders, I noticed one thing.. on my charts (Oanda MT4), the weekly close were AFTER Sunday close. does this mean i will have to do the Weekly analysis AFTER Sunday close (Monday 0000 EST)? because i found that even Sunday's movements were quite significant to the weekly charts... this means i will not be able to Plan the trades during weekends as the Weekly bars were not closed yet, right?

[quote=keroro0o0o;6208575] That's right....all the pland are made ONLY with the candle closed !

Regarding my buy limit order, it was an order to fill a TT (touch trade)..as I said I have several ways to trade...but all the methodoligies are WITH the trend !

EURUSD: Taken a short-term trading on daily.

EURUSD is between 2 important levels, so if we will se a RM development, it won't be a surprise !

.....
....do you remember this post ??...today we will see a very nice chart....remember: the market's essence : WPG+WPD !

Outman, be careful with PB, what you show is actually an inverted Pinbar - I have attached a pic of EURAUD to show you an example.

A true and real PB can be seen on fxgroup`s pic of Yahoo, at the bottom of M`s RM.

Hope that helps !

Michael

Here is a good example of how to use a RM and a level inside of it:

Thank you , Michael, just a short-term trade, get some pips before it goes up!!

can you give more examples about PB, I thought it's kind of hammer, shooting star ,etc.

from your pic, it said " Bearish candle removing the sellers from resistance area", why do you think so? could you explain the psychology behind it?

I didn't take this one, but I did miss the GBP/JPY, it offered us a good chance to follow the trend.

Hello everyone.

I don't know if any of you still remember me from earlier in this thread, I am having a lot of things going on in real life including moving to a niiiiice island. Some kept following me on my twitter channel, where I weekly post market analyses using this thread's method, the best method I have found so far!

I am going to be back a bit more often till the end of the year, when I should move home.

So let me be actually useful during this period of time, by replying some questions!


The question is interesting and regards a lot of traders who don't have a "standard" time zone platform.
The question is two fold:

1) Is your platform "wrong"?
2) Does this affect your trading performance?


1) No, the platform is allright. The price action you see in there is valid. The time zone makes candles different: some times you will see no price action on your platform while the "standard" UTC TZ based platforms will show some. Other times the opposite will happen. Most of the times you'll see different yet equivalent price action patterns: a PB on the Oanda platform vs a BUOB on somebody else's.

You may actually get the best of the two worlds: download a never ending demo MT4 from an UTC based broker and look at the price on both such platform and OANDA's (PM me to know the most used demo MT4 by WPD-WPG traders). This gives you three benefits:

a) You will catch more patterns, since it's much more common to get a tradeable price action pattern on at least one of the two platforms.
b) You'll know a pattern is expecially strong when both the platforms show a concording equivalent pattern.
c) You will have trade signals twice a day. This is quite good when you use a method that yields "seldom" trade signals. Even if you don't mind the wait, you get twice as many the chances to select only the best and safest patterns.


2) Your performance should slightly improve if you analyze the markets on a UTC based platform. In fact, the markets tend to be driven by big players following such time zone more than OANDA's.


You can also go for the "hybrid" route: analyze the markets on the UTC platform and enter the orders on OANDA's.
This is perfectly doable, since a pattern validity trascends the plaform. That is, if you see a BUOB on your UTC platform, you may place orders on the OANDA platform even if on OANDA's MT4 you only see two non pattern bars.

The only warning: beware! Many brokers price their currencies differently! Due to many factors (including the individual broker's spread, if any), it's perfectly normal to see price say at 1.401 on broker A and same currency price at 1.409 on broker B.
Therefore you have to check prices both on the UTC broker and OANDA and see the delta. You MUST apply that delta both to your buy / sell orders and to the stop loss.

Hi D,

Thanks for your reply. extremely helpful. Currently i'm using Demo MT4 from FxPRO. and i'm fully aware of the potential difference in price between different brokers. Things are going fine. Will see how it goes as i demo.

Once again, Thanks ALOT for your help. I greatly appreciate it.