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  • #41
  • Oct 21, 2016 9:52pm Oct 21, 2016 9:52pm
What you're illustrating is exactly how I trade now after wasting time with indicators and trading systems that never worked. But in order to increase my chances, I apply your naked trading only at or near a long or intermediate Support/Resistance level. I further enhance my strategy with an order flow software for signs of a continuation or a retracement around my S/R. I trade futures. 1 or 2 trades/day. 57% profit, 29 months exper.
  • #42
  • Oct 21, 2016 11:26pm Oct 21, 2016 11:26pm
Quoting rifid
{quote} Hi Jimisan, I;m not sure what method you are trading there, and I don't understand why you would be going short on that 30m chart, and trading without a stop loss is just suicidal, as those sort of moves you experienced can happen anytime and you need to protect yourself against them. Anyway thanks for following the thread and I hope you can get some benefit out of it. Cheers.
No worry, Mr. Rifid......It's a micro acccount with USD0.10 per pips.....I'm now floating at USD8.33 It's still within my SL limit. If it has gone to more than 150 pips then I'll have to cut my losses. Anyway thanks for the reminder.....Cheers.
  • #43
  • Oct 21, 2016 11:37pm Oct 21, 2016 11:37pm
Quoting alucko33
What you're illustrating is exactly how I trade now after wasting time with indicators and trading systems that never worked. But in order to increase my chances, I apply your naked trading only at or near a long or intermediate Support/Resistance level. I further enhance my strategy with an order flow software for signs of a continuation or a retracement around my S/R. I trade futures. 1 or 2 trades/day. 57% profit, 29 months exper.
Keep up the good work Alucko, S/R certainly enhances the results, I use them as well.
patience is bitter, but its fruit is sweet
  • #44
  • Edited 1:33am Oct 22, 2016 1:23am | Edited 1:33am
Wonderful explanations Rifid. I think you missing two points. What about SL and TP's? Second, Using such methods, it's so important to recognize that a particular is trending or ranging. I mostly do it by looking at major news announcements .
Forex; the game of movements not the game of candles.
  • #45
  • Oct 22, 2016 1:52am Oct 22, 2016 1:52am
Quoting Sajid
Wonderful explanations Rifid. I think you missing two points. What about SL and TP's? Second, Using such methods, it's so important to recognize that a particular is trending or ranging. I mostly do it by looking at major news announcements .
I think you should trying reading the thread Sajid
patience is bitter, but its fruit is sweet
  • #46
  • Oct 22, 2016 2:08am Oct 22, 2016 2:08am
Hi rifid, I have subscribed to see where you are going with this thread.

So far pretty basic stuff the novice should become very familiar with and profit from. Well written and well explained it should be crystal clear to all.

I will watch with interest how your story unfolds.

Thanks
  • #47
  • Edited 8:35pm Oct 22, 2016 2:41am | Edited 8:35pm
Quoting Nala66
Hi rifid, I have subscribed to see where you are going with this thread. So far pretty basic stuff the novice should become very familiar with and profit from. Well written and well explained it should be crystal clear to all. I will watch with interest how your story unfolds. Thanks
Hi Nala, thanks for your comments.
The whole purpose of starting this thread was to show a lot of traders the basics of how PA works and how you can profit from it without needing useless indicators.
My intention was not to go on for ever and divulge every thing that I have learnt in 10 yrs of trading, that would just get boring and far to time consuming for me, when I need to trade myself.
The basics I have described here is plenty for people to now go away a experiment with their own methods using PA. When you have an open mind and think outside the box, there are literally hundreds of ways you can successfully trade PA.

I'll always be around if anyone has got any questions, but from now on I will hand this thread over to you guys to contribute your own Price action strategies and help each other out. I only ask that you don't let indicators creep into the thread as that will just pollute what could become the best thread on FF..

