Trend Reversal Patterns Forex Trading - ForexBoat Trading ...

Price Action Trading- The Greatest System.

When I first started trading, I used to add all indicators on my chart. MACD, RSI, super trend, ATR, ichimoku cloud, Bollinger Bands, everything!
My chart was pretty messy. I understood nothing and my analysis was pretty much just a gamble.
Nothing worked.
DISCLOSURE- I've written this article on another sub reddit, if you've already read it, you make skip this one and come back tomorrow.
Then I learned price action trading. And things started to change. It seemed difficult and unreliable at first.
There's a saying in my country. "Bhav Bhagwan Che" it means "Price Is GOD".
That holds true in the market.
Amos Every indicator you see is based on price. RSI uses open/close price and so does moving average. MACD uses price.
Price is what matters the most.
Everything depends on the price, and then the indicators send a signal.
Price Action trading is trading based on Candlestick patterns and support and resistance. You don't use any indicators (SMA sometimes), use plot trend lines and support and resistance zones, maybe Fibs or Pivot points.
It is not 100% successful, but the win rate is quite high if you know how to analyse it correctly.
How To Learn Price Action Trading?
YouTube channels- 1. Trading with Rayner Teo. 2. Adam Khoo. 3. The Chart Guys. 4. The Trading Channel (and some other channels including regional ones).
Books- 1. Technical Analysis Explained. 2. The trader's book of volume. 3. Trading price action trends. 4. Trading price action reversals. 5. Trading price actions ranges. 6. Naked forex. 7. Technical analysis of the financial markets.
I think this is enough information to help you get started.
Price Action trading includes a few parts.
  1. Candlestick patterns You'll have to be able to spot a bullish engulfing or a bearish engulfing pattern. Or a doji or a morning star.
  2. Chart Patterns. The flag, wedge, channels or triangles. These are often quite helpful in chart analysis without using indicators.
  3. Support or Resistance. I've seen people draw 15 lines of support and resistance, this just makes your chart messy and you don't know where the price will take a support.
You can also you the demand and supply zone concept if you're more comfortable with that.
  1. Volume. There's a quote "Boule precedes price". Volume analysis is a bit hard, but it's totally worth learning. Divergence is also a great concept.
  2. Multiple time frames. To confirm a trend or find the long term support or resistance, you can use a higher time frame. Plus, it is more reliable and divergence is way stronger on it.
You can conclude everything to make a powerful system. Like if there's a divergence (price up volume down) and there's a major resistance on some upper level and a double top is formed,
That's a very reliable strategy to go short. Combinations of various systems work very good imo.
Does this mean that indicators are useless?
No, I use moving averages and RSI quite frequently. Using price action and confirming it through indicators gives me a higher win rate.
"Bhav Bhagwan Che".
-Vikrant C.
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How to Trade the Fisher Transform Indicator

One of the good things about trading is that everybody can have their own unique style. albeit two different trading styles conflict, it doesn’t mean that one strategy is true and one is wrong.
With thousands upon thousands of stocks to settle on from, there’s always an abundance of effective ways to trade.
Technical analysis is usually lumped together into one specific style, but not all indicators point within the same direction.
We’re all conversant in commonly used technical concepts like support and resistance and moving averages, alongside more refined tools like MACD and RSI.
No single indicator may be a golden goose for trading profits, but when utilized in the right situations, you'll spot opportunities before the bulk of the gang .
One technical trading indicator that tends to fly under the radar is that the Fisher Transform Indicator.
Despite its lack of recognition , the Fisher Transform Indicator may be a useful gizmo to feature to your trading arsenal since it’s fairly easy to read and influence .
What is the Fisher Transform Indicator?
One of the best struggles in marketing research is the way to affect such a lot of random data.
The distribution of stock prices makes it difficult to locate trends and patterns, which is why technical analysis exists within the first place.
Hey, if the trends were easy to identify , everyone would get rich trading stocks and therefore the advantage provided by technical analysis would be whittled away.
But since technical trends are difficult to identify with an untrained eye, we believe trading tools just like the RSI and MACD to form informed decisions.
The Fisher Transform Indicator was developed by John F. Ehlers, who’s authored market books like Rocket Science For Traders.
Visit Equiti Forex
The Fisher Transform Indicator attempts to bring order to chaos by normalizing the distribution of stock prices over various timeframes.
Instead of messy, random prices, the Fisher Transform Indicators puts prices into a Gaussian Gaussian distribution . you would possibly know such a distribution by its more commonly used name – the bell curve.
Bell curves usually want to measure school grades, but during this instance, it’s wont to more neatly smooth prices along a selected timeline.
Think of stock prices like players on a five – if you organize everyone during a pattern by height, you’ll have a way better understanding of the makeup of the team.
So what does the Fisher Transform Indicator look for? Extreme market conditions.
Unlike other trading signals where many false positives are delivered on a day to day , this indicator is meant to pop only during rare market moments.
By utilizing a normal distribution , much of the noise made by stock prices is ironed away.
Despite the complex mathematics, Fisher Transform tends to offer clear overbought and oversold signals since the extremes of the indicator are rarely reached.
How Can Traders Utilize the Fisher Transform Indicator?
One of the advantages of the Fisher Transform Indicator is its role as a number one indicator, not a lagging indicator.
Lagging indicators tend to inform us of information we already know. a number one indicator is best at remarking potential trend reversals before they occur, not as they’re occurring or after the very fact .
There are two main ways to trade the Fisher Transform Indicator – a sign reversal or the reaching of a particular threshold.
For a sign reversal, you’re simply trying to find the indicator to vary course.
If the Fisher Transform indicator had been during a prolonged upswing but suddenly turned down, it might be foreshadowing a trend reversal within the stock price.
On the opposite hand, the Fisher Transform Indicator might be used as a “breach” indicator for identifying trade opportunities that support certain levels.
A signal line often accompanies the Fisher Transform Indicator, which may be wont to spot opportunities in not just stocks, but assets like commodities and forex also .
Examples
Alphabet (NASDAQ: GOOGL)
Google has been one among tech’s best stay-at-home plays during the coronavirus pandemic, but you wouldn’t have thought that back in late March when shares cratered down near the $1000 mark.
A bounce eventually came, but the stock didn’t rebound quickly.
However, the Fisher Transform Indicator provided a playbook for the stock beginning in February.
The extreme boundary was reached around the same time because the market was high, offering a sell signal before the top of the month. because the shares fell, the Fisher Transform Indicator moved right down to the boundary and bottomed before the stock.
Buying when the indicator eclipsed the signal line in mid-April would have allowed you to catch most of the rebound.
Nikola Corporation (NASDAQ: NKLA)
Before becoming marred in controversy, Nikola Corporation was the most well liked stock of summer 2020.
The obscure car maker was toiling within the $10-12 range before exploding higher in June.
And I don’t mean just a fast double or triple up – Nikola reached a high of $93 before the music stopped.
When a stock goes parabolic, one among the toughest things to work out is when to require profits and bail.
Nikola was a cautionary tale since the corporate seemed pretty shady from the beginning , but traders using the Fisher Transform Indicator got a sign that the highest was in before the stock began its quick descent backtrack .
The June high coincided with the Fisher Transform Indicator reaching its highest level since December of 2019, a sign that sounded the alarm for observant traders.
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Forex Trading Strategies Reddit: What you need to know to start Forex trading.

Forex Trading Strategies Reddit: What you need to know to start Forex trading.

FOREX Strategies

What are FOREX Strategies?
https://preview.redd.it/ihmphstzguv51.jpg?width=960&format=pjpg&auto=webp&s=81f6b73c367d8695605514f8d32aaf3e2aeabc6e
You may have noticed that most of people confuse the terminology and refer to FOREX Strategies in the wrong way. There are methodologies, systems, strategies, and techniques. The most effective methodology is Price Language (Trend Tracking). Combined with a correct reading of mass psychology presented by the charts.
We know that in the Stock Markets there are thousands of strategies. FOREX, like the rest of the markets, presents you with the opportunity to apply similar strategies to win consistently. Taking advantage of repetitive psychological patterns.
First, the Price Language methodology has created great fortunes in FOREX, and the next fortune may be yours. But this methodology must be implemented within a framework of advanced concepts of Markets. Without forgetting the basics. And working hard day by day.
Second, a strategy is a set of parameters and techniques that together give you the advantage to act in any situation. Thus for example in war, generals have attack strategies and counterattack strategies.
FOREX strategies alike are entry strategies and exit strategies. All beginners should know these FOREX strategies for beginners. That way you will get a general idea of ​​the game and understand that trading is a war against the Market and its Specialists. Only applying FOREX strategies revealed by the same Specialists and using their own techniques,
... you can survive in this war.
Do not fall into the trap of the many "systems" and "methods" that are offered on the internet about operating in the FOREX Market. They just don't work in the long run. They are strategies based on indicators for the most part. Using rigid parameters. That if they can work and give profitability during a certain period of time, they will always reach a breaking point when the market changes its dynamics.
Instead, take advantage of your precious time and learn the Language of Price or Price Action.
The Language methodology will allow you to adapt to each new phase of the Market. If you combine this knowledge with the appropriate psychological concepts, you can live comfortably from speculation in FOREX.

Forex Trading Strategies Reddit - Basic FOREX Strategies

You have two basic FOREX strategies, one entry, and one exit. Both follow a general strategy that helps you capitalize on the collective behaviors of the Market. That is, of the total of participating speculators.
This behavior causes the formation of cycles that repeat over and over again. Driven by the basic emotions (uncertainty, greed, and panic) of the speculators involved that can be taken advantage of with the aforementioned FOREX strategies. Specialists identify these emotions in the order flow and capitalize on these events every hour, every day, and every month.
Basic FOREX Strategies - The Price Cycle
These repetitive cycles consist of 4 phases:
  1. Accumulation
  2. Upward trend
  3. Distribution
  4. Downward trend
https://preview.redd.it/6dvk2w0pduv51.png?width=300&format=png&auto=webp&s=a3ab65ca4eab6d20174b3327b862d8b59dcc13b7
The two trends can be easily identified by their notorious breakdown. And the two areas of uncertainty (accumulation and distribution), due to their notorious range trajectories.
This general behavior determines the core of our FOREX strategies.
You buy when the price of a pair has broken and has come out of one of its congestion formations (accumulation or distribution). You implement one of the Forex strategies, in this case, the entry one.
The multi-time technique will help you find the point of least risk when entering your initial buy or sell order. In the same way and using the same strategy but this time to close your position, the multiple timing technique will also show you how to close your operation obtaining the highest possible profit.
The most consistent way to extract profits in the market is by trading the start of trends within a cycle . Once confirmed by their respective breaks from the areas of uncertainty. This is the mother of all FOREX strategies . And in a market that operates 24 hours, we have more frequent cycles and therefore more opportunities.

Forex Trading Strategies Reddit - Advanced Forex Strategies

There are many advanced FOREX strategies that are generally used by professional speculators working for large financial firms.
Among these firms are banks, Investment Fund managers and Hedge Fund managers. The latter is an investment modality similar to Investment Funds, with the difference that Hedge Funds use more complex investment strategies. Its operations are more oriented to aggressive speculations in the short and medium-term.
Among the most common strategies is hedging (hedging), carry trade, automated systems based on quantum mathematics. And a large number of combinations between the different option strategies.

