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Confirmation

THE STAKES FOR SHARP ENTRY ARE TOO HIGH!!!OANDA:XAUUSD I took total of 4 trades on Gold in the last 2 weeks. All of them hit my target TP. Do I aim for sharp entry? Well I don't. Not anymore. I used to chase sharp entry before, but now all I want is profit. Not perfect entry. The stakes for sharp entry are too high. Also, you need to stay focus all the time and mainly use limit orders to place your order. You might get stopped out multiple times before you finally catch the reversal edge or you might missed out some good trades as well. As you can see all my past trades on gold are based on structure breakout. I do not aim for sharp entry, but I'm looking for confirmation. I wait for confirmation (aka structure breakout) then only I place my order at the market price. Is waiting for confirmation performs better than trying to get sharp entry? Don't be surprised, IT IS WAY BETTER! Of course there are some opportunity costs waiting for confirmation. My SL is larger, my risk to reward ratio is lower (1 to 1 if I really have high confidence). But I'm still able to make 1:2, 1:3, or even 1:4 RRR. Another opportunity cost will be my entries are late.I do not catch the earliest reversal, I enter the market only after the momentum is picking up. Another cool part trading with confirmation (my confirmation is structure breakout) is that I have more time to do other stuff. As I'm trading the 4H chart, I'm reducing my screen time and only look at the chart every 4hour and it took me less than 1 minute each pair to make market decision. In summary, structure breakout is my confirmation & entry at the market after confirmation give me higher win rate while still able to maintain my RRR. I got more time to other stuff and really enjoy my life as a trader. I'm not that adventurous anymore to chase for sharp entry. Entry late, but still profit. So my advice, make yourself wait a little bit longer when you want to trade. Be patience and wait for confirmation might be a short cut for you to become a profitable trader. :) Hope you learn something from this article. Enjoy, follow me & share this if you like it.
OANDA:XAUUSDEducation
by BarryAllen_Thee
How do YOU trade harmonics?? So guys, there a tons of way to trade harmonic patterns.... in the end most of them fail so how do people trade them successfully... I myself decided to look into different approaches to trading harmonics. I have looked at tons of charts on different timeframes and i found an approach I was not able to find online anywhere for some reason... (wonder why) I have never seen a trading strategy that could provide you with this amount of RRR. The risk per trade is absolutely minimum, while the return is maximum. The process is quite simple, and im sure this is what most of the real traders out there are doing, and probably charging thousands and thousands of dollars for teaching this to people. But its all good! First you must find a harmonic pattern. This should be easy with all the software out there. (some guy said you take the ''art'' out of trading by doing this, please don't be that guy) For this approach, price will have to see a retracement greater then 50% of CD in the harmonic pattern. if price retraces down to the 61.8% this will follow with a pullback to 23.6%. Afterwards price will come down at touch the 23.6%, (sometimes a few pips above or below) to trigger all the pending orders. Price will fight its way up to touch the 127.2% extension, while finding support at fibonacci retracements greater then the initial 23.6% ( it will not go under this level! ) If price retraces down to the 78.6%, it is considered strong and the move is expected to turn at 161.8% In some cases the move will go much higher, extending up to 4.618% (!!?) Same approach for bearish situation. Now the price does not always retrace to those exact levels, but when it does you can be 100% sure that it will happen. With this approach you will have signals, confirmations and entry points based on pure data! If you happen to find this approach useful, give the post a like and comment below with your ideas. God bless
Education
by MikulovicFOREX
Surprise? probabilities...So was I surprised by this 800$ crush? were you surprised? if you followed my ideas so far then I guess not... - We hit again and again into the 4h cloud resistances which included sma200 and ma200, we created many strong resistances... - Bulls had 1 last chance (Like I called on my last idea: ) to prove themselves that they can break these resistances, and for a moment there I even had hopes for them (Thus I didn't give signals for you guys even though I did enter shorts at the resistances again), the buying power was growing, the bullish volumes were growing and created highs, I seen so many groups and people call that this is going to be the big shot up.... and yet? they barely could handle with the first resistance, and not enough volume buying power to suppress it all... - There was no where to go anymore but below the symmetrical triangle - the bears won this round. Now don't get me wrong, we are still not in full confirmations that we are going down... after all even the descending triangle which we are going to test soon can still be valid for consolidation for 3 facts: - Descending triangles if they don't break down after 3-5 hits at the bottom, it weakens the descending pattern and making this 'floor' a very strong support. - Descending triangles if they don't break between 50-75% of their entire length, it not only weakens them but also shows a reversal pattern in the investors mood. which means we might create even stronger push up.. - Descending triangles, if the bullish candles are beginning to be more active then the bearish ones around the 50-75% of the triangle length, it means that we are heading for a very strong bullish pattern on which the bulls consolidated enough money to break the shit out of the market up... So what are our next probabilities?: #currentprice#9660 1. Bullish: we can enter now at 9600-9700, and wait for the little pullback until we gonna test the symmetrical resistance again (The longer it will take, the more resistances from the triangle will interrupt and make it even heavier for them to push above it). 2. Bearish: we can enter now at 9600-9700, as so far from many aspects (TA/FA/SA) it looks bad for the bulls in my perspective and due to previous ideas such as my bigger picture: (Which for some reason Tradingview lagged some of my lines there ^_^, sorry if it's a bit off, but it works out so far) 3. The best idea is to wait for 2 things: - More confirmations, like closing weekly/monthly on Sunday, which will tell us much more where are we heading... - More confirmations such as breaks of the resistance from the symmetrical bottom to go long, or break the resistance of the descending to go short... * I personally gonna try and either long if we pass 9700 entry 9710 sl 9600 tps: 9920, 9970, 10130, 10160, 10260 and I will have 10% left to run more until I feel enough is enough... dont forget to move sls accordingly to profits.. * Or short if we pass below 9600 entry 9690 sl 9700 tps: 9300, 8800, 8300, 7800, 7300 and I will have 10% left to run more until I feel enough is enough... These signals are valid for until sls hit, or until I will update otherwise. Good luck <3
B
by Hedgehog_king
#REN : Upto 75% Profits Opportunity In The Mid Term.#Accumulation_Recommendation Pair : #REN / #BTC Technical Analysis Pattern Creation : On the daily time frame of REN and BTC pair on Binance we have seen that a creation of a bullish engulfing candle stick with a good shape of a falling wedge. It is still trying to break out from the falling wedge and can't be considered as a confirmed call unless we see a close above the resistance line of the triangle. Indications : Volume showed a very good amount of increase on the yesterday candle but is currently showing a slow and decreasing volume level on today's scenario. This might be taken as an indication for a false pump if the trading volume continues to decline further by the following days. - RSI looking good and on favor of the bulls but we still need a cross over by the MACD lines and seems to be on the way though. EMA is still above the current price at around 877 sats and need to go further downward below the price for a confirmed call. Note : For a confirmed and confident trading move we need to break the price level represented by the red circle on the chart. And Volume needs to continue to be flood in for a more bullish trend too. Even though its looks a risky trade at the moment, using a strict stop loss and risk management we can have a good profit for the mid term. Accumulation Price Area : 790 sats - 820 sats Distribution Targets Target 1 : 872 sats Target 2 : 920 sats Target 3 : 973 sats Target 4 : 1055 sats Mid Term Targets Target 5 : 1137 sats Target 6 : 1202 sats Target 7 : 1254 sats Target 8 : 1402 sats+ Stop Loss : 681 sats Capital Accumulation : 3% Risk : High @Togetherweaccumulate
Long
by cryptotalk_et
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