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EURUSD-2

GOLD with "magical" Support and Resistance LevelsAs you can see "Magical" SR levels work every time. Support/Resistance (SR) Levels and Zones are very important for all traders. Basically, you can expect that on specific levels price will stop remain for some time or bounce off. This help up define Risk to Reward Ratio. I know few methods how to mark SR. But I have found that this method is the best to define SR levels. We can mark round numbers 1.5000, 1.0800, 50.00 – and those are psychological levels - our subconscious is telling us we should paid very high attention to them. W. D. Gann never mention to us Fibonacci numbers but he is talking about 1/4, 1/8th and 1/2 (which is not Fibonacci value but every one is using). Those levels are not only SR but also helping our brain to quickly define size of the moves and how far price will go or trace back. Those are example values 1.5250, 1.0875, 0.7500, 0.975 and so on. I hope you now you will see those levels with more confident and they work each time. Take a look at levels 1300.00, momentum become weak and price just shy away from it. look at 1200.00 where third swing from the right stops on it. And what we have now? Price just stop on one more "MAGICAL" level 1225.00 I hope you can see what I see... cheers, Jim Poniat
FX_IDC:XAUUSDEducation
by jimmycdn
4
10 Great Trading Quotes It's always refreshing to hear from some of the trading greats that have made a killing on the markets. Here are ten quotes that'll make you think twice: "Volatility is greatest at turning points, diminishing as a new trend becomes established." - George Soros Soros cemented his position as a trading legend when he banked billions by shorting the British pound ahead of Black Wednesday - the day that traders broke the pound. They didn't really break the pound, but they forced the British Government to pull it from the European Exchange Rate Mechanism (ERM), which it had joined in an attempt to unify European economies. Soros made a pretty penny from trading volatile markets, opting to use it as an indication of a the beginning of a new trend. "Don’t be a hero. Don’t have an ego. Always question yourself and your ability. Don’t ever feel that you are very good. The second you do, you are dead." - Paul Tudor Jones Jones is a Tennessee-born hedge fund manager, investor and philanthropist who as of February 2017, was the 120th richest person on the Forbes 400. The market is a living, breathing thing. It is constantly changing and it is always right. Jones understood this, which is why he stressed the importance of being adaptable and capable of changing your trading style to suit market conditions. As Darwin famously said, it is not the strongest of the species that survives, nor the most intelligent, but the one most adaptable to change. “You don't need to be a rocket scientist. Investing is not a game where the guy with the 160 IQ beats the guy with 130 IQ.” - Warren Buffet A household name in the trading and investing sphere, Buffet has made more money than most of us put together. You don't need to understand electricity to flick the light switch, and you don't need to understand the physics of a wave to be able to surf it. “Superlative performance is really a confluence of dozens of small skills or activities, each one learned or stumbled upon, which have been carefully drilled into habit and then are fitted together in a synthesized whole. There is nothing extraordinary or superhuman in any one of those actions; only the fact that they are done consistently and correctly, and all together, produce excellence.” - Daniel F. Chambliss, Professor of Sociology Here, Chambliss emphasizes the mundanity of excellence. Each factor that helps us make our trading decisions may seem underwhelming on its own, but bundle them all together and it produces some incredible results. "I was seldom able to see an opportunity until it had ceased to be one." - Mark Twain Trust your analysis before you miss the move.
