Price action trading - Trade like the pros!

Took a small loss unfortunately

The markets are just very bad since the UK Brexit vote , scalpers have been doing fine but swing traders have been smashed.

I am looking at the same target.

https://www.tradingview.com/x/XsZFbKaE/

I'm expecting the USDx to reverse at the level and begin climbing again. As such, I'm also looking for the EURUSD to reverse soon, so I'm awaiting a sell signal.

Done and done. Too bad cable didnt follow.

This would definitely be appreciated.

Hoping to go short

W Days, how do you see the market today?

Break to 97.30 is possible today but not 100% likely... GU capped by consolidation range, EU is still correcting from the decline...

GU breaks out on brexit fear-relief, took stops out at the 2300 RN, it could present a good long opportunity by the end of the day, target is 1.2340 for now.

Trade idea

what broker that have usd index chart?

WDAYS I have been watching patiently and I have come to the conclusion there seems to be no value in watching the dollar chart , it is to far weighted to the euro , so even if you get a daily bias correct that will be for the euro and by then the movement is already factored in to the price. Secondly it is hard to predict using S&R on one pair let alone 2 pairs . Your method is that you judge the level where the dollar index is and determine the bias, then you look at the other pair and determine the level. In fact you have get both levels right before inviting a trade. I asked earlier about your win ratio but you never stated , I am curious how long you have been using this method and how many winners you have had you should be able to say how much your account size has increased. Thank you .

The fact that you did not understand how to implement USDx analysis into trading does most definitely not mean that it does not work. It may not be your fault, I may have been vague about it. No matter how weighed the euro is, once the USDx begins to move - all dollar related major pairs will do so as well. You have to understand that the EURUSD is the most traded pair in terms of volume. The liquidity is several times more than say GBPUSD.

It is not harder to predict using two pairs, on the contrary - it's the only way to do it. Correlation has a crucial role in market analysis, and as far as indexes go it's Finance 101. We do not look at USDx separately from the other pairs, we work together with our currency pairs and the dollar index. We look for a trend & key levels on the USDx, on the EU and cable. We look for any divergences between the three - has the dollar came to a halt at a level, while EU and GU are clear? Is it the other way around? That is why dollar is king in - if the index is halted, EU/GU will most likely stop in their tracks also. If the USDx is clear - expect a breakout on EU/GU.

Nobody ever said trading was easy, it takes a lot to build a bias alone and it's hard to learn to do it properly from a forum where anybody can post any nonsense they see fit. When you do it for some time, you get used to it and begin to see things quicker. I am sorry this thread doesn't offer what you appear to be looking for, I will not give you a flashy, colorful "when this crosses that" type of signal system, mostly because I think that's BS. I'm trying to pass on tips & clues I've acquired over my 3 years of naked-chart trading. As you can see from my prior posts, I can be pretty accurate when it comes to prediction, so obviously it works and obviously it won't work within a week of practice, while looking for all the wrong things Take it or leave it, I'm not forcing you to follow.

As for my winners, seeing as I am not trying to sell anything or make a profit from this thread, I find it offensive that you would even ask me that. I do alright. The minimum return on my equity is 10% and that's on a bad month. Usually it's around 25-30%, so you do the math.

Or you could use Tradingview like some of the people on here.

First post has been updated with a few links to helpful posts.

Wdays sorry if you feel I asking about your equity curve was offensive but probably everyone on here would want to know that as it would be slightly pointless learning something that is a negative .

The other issue and this might be me why don't you trade other dollar pairs kiwi and alike ?. I might be a bit confused with your process on trading as I said it's a bit spread out , you do mention somewhere on times to trade but it's never mentioned again . I have been trading a while using PA and patterns did really well last year and before but this year has been atrocious know one seems to be doing anything even prop traders have lost money so hence some scepticism if you could explain the whole process that would be definitely appreciated.

Here's my view of today's USDx. It looks to me like it's ranging. In a case like this, we'd also expect the EURUSD to be ranging correct?

https://www.tradingview.com/x/XWqQnodp/

If the USDx were ranging, then yes, no clear direction on foreign currencies. In our case, USDx has rallied and is sitting at supply around 98.00, with potential to break higher.

We said, last friday, that there would be some minor corective bearishness in the beginning of the week. Said correction turned into what appears to be a consolidation. We know that what follows consolidation is accumulation, so we expect a range expansion soon.

I would not post something that is negative

I don't trade Kiwi and aussie because they tend to move a lot while I'm asleep, ranging thru the day (Sydney open @ midnight my time, NZ an hour before that I believe). I would, but honestly 3 pairs is already enough. Even just EU/GU is okay. I don't trade jpy pairs for the same reason and because they're far too volatile and ergo risky. I have of course traded every single pair out there, there was a time I had a whole bunch of exotic crosses, but that just isn't necessary. Like I said, I trade at 2% risk at most (using a 20 pip SL), so 2% = 20 pips. If we net 60 pips/week (or 2x30 pips) that's 240 pips for the month, which translates to roughly 25%. You can most certainly achieve that just by looking at 2-3 pairs. Hell, you can even do it using one pair. Makes sense?

I'll try to sum up the entire process in "steps" a bit later on, you're right that I only touched on the subject of timing. I'll say a little bit more about that before I get to the entire process as a whole.

A recap on higher timeframe analysis (or in other words, our preparation work):

Using our higher timeframes, we try to determine a bias. To do that, and starting on a daily chart, we look left to see where price has been, denote key levels, mark supply & demand zones in our most recent price action.
To determine the trend: we want to see price make Higher Highs, Higher Lows in a rally; lower lows, lower highs in a decline - pretty basic stuff. What's more, we want to see resistance being broken and support holding in a rally and vice versa in a decline. That's how we gauge market direction!
Once we're done with our daily chart, we zoom in to a H4 chart to break up price action further. Again, we look for the same things, except our focus will now be mostly on supply/demand areas in recent price action.

All of this is done on USDx, EURUSD, GBPUSD which are the pairs that I advise people to focus trading on.

We then take to comparing the three. Since USD is the common denominator, we want to see rallying on the dollar and declines in EU and GU or the other way around. We will look for levels that match - is there a supply zone on EU yet none on GU & no demand on USDx? Chances are that supply zone will be disregarded.
We take note of all those things and we've already got a good idea what market will do next. Hopefully, we will know if the market will be rallying or declining in the session.

Now, I advise you to do this on your time off and not during trading hours. It will be hard to cope & focus with price moving all over the place.