nice 100 pips moved in dax chart.. hope it will helps to learn how to trade adx with renko charts..
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Trading is this Simple? Finally Explained simple and clearly! 46 replies
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long-run profits impossible with short-term trading? 39 replies
DislikedThought I will post a chart again. On election day I coud not trade the big moves, but made 15 pips in the evening. Yesterday only 6 pips. Today 24 pips, altough I made a mistake at the first trade, used the new fast click tool.... for me its new and clicked sell instead of buy..... unbelievabe, luckily closed with +2 pips, but so I got the long trade to late. The week is positive, stopped for today...... have to protect my earnings. Dax +24 pips. {image}Ignored
Disliked{quote} Great, thanks for the confirmation. It is good to see that I see more and more trades like you. I learn from the master!Ignored
DislikedGreat to see you're doing well. Meeee???? I thought I was in the correct path, but shit happens, I am missing something I don't know where I left it, but my account was close to blow this week. Daaaaaaaaaaammmmn. I felt so close to be in the profit side.Ignored
DislikedToday morning DAX Renko 5. HH-LH. I think a bit late for risky and a bit earlier for save. {image}Ignored
Disliked{quote} Nice trading. What I've been consistant with is at failing to trade breakouts. It looks like you do a lot of them, and as of today, I am really scared about them. What's your take on this? Again, I failed my breakout longs badly today, didn't close my loses, and am holding drawdowns expecting price to go the other side of the range, in DAX and DOW. Besides this it was a good week, with, +120 pips that are troubled now.Ignored
Disliked{quote} Nice trading. What I've been consistant with is at failing to trade breakouts. It looks like you do a lot of them, and as of today, I am really scared about them. What's your take on this? Again, I failed my breakout longs badly today, didn't close my loses, and am holding drawdowns expecting price to go the other side of the range, in DAX and DOW. Besides this it was a good week, with, +120 pips that are troubled now.Ignored
Disliked{quote} Nice trading. What I've been consistant with is at failing to trade breakouts. It looks like you do a lot of them, and as of today, I am really scared about them. What's your take on this? Again, I failed my breakout longs badly today, didn't close my loses, and am holding drawdowns expecting price to go the other side of the range, in DAX and DOW. Besides this it was a good week, with, +120 pips that are troubled now.Ignored
Why do so many traders persist in entering positions trying to capture the top or bottom of a move, against the run of the market and neglect those that go with it?
It is a question I have addressed above, but I do so again because every single trader that ever there was has been or still is guilty of it.
The logic, I think, goes like this :
The market falls heavily, and let's say that because it was off the London open, it was a very fast move and so difficult to catch. It falls because almost always, except for occasions when market moving news has been released, there is a clear technical reason why the money is flowing into the short side and not the other way round, although the London open is a notoriously dangerous time to trade, but often very profitable if you get it right.
Then support is found shortly after the initial down move ( there is usually a reason why this support has held, be it a moving average on one of the time frames, fib retracement, pivot level, or combination of these.) the price rises, and some traders, recognizing the support level, may have already bought. Then a level of resistance is reached, and the price stops rising. Those already in on the long side hold on in the hope that the price will continue to rise. Those not yet in either way think about going short as the price begins to roll over but don't because they fear that they will be selling into a market that has already turned, or rather, psychologically they see the price as neither at the top or bottom so they do nothing, feeling that the place to sell was above, and place to buy was below. They are caught by indecision and doubt. In fact, this is the very place a trader should be selling, after a pullback, with momentum on their side. But most don't do this, because it is a much easier decision to make when the price is what is considered to be at its low or at its high. If you're right, the price can go a long way, so in a trader's own mind the risk/reward is so much better than if he/she enters on a pullback when, because the price has already moved well away from its low or high, it somehow seems less attractive.
Then there is the stubbornness of a trader, that inner voice that says " I've missed the move, so no point risking money now by trying to jump in...better wait until it finds the bottom and go long "
This mentality is fatal for trading. The price always pulls back. Wait until it does, use your TA to determine whether it is likely to resume the directional move, and at or close to the point of rollover, trade with the overall momentum. Do not make the mistake of thinking you are mistakenly selling what is a rally pull back, because if momentum is on your side, it won't be, it will be a resumption of the initial move.
Remember, the markets love to fuck with our minds. They feint long when they are about to plummet south...reverse direction only to do so again, and generally make it extremely difficult to know where to get into a trade and even more difficult to know when to get out of one. No wonder so few succeed.
But there is a way. Learn all these tricks, and learn them on only one or at the most two forex pairs or indecis, because any trader who really knows how to trade will harvest more than enough pips in any one day off of just one pair.
Picking tops and bottoms can be done, more easily so if you are very good with your S&R levels and your SL is wide enough for the adverse moves that typify areas of directional change. But these areas offer the greatest risk, and they are where most traders get killed. Far better to trade pullbacks aggressively in the direction of the initial move, using a counter-trend line of you can get one in.
Hope that's not too much waffle...I know that trying to explain technical detail without the use of charts can be futile, but I have also tried to explain why so many traders fail to trade the pullbacks and opt for directional change instead, so hopefully, I have made at least a slither of sense.
Oh, and one last thing. Don't be afraid to use time frames smaller than 1 minute, though one minute can be small enough. This is because the finer detail you need to see to recognize when the price is about to resume the trend or momentum, can only be seen on the smaller time frames, and by smaller I mean anything down to 10 seconds, and anyone who says that it is impossible to trade such small time frames, and there are many, has either never done so, or simply doesn't know how to. If you have a small account, then you have no choice but to trade them, unless you want to blow your account in a handful of losing trades because your leverage was too high.
Be bold, but first be wise.
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