Education
by avidtrader89
3
Why bad psychology might be stopping you from succeedingYou are a Human. This is good. You are capable of making complex decisions. You can identify patterns. You can enter excellent trades. This is also bad. Between your ears is a narcotics factory that will put Heisenberg's mobile meth lab to shame. You've entered a trade. This is it. The BIG one. A one-way ticket to infinite infinity pools. Adrenaline dilates your pupils and switches off your digestive system. Suddenly you're not hungry anymore. Endorphins , stronger than morphine, are spewed out of the pituitary gland. Dopamine released from the middle of your brain means you can no longer hold in your excitement. This trade's a winner! Anandoline kicks in, you're hungry again. There's some the leftover beef bourguigion in the fridge. Who needs speed when you've got PEA ? Shit, the trade's gone sour! Suddenly you're anxious. It must be the serotonin . Being Human is something we can't get away from. But we can learn to master our mind. A recent study by DailyFX analyzed 43 million real trades to measure trader performance. They found that across 15 most traded currency pairs, the majority of trades were successful . Yet traders are still losing. Why? They lose more money on their losing trades than they make on their winning trades. So if you're reading this and it applies to you, you're probably very good at identifying profitable trading opportunities. Over 50% of your trades may well be profitable. Because you're Human and you're awesome. So how can we be more profitable? If your trading strategy has a high strike rate, then a low risk-reward ratio will suit - but you have to let the trades play out. If you don't do this, it will ruin your trading edge. If you fall into this category, then a 1:1 or 1:2 trade will suit you fine. remember to give the trade enough room to breath. I've seen traders make amazing calls, yet they place a stop loss 10-20 pips away from their entry. This is simply not enough. If you're not so confident with your trading strategy and you've not been consistently making winning calls, you first might want to learn from people that know more than you. Knowledge is power! The second thing you might want to do is have a slightly higher risk-reward ratio (1:2 or 1:3, even 1:4). If you fall into this category, try identifying excellent setups on the Daily or even Weekly charts. Trading on the hourly charts and expecting 1:4 trades to come in every time simply won't work. Set your stop and take, and leave it alone. Close your laptop and enjoy a caipirinha by the pool. Happy trading everyone, AvidTrader
Education
by avidtrader89
The Power Of "FRESH" Supply & Demand ZonesDetermining the strength of the fresh zones. Every time the trend changes direction, it is because of a change in the balance of supply and demand, but to use this to our advantage we need to know the likelihood of that imbalance being there the next time price returns to that zone. Supply and demand zones are similar to support and resistance lines in that supply zones provide resistance and demand zones provide support. When price breaks through a supply zone it becomes a demand zone, and when price breaks through a demand zone it becomes a supply zone—the same way a resistance line turns into support when broken and a support line turns into resistance. The similarities end there, though. A support or resistance line requires at least two points separated by time to be drawn, where a supply or demand zone can be plotted from one candle. Most traders will tell you that you should have three points for a support or resistance line to be drawn. Traders are also taught that the more times price bounces off of a support or resistance line, the stronger that line is. The opposite is actually true.
Education
by tradewonk
52
5 EASY STEPS TO TRADE THE BAT SETUPSTAGE 1: THE BULLISH IMPULSE LEG A bullish impulse leg is a strong move in price action to the upside. The impulse leg can be a mixture of bullish and bearish candles, but must have a bullish overall direction. The start of the impulse leg should be marked as X and the top of the impulse leg should be marked as A. STAGE 2: B LEG RETRACEMENT Now that you have identified your X to A impulse leg you are now looking for the B leg, which is a retracement of the X to A impulse leg. Take your Fibonacci retracement tool and draw from your X leg to your A leg. The crucial Fibonacci levels you are looking for are the 50.00% and 61.60% Price action must at least touch the 50.00% retracement but cannot touch the 61.80% retracement. As you can see by the illustration, the candle does not need to close below the 50.00% retracement but must at least spike through. The bullish Bat setup will be invalid if price action touches the 61.80% retracement of the X to A move. STAGE 3: C LEG RETRACEMENT Once you have identified a valid X to A impulse leg and a B leg retracement, you are now looking for a valid C leg retracement. Take your Fibonacci retracement tool and draw from your A leg to your B leg. The crucial Fibonacci retracement level you are looking for is the 61.80% Price action must at least touch the 61.80% but cannot spike above the A leg resistance. The candle does not need to close above the 61.80% but must at least spike through. The bullish Bat setup will be invalid if price action spiked above the A leg resistance. STAGE 4: D LEG COMPLETION Now that you have a valid X, A, B and C move you are looking for the final leg in price action at which point you will buy the chosen currency pair. Take your Fibonacci retracement tool and