Over to you guys
Cheers Rifid
patience is bitter, but its fruit is sweet
  • #48
  • Oct 22, 2016 8:42pm Oct 22, 2016 8:42pm
Quoting rifid
{quote} Hi Nala, thanks for your comments. The whole purpose of starting this thread was to show a lot of traders the basics of how PA works and how you can profit from it without needing useless indicators. My intention was not to go on for ever and divulge every thing that I have learnt in 10 yrs of trading, that would just get boring and far to time consuming for me, when I need to trade myself. The basics I have described here is plenty for people to now go away a experiment with their own methods using PA. When you have an open mind and think...
Hi rifid,

Do you mainly use 15m, 5m and 1m? Or have you tried also longer timeframes as well (1h, 30m and 5m, etc.)?

Thanks.
-happyTrading-myFx.
  • #49
  • Oct 22, 2016 9:06pm Oct 22, 2016 9:06pm
thanks rfid these may be simple things but so important to make it.
  • #50
  • Edited 9:39pm Oct 22, 2016 9:23pm | Edited 9:39pm
Quoting myfx
{quote} Hi rifid, Do you mainly use 15m, 5m and 1m? Or have you tried also longer timeframes as well (1h, 30m and 5m, etc.)? Thanks.
Hi Myfx,
I usually look for good Simple Retracements on 5m and entries on 1m, if I don't find anything on 5m I will go up to 15 or sometimes 30. But you can find nice retracements on any T/F, right up to 4h , daily or more, but you obviously have to wait a lot longer for them and I just don't have that much patience.
The fallacy that a lot of people have is that you can get a lot more pips out of a longer t/f, that's true, but making money isn't about lots of pips, it about % gain and you can get just as much % gain on a lower t/F .................... and a lot more entries.

Plus the shorter the time I am in the market the better, as you are exposed to all the possible nasties that the market can throw at you, such as big news and black swan events.
patience is bitter, but its fruit is sweet
  • #51
  • Oct 22, 2016 9:27pm Oct 22, 2016 9:27pm
Quoting venividivici
thanks rfid these may be simple things but so important to make it.
What I have described here are just the basic building blocks of the market, they are always there and always will be, so they can be relied on, unlike a lot of indicators that might work one week but not the next.
patience is bitter, but its fruit is sweet
  • #52
  • Oct 22, 2016 9:59pm Oct 22, 2016 9:59pm
Quoting rifid
{quote} What I have described here are just the basic building blocks of the market, they are always there and always will be, so they can be relied on, unlike a lot of indicators that might work one week but not the next.
Can I add a little contribution? when looking for retraces look for a decent triangle or arch shape.

Attached Image
  • #53
  • Oct 23, 2016 1:40am Oct 23, 2016 1:40am
Quoting venividivici
{quote} Can I add a little contribution? when looking for retraces look for a decent triangle or arch shape. {image}
You certainly can contribute Venividivici, thanks for your chart.

For this thread to continue we all need to contribute, so throw up some charts for discussion and have some fun.
patience is bitter, but its fruit is sweet
  • #54
  • Edited 4:46am Oct 23, 2016 3:25am | Edited 4:46am
Quoting jimisan
Today I've the time to evaluate where did I go wrong on my USDCAD trade yesterday evening.
0830 EDT
1. CAD Core CPI m/m
2. CAD Core Retail Sales m/m
3. CAD CPI
4. CAD Retail Sales

= CAD spike

While I understand the OP has issues with indicators, here is something you can add to your MT4 showing FF news data releases.

Attached File(s)
File Type: ex4 FFCal Headlines.ex4   36 KB | 350 downloads
You cannot be extraordinary by being normal
  • #55
  • Oct 23, 2016 4:41am Oct 23, 2016 4:41am
G'day Rifid
Good to see an aussie trader presenting such a nice method---looks very feasible. I'm hoping you can tell me that you make consistent returns using this method? Even with such a nice approach how do you deal with the risks presented by massive spikes seen recently on swiss and gbp?
Thanks for any help.
We are all One. Be present. Be the Observer
  • #56
  • Oct 23, 2016 5:31am Oct 23, 2016 5:31am
Quoting Iamfx
G'day Rifid Good to see an aussie trader presenting such a nice method---looks very feasible. I'm hoping you can tell me that you make consistent returns using this method? Even with such a nice approach how do you deal with the risks presented by massive spikes seen recently on swiss and gbp? Thanks for any help.
Interesting question Iamfx, in response to your first question, I like most traders started trading trying all the different methods that pop up daily on FF, but it wasn't until I gave up on them and started looking at the charts themselves and their makup did I start seeing patterns that continually repeat themselves over and over.

