(binned per thread starter’s request) Truth in Trading

​Hey CFudge. This is my take on NzdUsd.
Technically the weekly BeLBC has NOT been closed out as a weekly candle has not closed above. However you can't ignore the weekly BuLBC week before last. Also last weeks candle couldn't even close half way down the weekly BuLBC week before last. You have to ask yourself why is this? Also look how price has already invaded the weekly BeLBC zone. No doubt any selling here is being consumed.

The daily chart shows daily BuLBCs being respected. Even today's candle is closing bullish so I don't have much faith in a serious bearish move.

Weekly EurUsd with weekly BeLBC shown. The horizontal red line is what many might draw as traditional resistance. Some might say this line is very strong because it has been respected. I think the opposite. It is likely this resistance is getting ready to be broken.

The daily shows that price in fact did react to the weekly BeLBC and there was a valid sell signal that could have been taken. Now price is in a daily BuLBC and has stalled. This is where your target could have been if you were short. Now I would be looking for a buy signal here.

Here is a GBPUSD trade off of 4hr with daily Bu and weekly Be

​The commercial area is absolutely full of scammers of every kind. It is a travesty that FF promotes this activity. I am disheartened. I am sure so many drain their bank account with the hope of finding gold. Little do they know that what they buy is trash and you can't make gold out of trash.

​I'm flat now including USDCHF. I like Fridays for drinking beer. Not trading. I'm closing out early for the weekend. Got a big backyard project to complete this weekend. Have a great one!!!

Update on GBPUSD 4hr trade.
Price has moved 500points so one trade closed and stop at BE+
Looking for 1000 points before weekly Be level.



Chris

gotta wonder what will happen at this oil summit ,poss theres a tl here

Hey Cfudge. Not to be too critical but in FOREX the smallest movement of price is a pip. By my estimation based on your chart GBPUSD has moved 50 pips.

USDCHF weekly. I'm not really into trend lines but to illustrate here the overall uptrend has broken down but price is currently in the biggest and IMHO only significant weekly BuLBC which this week gave up some pips to some of us. Importantly price has respected three BeLBCs and now has entered the preferred trading area in the 4th weekly BeLBC within the new downtrend.

The daily shows price stalling in the preferred entry area mentioned above. I'm looking for some daily bearish confirmation next week.

​I'm not asking for sympathy but posting charts in an attempt to convey an intended message requires quite a bit of effort. If I had more energy I'd post all the majors with proper analysis (according to my rules). But alas I have not. Some of you who are following me here and on skype are welcome to post up your analysis. I prefer a weekly chart followed by daily. Don't be offended if I post corrections or different analysis in response to yours. We're all here together to learn including me. I'd like to see more interaction rather than on skype. I want skype to continue but we should try to post up as much as possible here.

​One other thing. I have a website/blog that is in the works. My energy level comes and goes so it is not ready to go public. It's a great deal of work and the detail necessary is much greater than posting up a chart on FF. Plus I'm a newbie to blogging and website development and pretty much winging it!

You need not worry about access. It will be FREE because I am funding it completely and I am NOT selling anything. Actually it's really not that expensive. Right now it will be a read only type of site with ability to comment. There's no forum. To have a forum I'll need a server dedicated for that purpose and I'm just not ready for that just yet.

I'm not arrogant enough to ask for money for traders to access this information. I don't need to make money off of membership fees or other similar non-sense. I'll get more satisfaction posting this website free to stick it to the all the commercial idiots charging fees for trading methods with no performance history. I have posted every trade since going public with this method. My performance is documented in this forum in prior pages for all to see. I can provide documentation at request from sincere individuals. Not hacks!

The one thing that would truly be special would be to start seeing followers posting their live trades (demo or live account).

AUDJPY Trade

NZDJPY; enter short last Friday...

I'm long EURNOK.
The levels I'm looking at are from the weekly.

The daily, can see it gapped up on open after the weekend but now that gap has been filled. I've set the R:R at around 1:1 but I've got a mental stop just below last weeks low.

My first trades based on this system. So far I love it. Clear rules and I love trading the higher timeframes.
Thank you Winston!

Would love to hear your opinion on my trades, Winston.

There were quite a few gaps across many pairs. Gaps in FOREX are not true gaps although they tend to behave similarly but I find them unreliable and therefore I personally avoid them. In equities it's a completely different story.

EURNOK is definitely in a weekly BuLBC. This is an exotic and can move hundreds of pips in a short period of time. I avoid this pair personally.


The gap is noted and price has closed the gap. I've not described a method for trading gaps and I won't. Trading long from the close is really a leap of faith IMHO. I guess one could treat Friday's candle, the gap and the Sunday candle as one candle which would be a large engulfing. In that case the drop today could be viewed as a retracement. I wish you luck on this one but I'm standing aside. I prefer real candles to gaps (phantom candles in FOREX).

It may seem like I'm being critical but I don't want to be seen as being difficult. Traders lose because they don't think things through and are overly anxious to get into trades. I want you all to think very carefully about your trade decisions.

This is another exotic pair one I tend to avoid. Remember I tend to stick with the majors. The other thing is I don't enter trades on Fridays.
We have opposing weekly LBCs. This doesn't mean you can't trade it just means you need to be aware that obstruction is likely close by. Currently price is retracing within last weeks BeLBC so we are looking for a daily signal. On 4/13 there was a dark cloud type candle closing more than 1/2 way down the 4/12 candle. If I had traded this I would have taken sell limit to reduce risk. This trade would have gone nowhere until the gap down. I would have exited as soon as I saw the gap and have considered myself lucky.

The retrace into the large weekly BuLBC is where the money was.

The PA on this daily in the weekly BuLBC preferred area was nice. The arrow is where I would have entered. This past Friday's candle again is not one I would have entered on. It is an incomplete candle. If you did I hope you got out after seeing the gap.

Winston,

Just stumbled on your thread this evening an read through it. Looking forward to reading the PDF as well

Very interesting system here. I'm a fan of higher TF's.
I look forward to contributing.