The Carry Trade

The central idea of ​​Carry Trade is to buy a pair in which the base currency has a considerably higher interest rate than the quoted currency. To earn the difference in rates regardless of whether the price of the pair rises or falls.
Suppose we buy a $ 100,000 lot of AUDJPY, which according to the rates on the chart would turn out to be the ideal instrument in this example to use the Forex carry trade strategy.
As our capital is in US dollars we have to assume for our example, the following quotes necessary to perform the place calculations:
AUD / JPY = 80.00 USD / JPY = 85.00
What happens internally in your broker is this.
  1. By placing as collateral $ 1,000 of your $ 50,000 of capital (assumed for this example), deposited in your account, you have access to $ 100,000 virtual (this is what is known as leverage); that is, you put in $ 1,000 and your broker lends you 99,000.
  2. With those $ 100,000 virtual dollars, your broker borrows on your behalf ¥ 8,500,000 Japanese yen (85 × 100,000) at 0.1% annual interest from a Japanese bank.
  3. With those ¥ 8,500,000 Japanese yen, your broker buys A $ 106,250 Australian dollars (8,500,000 / 80) and deposits it in an Australian bank where it receives 4.5% annual interest on your behalf.
  4. One year later (and regardless of the profit or loss generated by the pair's movement), your profit will be the difference between the AUD rate and the JPY rate, that is:
Profit = (AUD rate) - (JPY rate) - (costs of the 2 currency exchanges) Profit = (4.5%) - (0.1%) - (0.1% to 1%)
The great advantage of carry trade FOREX strategies is that this percentage profit is applied to the $ 100,000 of the standard lot; the broker transfers all of the profit to you, even if you only contributed $ 1,000. On the other hand, if you carry out the inverse of this operation, this benefit of the Forex carry trade becomes a cost (swap), and you assume it completely.
Remember that FOREX carry trade strategies are recommended for pairs with considerable interest rate differences, such as the one we have just seen in our example.
These FOREX strategies should also not be used in isolation. The idea is that through technical analysis you identify when would be the ideal time to enter the market using your carry trade Forex strategy and multiply your profits considerably.

What FOREX Strategies Do Hedge Funds Use?

The FOREX strategies used by large fund managers do not constitute an advantage in terms of percentage results for them, nor do they constitute a competitive disadvantage for you.
The vast majority of them fail because of their big egos. In fact, there was a firm made up of great financial geniuses, including 2 winners of the Nobel Prize in Economics, who developed a strategy based on quantum mathematical calculations.
With an initial base capital of about 3 billion dollars, and after 3 successful years obtaining annual returns of over 40%, the firm Long-Term Capital Management, begins its fourth year with losses. To counteract these losses the geniuses decide to multiply the initial capital several times, while the losses continued.
The year closed with the bankruptcy of the fund, and with a total accumulated loss of 1 trillion dollars, due to the great leverage used. And all for not admitting that the FOREX Strategies of Long Term Capital Management were not in line with the dynamics of the Market.
There are an overwhelming number of opportunities in the stock markets to make money interpreting the Language of Price.
You don't need to use complex "advanced" strategies that have been created to handle hundreds or billions of dollars.
The reasons for using these FOREX strategies are very different from what a "retail trader" pursues with his small speculation business.
As you can see, you should not worry about wanting to integrate any of these advanced strategies into your arsenal. They are only beneficial for managing hundreds or billions of dollars, where the return parameters are very different when you handle small amounts of capital.
Do not worry about collecting hundreds of free FOREX strategies that circulate on the internet, that great accumulation of mediocre information will only serve to confuse you and waste your valuable time.
Spend that time learning Price Action,
… And you will always be one step behind the Specialists, identifying each new Market condition, and anticipating the vast majority of reversals of all prices.
Ironically, the most successful fund managers indicate that their most profitable trades are those based on the basic trend-following strategies of the Price Language. The same ones that you will learn in this Free Course.
Dedicate yourself to perfecting them and believe me you won't need anything else. As long as you have good risk management, taking into consideration the following points ...

Styles of Investments in FOREX

The Investment FOREX long term is not recommended for small investors like you and me. If we take into account the term investing literally as large investors do who buy a financial product today to sell it years later.
We both have a better niche in the short and medium-term.
You may have noticed that the big multi-year trends in the Forex Market do exist. But minor swings within a big trend are usually very wide.
These minor movements allow us to easily double and triple the annual return of the big general trend, motivating most traders to speculate in the short and medium-term.
These minor oscillations or trends that occur within the large multi-year trends owe their occurrence mainly to two reasons.
First, the FOREX Market presents 3 sessions a day each in different cities of the world with different time zones (Asia, Europe, and America). This causes more frequent trend changes than in the rest of the stock markets.
Second, the purpose for which it was created also plays a role. The modern Foreign Exchange Market, since its inception in 1972, was conceived by the global financial system as a tool for speculation. To obtain benefits in the short and medium-term (from several days to 1 year).
These two points are basically the reasons why we observe the immense speed with which the FOREX market changes trends.
For example, for those who live in America, in the early morning (Europe) the EURUSD pair may be on the rise, in the morning or afternoon (America) it may be down, and then finally at night (Asia) it may return to the rise.

Define your Own Style for your FOREX Investments

One of the first decisions you will have to make is to choose your style as a trader or investor.
There are 4 types of well-defined styles.
Most professional traders tend to have multiple styles, although they always identify with one primary style for their FOREX investments. Study the characteristics of the 4 main styles to make your investments in FOREX :
1. Long Term: recommended for anyone who is going to enter the market for the first time and who can dedicate a minimum of one hour per month to their investments in Forex. The period of an open position ranges from 1 year to 5 years.
2. Medium Term: recommended for anyone who is going to enter the market for the first time and who can dedicate a minimum of one hour per week to their investments in Forex. The period of an open position ranges from 1 month to 1 year.
3. Short Term: recommended for anyone who is going to enter the market for the first time, or who already has a certain time operating in the long and medium-term, showing constant profits, and who can dedicate a minimum of one hour per day to your investments in FOREX. The period of an open position ranges from 1 day to 1 month.
4. Intraday : recommended only for people with a fairly solid earnings record in the short term, and with a capital greater than $ 50,000. As we have noted, this option constitutes a full-time job.
People who start investing in FOREX , should start executing short-term (weeks) and medium-term (months) transactions only, and not pay attention to intraday oscillations (day trading).
If you are interested in being an intraday speculator, I recommend that you first exhaust at least a year doing operations in the short and medium-term to assimilate the correct strategies and to develop the necessary mentality to carry out this work.
The second option would be to participate in some kind of intensive training.
I remind you that self-educating is almost impossible in speculation. You are likely to accumulate a lot of knowledge by reading books and attending courses. But you will probably never learn to make money with all the incomplete "systems" circulating on the internet.

Mistakes to Avoid When Looking for Your Style

Many people who are new to FOREX investments make the mistake of combining these styles, which is a key to failure.
I recommend that if you are not getting the results you expected by adopting one of these styles, do not try to change it. The problem sure is not in the style, but in your strategies or in your psychology.
A successful investor is able to make a profit in any longer trading time than he is used to. I explain. If you are already a profitable operator in the short term, it is very likely that you will also be profitable in the medium and long term,
… As long as you can interpret the Language of Price or Price Action.
In the opposite case, the same would not happen. If you were a medium-term trader, you would need time to adjust to the intraday. The reality is that long, medium and short term traders have very similar personalities. The intraday trader is completely different.

The Myth of the Intraday in Investments in FOREX

If you are already successful in the short, medium and long term, you will notice that the sacrifice and the hours necessary in front of the computer to operate intraday is much greater. The intraday style will be useful to increase your account if it is less than USD $ 100,000 in a very short time in exchange for 8 to 12 hours a day of hard work but ...
You must first develop the necessary skills to operate the intraday.
The ideal is to combine all the styles to get more out of the Market and carry out more effective transactions and have a diversification in your investments in FOREX.
There are intraday traders that are very successful, but the reality is that there are very few in the world that make a profit year after year. If you want to become an intraday, you just have to prepare yourself properly through intensive training.
Otherwise, I recommend that you don't even think about educating yourself to adopt the intraday style. It is not necessary to go against a probability of failure greater than 99%. Unless
... your ego is greater than your common sense.
The main reason why this style of investments in FOREX is not recommended for the vast majority of us "retail investors" (the official term "retail traders"), is the high operational cost.
The real commissions in this market range between $ 2.0 and $ 2.50 for each lot of 100,000 virtual units. This means that a complete operation (opening and closing) is approximately $ 5.00, for each standard lot traded ($ 100,000 virtual).
Another fundamental reason is the advent of robotic traders (HFT = High-Frequency Trading), which tend to manipulate the market in the shorter intraday swings. Please do not confuse HFTs with automated systems that we find daily on the internet, and that can be purchased for a few hundred dollars and often for free on FOREX forums / groups.
These HFTs to which I refer, they are effective. They cost millions of dollars and have been developed by the large Wall Street financial firms to manage their investments in FOREX.
The reality of the intraday trader is that you execute orders for large lots at the same time, to profit from the smallest movements in the market. It is an activity based on reflexes. The slightest oversight or distraction can turn into a catastrophe for your FOREX investments.
I recommend that you start investing in FOREX using slow time periods such as H4 or Daily. For some reason, all Goldman Sachs intraday FOREX investments are made with algorithms.

Finally…

To choose your style as a trader and manage your investments in FOREX, first determine what your degree of experience is, analyze the points mentioned below and the rest you will discover when you execute your first operations.
The points that will affect your decision are:
  • Capital
  • Time available each day
  • Level of Experience
  • Personality
Discovering your style is a search process. For some it will be a long way to find the right time frame that matches their personality. Don't be put off by the falls. After all, those who continue the path despite the falls are the ones who reach the destination.
And I hope you are one of those who get up over and over again. The next lesson will boost your confidence when you discover the main reason that moves currencies ...

Fundamental Analysis in Forex Trading Reddit

The fundamental analysis in Forex is used mostly by long-term investors. Players as we saw in the styles of operators, start a negotiation today, to close it years later.
I always emphasize the importance that the mass media give to this type of analysis to distract the great mass of participants.
It is all part of a great mass psychological manipulation. For centuries the ignorance of the masses has been organized before the great movements begin.
The important news are the macroeconomic reports published by the Central Banks and other government agencies destined for this work. All reports are made up. 99% of them are corrected months later.
These events are tools to justify fundamental analysis and price cleaning movements. Any silly headline does the job. With this, it is possible to absorb most of the existing liquidity, before the new trend phase is projected.

Reaction!

Except in rare situations, the result of an economic report of the fundamental analysis is generally already assimilated in the graph. In most cases, there are financial institutions that already have access to this information and are organizing and carrying out their operations in advance.
The phrase buy the rumor and sell the news is a very old adage on Wall Street. And its meaning contains what we have just explained. For the investor who can interpret the Language of Price, fundamental analysis is of little importance. Well, in general, their disclosure does not indicate that you have to take any action in your open trades , as long as your entry strategy provides you with a good support cushion.
This reality of fundamental analysis causes a lot of confusion for investors who lack in-depth knowledge of the forex market.

Macroeconomic Data

The data published in these events is irrelevant. Both for speculators and for the people in general. They are false. They lack reliability.
The price can go up or down with the same result of the data. The main ones are:
- Interest Rates - GDP (gross domestic product) - CPI (inflation) - ISM (manufacturing index) - NFP (payroll) - Double Deficits (deficit = fiscal + balance of payments)
If you are initiated, I recommend you avoid operating near these events. It is only a matter of having the time pending. Use the economic calendar for Fundamental Analysis of Forex Factory.
There is a probabilistic advantage in operating these fundamental analysis events. But it takes preparation, experience, and practice. They represent a way of diversifying in the general operation of a speculator.

The Uncertainty of Fundamental Analysis

On many occasions after the disclosure of an economic report, the price movement of the currency pair that is going to be affected tends to move in the opposite direction to the logic of the report.
I show you an example of a fundamental analysis report. Imagine that the EUR / USD pair is trading at 1.2500, and the FED (US Federal Reserve) issues a statement announcing that it has just raised inter-bank interest rates from 0.25 points to 0.75 points. Very positive news for the US dollar that logically implies an appreciation of the currency and consequently an instantaneous collapse of the EUR / USD pair (up the dollar and down the euro)
However, minutes after the release of said fundamental analysis report, the pair after effectively collapsing to 1.2400, returns and returns to its levels prior to the report (1.2500). This situation is very common , but it is not so easy to identify it when it is occurring, but after the damage is done.
Traps like these devour the accounts of beginners who approach the market with little experience, with weak strategies, and especially with very little experience.
That is why I reiterate that you forget the fundamental analysis for now. Just keep in mind when operating, that there is no publication scheduled nearby. Just check the economic calendar for the day and forget about the numbers. Let the economists mess around with the data.

FOREX Market Correlation

The Forex market correlation exists between pairs with similar "base" currencies and not always under the same circumstances. The correlation in the Forex market that is most followed and that has the greatest impact on fundamental analysis is that of the US dollar (USD).
The USD is the most traded monetary unit with a volume greater than 80% with respect to the rest of the currencies. This fact determines why their correlation is the most important, the most followed, and perhaps the only one worth following in the fundamental macro analysis.
The 7 major pairs are usually in sync . These 7 pairs all include the USD and present a fundamental analysis correlation almost 75% of the time. Influencing the rest of the currency pairs.