draw from your X leg to your A leg. You are looking for a 88.60% which will now give you a valid D leg completion of the bullish Bat setup. STAGE 5: PLACING YOUR TARGETS When looking to take targets on the bullish Bat Setup the first step is to use your Fibonacci retracement tool. With your Fibonacci retracement tool draw from the A to D leg, you are looking for target 1 at the 38.20% and target 2 at the 61.80%. To protect the profits you have accumulated at target 1 it is advised you move your stop loss to breakeven once the 38.20% target 1 has been attained, thus giving you a risk free trade to target 2. KEY NOTES & RULES: When trading the bullish Bat Setup, the pattern is meant to be traded at 88.60% D leg completion only. If you believe the pattern is unfolding but price is only at point B, be patient and wait until price reaches the D leg completion. The power of the pattern comes from converging Fibonacci levels of all points from X to D. Point B must at least touch the 50.00% retracement but cannot touch the 61.80% from the X to A move. Point C must touch the 61.80% but cannot spike above the A leg resistance. Point D is complete when price action touches the 88.60% retracement of the X to A move. Stop loss must be placed below the X leg structure support. Stop loss must also be a minimum of a 1:1 risk reward to the 38.20% target 1. Target 1 at the 38.20% retracement of the A to D move. Target 2 at the 61.80% retracement of the A to D move. CURRENCY PAIR: This setup like any other is more profitable with certain currency pairs, you should do your own back testing on this prior to trading. CANDLE COLOUR: Blue = Bullish Candle White = Bearish Candle DISCLAIMER: Please note I am only providing my own trading information and techniques for your benefit and insight, you should do your own due diligence and not take this information as a trade signal.
Education
by UnknownUnicorn180388
148
5 EASY STEPS TO TRADE THE GARTLEY PATTERNSTAGE 1: THE BULLISH IMPULSE LEG A bullish impulse leg is a strong move in price action to the upside. The impulse leg can be a mixture of bullish and bearish candles, but must have a bullish overall direction. The start of the impulse leg should be marked as X and the top of the impulse leg should be marked as A. STAGE 2: B LEG RETRACEMENT Now that you have identified your X to A impulse leg you are now looking for the B leg, which is a retracement of the X to A impulse leg. Take your Fibonacci retracement tool and draw from your X leg to your A leg. The crucial Fibonacci levels you are looking for are the 61.80% and 78.60% Price action must at least touch the 61.80% retracement but cannot touch the 78.60% retracement. As you can see by the illustration, the candle does not need to close below the 61.80% retracement but must at least spike through. The bullish Gartley pattern will be invalid if price action touches the 78.60% retracement of the X to A move. STAGE 3: C LEG RETRACEMENT Once you have identified a valid X to A impulse leg and a B leg retracement, you are now looking for a valid C leg retracement. Take your Fibonacci retracement tool and draw from your A leg to your B leg. The crucial Fibonacci retracement level you are looking for is the 61.80% Price action must at least touch the 61.80% but cannot spike above the A leg resistance. The candle does not need to close above the 61.80% but must at least spike through. The bullish Gartley pattern will be invalid if price action spiked above the A leg resistance. STAGE 4: D LEG COMPLETION Now that you have a valid X, A, B and C move you are looking for the final leg in price action at which point you will buy the chosen currency pair. Take your Fibonacci retracement tool and draw from your B leg to your A leg. You are looking for a 1.272% which will now give you a valid D leg completion of the bullish Gartley pattern. STAGE 5: PLACING YOUR TARGETS When looking to take targets on the bullish Gartley Pattern the first step is to use your Fibonacci retracement tool. With your Fibonacci retracement tool draw from the A to D leg, you are looking for target 1 at the 38.20% and target 2 at the 61.80%. To protect the profits you have accumulated at target 1 it is advised you move your stop loss to breakeven once the 38.20% target 1 has been attained, thus giving you a risk free trade to target 2. KEY NOTES & RULES: When trading the bullish Gartley pattern, the pattern is meant to be traded at 1.272% D leg completion only. If you believe the pattern is unfolding but price is only at point B, be patient and wait until price reaches the D leg completion. The power of the pattern comes from converging Fibonacci levels of all points from X to D. Point B must at least touch the 61.80% retracement but cannot touch the 78.60% from the X to A move. Point C must touch the 61.80% but cannot spike above the A leg resistance. Point D is complete when price action touches the 1.272% retracement of the B to A move. Stop loss must be placed below the X leg structure support. Stop loss must also be a minimum of a 1:1 risk reward to the 38.20% target 1. Target 1 at the 38.20% retracement of the A to D move. Target 2 at the 61.80% retracement of the A to D move. CURRENCY PAIR: This pattern like any other is more profitable with certain currency pairs, you should do your own back testing on this prior to trading the pattern. CANDLE COLOUR: Blue = Bullish Candle White = Bearish Candle DISCLAIMER: Please note I am only providing my own trading information and techniques for your benefit and insight, you should do your own due diligence and not take this information as a trade signal.
