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A Basic Guide On How To Read and Trade The Markets

  • #41
  • Dec 12, 2015 6:51am Dec 12, 2015 6:51am
I think I have figured where my confusion on that day .... I seam to have a psychological problem with taking trades with the trend .

My approach is looking for patterns and price action at s/r levels , I like to have minimum 3:1 r/r .

I think I have it down if I can just stop trading against the flow/trend .
  • #42
  • Dec 16, 2015 5:30am Dec 16, 2015 5:30am
Hi , I had a look at your web page , Is the trading room active ? how do I join ?

Cheers
  • #43
  • Dec 16, 2015 5:10pm Dec 16, 2015 5:10pm
Quoting price777999
Hi , I had a look at your web page , Is the trading room active ? how do I join ? Cheers
hi , the site is not "live" at the moment .. its just a sandbox blueprint.. the trading room is a widget from a 3rd partyprovider its not even sure if we incorporate a live trading room in the future..

if u have any questions just post it here.. i will gladly answer and respond whenever i have time

cheers
  • #44
  • Dec 16, 2015 11:38pm Dec 16, 2015 11:38pm
I kind of have preference for shorter timeframes just as many day traders would do. I feel a chart like the EURUSD H1 would respond to the market quicker and would give me more trading opportunities. So I could simply map out two exponential moving average on this chart with lot of movement and try to see the direction of the market and possibly measure the momentum. This will now guide me to know when to enter of leave the market.
  • #45
  • Dec 19, 2015 9:13am Dec 19, 2015 9:13am
Quoting PrymeTyme
{quote} .. if u have any questions just post it here.. i will gladly answer and respond whenever i have time cheers
Thanks , much appreciated ...... I was actually thinking about starting a chat room on paltalk .

I'm just fine tuning thinks at the mo ... and always trying to understand more about price action .... for me ,I'm not sure looking at higher time frames helps ..sometimes it can be a hindrance.


My trade from Friday : ....as I was focused on the support from the higher time frame ,I seamed to be blinded from the short entry's and I missed the 50% retracement .
As I was in the long trade I think I lost all focus of reading price and was just married to the idea that price would go up .
Even after I was out of my position there were plenty opportunities to get short but I had had enough for the day and gave up .

If you not winning your learning but my account is up so i'm winning and learning .
Attached Image (click to enlarge)
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  • #46
  • Dec 20, 2015 10:32am Dec 20, 2015 10:32am
Quoting price777999
{quote} Thanks , much appreciated .....

Quote
My trade from Friday : ....as I was focused on the support from the higher time frame ,I seamed to be blinded from the short entry's and I missed the 50% retracement
.

well you had a decent long entry which u took , and it was a good trade nevertheless

Quote
As I was in the long trade I think I lost all focus of reading price and was just married to the idea that price would go up .

missing out on other opportunities while you are in a trade can and will happen more often then not , however to minimize , "blindness"
one can plan ahead before one enters the trade an be as specific as possible with the (if,this,then , that etc..), given the current market situation /levels etc , lay a plan ahead of the time and manage your position according to that plan.. which may even involve a situation/level of reversing a position ...

just like the saying goes plan the trade and trade the plan ; ) which not just contains entries but also open position management aswell..

Quote
Even after I was out of my position there were plenty opportunities to get short but I had had enough for the day and gave up .

its ok to "miss" entry opportunities as long as they didnt fit your trading plan , in hindsight its easy to spot good entries , but you should only focus on entries which
suite you and your trading plan ..

you didnt do anything wrong imho..

take care and keep on !
  • #47
  • Dec 22, 2015 12:15pm Dec 22, 2015 12:15pm
Quoting PrymeTyme
Usually one wants to pick instruments and setups , which move soonest , fastest and furthest , for this one can use in FX for example, The Dollar Index(DXY) which is a basket of : Euro (EUR), 57.6% weight Japanese yen (JPY) 13.6% weight Pound sterling (GBP), 11.9% weight Canadian dollar (CAD), 9.1% weight Swedish...
First of all, great thread ! Looking forward to more posts.