Advantages of the FOREX Market Correlation

In the fundamental analysis the most basic FOREX correlation is the following. When the USD appreciates, the USD / CAD, USD / CHF, and USD / JPY pairs tend to go up in price. This indicates that the Canadian dollar (CAD), the Swiss franc (CHF), and the Japanese yen (JPY) are losing value against the USD.
We must bear in mind that this correlation does not occur 100% of the time. In fact, the JPY generally tends to move in the opposite direction , since in recent decades this currency has been used as a source of financing to invest in other financial instruments.
On the other side is the FOREX market correlation that generates a movement almost in unison in the other 4 major pairs EUR / USD, GBP / USD, AUD / USD, and NZD / USD. These tend to fall in price, homologous the appreciation of the USD. But not always.
In this case the fundamental analysis correlation works most of the time, between 65 and 85% of the time. Small differences are noted in the extent that each of these pairs experiences.
There is also a correlation in the secondary FOREX market, where the pairs of all currencies that do not include the USD participate, but I recommend you not to waste time on them for now. There are more important things about the Language of Price to know first.

FOREX Commodity Correlation

In this part I will explain to you in a basic way the Correlation Commodities - FOREX of the fundamental analysis.
There are three currencies that have a direct correlation with commodities. They are usually called: "COMDOLLS" which is short for "Commodities Dollars" (Commodities Dollars), since all three obey the dollar denomination. These are:
- The New Zealand Dollar (NZD) - The Australian Dollar (AUD) - The Canadian Dollar (CAD)
These three currencies make up the group of the 8 largest together with the euro, the pound, the yen, the franc and the US dollar. Together, they merge to produce the major pairs traded in the FOREX Foreign Exchange Market.
The FOREX Commodity Correlation has an affinity in most cases greater than 75%. And each of them has its different raw material of correlation. You will notice that the NZD and the AUD are two currencies that act practically in unison. Both present minimal discrepancies in their fluctuations in the short, medium and long term.
This is mainly because their economies are very similar and their economic and fiscal policies are too. Their main production items also show great similarities, despite the fact that the Australian economy is much larger than the New Zealand economy.
The raw materials that follow the movement of the AUD are mainly gold and copper. If you put the history of these three quotes during the last decade of the year 2,000 together on the same chart, you will notice a very similar upward movement between the three quotes. Pure correlation of fundamental analysis.
This strong correlation with commodities in the metals area for the AUD has provided Australia with an economic advantage enviable over the other major powers that have seen their currencies devalue sharply against the AUD. At the same time, they experience a constant decrease in the purchasing power of their citizens.
The NZD maintains a correlation with raw materials related to agriculture and livestock, mainly including milk and its derivatives. It is one of the countries that dominates the world export of these economic items, and also has important exports of metals , although in smaller quantities than Australia.
Finally, you have a correlation with raw materials in the energy area. For historical reasons the CAD, which is not the largest oil producer in the world, but an important supplier to the largest consumer that is the US, has seen its currency oscillate in line with oil prices.
To make long-term investments in the Foreign Exchange Market, it is necessary to take into consideration at least one Commodity Correlation - FOREX in your fundamental analysis.

Forex Technical Analysis Reddit

The technical analysis is the methodology that interprets the movements of the price. Specialists look for liquidity to fund their business. The repetition of the strategies used by the specialists in their work generate repetitive patterns.
If you were an analyst, you would develop the visual ability to identify such patterns on a graph. If you were a programmer you would quantify them mathematically using complex formulas.
And if you could learn to interpret the Language of Price, you would have the ability to anticipate 90% of all movements that occur on a chart. And in this business, anticipating is what will make you money.
Market prices are reflected and framed on a horizontal time axis and a vertical price axis. Prices go up or down according to the aggressiveness of the participating operators. In an efficient or balanced market these oscillations should be imperceptible.
But in reality this is not the case, since the Market works thanks to the digital printing of hundreds of billions of units of paper money systematically distributed by the Central Banks through the banking system. These resources serve as a tool to manipulate 100% of the movements that occur in the FOREX Market.
Are you looking for Technical Indicators? All technical indicators were created from the 70's. How do you think that for more than 200 years the speculators of the past accumulated great wealth?
With the Language of Price. The best timing is given by the price itself. Indicator-generated entry signals usually occur at the wrong time.
The basis of technical analysis is human psychology. Unfortunately, human beings are not perfect and are loaded with emotions that dominate their behavior in similar situations, creating repetitive and highly predictable behavior when it occurs in masses.
The study of technical analysis through indicators and subjective training, originates and shapes the collective thinking on which all the traps that specialists execute every day to maintain their business are designed. If the majority won, the Market would cease to exist.
Although you already know that the patterns are not generated by the masses , but the repetitive behavior of the Specialists in the face of the action response of the masses. It is very easy for speculaists, because they can see everyone's orders in their books.
And they also exert a great influence on the decisions of the masses through the mass media. It is what I call the war between the Egg and the Stone , if you hit me you win and if I hit you also you win.

The Deception of Modern Technical Analysis

Through the centuries thousands of people have been able to extract great benefits from the financial markets by applying the basic strategies of technical analysis and the psychology of the Price Language.
More than 200 years ago when the markets began to operate officially, fundamental analysis predominated, which was only used by large financial institutions. As this analysis tool began to become popular, these institutions began to apply the strategies of technical analysis.
In recent decades and with the massification of internet technology, technical analysis has begun to be handled by anyone who has a computer with internet access. The same financial institutions, which have been present for more than a century and as a result of this overcrowding , establish a strategy to confuse and misinform about the true strategies of technical analysis.
This has been accomplished in the following manner. Currently there are hundreds, if not thousands of technical indicators that have been developed by so-called "gurus" of technical analysis and that sell their magic indicators packed in a "system" or "method" that usually cost thousands of dollars, or simply with the publication of a book with which they generate large profits. Double benefit.
The aim is to confuse the initiates in speculation and create the collective mentality that will originate the same behaviors over and over again. About 95% of these new entrants completely lose all the capital they invest in their early stages as investors.
Leaving them with a negative experience and creating the idea and the image that financial markets are an exclusive area for geniuses with high academic levels and that only they can produce returns in the markets year after year.
The initiate, having lost all his original capital, turns to these “gurus” for help and teachings. You spend more capital on the products they offer you and the cycle repeats itself . Obviously, the vast majority do not relapse and completely forget to re-engage in the stock markets.
I hope you have not been a victim of this drama.
Now I will show you the simplicity of a FOREX technical analysis , without the need to resort to any indicator as a tool to determine an effective entry or exit strategy when planning your operations.

The Price Cycle

Previously you studied in the FOREX strategies lesson, that the typical price cycle when it is reflected in a graph, presents four very specific phases and very easy to identify if you perform a technical analysis with common sense . These are:
  • Accumulation
  • Bullish trend
  • Distribution
  • Bearish trend
Remember also that the most effective way to constantly extract profits in the markets is by taking advantage of phases 2 and 4 (the trends). Combined with a correct reading of the collective behavior of the masses of speculators interpreting the Language of Price.
You will be surprised by the simplicity with which thousands of people around the world and over the centuries have accumulated large sums of money by drawing a few simple lines and applying responsible risk management with their capital.

How to Identify Trends?

Being able to determine the trend phases within the price cycle is the essence of technical analysis since it is these two phases that provide you with the probabilistic advantage you need to operate in the markets and obtain constant returns.
In the most plain and simple language, in the world of technical analysis, there are only two types of formations: trends and ranges.
The trends, in turn, can be bullish if they go up, or bearish if they go down. The ranges, on the other hand, can be accumulation if they are at the beginning of the cycle, or distribution if they are in the high part of the cycle. As I had indicated in the topic of FOREX strategies when describing the price cycle.
This sounds more like a play on words, but I will show you the practical definition to simplify your life and then you will apply these definitions on the graph so that everything makes more sense to you.
  • Bullish trend: a succession of major highs and major lows
  • Bearish trend: a succession of minor highs and minor lows
  • Floor Range: equal highs and varied lows
  • Ceiling Range: equal minimums and varied maximums
https://preview.redd.it/vvmsshf0guv51.png?width=600&format=png&auto=webp&s=c321679a7dcc03f7184778be86379ef442fddf91
Some key points from the graph:
  • The start of this big uptrend was detected when the last high (thick green line) of the previous downtrend was broken to the upside, ending the succession of lower highs, while exiting the lateral floor formation.
  • The succession of major lows in the uptrend (thin blue lines)
  • The succession of major highs in the uptrend (thin green lines)
  • The end of the uptrend was detected when the last low (thick blue line) of the uptrend was broken to the downside, ending the succession of higher lows, while exiting the lateral ceiling formation.
A tool that will help you sharpen your technical eye and identify trends on the chart is the Currency Scanner. This application is very effective and will provide you with a much-needed boost in your operations to identify reliable trends. At first, we are not sure how reliable a trend is. You will receive great help to find opportunities with the Currency Scanner .

The Common Sense, The Less Common of Senses

The central idea of ​​technical analysis consists in determining the price situation of a market, that is, in which phase of the pattern of its cycle it is currently conjugated with the collective thinking of the masses and the possible traps that the market would have prepared to remove. the capital at stake by the public.
To carry out a precise technical analysis, you will use the support and resistance lines, which can be static (horizontal) or dynamic (projecting an angle with respect to the horizontal axis).
Your common sense prevails here.
If you show a 10-year-old a chart, they will be able to tell you if the price is going up or down. You will most likely have no idea how to draw the lines, but you will be able to establish the general trend. Simply using your common sense.
By introducing indicators and other gadgets , the simplicity and effectiveness of the technical analysis created by your common sense evaporates.
The following graph conceptually shows you all the possible situations in which you could draw these lines to carry out your technical analysis of the place. You can clearly observe a downtrend delimited by its dynamic trend line and an uptrend on the right side with its respective dynamic delimitation.
https://preview.redd.it/5iehg0r6guv51.png?width=500&format=png&auto=webp&s=84c265a5d35da7ea970792c4bf40fe20b33bd8bd

Forex Charts Analysis

I want to remind you that the formations or patterns that develop on the charts (triangles, wedges, pennants, boxes, etc.) only work to execute trades that have initially been confirmed by the static support and resistance lines and to read the collective thinking of the masses.
Chart formations work, but you must know the Language of Price to determine when the Specialists will exploit a chartist figure, or when they will allow it to run. In fact, you will learn with the Language that you can operate a chart figure in any direction.
Much of the "mentalization" that the masses receive is to believe that the figures are made to be respected. Which is an inefficient way of working. Simply because you could wait days or months for a perfect chart figure to occur in order to perform a reliable trade. When in fact there are dozens every day.

Japanese Candles

Of all the tools you have to carry out technical analysis, perhaps the best known and most popular is the Japanese technique of candles (candlesticks).
Candles are mainly used to identify reversal points on the chart without resorting to confirmation of horizontal trend lines and only using a previous bar or candle breaks.
Its correct use is subject to a multi-time analysis (multiple temporalities) and a general evaluation of the context proposed by the market in general at the time of each scenario.
Later I will show you all the important details to take into account so that you use Japanese candles in a simple and very effective way.
Do not forget ... Trading in your beginnings based on formations (chartism) and candlestick patterns conjugated with hundreds of tools and technical indicators, constitutes the perfect path to your failure. Before using any strategy or technique I recommend you focus on learning the Price Language, which includes 3 basic things:
  • The Price: structure and dynamics
  • Market sentiment: relative strength, external shocks, etc.
  • Psychology: flexible mindset and risk acceptance
After you acquire this solid foundation, I guarantee that you will be able to trade any trading system that exists, any strategy, technique or chart figure in a profitable and consistent manner.
Specialists make money every day at the expense of the collective behavior caused by the use of these strategies and techniques. With which you will only manage to lose your capital and your time by putting the cart in front of the horse.
People who do the opposite, at best become,
... Philosophers of Speculation, or indocile Robot Assistants or Expert Advisors.
To make money in any market condition, range or trend, you must use the technical analysis based on the Price Language and combine it with a correct psychological reading of the price. This knowledge can only be acquired through proper education and lots of supervised practice. Like any other career in life.
I hope you've found this guide helpful!
submitted by kayakero to makemoneyforexreddit [link] [comments]

Am I barking up the wrong tree again?