Education
by UnknownUnicorn180388
101
AHEAD OF FOMC TRADE + CURRENCY CORRELATION EXPLANATIONHi traders, I recently checked my long trade at EUR/GBP and got an interesting idea. I wanted to share with you not only about the mechanics & reason behind my trade but also about the currency correlation between USD, EUR & GBP that can some-how works in my favor. (Assuming we see some "Weakness" in USD when Market reacted to the Fed statements). The Trade : In this particular trade I'm using a very simple strategy that I developed called S M Fibs, which basically a strategy that is using Structure, MA, and Fibonacci as its combination of rules. I also required a supportive higher time-frame bias (uptrend on daily chart) in order to take this trade. Entry, SL and TP are as seen on the chart. The Currency Correlation : We know guys that USD and EUR overall correlated negatively (similar with the USD and GBP) that means we can expect the price of EUR and GBP to rise if the price of USD is going lower. Now, keep in mind that the level of negative correlation between EUR and USD is higher than the one on GBP and USD, because of that statistically speaking we can expect the EUR to move higher than the GBP when USD move lower. That would be translated into EUR/GBP going up which means helping me to reach my target. So, that's it for today guys. Hope this one's helpful as well as educational. Regards Fedro Christian
Education
by FedroChristian
Don't Be the Kid at Candy Shop [Educational Post]Hi Friends, I have left the above Nifty chart without proper description on purpose. Just take a look at the chart, if you can understand why those lines are drawn, its fine. If you don't then also its perfectly fine. But whats not fine was,taking trade decisions without knowing what those lines where.Do you think complex systems are better than simple trading systems ? That is a myth that only complex trading systems make Money, No Not at all. Simpler the system, the easier it becomes to follow the plan with discipline. Regarding above chart its just couple of Bull's (B) & Bears (B) Elliot Waves combined with Trendlines, there is nothing much and we use it for taking a trade decision, the area within curve mentions the Island reversal pattern. So its totally upto us to decide which B will win and determines the direction of Nifty. But I believe, both B will be taking rest till the Fed meet gets over (Sep 20&21), for us it will be by Thursday (Sep22), till then Nifty may range within support / resistance without proper direction and having some wild swings signalling false breakouts. Enough of explaining the above scenario I believe, bcos I planned this post to be more than normal analysis... There are many authors in tradingview, using many strategies, so if you get confused or don't get the reason why the trade was taken in particular direction feel free to ask the authors of the post, Why & How ? Unless, you ask questions n learn, you can't learn completely, thats why comment sections are for, to discuss your views/opinions even if you are completely newbie trader. No one will make fun of you, if you feel that your question is simple or silly, Never mind just ask Me, I will clarify your doubts, I assure. See, I don't gain anything from this, its all for your benefit n to protect your hard earned Money. Kid at the Candy Shop & Trader without Plan : Consider, you are telling a kid that you will buy whatever candy he/she wants , they may tell some candy name. Now, take the same kid to biggest candy shop which is filled with tempting and mouth watering cakes, candies and ice-creams and ask what the kid wants ? We assured we will buy whatever the kid wants, Now the Kid will get confused and will be spoilt for choice about what to choose and ends up buying most of the candies, cakes n icecream's which affects the kid's health directly {cold or fever}. In the same way, when we begin to trade, we either have one aim I need to live little better or make some small amount of Money. But after entering the market we will be spoilt for choices available at our discretion to trade from Stocks, Futures, Options,commodity,currency, Intra, Scalp,Positional and like the kid mentioned above, we trade everything comes our way from pennystocks to Forex, Suzlon to LT, SBI to Banknifty,without any second thoughts imagining that you can make money, but end up losing your capital. If you do like that Kid @ candy shop, You will go Broke. That kid spoiled his health and you will spoil your Wealth. Yes, its harsh, but truth to be told friend, Never Be that Kid at Candy Shop !
