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a newbie in need of help

  • #1
  • First Post: Sep 19, 2014 2:12pm Sep 19, 2014 2:12pm
Hello, i am a newbie and has been reading many articles and newsletters on forex trade, but when it comes to placing the trades, i get confused on how to start.

One, i don't know how to actually calculate the pivot point or how to determine the exact point to place a trade, ie the swing high or low position.

Can someone please show me exactly how to determine the swing high or low and how to place a trade, please.
  • #2
  • Sep 20, 2014 12:35am Sep 20, 2014 12:35am
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Don't speculate trade with surety.
  • #3
  • Sep 20, 2014 1:08am Sep 20, 2014 1:08am
Quoting richdadeze
Hello, i am a newbie and has been reading many articles and newsletters on forex trade, but when it comes to placing the trades, i get confused on how to start. One, i don't know how to actually calculate the pivot point or how to determine the exact point to place a trade, ie the swing high or low position. Can someone please show me exactly how to determine the swing high or low and how to place a trade, please.

It can be daunting as a beginner I'm still fairly a new to trading too... this is the most valuable resource I have http://www.babypips.com/school and ForexFactory too!! Go through the whole of the baby pips tutorial from start to end and then you should be good to go!!
Learning is all about about asking the right questions!
  • #4
  • Sep 20, 2014 5:45am Sep 20, 2014 5:45am
Just google online for pivot points or better yet, access some beginner materials for the same..good luck..
  • #5
  • Sep 20, 2014 6:50am Sep 20, 2014 6:50am
This thread might be of help to you :

http://www.forexfactory.com/showthread.php?t=39514
It never gets easier, you just get better
  • #6
  • Sep 20, 2014 10:06am Sep 20, 2014 10:06am
I have attached indicators that can do your request in meta trader. The pivot points indicator will automatically draw them on your chart for you and the 3-level zz will show you historical swing high/low points. Right click on each one and click "Save As" and download them to some file on your computer. Next find them and double click each one. It will open in meta editor. Simply click on "Compile" and then "Save" and they will automatically load into your indicator list. Once in your list, open it, double click the indicator name, adjust any settings you want to adjust, and click Okay.

As far as showing you how to trade, I understand your frustration, but are you kidding me? First, it is not logical for a person to show a stranger where their gold mine is, now is it? Second, because of human nature, I could show you exactly how to do what I do and you still could not do it. Figuring out trading positions is actually the easy part of trading. The hard part is fighting your inner self to trade properly. No one can teach you that. Good Luck
Attached File(s)
File Type: mq4 3_Level_ZZ_Semafor_TRO_MODIFIED_VERSION.mq4   41 KB | 471 downloads
File Type: mq4 Pivot Points Multitimeframe Super Thin lines.mq4   45 KB | 498 downloads
You cannot be extraordinary by being normal
  • #7
  • Sep 20, 2014 12:56pm Sep 20, 2014 12:56pm
I guess I won't put them all here, but there are a number of forex forums which can help you out. Check out the words forex, baby, and pips together
  • #8
  • Sep 22, 2014 2:09am Sep 22, 2014 2:09am
Google is always best to search everything, and make practice all of those things on Demo first
  • #9
  • Sep 22, 2014 4:20pm Sep 22, 2014 4:20pm
You need help?

The best help you will ever get, read carefully.

GET OUT OF THIS GAMBLING SCHEME as SOON AS YOU CAN.

Obviously you won't listen to me.

To make money you need to work in a real job, generating value or producing something real, there are no shortcuts to make money out of thin air.

And remember that 99.6% of people lose money in FOREX. What makes you think you will be part of the 0.4%?
The Black Swan: The Impact of the Highly Improbable
  • #10
  • Sep 22, 2014 6:32pm Sep 22, 2014 6:32pm
Hey Rich,

You can either give up as Maple suggests or focus on learning rather than profits in order to create your own success.

Think of trading as a process of learning and skill development. Pick some concepts that resonate with you and the trade with them. Record everything.

What patterns repeat themselves before winning trades?

What patterns repeat themselves before losing trades?

What concepts are working?

Which are failing?

Why?

How do different market conditions affect your concepts?

I've just finished writing my last blog post in a series about system creation that might help you.

If you don't want to read them, the simple version is this:

Create a foundation and work on it. Get better every day. Constantly be reviewing and improving.

Don't look to other's systems as you can never trade them as they do.

Good luck mate.
  • #11
  • Sep 23, 2014 1:08am Sep 23, 2014 1:08am
I am a newbie,too,I use a demo account to do large number of tests,formulate my own strategies
English is also not my native language,hope you can understand
thx..
  • #12
  • Sep 24, 2014 6:39am Sep 24, 2014 6:39am
Practice is the key. Try to build your own trading strategy. Then follow rules. So you can get used to it
  • #13
  • Sep 24, 2014 12:29pm Sep 24, 2014 12:29pm
Quoting richdadeze
how to determine the exact point to place a trade, ie the swing high or low position. Can someone please show me exactly how to determine the swing high or low and how to place a trade, please.
I'll help you with part of it, the swing high/low part. First you have to know the current trend...and that part, the trend, can be confusing because the Daily chart trend can be going in the opposite direction of the 1 hour trend. Why is that? Because of pullbacks (also known as swing highs or swing lows, depending on the trend of the higher timeframe).