This started me on a quest to study PA , it took some time but I finally worked out that the market just has very basic simple moves that are easy to see with your eyes with very little practice, once I realized this, the mystery went out of trading, and it was a light bulb moment. Since then I have developed many different trading methods all based on PA, I actually find it fun to do now. As to me making consistent returns? these days yes. But just because anyone is presented with a method that I make money from dosent mean another person will, we are all different,, if a person has the wrong attitude and approach to trading they will loose no matter how good the method is, I cant change peoples attitude, only they can do that.

As to your second question, I wish I knew the perfect solution to this, when you enter the market it involves risk as we are continually told, the best way I deal with it is ALWAYS trade with a stop loss and get in and out of the market as quick as possible to limit my exposure. Maybe others here can explain what they do to minimize their risks of such events.
patience is bitter, but its fruit is sweet
  • #57
  • Oct 23, 2016 5:47am Oct 23, 2016 5:47am
Quoting rifid
{quote} Interesting question Iamfx, in response to your first question, I like most traders started trading trying all the different methods that pop up daily on FF, but it wasn't until I gave up on them and started looking at the charts themselves and their makup did I start seeing patterns that continually repeat themselves over and over. This started me on a quest to study PA , it took some time but I finally worked out that the market just has very basic simple moves that are easy to see with your eyes with very little practice, once I realized...
Quoting Iamfx
G'day Rifid Good to see an aussie trader presenting such a nice method---looks very feasible. I'm hoping you can tell me that you make consistent returns using this method? Even with such a nice approach how do you deal with the risks presented by massive spikes seen recently on swiss and gbp? Thanks for any help.
The only way to deal with risk is use a stop loss or dont trade with leverage, I prefer the latter.

What the OP is talking about is pure technical analysis. TA comprises of using all available tools to analysis past and present price action. This includes indicators, trend analysis chart patterns. Its nothing new and has been used for over 100 years.

it works.

The markets are only driven by one thing only. Human Emotion. This concept is taught in universities all around the world and the charts can be seen as a representation of human emotion and herd mentality.

Human emotion is driven by fear hope and greed. When a particular pattern develops the herd will follow and thats why these pattern re-occur.
20 Pips a day keeps centerlink away
  • #58
  • Oct 23, 2016 7:24am Oct 23, 2016 7:24am
Quoting rifid
{quote} Hi Myfx, I usually look for good Simple Retracements on 5m and entries on 1m, if I don't find anything on 5m I will go up to 15 or sometimes 30. But you can find nice retracements on any T/F, right up to 4h , daily or more, but you obviously have to wait a lot longer for them and I just don't have that much patience. The fallacy that a lot of people have is that you can get a lot more pips out of a longer t/f, that's true, but making money isn't about lots of pips, it about % gain and you can get just as much % gain on a lower t/F .......................
Hi rifid,

Thanks. You are right. Shorter screen time give us more time for life outside of trading. As u pointed out large lot size and small pips will bring more and fast money compare to lots of pips and small lot size. I am going to try your method on live account through out this week. Thanks again.
-happyTrading-myFx.
  • #59
  • Oct 23, 2016 9:44am Oct 23, 2016 9:44am
Quoting myfx
{quote} Hi rifid, Do you mainly use 15m, 5m and 1m? Or have you tried also longer timeframes as well (1h, 30m and 5m, etc.)? Thanks.

I would start with a weekly Time Frame and drilling down to a 240 and 60 minutes when looking for s/r. Then move to a 5m/1m for simple retraces. I will consider the triangles or archs as suggested by Venici... for now.
  • #60
  • Oct 23, 2016 9:24pm Oct 23, 2016 9:24pm
Quoting alucko33
{quote} I would start with a weekly Time Frame and drilling down to a 240 and 60 minutes when looking for s/r. Then move to a 5m/1m for simple retraces. I will consider the triangles or archs as suggested by Venici... for now.
Interesting. I guess those S/Rs on higher timeframes can help for better entry.
-happyTrading-myFx.
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