NSE:NIFTYEducation
by InsiderB
22
LEARN TO TRADE THE GARTLEY PATTERN IN 5 EASY STEPSSTAGE 1: THE BULLISH IMPULSE LEG A bullish impulse leg is a strong move in price action to the upside. The impulse leg can be a mixture of bullish and bearish candles, but must have a bullish overall direction. The start of the impulse leg should be marked as X and the top of the impulse leg should be marked as A. STAGE 2: B LEG RETRACEMENT Now that you have identified your X to A impulse leg you are now looking for the B leg, which is a retracement of the X to A impulse leg. Take your Fibonacci retracement tool and draw from your X leg to your A leg. The crucial Fibonacci levels you are looking for are the 61.80% and 78.60% Price action must at least touch the 61.80% retracement but cannot touch the 78.60% retracement. As you can see by the illustration, the candle does not need to close below the 61.80% retracement but must at least spike through. The bullish Gartley pattern will be invalid if price action touches the 78.60% retracement of the X to A move. STAGE 3: C LEG RETRACEMENT Once you have identified a valid X to A impulse leg and a B leg retracement, you are now looking for a valid C leg retracement. Take your Fibonacci retracement tool and draw from your A leg to your B leg. The crucial Fibonacci retracement level you are looking for is the 61.80% Price action must at least touch the 61.80% but cannot spike above the A leg resistance. The candle does not need to close above the 61.80% but must at least spike through. The bullish Gartley pattern will be invalid if price action spiked above the A leg resistance. STAGE 4: D LEG COMPLETION Now that you have a valid X, A, B and C move you are looking for the final leg in price action at which point you will buy the chosen currency pair. Take your Fibonacci retracement tool and draw from your B leg to your A leg. You are looking for a 1.272% which will now give you a valid D leg completion of the bullish Gartley pattern . STAGE 5: PLACING YOUR TARGETS When looking to take targets on the bullish Gartley Pattern the first step is to use your Fibonacci retracement tool. With your Fibonacci retracement tool draw from the A to D leg, you are looking for target 1 at the 38.20% and target 2 at the 61.80%. To protect the profits you have accumulated at target 1 it is advised you move your stop loss to breakeven once the 38.20% target 1 has been attained, thus giving you a risk free trade to target 2. KEY NOTES & RULES: When trading the bullish Gartley pattern, the pattern is meant to be traded at 1.272% D leg completion only. If you believe the pattern is unfolding but price is only at point B, be patient and wait until price reaches the D leg completion. The power of the pattern comes from converging Fibonacci levels of all points from X to D. Point B must at least touch the 61.80% retracement but cannot touch the 78.60% from the X to A move. Point C must touch the 61.80% but cannot spike above the A leg resistance. Point D is complete when price action touches the 1.272% retracement of the B to A move. Stop loss must be placed below the X leg structure support. Stop loss must also be a minimum of a 1:1 risk reward to the 38.20% target 1. Target 1 at the 38.20% retracement of the A to D move. Target 2 at the 61.80% retracement of the A to D move. CURRENCY PAIR: This pattern like any other is more profitable with certain currency pairs, you should do your own back testing on this before trading the pattern. Website: www.UKForexSignals.com Instagram: www.Instagram.com Instagram: www.Instagram.com Twitter: www.Twitter.com DISCLAIMER: Please note I am only providing my own trading information for your benefit and insight to my trading techniques, you should do your own due diligence and not take this information as a trade signal.