Long story short, I've been learning forex for the past 6 years on and off, searching for the holy grail of indicator combinations and only just realised they don't work. Mostly because of a youtube video I stumbled on by accident.
So is this a method of trading with higher probability of success?
Only focusing on 2 pairs I like for now....
I go to the D1 charts and plot lines around areas where price has reversed in the long run repeatedly back in time. Then I draw some boxes around these lines as areas of interest. Then as price reaches those boxes I scan down the timeframes to the H1 charts to see if price is slowing in momentum. If it is, I'll check a M15 chart to see if price is about to reverse or continue using candle stick patterns and wait for a retest of the area before taking a trade accordingly with a 1:3 RR minimum, trailing SL behind swings high or low.
Here's an example of my D1 chart - https://www.tradingview.com/x/Ei8jT88G
Would anyone be willing to be a mentor to me? I'm determined to get this right this time.
submitted by I_BA1LEY_I to Forex [link] [comments]

Price Action Trading.

When I first started trading, I used to add all indicators on my chart. MACD, RSI, super trend, ATR, ichimoku cloud, Bollinger Bands, everything!
My chart was pretty messy. I understood nothing and my analysis was pretty much just a gamble.
Nothing worked.
Then I learned price action trading. And things started to change. It seemed difficult and unreliable at first.
There's a saying in my country. "Bhav Bhagwan Che" it means "Price Is GOD".
That holds true in the market.
Amos Every indicator you see is based on price. RSI uses open/close price and so does moving average. MACD uses price.
Price is what matters the most.
Everything depends on the price, and then the indicators send a signal.
Price Action trading is trading based on Candlestick patterns and support and resistance. You don't use any indicators (SMA sometimes), use plot trend lines and support and resistance zones, maybe Fibs or Pivot points.
It is not 100% successful, but the win rate is quite high if you know how to analyse it correctly.
How To Learn Price Action Trading?
YouTube channels- 1. Trading with Rayner Teo. 2. Adam Khoo. 3. The Chart Guys. 4. The Trading Channel (and some other channels including regional ones).
Books- 1. Technical Analysis Explained. 2. The trader's book of volume. 3. Trading price action trends. 4. Trading price action reversals. 5. Trading price actions ranges. 6. Naked forex. 7. Technical analysis of the financial markets.
I think this is enough information to help you get started.
"Bhav Bhagwan Che".
-Vikrant C.
submitted by Vikrantc2003 to Trading [link] [comments]

Trading Ideas For Next Week [Week 2] (Part 1)

Trading Ideas For Next Week [Week 2] (Part 1)
Due to popular demand I've decided to bring this series back for a week 2 and I'll continue to release 3-5 trading ideas every Saturday. How do you guys feel about the name of this series? Would you like me to change the name to something like "Setup Saturdays" or are you guys cool with the current naming scheme?
So this week I wanted to be a lot more in depth in my analysis and setups since I didn't think I was super clear last week with my reasoning on some the setups. I want these posts to be as beginner friendly as possible because there's a lot more beginners in this Subreddit than I had realized. I want you to use this as an educational tool and not as a signal service as a result I'm going to give you possible trade setups and I want you to be the judge of whether you should enter once/if price gets to that point since I feel like that will benefit beginners in the long run. I got a couple questions about top down time frame analysis so that'll be a focus of today's post. Scroll down to NZDJPY if you really want an in-depth look at how I perform top down time frame analysis.
I'll include a picture of a chart and my TradingView chart so if you want to zoom in and out of the chart you'll have that ability to do so.
Quick Disclaimer: Some of the charts pricing might be off by a bit since I started working on this during the New York session on Friday. If any of the charts are impacted in a way that alters the setup I'll be sure to update the charts before I post this on Saturday. Just gotta hope that hope that Powell doesn't break the market or else I might have to redo this entire post.
AUDUSD:

AUDUSD Daily
TradingView Link For Daily: https://www.tradingview.com/chart/AUDUSD/Wb5K2bS8-AUDUSD-Daily-For-Reddit-Post-6-20-U-AD3133/
Analysis: Which way is the trend pointing? It looks like it's pointing up which we can see with the green trend line but how about we zoom in to the 4 hour char to see if that's actually the case.
Tip: When drawing a trend line, especially on the daily and higher time frames, remember to hit as many wicks as possible since they are relevant and not just some anomaly you can ignore.

AUDUSD 4 Hour
TradingView Link For 4 Hour: https://www.tradingview.com/chart/AUDUSD/aah8294z-AUDUSD-4-Hour-For-Reddit-Post-6-20-U-AD3133/
Analysis: When we got close to where we are with price and we draw a Fibonacci Retracement from the point where price took off to the point where price peaked we can see that price came down to .5 Fibonacci level where it then started going up again. Coincidence? Possibly. As a result I believe that price could continue higher and it would be justified if it did. However, if we look at the trend lines we can see that price appears to have broke put of of our major trend line (Green) which means that price could fall to the downside if it's actually a breakout. Price then appears like it would then adhere to the new minor trend line (Red). There's also the possibility that this was just a fake breakout and price could go up and adhere to green trend line. I'm going to have a selling bias on this trade since price looks like it double topped at the highs of this year and it looks like we could see price fall. I'm leaning towards the drop of price due to the symmetrical triangle pattern created by the major and minor trend line and looks like price is going to get pushed down which we should get an idea of soon.
Tip: Every time price makes a large move and falls/rises after making a peak/valley always pull out the Fibonacci retracement tool to see if price will bounce from the .382, .5, or .618 levels as they are the most significant levels. This can tell you if you're going to likely get a trend continuation.

AUDUSD 1 Hour
TradingView Link For 1 Hour: https://www.tradingview.com/chart/AUDUSD/IHgrnfYs-AUDUSD-1-Hour-For-Reddit-Post-6-20-U-AD3133/
Analysis: I drew out multiple different scenarios which I think can play out since like I said before we're not trying to predict a single movement but we're preparing to be reactive to an ideal condition which may be thrown at us. Remember that major trend line we drew in on the daily chart well it's going to play a large role here. This trend line has been in the making since March so we're not just going to brush it off. The trend line appears to have been broken and we seem to be sticking that minor trend line after the break of the symmetrical triangle pattern. After the break of the symmetrical triangle pattern price usually gets pushed heavily to one side and it looks like price is wanting to get pushed to the downside. As a result, I'm going to really keep on eyes on scenario the blue arrows display since I think it's the most probable. Looking at the scenario there are going to be two potentially good entry points for a sell. The first being when price goes up to retest the green trend line which would also serve as a bounce from our red trend line. Once we get that bounce we could enter in for a sell with a take profit hopefully somewhere around the .66 area. Another good entry would be when price breaks the zone of support of .68 and after it retests it. Wait for a confirmation candlestick pattern showing price will fall when retesting (i.e. railroad track, bullish engulfment candle, evening star, shooting star, etc.). Look for these candlestick patterns on the 15 minute chart. Once you got the confirmation take the sell and ride price down to the .66 zone. The other scenario that could occur is we could see price go back into the green trend line by breaking the red trend line (Orange Arrows). If this occurs we want to catch the retest bounce of the red trend line and ride price up to the high of the year which is at .702. At that point price could break the resistance at which point we could catch the retest of the zone and ride price up. Or it could go up to .702 create a triple top and fall. If you get a candlestick confirmation saying it'll fall then take a sell at the high of the year.
NZDUSD:
If there's something I really like in Forex it's definitely got to be harmonic patterns due to their high accuracy. NZDUSD just recently completed one of them and this is a really good indicator of what price is going to do.

NZDUSD Daily
TradingView Chart For Daily: https://www.tradingview.com/chart/NZDUSD/zQpHzUcK-NZDUSD-Daily-For-Reddit-Post-6-20-U-AD3133/
Analysis: Yes, we have trend line that says that price is going up however I make exceptions for Harmonic patterns since they are accurate about 80%-90% of the time. The pattern you see above is know as a Bearish Bat Pattern. Like the name says it's an indicator that price is going to go Bearish so although the trend line is going up I'm going to have a bearish bias on this trade.

NZDUSD 4 Hour
TradingView Chart For 4 Hour: https://www.tradingview.com/chart/NZDUSD/C29kpCyO-NZDUSD-4-Hour-For-Reddit-Post-6-20-U-AD3133/
Analysis: Not really much to add here just tossed on a Fibonacci retracement tool from where price took off to the peak just to check for any potential support from any of the major levels which we don't appear to have. We'll go a lot more in-depth on this pair on the 1 hour chart since that's where things get interesting.

NZDUSD 1 Hour
TradingView Link For 1 Hour: https://www.tradingview.com/chart/NZDUSD/dKJatcM7-NZDUSD-1-Hour-For-Reddit-Post-6-20-U-AD3133/
Analysis: Looking at price we can see that since June 11th price has been trading in a boxed consolidation range. Again I drew out the possibilities I believe could be ideal for us. Remember that I said Harmonics work 80%-90%. Well that means that they fail 10%-20% of the time which is definitely not something we can neglect. We can see that there's a descending triangle which price is reaching the end of. This means that price is getting ready to move to one direction since big moves always come after consolidation. If it moves to upside wait for price to close above the the spot marked D then you can enter for a buy and ride price up to the .67525 zone where price could break to upside or bounce back down (Orange Arrow). Remember to wait for it to actually close above point D since it could create a triple top and drive price back down. It's the same procedure as AUDUSD here if it makes this move where if it breaks it then catch the retest and if it looks like it's wanting to fall down wait for a confirmation pattern. If it breaks the box to the downside and breaks the support zone then take a sell and ride price down to the trend line at which point you should close the trade as there's a chance price could move against you and it's best to secure profits while you can. Once at the trend line it could bounce and if it does you should be able to ride price up to that .67525 zone (Green Arrow). If price breaks the trend line then wait for the retest and you should be able to ride price down pretty far (Red Arrows). I think you should be able to ride it down to .5918 zone but you'll have to keep your on it.
EURNZD:

EURNZD Daily
TradingView Link For Daily: https://www.tradingview.com/chart/EURNZD/jzgmGcRe-EURNZD-Daily-For-Reddit-Post-6-20-U-AD3133/
Analysis: Well we got a pretty clear descending channel and price looks like it's at the top part of the channel currently so we're going to want to look for some optimal selling conditions due to the down trend.

EURNZD 4 Hour
TradingView Link For 4 Hour: https://www.tradingview.com/chart/EURNZD/YzOpvcH7-EURNZD-4-Hour-For-Reddit-Post-6-20-U-AD3133/
Analysis: Looking at the 4 hour chart we can see that there appears to be a symmetrical triangle coming to it's end meaning price is getting ready to get pushed to a side. I believe it'll break the triangle and fall to the downside so once you see it break it would be a good idea to take a sell and ride price down to that support zone at 1.7187. Price could also briefly break to the upside then bounce off the top of the channel and it does take a trade from the bounce and ride price down to the same support zone. At that point, I'll leave it up to you to determine how you think price will go and what you should be looking for. Consider it to be a little quiz if you want to think of it like that. You've got my charts so use them as a reference since I've already marked some crucial support/resistance zones which we should keep our on for the next couple weeks.

EURNZD 1 Hour
TradingView Link For 1 Hour: https://www.tradingview.com/chart/EURNZD/ICWvgEsg-EURNZD-1-Hour-For-Reddit-Post-6-20-U-AD3133/
Analysis: There's nothing that special on the one hour chart that I have to point out since I think we pretty much got all the big stuff out of the way on our analysis of the 4 hour chart. Be sure to get a good sell in there since there are two potentially good setups which I've outlined for you. Also be sure to be careful and wait for the bounce of the channel if price goes that way since there's a chance price could break the channel and I don't want you to take a loss because you were impatient.
NZDJPY:
This pair is going to be really fun since we're going to be looking through a lot of time frames so if you really want to learn about a top down approach to analyzing time frames and trends then pay very close attention to how I break down this trade.

