Disliked{quote} Yeah Sunshine, he is a kind person, and you too.. Im happy coz besides of making money, we are making friends too.. Just to remind, you skipped my question at post #505, about adjusting my local time wirh server time... Regards..Ignored
When Price is UP, buy; when Price is Down, sell short...
- #522
- Edited 2:28am Dec 10, 2015 2:07am | Edited 2:28am
- Joined Mar 2007 | Status: Trader | 1,190 Posts
Hello.. Here is a screenshot of XAUUSD daily line chart, Monthly chart = Down trend, daily is down too, and im waiting to short, please tell me if i can make a trade according to your method Sunshine.. Or any suggestion? Big Big thanks..Regards... Edit : i forgot to watch the daily candle chart, i should wait for another daily candle which is down to confirm the short signal, right? {image} {image}
please do not trade Gold, too much suppression and manipulation, even worse than the forex market. we have more than enough fx pairs to choose from.
and we have different tf's to choose from as well, Dly or 4hrs on about 12 active pairs are more then enough.
i recommend to just buy the physical gold coins and silver bullion and take deliverybecause all these paper money are just counterfeits anyway. any government at any time can just create a new national paper currency then what the citizens have saved is instantly worth nothing... this happened and is happening all the time. the only currency that really held its value was gold and silver.
just ask the people of India who as a population is the largest holders of gold worldwide. through bitter experience they have learned that gold is the ultimate wealth preserver. no wonder the Indian government is now trying to get its nationals to sell their physical gold in jewelry and coins in exchange for a promise...another paper certificate. the people is not stupid...no takers anywhere.
EDIT: that goes for Oil & Silver as well.
- #524
- Dec 10, 2015 5:00am Dec 10, 2015 5:00am
{quote} nobacot
Can u tell me what signals u are waiting for, and from which pairs? currently im waiting for USDJPY, weekly is down, 4hours need a candle that closed below LSL..
- #525
- Dec 10, 2015 5:01am Dec 10, 2015 5:01am
- Joined Mar 2007 | Status: Trader | 1,190 Posts
{quote} Hi sunshine, Maximum orders closed with SL and BE hit. The minimum lot size helps me a lot this time. Current position: euraud - only one position{image} eurusd - multiple positions
it is much easier to enter trades when the trading signals appear now that u reduced your lot size considerably, is it not so ?
because of the smaller lot size one can take all or most entry signals thereby speeding up the learning process, healing the fearful and increasing the equity.
good going, keep it up.
please do consider entering a PT with some of them especially if u have multiple positions open.
- #526
- Dec 10, 2015 5:13am Dec 10, 2015 5:13am
- Joined Mar 2007 | Status: Trader | 1,190 Posts
here is a recent trading example of scaling down the time frames, in this instance i used Dly+1hr.
Daily for candle colour and the 1hr to trade that candle colour. Yesterday, 9Dec, closed red with Doji like red candle. not an ideal down close but i decided to take the short anyway should i get a good sell signal in the 1hr
i also entered a PT. it just closed that trade with +30 pips gain. the tiny red arrows shows the entry and exit
PS: the open trade is entered also of the Dly but on a break of yesterdays low. please do not focus on this now as it not the point i wish to make.
Daily for candle colour and the 1hr to trade that candle colour. Yesterday, 9Dec, closed red with Doji like red candle. not an ideal down close but i decided to take the short anyway should i get a good sell signal in the 1hr
i also entered a PT. it just closed that trade with +30 pips gain. the tiny red arrows shows the entry and exit
PS: the open trade is entered also of the Dly but on a break of yesterdays low. please do not focus on this now as it not the point i wish to make.
- #527
- Dec 10, 2015 5:29am Dec 10, 2015 5:29am
- Joined Mar 2007 | Status: Trader | 1,190 Posts
{quote} Okay i get what you mean..
and for a reversal signal in 4hrs for EURUSD...if it comes...be careful too much red news today and tomorrow... better to stay out if u are unsure.
please make sure u know what u looking for and in which tf, otherwise stay out.
i do not trade USDJPY and any of the CHF pair combinations. if u know our method then just follow the strategy and u should be ok...also...enter a PT equal to the SL distance, i recommend.
- #529
- Edited 6:13am Dec 10, 2015 5:35am | Edited 6:13am
{quote} for a buy signal in 1hr for GBPUSD, right now it is just churning...doing nothing ...wait for a solid signal before entry bcz of red news. and for a reversal signal in 4hrs for EURUSD...if it comes...be careful too much red news today and tomorrow... better to stay out if u are unsure. please make sure u know what u looking for and in which tf, otherwise stay out. i do not trade USDJPY and any of the CHF pair combinations. if u know our method then just follow the strategy and u should be ok...also...enter a PT equal to the SL distance,...
