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Price action trading - Trade like the pros!

  • #261
  • Nov 3, 2016 4:41pm Nov 3, 2016 4:41pm
Quoting WDays
Got some goodies for you guys, coming up hopefully by tomorrow morning! {image}
 
sign me up! I can already tell this is something i have been trying to do!
  • #262
  • Edited 5:23am Nov 4, 2016 4:54am | Edited 5:23am
Inserted Video


First time making a vid, be gentle

I tried to pretty much write down comments of whatever was flying through my head as the trade progressed.

Obviously I've recorded it on Demo, on a broker I don't even use to trade. Just wanted to show the thought process, working with the dollar index and combining HTF with LTF.

I think I sum up why I'm in this trade in the first couple of minutes, notably the uptrend, expecting the daily close to be a doji (return back to open) etc.
Attached Image
  • #263
  • Nov 4, 2016 5:37am Nov 4, 2016 5:37am
Thank you, WDays ! Very instructive videos, doing a good job for everyone! I hope everyone will benefit. Well done, keep up the good work, thank you!
To learn how to swim , you first need to enter the water!
  • #264
  • Nov 4, 2016 5:47am Nov 4, 2016 5:47am
Quoting wayfarer
Thank you, WDays ! Very instructive videos, doing a good job for everyone! I hope everyone will benefit. Well done, keep up the good work, thank you!
Much appreciated, man! Thanks
  • #265
  • Nov 4, 2016 6:18am Nov 4, 2016 6:18am
Looking over some charts, I see this EURGBP chart. I've talked about it before, but liquidity takes an important place in my viewing of the market. When I see a clean level I'm expecting price to surge toward it. This is probably one of the most picture-perfect examples of that.
Attached Image (click to enlarge)
Click to Enlarge Name: liquidity.png Size: 43 KB
  • #266
  • Nov 4, 2016 6:19am Nov 4, 2016 6:19am
On the other hand, we have this. Starting to get used to seeing it already? This V-shaped pattern?
Attached Image (click to enlarge)
Click to Enlarge Name: EURGBPH1.png Size: 62 KB
  • #267
  • Nov 4, 2016 6:27am Nov 4, 2016 6:27am
Both of those "setups" serve to give us a pretty good idea where market is trying to go. This is how you predict swings
  • #268
  • Nov 4, 2016 7:05am Nov 4, 2016 7:05am
Thanks for the video!
  • #269
  • Nov 4, 2016 7:38am Nov 4, 2016 7:38am
Let's see what happens.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: USDJPYM15.png Size: 44 KB
Click to Enlarge Name: USDCHFH1.png Size: 35 KB
  • #270
  • Nov 4, 2016 7:41am Nov 4, 2016 7:41am
Not expecting anything wild before presidential elections next tuesday. Hopefully they make it higher, otherwise I'm cutting soon.
  • #271
  • Nov 4, 2016 7:42am Nov 4, 2016 7:42am
Was expecting a bigger dip on EU, as it needs more fuel to go above 1.1120
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDH4.png Size: 60 KB
  • #272
  • Nov 4, 2016 7:56am Nov 4, 2016 7:56am
Stopped.
  • #273
  • Nov 4, 2016 10:11am Nov 4, 2016 10:11am
Quoting WDays
Both of those "setups" serve to give us a pretty good idea where market is trying to go. This is how you predict swings
"This is how you predict swings"

No offense but if you could predict anything in financial markets, forex in this case, you would be the richer than God!

All the best!
  • #274
  • Nov 4, 2016 10:19am Nov 4, 2016 10:19am
Quoting pipshaman
{quote} "This is how you predict swings" No offense but if you could predict anything in financial markets, forex in this case, you would be the richer than God! All the best!
None taken, but no offense to you, if you couldn't predict anything in financial markets, how do you expect to make money in them? Don't kick it 'til you've tried it.

Prediction implies "controlled" and measured risk. Otherwise you may as well call it gambling. Based on my analysis, I expect the euro to rally, so I buy it. What I don't do is see it tick higher and buy, just to get on the wrong side of a bearish market
  • #275
  • Nov 4, 2016 10:37am Nov 4, 2016 10:37am
Quoting WDays
{quote} None taken, but no offense to you, if you couldn't predict anything in financial markets, how do you expect to make money in them? Don't kick it 'til you've tried it. Prediction implies "controlled" and measured risk. Otherwise you may as well call it gambling. Based on my analysis, I expect the euro to rally, so I buy it. What I don't do is see it tick higher and buy, just to get on the wrong side of a bearish market
Ok, but still, prediction is prediction. Controled and measured risk is risk management which is something else. All the best!
  • #276
  • Nov 4, 2016 10:49am Nov 4, 2016 10:49am
Quoting pipshaman
{quote} Ok, but still, prediction is prediction. Controled and measured risk is risk management which is something else. All the best!
No. They're all components of being a good trader. You see, for me the pillars of proper trading are: Sound analysis, having a bias (expectation of where any market is going), timing /having the patience not to jump straight in, but wait for a good opportunity/, money management - knowing how to handle your open position (knowing when to cut, when to let run, placing your stop, trailing your stop), and finally risk management - I think of hedging.

What this means is, someone who is profitable covers all of the above. Someone who isn't is lacking in one or more aspects. For instance, you can have awesome predictive analysis skills, but always chicken out of your positions or worse, manage poorly and end up losing on winner-analysis.

So like I said, without knowing what to expect from any trading session, you stand no chance in making it in the long run, because you are gambling.

Personally, by the number of trades I get breakeven'd on, it seems I'm still not adept in the position management department
  • #277
  • Nov 4, 2016 10:57am Nov 4, 2016 10:57am
It's okay to not believe, it's actually pretty hard. I'm nowhere near as skilled as traders like ICT or other of his more advanced followers in terms of predictive analysis. Have a look at the EU video I posted earlier, you'll get a basic idea of what goes through my head at any given moment and hopefully see that I'm right more often than I'm wrong.
  • #278
  • Nov 4, 2016 11:05am Nov 4, 2016 11:05am
pipshaman @@This is how you predict swings" No offense but if you could predict anything in financial markets, forex in this case, you would be the richer than God! All the best!
WDays not predict, and reads the price movement. This is consistent different things. And then every day there are good signals for trading. Sometimes you can not read write that price. And so all is right WDays. Good luck to you and the green pips guy.
To learn how to swim , you first need to enter the water!
  • #279
  • Nov 5, 2016 1:14am Nov 5, 2016 1:14am
Wdays, you've got me wrong pal, I was only highlighting the sintactics u've been using, I don't doubt in any way that u are a good trader.
No, for the love of the debate, you say u must have a bias and an expectation where the price may go...OK, in my view this is a very bad thing, because when you have an expectation and bias the market will always show how wrong are you. A sound methode, based on a sound risk management should not be based on any biase from the trader, the trader must be neutral and trade mechanical. In markets when u try to predict u (we all) are always wrong. This is the way I see, is just the way I see but don't mind, your way is as good for you as is mine for me

Enjoy the weekend!
  • #280
  • Nov 5, 2016 1:22am Nov 5, 2016 1:22am
Quoting WDays
Was expecting a bigger dip on EU, as it needs more fuel to go above 1.1120 {image}
In the pic you've attached to the above post you've expected a down move before the breakout above 1.11224 but the market have told you u are wrong (see my attachement), so, your prediction was wrong. Don't expect anything from the market because anyway will do whatever want to do.

Regards!
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot_6.png Size: 31 KB
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