NZDJPY Monthly
TradingView Link For Monthly: https://www.tradingview.com/chart/NZDJPY/jZh4F2Jv-NZDJPY-Monthly-For-Reddit-Post-6-20-U-AD3133/
Analysis: Yes, we're actually going to be looking at the monthly chart. I bet you guys don't do that very often. Looking at it we can see that price has been following a clear down trend line since late 2014. If you look at the wick of this month's candle you can see that it appears to have touched the trend line meaning we could see a good opportunity to catch a sell since it had just recently bounced off. Let's take a look at lower time frames to see if this continues to be true.

NZDJPY Weekly
TradingView Link For Weekly: https://www.tradingview.com/chart/NZDJPY/dpvI29BB-NZDJPY-Weekly-For-Reddit-Post-6-20-U-AD3133/
Analysis: When zooming into the weekly we can see that using the wicks of the candles we can actually draw a channel for the low portion that runs pretty much in parallel to the trend line we drew on the monthly chart. We can see that price clearly bounced from the trend line and I think this gives us good reason to believe in the coming weeks we could see the price drop. Also looking at the Bollinger Bands we can see that price also bounced from the top band which also supports a drop of price. Let's go into the daily to see if we can get a better idea.

NZDJPY Daily
TradingView Link For Daily: https://www.tradingview.com/chart/NZDJPY/NbWLURkU-NZDJPY-Daily-For-Reddit-Post-6-20-U-AD3133/
Analysis: Looking at the daily time frame we can see that price is currently consolidated and remember big moves always come after consolidation. If you look closely however you can see that price looks like it's about to break the 200 day EMA (Orange line). If it breaks the EMA we could see price drop pretty far at an accelerated rate. Besides those couple observations there's not much else going on with the daily chart.

NZDJPY 4 Hour
TradingView Link For 4 Hour: https://www.tradingview.com/chart/NZDJPY/d1kaogH5-NZDJPY-4-Hour-For-Reddit-Post-6-20-U-AD3133/
Analysis: Would you look at that, it looks like we got a descending triangle on the 4 hour chart which looks like it's coming to an end. Looking at price it looks like it's wanting to push to the downside. Once you get a break below the lows of the day of June 11th I think it would be a safe bet to take a sell trade and ride it down for 66.825 for this week. If it breaks the 66.825 support zone then I'll definitely take a sell and try to ride price down to the bottom of the channel which we drew on the weekly chart. There's also the possibility that price could take support at any of these support zones and then head back up to test the top of the channel. At which point I'll be looking to get into a sell at the top of the channel but I won't ride price up to the channel since at this current point in time I feel like there's a large amount of risk in that.

NZDJPY 1 Hour
TradingView Link For 1 Hour: https://www.tradingview.com/chart/NZDJPY/83b47mFS-NZDJPY-1-Hour-For-Reddit-Post-6-20-U-AD3133/
Analysis: Not much more to add here since I think by this point we got the entire story so I'm not going to say much more about the 1 hour chart since I think the analysis for the 4 hour chart also sums this up pretty well.
Well that was a lot of information to go through and I hope you found some value in this since it took me quite a few hours to put this together for you guys. Truth be told, I spent most of Friday working on this so I hope at least one person finds some value in which case I'll consider it a win.
So you guys tired of me yet or do you want me to continue this series for a week 3? It takes a lot of time and effort to put this together so I'll only do it if people want it or else I'll pretty much feel like I wasted my time. I might put together a little lesson on how to use the COT in order to catch some big reversal moves in the market since the COT pretty much tells you what the hedge funds are doing and you also want to trade with the hedge funds and institutions. It'll probably take a couple weeks since I'll have to compile some data together and wait for a setup before putting that out but I'll be working on it. Are there any other things you may want explained? Let me know and I'll try to find setups which contain the topic you may want more details on. I hope you have a great trading week!
submitted by AD3133 to Forex [link] [comments]

Some trading wisdom, tools and information I picked up along the way that helped me be a better trader. Maybe it can help you too.

Its a bit lengthy and I tried to condense it as much as I can. So take everything at a high level as each subject is has a lot more depth but fundamentally if you distill it down its just taking simple things and applying your experience using them to add nuance and better deploy them.
There are exceptions to everything that you will learn with experience or have already learned. If you know something extra or something to add to it to implement it better or more accurately. Then great! However, my intention of this post is just a high level overview. Trading can be far too nuanced to go into in this post and would take forever to type up every exception (not to mention the traders individual personality). If you take the general information as a starting point, hopefully you will learn the edge cases long the way and learn how to use the more effectively if you end up using them. I apologize in advice for any errors or typos.
Introduction After reflecting on my fun (cough) trading journey that was more akin to rolling around on broken glass and wondering if brown glass will help me predict market direction better than green glass. Buying a $100 indicator at 2 am when I was acting a fool, looking at it and going at and going "This is a piece of lagging crap, I miss out on a large part of the fundamental move and never using it for even one trade". All while struggling with massive over trading and bad habits because I would get bored watching a single well placed trade on fold for the day. Also, I wanted to get rich quick.
On top all of that I had a terminal Stage 4 case of FOMO on every time the price would move up and then down then back up. Just think about all those extra pips I could have trading both directions as it moves across the chart! I can just sell right when it goes down, then buy right before it goes up again. Its so easy right? Well, turns out it was not as easy as I thought and I lost a fair chunk of change and hit my head against the wall a lot until it clicked. Which is how I came up with a mixed bag of things that I now call "Trade the Trade" which helped support how I wanted to trade so I can still trade intra day price action like a rabid money without throwing away all my bananas.
Why Make This Post? - Core Topic of Discussion I wish to share a concept I came up with that helped me become a reliable trader. Support the weakness of how I like to trade. Also, explaining what I do helps reinforce my understanding of the information I share as I have to put words to it and not just use internalized processes. I came up with a method that helped me get my head straight when trading intra day.
I call it "Trade the Trade" as I am making mini trades inside of a trade setup I make from analysis on a higher timeframe that would take multiple days to unfold or longer. I will share information, principles, techniques I used and learned from others I talked to on the internet (mixed bag of folks from armatures to professionals, and random internet people) that helped me form a trading style that worked for me. Even people who are not good at trading can say something that might make it click in your head so I would absorbed all the information I could get.I will share the details of how I approach the methodology and the tools in my trading belt that I picked up by filtering through many tools, indicators strategies and witchcraft. Hopefully you read something that ends up helping you be a better trader. I learned a lot from people who make community posts so I wanted to give back now that I got my ducks in a row.
General Trading Advice If your struggling finding your own trading style, fixing weakness's in it, getting started, being reliably profitable or have no framework to build yourself higher with, hopefully you can use the below advice to help provide some direction or clarity to moving forward to be a better trader.
  1. KEEP IT SIMPLE. Do not throw a million things on your chart from the get go or over analyzing what the market is doing while trying to learn the basics. Tons of stuff on your chart can actually slow your learning by distracting your focus on all your bells and whistles and not the price action.
  2. PRICE ACTION. Learn how to read price action. Not just the common formations, but larger groups of bars that form the market structure. Those formations carry more weight the higher the time frame they form on. If struggle to understand what is going on or what your looking at, move to a higher time frame.
  3. INDICATORS. If you do use them you should try to understand how every indicator you use calculates its values. Many indicators are lagging indicators, understanding how it calculates the values can help you learn how to identify the market structure before the indicator would trigger a signal . This will help you understand why the signal is a lagged signal. If you understand that you can easily learn to look at the price action right before the signal and learn to watch for that price action on top of it almost trigging a signal so you can get in at a better position and assume less downside risk. I recommend using no more than 1-2 indicators for simplicity, but your free to use as many as you think you think you need or works for your strategy/trading style.
  4. PSYCOLOGY. First, FOMO is real, don't feed the beast. When you trade you should always have an entry and exit. If you miss your entry do not chase it, wait for a new entry. At its core trading is gambling and your looking for an edge against the house (the other market participants). With that in mind, treat as such. Do not risk more than you can afford to lose. If you are afraid to lose it will negatively effect your trade decisions. Finally, be honest with your self and bad trading happens. No one is going to play trade cop and keep you in line, that's your job.
  5. TRADE DECISION MARKING: Before you enter any trade you should have an entry and exit area. As you learn price action you will get better entries and better exits. Use a larger zone and stop loss at the start while learning. Then you can tighten it up as you gain experience. If you do not have a area you wish to exit, or you are entering because "the markets looking like its gonna go up". Do not enter the trade. Have a reason for everything you do, if you cannot logically explain why then you probably should not be doing it.
  6. ROBOTS/ALGOS: Loved by some, hated by many who lost it all to one, and surrounded by scams on the internet. If you make your own, find a legit one that works and paid for it or lost it all on a crappy one, more power to ya. I do not use robots because I do not like having a robot in control of my money. There is too many edge cases for me to be ok with it.However, the best piece of advice about algos was that the guy had a algo/robot for each market condition (trending/ranging) and would make personalized versions of each for currency pairs as each one has its own personality and can make the same type of movement along side another currency pair but the price action can look way different or the move can be lagged or leading. So whenever he does his own analysis and he sees a trend, he turns the trend trading robot on. If the trend stops, and it starts to range he turns the range trading robot on. He uses robots to trade the market types that he is bad at trading. For example, I suck at trend trading because I just suck at sitting on my hands and letting my trade do its thing.

Trade the Trade - The Methodology

Base Principles These are the base principles I use behind "Trade the Trade". Its called that because you are technically trading inside your larger high time frame trade as it hopefully goes as you have analyzed with the trade setup. It allows you to scratch that intraday trading itch, while not being blind to the bigger market at play. It can help make sense of why the price respects, rejects or flat out ignores support/resistance/pivots.
  1. Trade Setup: Find a trade setup using high level time frames (daily, 4hr, or 1hr time frames). The trade setup will be used as a base for starting to figure out a bias for the markets direction for that day.
  2. Indicator Data: Check any indicators you use (I use Stochastic RSI and Relative Vigor Index) for any useful information on higher timeframes.
  3. Support Resistance: See if any support/resistance/pivot points are in currently being tested/resisted by the price. Also check for any that are within reach so they might become in play through out the day throughout the day (which can influence your bias at least until the price reaches it if it was already moving that direction from previous days/weeks price action).
  4. Currency Strength/Weakness: I use the TradeVision currency strength/weakness dashboard to see if the strength/weakness supports the narrative of my trade and as an early indicator when to keep a closer eye for signs of the price reversing.Without the tool, the same concept can be someone accomplished with fundamentals and checking for higher level trends and checking cross currency pairs for trends as well to indicate strength/weakness, ranging (and where it is in that range) or try to get some general bias from a higher level chart that may help you out. However, it wont help you intra day unless your monitoring the currency's index or a bunch of charts related to the currency.
  5. Watch For Trading Opportunities: Personally I make a mental short list and alerts on TradingView of currency pairs that are close to key levels and so I get a notification if it reaches there so I can check it out. I am not against trading both directions, I just try to trade my bias before the market tries to commit to a direction. Then if I get out of that trade I will scalp against the trend of the day and hold trades longer that are with it.Then when you see a opportunity assume the directional bias you made up earlier (unless the market solidly confirms with price action the direction while waiting for an entry) by trying to look for additional confirmation via indicators, price action on support/resistances etc on the low level time frame or higher level ones like hourly/4hr as the day goes on when the price reaches key areas or makes new market structures to get a good spot to enter a trade in the direction of your bias.Then enter your trade and use the market structures to determine how much of a stop you need. Once your in the trade just monitor it and watch the price action/indicators/tools you use to see if its at risk of going against you. If you really believe the market wont reach your TP and looks like its going to turn against you, then close the trade. Don't just hold on to it for principle and let it draw down on principle or the hope it does not hit your stop loss.
  6. Trade Duration Hold your trades as long or little as you want that fits your personality and trading style/trade analysis. Personally I do not hold trades past the end of the day (I do in some cases when a strong trend folds) and I do not hold trades over the weekends. My TP targets are always places I think it can reach within the day. Typically I try to be flat before I sleep and trade intra day price movements only. Just depends on the higher level outlook, I have to get in at really good prices for me to want to hold a trade and it has to be going strong. Then I will set a slightly aggressive stop on it before I leave. I do know several people that swing trade and hold trades for a long period of time. That is just not a trading style that works for me.
Enhance Your Success Rate Below is information I picked up over the years that helped me enhance my success rate with not only guessing intra day market bias (even if it has not broken into the trend for the day yet (aka pre London open when the end of Asia likes to act funny sometimes), but also with trading price action intra day.
People always say "When you enter a trade have an entry and exits. I am of the belief that most people do not have problem with the entry, its the exit. They either hold too long, or don't hold long enough. With the below tools, drawings, or instruments, hopefully you can increase your individual probability of a successful trade.
**P.S.*\* Your mileage will vary depending on your ability to correctly draw, implement and interpret the below items. They take time and practice to implement with a high degree of proficiency. If you have any questions about how to do that with anything listed, comment below and I will reply as I can. I don't want to answer the same question a million times in a pm.
Tools and Methods Used This is just a high level overview of what I use. Each one of the actions I could go way more in-depth on but I would be here for a week typing something up of I did that. So take the information as a base level understanding of how I use the method or tool. There is always nuance and edge cases that you learn from experience.
Conclusion
I use the above tools/indicators/resources/philosophy's to trade intra day price action that sometimes ends up as noise in the grand scheme of the markets movement.use that method until the price action for the day proves the bias assumption wrong. Also you can couple that with things like Stoch RSI + Relative Vigor Index to find divergences which can increase the probability of your targeted guesses.