Education
by UnknownUnicorn180388
28
Head & Shoulders // Educational ®"Since the beginnings of technical analysis, classical technical patterns have been repeating over and over in all time frames and in all markets. It’s interesting that these patterns have not changed in centuries. They are truly a reflection of crowd psychology. Many times you will see the structures of the patterns form with exact Fibonacci ratios. Adding the Fibonacci ratios to these patterns will give the trader an additional tool for timing entries and controlling risk." LARRY PESAVENTO & LESLIE JOUFLAS Safe Trades;
Education
by Andre_Cardoso
2
The Butterfly Pattern // Educational ®By LARRY PESAVENTO & LESLIE JOUFLAS HISTORY OF THE BUTTERFLY PATTERN: Bryce Gilmore Bryce has spent a lifetime studying the works of the great masters—R.N. Elliott , W.D. Gann, and many others. He developed the Wave Trader Program in 1988; it was the first computer program to use all the numbers of sacred geometry, including the Fibonacci summation series. This pioneering led to the discovery of the Butterfly pattern . Almost two decades and thousands of Butterfly patterns later, it can be said that it is one of the most profitable trading patterns with the proper use of stop-loss orders. Safe Trades;
Education
by Andre_Cardoso
4
EURUSD: SImple Lesson On Price Action AnalysisAfter the recent disappointing loss on a highly anticipated short trade on this pair, I am now re-analyzing this pair from scratch to see what I missed and to see what could happen now. But while I am doing that, I just want to throw this out there for those that are mystified as what to do next on this pair. There's really no mystery....WAIT! You need to see more price action before you can tell with more confidence what to do. Don't feel like you NEED to be in a trade or you'll miss something! This is a very amateurish mistake. Anyway, here's what I need to see before I do anything LONG OR SHORT. This is examples of the kind of price action I want to see. If LONG, then I need to see a much clearer move up and away from the freshly broken structure and then a move back down to retest it and if the structure holds, then I would look for a BUY. IF for a SHORT, then I would need to see prices break below the structure AND break the lower TL of the trading channel it is in and THEN see it retest the structure from the bottom and if that structure holds, then I would look for a sell. This is pure PA in action. It is the most reliable indicator BUT it takes a lot of patience to execute. And yes, it might not happen this way and yes, you could miss trades waiting on it, But having PA on your side is WAY better than not having it on your side! Good luck!
Education
by EverythingForex
8
How To Read Market Structures, Trends and Their ReversalsHow To Read Market Structures, Trends and Their Reversals – Example EURUSD It is astonishing fact that most of us still get confused when it comes to reading a market. This is the biggest killer in Technical Analysis and differentiating factor between Wining and Losing trades. No matter what trading strategy traders use, they must always be able to read the chart with naked eyes without any indicators. Below is an example where I have tried to explain it a bit in steps. Lets walk this through together. Reading A Market Trend: 1. On a chart we always start with a Swing High or Swing Low. In this example we have a Swing High. We call that Initial Structure High (ISH). In case of bull market we will call that as Initial Structure Low. We see that the market has been in heavy bearish action in Step 1. it creates a New Structure Low (NSL) i.e. Swing Low.reading market trend structure reversal 2. Then in in Step 2 it reverses from NSL and tries to retest upwards and gets rejected. However it comes back down to NSL and does not violate it. This is the first major sign of trend reversal as no new Lows are being made. Remember, for a market to stay in bearish trend it has to create new lows. 3. Market then rallies to create a NSH which violates the previous high (Marked In Yellow). This satisfies the second condition for an Up Trend. Remember for an Up Trend we need two conditions i.e. Higher Lows and Higher Highs. This confirms that market trend has shifted. 4. In 4th step we enter a consolidation phase where price moves in a range. In consolidation phase the price does not violate Highs and Lows. It stays in a range. 5.In 5th step, we see that market breaks out of the range upwards creating further new highs. Now for it to stay in up trend it must respect previous low. It is common for the price to come back to retest those lows but it must not violate previous lows. How To Take Trading Opportunity (S.E.T.): 1. Stop Placement: If we were to take a trade at the market we must have our stops below previous major lows. 2. Entry and Targets: For targets always look at the previous highs. The new previous high from here is the Initial Structure High. So a retest of that High will be our target. But if we are conservative in trading your first target must always be 127.2 Fibonacci Extension of last high. However, this in this chart gives a little less than 1:1 Risk/Reward ratio. If that does not work for us we can either wait for the market to go down a bit and take the entry at market to give us better R/R ratio. Good Trading @TradeYodha
Education
by TradeYodha