Edit : Got it now !!
{quote} welldone Bendz,
Got it. I think I need some time to learn PT
as now I'm re-reading your posts from the beginning Refreshing the idea The lot size gives me more comfortable in trades. Now I'm watching 4hr time period. I think I'm in hurry to add more trades. So, Now, I've decided to watch 4hr time period and entering single order for one 4hr. I hope it'll reduce my over trading
.Thanks for your support sunshine
Bendz
here is a recent trading example of scaling down the time frames, in this instance i used Dly+1hr. Daily for candle colour and the 1hr to trade that candle colour. Yesterday, 9Dec, closed red with Doji like red candle. not an ideal down close but i decided to take the short anyway should i get a good sell signal in the 1hr i also entered a PT. it just closed that trade with +30 pips gain. the tiny red arrows shows the entry and exit PS: the open trade is entered also of the Dly but on a break of yesterdays low. please do not focus on this now as...
Got it and watching 1hr
If I've got any doubt, I'll post - #532
- Dec 10, 2015 12:52pm Dec 10, 2015 12:52pm
- Joined Mar 2007 | Status: Trader | 1,190 Posts
Hello Sunshine, here im coming again with a question.. Please help me to clear this confusionBig big thanks bro...
Regards.... {image} {image} {image}
thank you for the question, please study the 4hrs+Wkly charts below for a deeper understanding....if not clear then ask and i will try a different angle.- SL placement is not a hard and fast rule but generally i place a SL a distance of 10 pips away from the signal bar.
- i would not have taken the last buy trade because the range is too little and its a Doji which is generally not a good entry signal.
- switch to line chart in 4hrs, now see if price closed above or below a LSH or a LSL,
- now switch back to a bar or candle stick chart and enter your trade .
you can see that the last week closed up, so for this week we were looking for buys in 4hrs, but the first buy signal appeared only halfway through the week and once price closed above the LSH, it gave us permission to enter long.
to summarise:
- the beginning of this week price closed below the LSL. this told us to start shorting. (see purple horizontal line)
- then 3 buy probes followed after a lovely drop in price. but only the 3rd buy signal closed above the LSH, so now we can enter buys (see the white horizontal line which is the LSH)
- please do not forget the we were looking for buys because the last week closed up. lots of traders get carried away by how far price currently retraced and they then enter opposite trades because they think that the longer tf signal changed.
- the short green lines indicate stop loss placement
- lastly, if the SL is too far away from your entry then do not take the trade.
- #533
- Dec 11, 2015 12:06am Dec 11, 2015 12:06am
Hello Sunshine, thanks for your great explanation.. Im re-reading this thread and observing any charts you gave..
If you have some thought which pairs to watch for, please tell.. thanks alot..
May u have a great weekend bro..
Regards...
If you have some thought which pairs to watch for, please tell.. thanks alot..
May u have a great weekend bro..
Regards...
- #534
- Dec 11, 2015 12:27am Dec 11, 2015 12:27am
- Joined Mar 2007 | Status: Trader | 1,190 Posts
Hello Sunshine, thanks for your great explanation.. Im re-reading this thread and observing any charts you gave.. If you have some thought which pairs to watch for, please tell.. thanks alot.. May u have a great weekend bro..
as u read through the thread from the beginning u will notice some changes as the thread progresses so keep that in mid. we have introdued some additional strategies and concepts, different holding periods and slight changes such as Profit Targets in addition to trying to catch the Weekly and Monthly trends. but as the markets changed from trending to ranging so did we, that is where the PT's come in to take profit and bank on a daily and regular basis..
AUDUSD & GBPAUD are forming some lovely trading patterns, one for buying and the other for sells, so consult your lower tf's that u are comfortable with.
also note the longer term combinations...M+D & W+4hrs....
i advise to pick only one pair for a trade bcz it increases the focus... enter a PT equal to SL (u can use the Fibonacci % tool in MT4 and overlay that ...just input your SL and entry price and the tool will show u the percentages...that is where to take profit. use the cross hairs on the 1hr or 4hr chart to find out the PT.)
you have to double click on the Fib tool to bring it up then click on add and now click on the left most column, enter 2.0 now move to the right click that description and enter 200...do likewise to enter 250, 300 , 350 & 400. play around with it.
red news later in the afternoon when the North & South American markets open for the USD.
No overtrading today
gbpcad is the only pair i can hold for a week. It's due to the lot size, no tension.
euraud, eurusd, gbpaud, gbpusd buy positions from yesterday i think.
audusd, nzdjpy sell positions from yesterday.
Regards,
Bendz