Trade Example from Yesterday This is an example of a trade I took today and why I took it. I used the following core areas to make my trade decision.
It may seem like a lot of stuff to process on the fly while trying to figure out live price action but, for the fundamental bias for a pair should already baked in your mindset for any currency pair you trade. For the currency strength/weakness I stare at the dashboard 12-15 hours a day so I am always trying to keep a pulse on what's going or shifts so that's not really a factor when I want to enter as I would not look to enter if I felt the market was shifting against me. Then the higher timeframe analysis had already happened when I woke up, so it was a game of "Stare at the 5 min chart until the price does something interesting"
Trade Example: Today , I went long EUUSD long bias when I first looked at the chart after waking up around 9-10pm Eastern. Fortunately, the first large drop had already happened so I had a easy baseline price movement to work with. I then used tool for currency strength/weakness monitoring, Pivot Points, and bearish divergence detected using Stochastic RSI and Relative Vigor Index.
I first noticed Bearish Divergence on the 1hr time frame using the Stochastic RSI and got confirmation intra day on the 5 min time frame with the Relative Vigor Index. I ended up buying the second mini dip around midnight Eastern because it was already dancing along the pivot point that the price had been dancing along since the big drop below the pivot point and dipped below it and then shortly closed back above it. I put a stop loss below the first large dip. With a TP goal of the middle point pivot line
Then I waited for confirmation or invalidation of my trade. I ended up getting confirmation with Bearish Divergence from the second large dip so I tightened up my stop to below that smaller drip and waited for the London open. Not only was it not a lower low, I could see the divergence with the Relative Vigor Index.
It then ran into London and kept going with tons of momentum. Blew past my TP target so I let it run to see where the momentum stopped. Ended up TP'ing at the Pivot Point support/resistance above the middle pivot line.
Random Note: The Asian session has its own unique price action characteristics that happen regularly enough that you can easily trade them when they happen with high degrees of success. It takes time to learn them all and confidently trade them as its happening. If you trade Asia you should learn to recognize them as they can fake you out if you do not understand what's going on.

TL;DR At the end of the day there is no magic solution that just works. You have to find out what works for you and then what people say works for them. Test it out and see if it works for you or if you can adapt it to work for you. If it does not work or your just not interested then ignore it.
At the end of the day, you have to use your brain to make correct trading decisions. Blindly following indicators may work sometimes in certain market conditions, but trading with information you don't understand can burn you just as easily as help you. Its like playing with fire. So, get out there and grind it out. It will either click or it wont. Not everyone has the mindset or is capable of changing to be a successful trader. Trading is gambling, you do all this work to get a edge on the house. Trading without the edge or an edge you understand how to use will only leave your broker happy in the end.
submitted by marcusrider to Forex [link] [comments]

I've been thinking a lot about my own trading and have come to some harsh conclusions. It's time we discuss some hard truths about technical analysis, mechanical trading, and psychology I think many of us don't want to accept.

I've had a rough week and it sounds like I'm not the only one. This week has wiped out my gains since July 1st, and I'm finding myself ever-so-slightly in the hole this month so far. I've made money every other month I've traded, so I'm not writing myself off as a failure, but nevertheless, I've done some digging to try and figure out what I'm struggling with. I hope the following observations about my own trading resonate with some of you and can help us all become better traders.
First off: Fundamental/technical analysis. Since I started with forex a few years ago, I've put 100% of my time and effort into studying technicals. I think many traders, myself included, are drawn to technical analysis because we fall into the trap of thinking "If I just figure out what combination of indicators/chart patterns/algorithms work for me, trading will be smooth sailing." Being able to take a formulaic approach is incredibly appealing because it's much easier to simply check off a list of criteria than it is to interpret more nuanced information. For me, I found success drawing supply and demand zones, using Bollinger Bands to visualize market structure, and confirming reversal patterns with stochastics to trade from one zone to the next. I even studied the math behind those indicators to make sure I fully understood how they worked so I could identify their limitations, and for the most part, the strategy made money. Nevertheless, if I had a dollar for every time I take what I think is a perfect setup, then the market takes me on a wacky-ass ride of unexpected "crazy bullshit" that stops me out, I wouldn't be trading for a living. After some introspection, my conclusion is that those moments are not "crazy bullshit", but rather are the results of factors that fall outside of the (actually very narrow) scope of technical analysis. This has been hard to accept, as I previously learned technical analysis was perfectly viable as a sole perspective. I was taught that the market can be predicted based on analyzing past behavior. It seems obvious now, but when I think about it, no combination of chart patterns or indicators can predict next week's unemployment figures, interest rates, or what announcements (or blunders) world leaders are going to make on the global stage. Technicals work, but they only work when the market is reacting to fundamental factors, and as soon as a new fundamental change comes along, every bit of technical analysis used until that point becomes obsolete. What I'm trying to say is, at the very least, I need to be able to understand when, why, and how the game is going to change if my technicals are going to serve me. As such, I need to stop shirking fundamental analysis. It's time I start paying attention to that economic calendar and put in the effort to learn what each event means and how to interpret the results to figure out how the market will react. It's simply not as easy as looking at the technicals. It should be obvious that there's no magic formula to trading, but many of us try hard to avoid coming to terms with the fact that there's a lot more to "analysis" than just price action, risk management, and indicators.
The problem is we as traders want trading to be easy. It's a career that society glorifies, and even if we tell ourselves we know it's not a get-rich-quick scheme, we still want to "figure it out" so we can spend a few hours a week scribbling on our charts and making simple black and white decisions while we kick back and "live comfortably". And so we try to trick ourselves into thinking it is easy by endlessly parroting mantras like "Risk management is all that matters" and "Trading is 100% psychology" and "All you need to do is find the strategy that works for you and stick to it." The first two are certainly pieces of the puzzle, but there's so much more to the big picture.
The last mantra isn't even remotely true, and brings me to my second point, which thankfully is something I figured out early in my career, but it's too related to the previous topic to not mention: Mechanical strategies. The sentiment that you need to clearly define a precise, detailed strategy and always stick to it is another lie to make trading seem simpler than it really is. Even when I was just starting to demo trade, I was finding trades that would tick all the boxes outlined by my strategy, but my gut would hesitate. Long after I identified that problem, I also began to notice that I'd be forcing myself to hold onto trades, even if they were not moving as fast or far as I initially thought they would. Once I decided to leave room for my own instinct and discretion, I became much more successful. It's important to understand your strategy is a set of rules you yourself made up. If your strategy does not line up with your own professional opinion of the situation based on your personal experiences and observations, you need to find out why. Yes, you absolutely should draw on your past experiences and be consistent in how you examine the market, how much you risk, and what tools you use, but give yourself enough credit to form your own opinions. The market is not consistent. Do not expect to succeed by applying one cookie-cutter set of rules to different currencies, at different times, during different events. Long-term success in any other line of work is dependent on critical thinking and the ability to adapt to an ever-changing world, and forex is no different. It's not simple, it's not easy, and you will have to make difficult decisions.
This wound up being longer than I anticipated, so thanks for reading. I'm eager to hear everyone's thoughts on these topics, so please share them.
submitted by TheFOREXplorer to Forex [link] [comments]

VfxAlert signals and candlestick patterns

VfxAlert signals and candlestick patterns
All how to make on binary options strategies should take into account all market analysis options. You cannot make a decision on only one instrument, even if these are candlestick analysis patterns.
Let's start with trend signals, see examples of vfxAlert binary signals.
Currency pair GBP/USD and a strong signal on PUT-option signal. Let's look at the price chart - confirmation by the "Three Method" candlestick pattern and you can open an option with an expiration of 5-10 minutes.

https://preview.redd.it/gwn6hg5fs8p51.png?width=1100&format=png&auto=webp&s=f67cae8d8fde0e38a27318f8eadea0e2c3cad495
The signal appeared at the intersection of the moving average ("MA" on the signal panel). Traders see this. The option opens on a reversal, but then there are also candlestick patterns, and new PUT-signals with the “MA” label open the next options with a large volume.
The next signal on the CCI indicator shows the dynamics of the current trend. Created for the stock market, where trends are long and easier to find. On Forex, volatility is higher and there may be strong corrections and pullbacks that "break" the indicator. In the figure, binary options trading signals is confirmed by a strong candle pattern – the price goes towards the gap and you can open a CALL-option.
Reversal real binary options signals vfxAlert.
More reliable than trendy ones, beginners should start with them. It is easier to see and understand: "Bulling engulfing" pattern, which means the "bulls" managed to shift the balance of power to themselves and start an uptend on EUR / GBP. The vfxAlert signal confirms this by technical analysis of the RSI indicator.

https://preview.redd.it/gpikbe6js8p51.png?width=1100&format=png&auto=webp&s=8581ebe0a59f665b78891996f23d95c289972250
Doji candlestick appeared on EUUSD. In candlestick analysis, this is the strongest reversal pattern. The vfxAlert binary options signal according to Parabolic SAR trend confirms the beginning of the downtrend. After one candlestick, the trend started you can open the PUT-option.
The trader looks at «Power» value first, the market may be sideways, and candlestick patterns are false:

https://preview.redd.it/efwtnupms8p51.png?width=1100&format=png&auto=webp&s=1170e6526704d44ec1a0ee936de5797f41e61d31
We always start testing combination "vfxAlert live binary signals + candlestick patterns" on a demo account. You only receive recommendations and must make sure that they fit your strategy, trading session and trading style.
submitted by vfxAlert to u/vfxAlert [link] [comments]

Do you *need* a specific strategy to be profitable?

I've been wondering this lately. I've been paper trading in the forex market without a real strategy.
All I look at is the price action, patterns, volume, and VWAP + SMA. It seems to be working well for me, but I haven't been doing it long enough to tell for sure if I could keep it up long term.
While I don't have set in stone rules for entry, I always wait for confirmation of patterns. Honestly exits are the part I struggle with the most. Often times I am in a very profitable trade that I end up holding on for too long and the price reverses on me. I always move my stop loss so that I still make some profit when this happens but I could be making more.
Just wondering if anyone else has experience with this or any thoughts on the subject.
submitted by WolfyB to Daytrading [link] [comments]

Price Action Trading- The Greatest System.

