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Dislikedany idea why i opened long position now, you can see sample images. any ideas from you people will be appreciated. update right now price {image}Ignored
DislikedSelva I am glad to see your new thread. Now you can post whatever you want to show us and not feel that you are cluttering someone else's thread. You have done a lot of research to develop your technique and I am sure many will benefit from this thread. Thanks for sharing your work. Good trading in future.!! daveMIgnored
Disliked{quote} Hi, selva I'm guessing you are thinking that market is going to retest and might even breaking the H4 resistance. Anyway, congrats for your new thread, I'll follow with interest. Wish you a good luck and happy trading.Ignored
then validation:-
so these give entrance
riding...
happy learning.
Disliked{quote} sorry for the late reply, and really happy to see you participating in discussions. yes you are on the track. but as already mentioned we will see what the market movers thinking at that levels . because all s/r lines will not act as s/r in future. so only i asked you to code how many times price hit that level and reverse again. the higher number then higher probability....Ignored
the first question is really easy to answer. whether scalping or positional. for your kind information in my terms scalping means 5-10 pip profit, positional means 50+ profit sometimes regarding to market we have to exit at 25+. (25+ is also a good profit in single trade right?)
comes to second question. it is really hard to answer. because you can not fix the time to spend in trading. because the trading itself demands the required time. so if you cannot afford to spend the time what forex trading demands please dont trade. this system is for only who ready to spend time before monitors to shoot at right time that's why sniper.
size of renko:-
this also a valuable lesson which i got from my professor kiads, usually we will look at 1 hr and 4hr charts. so please drop the atr in the desired currency pair and look the average pip movement of the candle to the particular time and note it. then please input the the number in the size tab at renko indi.
which chart to look:-
that's your choice but 1hr is recommended. you can use 30 m chart. but it is up to you. because new methods using this base will be encouraged. but the results is up to you.feel free to share.
what pair we will use:-
you can use any pairs. because we are using traditional methods. so all pair will work good. but in my suggestion please use the pair which has 100 and 100+ average movement in daily, weekly basis.
because it is simple strategy "if a pond is filled by more fishes, then it will be easy to catch fishes".
what we will do at news time?
it is simple question we will not trade at news time before 30 min and after 30 min, to avoid market fluctuations. but this will apply to the impact ratio of the news. only high is considered. sometimes medium according to previous impact.
money management:-
regarding money management you have to find your own. because i don't know what your up to.
in my terms,
but it is upto you people to choose it. soon the rules will be posted......
DislikedHi Selva Really appreciate that you show us this method of trading. May I ask what is the difference between the yellow and magenta support n resistance lines in your H1 standard chart? Thank youIgnored
Dislikedhai, below is the sample 1hr chart the majenta is 4hr s/r and yellow is 1hr s/r {image} and here is related renko chart{image} these are base. we can add other indis as it comes.Ignored
DislikedThanks Selva1437, Could you give a common template for using through that thread? I have add all indicators which you supply but it is a intricacy chart. Thanks, Happy trading!Ignored
DislikedThanks Selva1437, Could you give a common template for using through that thread? I have add all indicators which you supply but it is a intricacy chart. Thanks, Happy trading!Ignored
actually,
we are using pivots for analyzing the trend of the day. and pivots sr to exit the trade. but the exit and enter should be made by the market not you. because when you entered long at good support. but the price reached the pivot r1. and you decided to come out of the trade with 10 or 15 pips. but market not yet decided to halt at pivot r1, it breaks the pivot r1 and rallied to pivot r2 or any other resistance then the market decides to go south. at this time your mind will scolding you like "if you traveled with the wave you can get 100 but you get only 15" .
the above scenario will affect you psychology of your trading. like the next time when you trading you entered in the same good support, as usual the price will hit pivot r1, by this time your mind will speak to you like" on that day you take your decision by your own and lost 80 pips, but now i am telling to continue in this trade" and you will also continue as your mind said. but market has already decided to turn south. for each and every pip going south you will be tensed or you will be praying god please turn it north and i will break even .
so only so many novice traders fell to the emotions. in forex there is strict rule.
"NEVER EXPECT THE SAME PA TO BE CONTINUED" AND "BE PREPARED FOR WHAT YOU SEE IN CHART"
so dont put all indicators at same time. please put s/r lines and pivot point indicator first and look you chart and analyse your chart. when you feel that you have get an idea what is drawn in your chart then go to renko and create renko chart as mentioned in above posts. then see the renko reversals, and watch the patterns in the standard chart. then eliminate false breakouts.
try this at demo trading for a week if you are too smart you will get the idea in one day. then we will add some more technical to prevent from wrong entries.
happy trading.