I'm interested to learn more about comparative strength. Do you have some good references perhaps where I can learn more while I continue reading your posts?

As a bit of an example I found this chart comparing USDCAD vs DXY. I'm looking to see if USDCAD will go higher.

Best,
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  • #48
  • Jan 28, 2016 1:56pm Jan 28, 2016 1:56pm
I've had the best month ever in 8 years trading .....this thread has helped allot...

Still got allot to learn but moving in the right direction.

Cheers Prymetyme
  • #49
  • Jan 29, 2016 3:53am Jan 29, 2016 3:53am
Quoting damnpenguins
Hey Prymetime, Pls disregard the PM I sent you. I found your site! There's a hell of a lot of effort that went into the above. Well done! Both DBP and Wyckoff have played a massive part in my development. Still a work in progress mind you A question: How have you found the SLA approach (or derivatives of) translate to the FX market? I've been focussed on the futures market for a while now, only looking into FX again recently. I'd think that Market analysis from the AMT/SLA/Wyckoff standpoint would be universal and applicable to any market. it...
I'm interested to read more about these techniques. Could you explain a bit what AMT/SLA mean and where I can find more about this?

Best,
  • #50
  • Feb 3, 2016 3:12pm Feb 3, 2016 3:12pm
Quoting tibovwh
{quote} I'm interested to read more about these techniques. Could you explain a bit what AMT/SLA mean and where I can find more about this? Best,

Sorry tibovwh, I thought you had addressed this to Prymetime, so I disregarded it.

PrymeTyme I hope you're ok with me discussing this stuff? I'll wait for your answer before adding anything...
Drink Coffee. Do stupid things faster, with more energy.
  • #51
  • Feb 7, 2016 12:54pm Feb 7, 2016 12:54pm
Quoting damnpenguins
{quote} Sorry tibovwh, I thought you had addressed this to Prymetime, so I disregarded it. PrymeTyme I hope you're ok with me discussing this stuff? I'll wait for your answer before adding anything...

HI

ofcourse you can answer , there is nothing set in stone and more or slightly different views or of a different angle just help the people to gain further insights..

post what ever you like it will deffenetly add value to this thread
  • #52
  • Feb 7, 2016 12:54pm Feb 7, 2016 12:54pm
Quoting price777999
I've had the best month ever in 8 years trading .....this thread has helped allot... Still got allot to learn but moving in the right direction. Cheers Prymetyme
nice to hear that!

keep up
  • #53
  • Feb 7, 2016 12:58pm Feb 7, 2016 12:58pm
Quoting tibovwh
{quote} First of all, great thread ! Looking forward to more posts. I'm interested to learn more about comparative strength. Do you have some good references perhaps where I can learn more while I continue reading your posts? As a bit of an example I found this chart comparing USDCAD vs DXY. I'm looking to see if USDCAD will go higher. Best, {image}

well my main source would be the book from richard wyckoff ' Wyckoff - the method of tape reading' @ starting at section 8M page 1
which covers the comapring strnght and weakness in group charts ,

cheers
  • #54
  • May 1, 2016 2:52pm May 1, 2016 2:52pm
Hello PrymeTyme,
your thread is extremely helpful.
Please keep posting.
Thank you
Regards
valter
  • #55
  • Jun 7, 2016 2:41am Jun 7, 2016 2:41am
Hellow Sir,

You've shared a lot of useful information in the thread. I'm also trying to trade like you. I'd start reading your stuff from first page as soon as I finish reading "Trades about to happen". Hope to get your more contribution in this thread.
  • #56
  • Dec 21, 2021 1:35pm Dec 21, 2021 1:35pm
A quick skim and I like what I see. Subscribing to read it when I have some free time
  • #57
  • Last Post: Mar 3, 2023 11:25am Mar 3, 2023 11:25am
Quoting Macallik
A quick skim and I like what I see. Subscribing to read it when I have some free time
Thanks for linking this thread in the other one. Good informations i think.
Perfection is the enemy of good enough!
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