When I first started trading, I used to add all indicators on my chart. MACD, RSI, super trend, ATR, ichimoku cloud, Bollinger Bands, everything!
My chart was pretty messy. I understood nothing and my analysis was pretty much just a gamble.
Nothing worked.
Then I learned price action trading. And things started to change. It seemed difficult and unreliable at first.
There's a saying in my country. "Bhav Bhagwan Che" it means "Price Is GOD".
That holds true in the market.
Amos Every indicator you see is based on price. RSI uses open/close price and so does moving average. MACD uses price.
Price is what matters the most.
Everything depends on the price, and then the indicators send a signal.
Price Action trading is trading based on Candlestick patterns and support and resistance. You don't use any indicators (SMA sometimes), use plot trend lines and support and resistance zones, maybe Fibs or Pivot points.
It is not 100% successful, but the win rate is quite high if you know how to analyse it correctly.
How To Learn Price Action Trading?
YouTube channels- 1. Trading with Rayner Teo. 2. Adam Khoo. 3. The Chart Guys. 4. The Trading Channel (and some other channels including regional ones).
Books- 1. Technical Analysis Explained. 2. The trader's book of volume. 3. Trading price action trends. 4. Trading price action reversals. 5. Trading price actions ranges. 6. Naked forex. 7. Technical analysis of the financial markets.
I think this is enough information to help you get started.
"Bhav Bhagwan Che".
-Vikrant C.
submitted by Vikrantc2003 to stocks [link] [comments]

Trading Update: exited FET for 1.5% loss, into MVIS

I'm not quite sure what the best method is of letting you guys know what I'm doing with my trades. I try to be transparent (I posted about me exiting the FET trade this morning) but I also want you guys to be able to make your own informed decisions. Maybe at the end of the trading day, I can do a recap and then show you what I'm looking for tomorrow. Here's mine from today:

Overview for FET. This cypher pattern formed. I entered at $0.3580, not great entry but I was confident after seeing that little white reversal candle, second from the right, yesterday. Then today happened and I wasn't convinced while watching the price action and level two data. Just not much buy side pressure. I sold for really small loss this morning. Ideally today should've been a bullish daily candle, the start of that move up, but it just wasn't.
https://preview.redd.it/mn05wq0r8sz41.png?width=1828&format=png&auto=webp&s=62303d393d66a9a139dc8d4321eab489a6eb6f0e

Then this happened today:

https://preview.redd.it/i135hwa0asz41.png?width=1828&format=png&auto=webp&s=39372d64753ea7caee1cd02fdc2288fdff36c91f
Smaller timeframe for FET: This is called a head and shoulders pattern. I haven't seen it in a while but saw it when it formed. The target downwards is from the top of the head to the neckline. It just wasn't a good day for FET so I dipped. No worries on a 1.5% loss. It could go back up, but I trade off the charts and this one wasn't looking great today. So far we can consider my $0.5976 prediction a failure unless we see some strong bullish momentum tomorrow.

And I got into MVIS:

https://preview.redd.it/gnaycg42bsz41.png?width=1828&format=png&auto=webp&s=7bafe1b9ca6104f883f6bf7b4c243090a979ce71
That daily candle looks strong. It closed above the wick of the previous candle. The next resistance is the red line as a daily level of resistance, which you can also see that the price has already pierced it previously.


https://preview.redd.it/lpr7kcp9csz41.png?width=1828&format=png&auto=webp&s=8a0c1f1cf299f4e222d72f5119cbc48ad2f27415
15min chart. The first arrow, the price failed in the pennant pattern, but rebounded nicely in the afternoon. This is what caught my attention. I love fibonacci trading, so on the smaller blue arrow, I saw it bounce off a fib level and the fifteen minute candle that closed as bullish engulfing, I bought. Then it formed the rest of the pennant. Admittedly, this week I've been struggling with entries. I think this being my first week with webull is part of that, but maybe I'm just a retarded trader lol. I set my stop loss and take profits when I bought, and I've learned to never change those levels after I set them. It sucks but things can become way worse once you start moving your stop loss lower and lower. It is technically underneath a level of daily support, so that's good I guess. MVIS hit my previous target of $1.0346 (weekly resistance) today. If MVIS has downwards momentum and starts to break the $0.9513 level, that would be a bad sign. Although it did fail that pattern this morning and rebound nicely afternoon, so I'll assess things if that happens and might enter another trade here. Risk is standard 5% of my account

So that's what I'm doing. Currently 0/1 this week in penny stocks, but I made 5% in forex from betting on usd strength against jpy. So I'm still feeling good. Sorry there isn't a great way to notify my 1,000 followers about what I'm doing immediately. I hope this helps.
Cheers!
submitted by trevandezz to pennystocks [link] [comments]

Stop-Loss and the Hunger For New Capital

Stop-Loss and the Hunger For New Capital

Stop-Loss and the Hunger For New Capital


Stop-Loss and the Hunger For New Capital


Ever wonder why when you trade your stop gets tagged? Although you put it in a spot where "There's no way price will want to reach my stop level for sure this time"
As a trader, particularly a new trader – I've always wondered why my stops were only tagged for the price of running briefly the area that I've ever so carefully researched ... hit my stop point ..... then move on in the direction of my original study and run to the point where my profit should have been taken.
Everything leaving me wondering ...... In the hell for what did this do??? Obviously this is a common issue that has plagued most traders. At least, I know that I have faced this very problem for years.

What I noticed was that there was a very distinctive pattern going on, and it was repeating itself again and again. I noticed that the traditional supply and demand theory, support and resistance zones, or double top / double bottom trading patterns that I have been told time and time again that price has always covered these regions, was not really a real thing.

The argument had been, ..... Put me into the shoes of the major investment banks vs. the home-trading fighter who was going to conquer the markets every day. If you were a large company with an infinite supply of money and you decided to bring a massive chunk of it into the game, you can't just dump the whole lot into the game and demand all your orders to be filled out at once, then take off the price in the direction you want .... no ..... That is not exactly the way it operates.All these major organizations need to do is pair orders.

And they match that order by sending the markets to areas where liquidity is high .... The stops AKA!

Let 's say you 're evaluating the markets, for example, and deciding that price wants to go higher than an old regular target as it's in a bullish uptrend at the moment. And you see price for the past day, or so, not willing to go any lower.
What looks like a bit of a demand shelf or support level where the demand is all in a nice tight clustered row that just doesn't seem to want to go down and you know for sure this time price won't go under that heavily protected area ..... only for the price to run down quickly and refuse to go up (in this case a long position).
And I started to note that these "secure zones" or places where price is certainly not going to come up / down to be simply used by these large entities as feeding grounds for harvesting liquidity and adding more positions to include them in a larger movement.

They need a lot of money to buy in and just to do so, your sell stop is great. Many traders put their stops below this tight pack range of candles a few pips / ticks / cents believing they 're secure as price obviously doesn't want to come down below them. And most traders have their positions liquidated by the hungry major capital banks to feed the whole push higher than you were originally right about.

And how can you stop this pitfall happening to you is the million-dollar question? There are a few ways to handle this and keep your hard-earned money from being ripped away from you in an moment, which you have at risk in the markets.

Stop-Hunting and the Hunger For New Capital

I found that you would do much better in your trading career if you look at these areas (in the above example a long position) as a chance rather than a safe zone to put your stop. What I mean by that is, anticipate them coming down under those equal lows and try to get far below it instead of getting long above the area of consolidation. Yeah, that means you're going to have to go long when the competition runs against you and I know , I know, it feels really uncomfortable and wrong and goes against all you've been taught ... but believe me that this approach can give you the very best possible entries.
Imagine: getting into the day 's low and riding price action all the way up to the top of everyday scale!!! Wouldn't this be terrific?

Well, if your quantitative skills are timely and your business research tells you to go a long way, then all you need to do is wait for the perfect entry. Let the price build up and create "demand shelf" or support areas for that. Let the market shift sideways and bounce around like a pinball mocking all the other traders who were at the top of these stuff for a long time and put their stops just below them in hopes that the price would not come down and stop them. All the while playing with and holding their emotions on the cliff of –Will this be a winner, or a trade loser? So when price does the unimaginable and runs below the support area and scoops up all the traders stops you can then go long and take part in the glorious upside of being right – and of course make some money doing it.

Notice facile? Well, that is not so. It takes patience and timing and experience to catch all those eager participants who keep their stops on a silver platter for the fat and thirsty banks to suck them up, as the markets normally send price south of the border.
Stop-Loss and the Hunger For New Capital (meme)

You have to define the times of the day when the wrong move is made apparent.
Or when they make that low of the day – typically within the 1st 1 – 4 hours
of the trading day, and I don't mean either when the banks come online at 8 a.m. NY.
I mean 12 am, at the beginning of the day.
So yes you 're definitely going to have to be awake if you like watching
price do its thing and don't trust the process of buying into those down candles.
And use a limit order like me-then go to sleep and trust your overall analysis to be right and wake up to your morning with a nice little start.
But the trick is-where are you going to shop under the lows?

And where does your stop then go when you buy?

Those are all interesting questions that I should seek to answer clearly here – but alas, all markets are different.

Yet general rule of thumb as follows:

  1. You should predict that such stop-sweeps will occur in grades 5 and 10. The average is usually about 10, cents, pips, ticks or otherwise. The bigger the step down the more likely it is not a stop raid and potentially a reversal of the pattern. And you can prevent too much danger and keep the stop fairly secure.
Your stop will need to go low on the 1hr map below the next move. As a minimum, and yes, that may mean a greater risk level that you are usually prepared to take.
However if that is the case then try to turn your power back.
You don't need to make every trade worth a million dollars.
This is about continuity, when dealing, not winning the draw.
In your research you need to be sure the price will push higher as this is how the overall trend directions point it.
I am not recommending trade in these types of trades against the trend.
You need to be in full agreement with the direction of the total daily level.
And bringing it in.

Also, a great way to place the maximum risk reward for your take profit:

Attempt to position it in places above the market where short-sellers will stop.

And in a nutshell, with a bit of analysis, all the knowledge I described above can be readily found, I didn't come up with it on my own and these ideas are not unique. Yet how you adapt them to your particular trading style is up to you and relies on your interpretation of these principles for your success and/or failure. Price is fractal and would want to return to markets it has previously sold before – if you accept the basic fact you ought to be doing very well in your business career.

Eva " Forex " Canares .
Cheers and Profitable Trading to All.

About FTMO -
They fund forex traders. Just Pass their risk management rules and begin trading for their company. They'll provide you capital up to $300k USD for trading the financial markets. 70% of profits you keep and losses are covered by them. How does it work?
How to Become a Funded Forex ,Stocks or CryptoCurrency Trader?
submitted by Eva_Canares to FTMO_Forex_Trading [link] [comments]

The Top 12 Chart Trends You MUST Learn to Trade successfully in 2020

The Top 12 Chart Trends You MUST Learn to Trade successfully in 2020
The Top 12 Chart Trends You MUST Learn to Trade successfully in 2020

If you want to be a proficient technical analyst, you've got to practice understanding chart trends.
Chart patterns, with great profits, can generate very reliable signals and reward traders.
We cover the top 12 chart trends with examples in this article and show you how to use them and how to make money trading with them.

The Head and Shoulders Pattern
The head and shoulders pattern is considered to be one of the most effective models for reversal. It begins when the price rises to the top after a long bullish run, and pulls down.
Shortly thereafter, the price increases again to a slightly higher rate but again decreases.
Finally, for the third time, the price goes up but only hits a point of the first high.
It pulls back after that and completes the pattern.

Head and Shoulders Pattern 2020

Inverse Head and Shoulders Pattern
There is also, as with other trends, an inverse head and shoulders that
happens after an prolonged downtrend and suggests that the price will go up.

Inverse Head and Shoulders Pattern 2020

Cup And Handle Patterns

A pattern on the cup and handle is a bullish pattern of continuity.
It is made up of two parts-a cup and a handle.
When a cup is full, the handle is shaped on its right side.
If a breakdown on a line of resistance follows, and traders find it a precursor for an uptrend.

Cup And Handle Patterns 2020
Cup And Handle Patterns (b) 2020


As you can see, there is nothing difficult about recognizing and trading a 'Cup and Handle' pattern.
Upon entering the trade on a resistance retest, you can put your stop loss below a handle's low and let the trade do its job.

Ascending Triangle
One of the most common patterns among traders are both ascending triangles and descending ones.
We should take a look at it from more of a rational viewpoint to really help you understand this trend.
The ascending triangle is formed when the price is incapable of breaking a resistance but, at the same time , higher lows form.

Ascending Triangle Pattern 2020

As you may see in the above example , the price bounces from resistance but on each bounce it is unable to make a lower low.
That gives us a bullish signal that a potential break is about to occur.

Ascending Triangle Chart Pattern 2020

Descending Triangle
Inverse to the Ascending Triangle, the Descending Triangle is noticeable when
the market bounces from support but can not hit higher altitudes.

Descending Triangle pattern 2020


Descending Triangle Chart Pattern 2020



The Falling Wedge Pattern
Falling wedge is a bullish trend of reversal that happens most of the time while
the price is going down but we can see divergence on one of our oscillators.
That means that while the price goes down, sellers
get tired and we can expect a reversal soon.

The Falling Wedge Pattern Chart Pattern 2020

Rising Wedge
Reversal of Dropping Wedge, price is moving higher
but in your oscillator you can find weakening clues.