But for now, you just get the part about swing high/lows. The chart below is a 1 hour chart. The trend is bearish. Some traders will disagree and say, "no it's not! That's a perfect example of a SIDEWAYS market." Well, they are wrong.

Swing highs or swing lows happen when a market is trending. (In this example, the GBPJPY has been trending up and now its taking a breather so the bears are piling on and pushing the price down. Meanwhile, several bulls are awaiting the time when the price will resume its UPWARD course and are trying to jump on the early train...then they lose steam/momentum and the bears take over creating a swing high)
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Screenshot2.png Size: 9 KB
Click to Enlarge Name: Screenshot3.png Size: 9 KB
Everything easy was hard at first
  • #14
  • Sep 24, 2014 12:37pm Sep 24, 2014 12:37pm
In the chart above, the second one specifically, you will ask how did the price know to only go that specific point and then suddenly reverse and plummet.

That answer will lie in the traders interpretation...I will be able to show that it relates precisely to Fibonacci levels. Another trader will tell you that the price hit a resistance level...another will confuse the crap out of you and tell you that the price hit a supply level. Another trader will say something about volume...whatever.

Learn Fibonacci's. Learn it from the point of the last big move on the 4 hour chart and then on a daily basis (using the 1 hour chart from the previous day) if you plan on trading everyday. Then you will know where price is going...usually. Most of the time just trading using pivot points ends in frustration.

My point of view is based on experience. You know what they say, "good judgment comes from experience. Experience comes from bad judgment."
Everything easy was hard at first
  • #15
  • Oct 16, 2014 1:34am Oct 16, 2014 1:34am
I'm a newbie also. Commenting on your thread to follow.

Thanks and Good luck!

Quoting richdadeze
Hello, i am a newbie and has been reading many articles and newsletters on forex trade, but when it comes to placing the trades, i get confused on how to start. One, i don't know how to actually calculate the pivot point or how to determine the exact point to place a trade, ie the swing high or low position. Can someone please show me exactly how to determine the swing high or low and how to place a trade, please.
  • #16
  • Oct 16, 2014 2:27am Oct 16, 2014 2:27am
Quoting reeeen4
{quote} It can be daunting as a beginner I'm still fairly a new to trading too... this is the most valuable resource I have http://www.babypips.com/school and ForexFactory too!! Go through the whole of the baby pips tutorial from start to end and then you should be good to go!!
To the OP.....

The babypips/school link ^^^ is definitely the best advice in this thread.

After that. demo for a good amount of time...6 months to 12 months at least. Then open a little account ($200) and trade that....if you try to run before you can walk, it's going to get very expensive, very quickly!
Doing what you like is Freedom. Liking what you do is Happiness.
  • #17
  • Nov 3, 2014 8:59am Nov 3, 2014 8:59am
project fast pips I got it and its good but you still have to have an understanding of the market
  • #18
  • Nov 3, 2014 4:17pm Nov 3, 2014 4:17pm
Hello traders. Please I trade with 2 moving averages (12EMA, 60MA) on H1,H4,D1 time frames. My basic trading system is such that when the 12ema crosses over the 60ema I will simply place a buy order and a t/p of between 20 to 30 pips. The strategy seems to work. How can I improve this system. Also, I was thinking of adding a MACD to the charts but I don't really know how to use the MACD, can anyone tell me how best to use the MACD and it's exact purpose. Also, can anyone please help with an expert advisor that will show 'up' or 'down' arrows each time the 2 EMAs cross and also having the capability of sending me text SMS to my cellphone each time the EMA cross. Thank you.
  • #19
  • Dec 8, 2014 4:31am Dec 8, 2014 4:31am
You can just use the pivot point calculator or manually, following the acquisition of the pivot point formula is most often applied: (It depends on the time frame used by the trader.)

Pivot Point (PP): (high + low + close) / 3
Resistance 1 (R1): (2 x PP) - Low
Resistance 2 (R2): PP + (high - low)
Resistance 3 (R3): high + 2 x (PP-low)
Support 1 (S1): (2 x PP) - high
Support 2 (S2): PP - (high - low)
Support 3 (S3): Low - 2 x (high - PP)

Specification:
high: the highest price
low: the lowest price
close: closing price

swing high or low can be observed from the candlestick pattern at a certain period, but it would be very difficult to determine the next swing high or low, but from the previous results we are able to plan risk, ratio and reward
  • #20
  • Dec 12, 2014 3:09pm Dec 12, 2014 3:09pm
Quoting reeeen4
{quote} It can be daunting as a beginner I'm still fairly a new to trading too... this is the most valuable resource I have http://www.babypips.com/school and ForexFactory too!! Go through the whole of the baby pips tutorial from start to end and then you should be good to go!!
Yes, I highly agree. This is a very informative resource and essential reading for novices like myself. Thanks for the link.
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