Rising Wedge Chart Pattern 2020

Double Top Pattern

Typically the double top pattern is made at
the end of the trends as a toping shape.
It is a bearish reversal trend characterized by the peak which is
followed shortly by the second at the same or very close price point.
The double top pattern is true until
the price breaks below the highs rendered support.
We use the same word "neckline" that is
used for the Head and Shoulders pattern as well.
You may either join the trade after the
neckline is broken, or wait for the neckline's retest.


Double Top Pattern Chart Pattern 2020


Double Bottom Pattern

The Double Top opposite is the Double Bottom pattern
that is made at the bottom of the downtrend.
The Double Bottom is defined as having two
bottoms at a price point equal to or identical.
Just as with the Double Top pattern, you can
enter either at the "neckline" break or at its retest.

Double Bottom Pattern Chart Pattern 2020



Flags

Flags are technological patterns that can be understood
as a pause in the trend that underlies.
Following a rapid market pattern, flags are spotted as
consolidation, and they signify the continuation after the breakout.
We have a Bull and Bear flags, just as with all map trends.

Bear Flag

Bear Flag Chart Pattern 2020


Bull Flag

Bull Flag Chart Pattern 2020


Conclusion
Classic chart patterns are one of the oldest sections of technical analysis and have been proved several
times as a practical way to assist technical traders in determining the next course of the market.
That being said, when making trade decisions, a trader
should not neglect the context and current market conditions.

Eva " Forex " Canares .
Cheers and Profitable Trading to All.



About FTMO -
They fund forex traders. Just Pass their risk management rules and begin trading for their company. They'll provide you capital up to $300k USD for trading the financial markets. 70% of profits you keep and losses are covered by them. How does it work?
How to Become a Funded Forex ,Stocks or CryptoCurrency Trader?
submitted by Eva_Canares to FTMO_Forex_Trading [link] [comments]

Part II - 10 Minute/Day Trading Strategy

Part II - 10 Minute/Day Trading Strategy
Access Part I here: https://www.reddit.com/Forex/comments/h0iwbu/part_i_my_10_minuteday_trading_strategy/
Welcome to Part II of this ongoing series. How many parts will there be? No idea. At least 4-5, I guess. I'd rather have this broken down into digestible chunks than just fire hose you with information.
Part I was really just a primer. If I'm using the whole baking a cake analogy, then in Part I we covered what kind of cake we're baking. I will not cover in this post where we look for entries and exits, that's coming next. Part II is going to cover what ingredients we need and why we need those ingredients in greater detail.
What Kind Of Strategy Is This Again?It's my 10 minutes per day, trading strategy. I think the beauty of this strategy is that it allows you to take a good number of trader per week without having to commit an inordinate amount of time to the screens. This is both a mean reversion and trend-continuation based strategy. It is dead simple to learn and apply. I'd expect a 10 year old to be able to make money with this.
The List Of Ingredients & Why We Use These Particular Ingredients
*I will have an image at the end of the post showing a textbook long and short setup*
Bollinger Bands: Bollinger Bands (BB) have a base line (standard is the 20SMA, which is also what we will use for this strategy) and two other trend lines (known as the upper Bollinger band [UBB] and lower Bollinger band [LBB]) plotted 2 standard deviations away from the 20SMA. The idea behind BB is deviously simple - the vast majority of price action, approx. 90%, takes place in between the two bands. In other words, when price trades off the UBB or LBB, you could consider prices to be overbought/oversold. However, just because something is OVERbought does NOT mean its run is OVER. Therefore we need additional tools to make sure we are using the BB as effectively as possible. TLDR: BB help contextualize where to look for our technical setups using this strategy. Finding the candle/bar pattern is not enough. We need to make sure the setup is in the 'right' part of the chart. We accomplish that using the BB.
Stochastic Oscillator: The Stochastic Oscillator (Stochs) is a secondary momentum indicator. Because it is an oscillator that means the signals it generates are range-bound between 0 and 100. There are tons of momentum indicators out there. Theoretically you could swap out the Stochs for RSI or MACD. My hunch is that you won't see a measurable statistical difference in performance if you do. So why Stochs? Because I like the fact you have the %K and %D lines (you can think of them as moving averages) and the fact that the %K and %D lines crossover is a helpful visual aid. Like any other momentum indicator, the Stochs will generate overbought and oversold signals. We use the Stochs to help back up what the BB are telling us. If price is trading at, or even broken out of, the UBB and Stochs are also veeeery overbought that can be potentially useful information. It doesn't mean we have a trade necessarily, but it is a helpful piece of data.
Fibonacci Retracement & Extension Tool: This tool is OPTIONAL. The only reason I use this tool for this strategy is to integrate a mechanistic means of entry and exit. In other words, we can use fibonacci levels to place limit orders for entry and profit taking, and a stop order to get us out for our pre-defined risk allocation to each particular trade. If you DON'T want to use the fibs, that is perfectly okay. It just means you will add a more discretionary layer to this strategy
Candlestick/Bar Patterns: There isn't a whole lot to say here. We look for ONE formation over, and over, and over again. An indecision bar (small body, doesn't close on its highs or lows) followed by the setup bar which is an outside bar or an engulfing bar. It doesn't particularly matter if the setup bar is an engulfing bar or outside bar. What matters is that for a long trade the setup bar makes a HIGHER HIGH and has a HIGHER CLOSE relative to the indecision bar. The opposite for a short trade setup. The bar formation is what ultimately serves as the trigger for placing orders to take a trade.
*MOVING ON* Now We Get Into The Setup Itself:There are 3 places where we look for trades using this strategy:
  1. Short off the UBB (Here we want to see Stochastics overbought and crossing down. Bearish divergence is even better)
  2. Long off the LBB (Here we want to see Stochastics oversold and crossing up. Bullish divergence is even better)
  3. Long/Short off the Middle Bollinger Band (Here if you are looking for a short trade off the MBB you ideally want Stochs overbought. Vice versa for a long trade. NOTE: Often when taking trades off the MBB, Stochs WON'T go overbought/oversold. Because this doesn't happen often, I don't let it stop me from taking trades off the MBB.)
The actual setup is very simple and straightforward. We look for our candle/bar formation in conjunction with points 1 through 3 from the above.
There will be other nuances I will cover in terms of how to make the strategy more effective in Part 3. For example, I will go into much more detail about how the shape of the BB can tell us a lot about whether a currency pair is likely to reverse or not. I will also cover how to gauge the strength of the setup candle and a few other tips and tricks.
Technical Nuances: You can overlay a lot of other traditional technical analysis on top of the above. For example you can look for short trades off the UBB in conjunction with a prior broken support level that you now expect to be working overhead resistance. If you want to go further and deeper, of course you can. Note: the above is about as far as I went when overlaying other kinds of analysis onto this strategy. I like to keep it simple, stupid.
TEXTBOOK LONG TRADE OFF LBB:

https://preview.redd.it/e06otysgsh451.png?width=2820&format=png&auto=webp&s=101b3eed1b42512d639644bcc096d1026e558f17

TEXTBOOK SHORT TRADE OFF UBB:
https://preview.redd.it/yfg02yjhsh451.png?width=2820&format=png&auto=webp&s=18b427995f3dcecb22e1ae7f15cd5b3cd53c18e4
TRADE OFF MBB:
https://preview.redd.it/8kvzknaish451.png?width=2820&format=png&auto=webp&s=2f1e6113475193e8b812bface880a77e82ad7eeb

And that's a wrap for Part II.
submitted by ParallaxFX to Forex [link] [comments]

Best strategy for a beginner trader

I have been looking into forex for around a month now and I’m getting quite knowledgeable, I would like to practise 1 strategy in depth but I don’t know what to chose , for example should I trade breakouts ? Reversal patterns ? e.g if any experienced traders have any ideas of what I should master first please help me , I am 18 and looking for a 1% percentage growth a day and starting with £1000
submitted by bradcoops11 to Forex [link] [comments]

80 + FREE Courses : Updated Today !!

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Trading 212 Trading Strategies: How to Trade Reversals ... Forex Reversal Patterns  Reversal Candlestick Patterns Episode 078: How To Trade Forex 123 Reversal Trade Set-Ups How To Trade Reversal Patterns (Forex)  A Teen Trader Forex candlestick reversal patterns - Reversal Candle ... Forex Reversal Trading vs Trend Trading (Don't Screw This ... Best Trend Reversal Indicator - Trend Reversal Patterns Forex

This is why trend trading has higher statistical odds of success. And that is why when trading trend reversals, the Forex trader needs to have a trend reversal trading strategy to offset the lower odds of trading success. You need a higher reward to risk ratios in order to retain and remain profitable (unless a trader has a proven method which ... Reversal Candlestick Trading Strategy – Forex/Stock Trading Udemy Free download. Master The Most Profitable Reversal Candlestick Patterns to Make Consistent Winning Trades in Forex & Stock Trading. This course is written by Udemy’s very popular author Syed Rahman. It was last updated on October 08, 2020. The language of this course is ... Reversal: it refers to patterns where the price direction reverses like the double top or bottom, the head and shoulders or triangles. Neutral: these are formations where the price direction is unknown. Maybe you are wondering how to identify each of these patterns. Moreover, how can you make trading decisions after you draw on? In this guide, we will explain everything you need to know about ... Another approach of trading forex reversal patterns is to use the moving average convergence and divergence (MACD) indicator. This indicator is calculated by subtracting a longer EMA (often 26-day) with the shorter-term EMA (often the 12-day). The result is then smoothed using a 9-day EMA. The MACD has a histogram, and MACD and signal lines. As such, a bullish reversal happens when the signal ... What are Forex Reversal Patterns. Chart patterns can represent a specific attitude of the market participants towards a currency pair. For example, if major market players believe a level will hold and act to protect that level, we are likely to see a price reversal at that level.. Forex reversal patterns are on chart formations which help in forecasting high probability reversal zones. Here are the top 12 forex reversal candlestick patterns that will enhance your currency trading endeavor by giving the signal to buy or sell. In forex trading, there are 3 main ways that forex traders generate buy or sell signals based on their trading strategies. They use: forex indicators; candlestick patterns, like reversal candlestick patterns. or forex chart patterns. In this post, I will ... When trading with reversal patterns, Forex traders engage in a risky approach. However, they manage the risk properly. As exemplified, a money management system gives fabulous returns with reversal patterns. The only thing traders need is a bit of patience for the market to retrace. Between classic and Japanese reversal patterns, the first ones are more conservative. The Japanese approach ... Double Top. The double top is one of the most common reversal chart patterns.. A double top is a strong signal that an uptrend is about to reverse because the pressure that the buyers are exceeding on the price is slowing down, in which the sellers are able to overcome the buyers and gain momentum. Reversal trading is the ability to identify patterns in the charts and then break it out. In forex, the trend is considered as your friend, and it certainly is. But it doesn’t depend on what direction you want to trade it. The trend is your friend if you’re going to follow it, but also, if you want to trade reversals. Using Reversal candlestick patterns in Forex correctly can have a noticeable positive impact on a trader’s performance. And key to spotting trend reversal in Forex or confirm a trade.. If you don’t know what’s a candlestick pattern, you can refer to our comprehensive Forex technical analysis tutorial.. Trading success is all about following your trading rules.

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Trading 212 Trading Strategies: How to Trade Reversals ...

This video describes the forex reversal patterns which includes a reversal pattern of candlesticks and selected chart patterns. There are many kinds of candlestick reversal patterns, but I only ... Thank you all for the continued support on the channel! I am back after a few weeks off with a video about how I look at trading reversal patterns. I primarily focus on the basic things, being 1 ... Overbought Oversold aren't real things in FX trading. Were you aware of this? You should be. Forex reversal trading is a very bad idea. I show you why. This ... Welcome to another episode of the 10,000 Trades Show! Today I am bringing you something a little bit different. I will show you a 1,2,3 reversal trade set up and help you identify it in live ... Trading 212 shows you how to identify reversals with pin bars. We guide you through what constitutes a valid pin bar setup and detail the three best ways to ... What is the best trend reversal indicator and how to spot reversal patterns on forex? See how it is done and grab our free Direction Arrows indicator below. ... Forex Candlestick Reversal Patterns - http://www.ForexCandlestickMagic.com There are a lot of reversal patterns based on candlestick. Some are more accurate ...

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