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XAUUSD Asian session outlook, high risk buys?Good evening gold gang, hope you've had a good weekend OK market open, asian session outlook .. tricky one as the market is still very undecided. DXY bounced from a very important level which should indicate price to continue bullish as dollar is moving down. Previous daily candle is close to its own flipping point which would mean a nice selling opportunity too all marked on the charts. Ive marked on there a high risk buy opportunity .. its high risk as its in the middle of the range and can be prone to fakeouts .. so if you are in, use tight stops. A safer buy is from the top level to ride onto the 2000s Lets see if we get the 2000s and a strong close in that area at the end of the month. It will be very interesting if we do! .. someone say all time highs? see you in london session tommyXAU
OANDA:XAUUSD
by tommyXAU
2
tommyXAU simple entry model. Good morning gold gang! I thought id hop on here and post my super simple entry method for you to see. Its no SMC or ICT model that turns your brain in knots trying to figure out .. its simple, as trading should be. I look at some strategies on here and think to myself .. wow, that would turn me into an emotional wreck with my finger on the button. Ask yourself this .. do professional traders in banks use trading view and mark up charts? Its all time and price. Here i am looking for strong breaks of my banking levels in high volume times with a strong closure (30m/1h) preferably. Then an entry on the break of that candles wick. Target is always the next banking level but be very savvy with your risk management. Other areas play a factor too you cant just blindly jump in here .. but this is the exact model i use to execute. Hope this helps guys, drop a like if it did. See you tonight for market open tommyXAU
OANDA:XAUUSDEducation
by tommyXAU
4
XAUUSD Technical Analysis 24.03.2023 1h chart– Previous Daily candle closed Bullish at 1993.600 above the recent Daily Resistance formed on Monday 20th March 2023. – Buys on close above 2002.100 targeting Daily Wick Fill formed on Monday 20th March 2023 at 2009.900, Leaving Runners to the 30min Resistance formed on 9th March 2022 at 2017.000. – Sells on close below 1988.000 targeting 1h Support formed at 1979.000, Leaving Runners to the 4h Support formed at 1971.700. – We have High Impact News data ahead of the New York session as follow : Core Durable Goods Orders m/m, Durable Goods Orders m/m, Flash Manufacturing PMI and Flash Services PMI. High Volatility expected during the news release.
OANDA:XAUUSD
by SalimFX20
GBPJPY Technical Analysis 24.03.2023 1h chart– Previous Daily candle closed Bearish at 160.670 within the recent Daily Support level, respecting recent Daily Resistance formed on Wednesday. – Buys on close above 161.070 targeting 1h Resistance at 161.650, Leaving Runners to the Daily previous Strong Support formed at 162.200. – Sells on close below 160.240 targeting 4h Support at 159.840 filling the previous Daily bottom wick, Leaving Runners to the Daily previous Resistance formed on 10th February 2023 at 159.350. – Retail Sales m/m data report to be released 1hour before London open, We also have Flash Manufacturing PMI and Flash Services PMI data to be released during the London session.
by SalimFX20
Top Tips For Beginner TradersTrading can be a lucrative and exciting venture, but it can also be overwhelming and risky for new traders. Whether you are interested in stocks, forex, or other markets, there are some important tips to keep in mind as you begin your journey as a trader. Let's outline some of the top tips for new traders. Start with a solid education The first step to becoming a successful trader is to gain a solid education on the markets you are interested in trading. This can involve reading books, taking courses, attending seminars, and researching online. By understanding the fundamentals of trading, you can avoid many common mistakes and develop a strong foundation for your trading career. Develop a trading plan Before making any trades, it is essential to develop a trading plan that outlines your strategy, risk management approach, and goals. Your plan should also include details such as the types of trades you will make, the timeframes you will trade on, and the tools and indicators you will use to analyze the markets. Practice with a demo account Many brokers offer demo accounts that allow you to practice trading without risking real money. This is a valuable way to test out your trading strategies and get a feel for the markets before committing to real trades. Practice trading on a demo account until you feel comfortable with your approach and have a solid understanding of the markets. What I love about Trading view is that you can demo trade without a broker. You can save the headache of having to find a broker later in your trading journey when you're ready to trade live. Manage your risk One of the most important aspects of successful trading is managing your risk. This involves setting stop-loss orders to limit your losses and using proper position sizing to ensure that you do not risk more than you can afford to lose. Never trade with money that you cannot afford to lose, and always be mindful of the risks involved in each trade. Think of each trade as it's own idea that gets a portion of your capital. That makes it easier to trade in size instead of betting everything in 1 or 2 trades. Keep a trading journal Keeping a trading journal is a great way to track your progress and identify areas for improvement. Record your trades, the reasons behind them, and the outcomes. Analyze your trades regularly to identify patterns, mistakes, and successes, and adjust your trading plan accordingly. Your journal will differ from other trader's journal so be mindful you're keeping dated records of everything you do. Be patient and disciplined Successful trading requires patience and discipline. Avoid the temptation to make impulsive trades based on emotions or rumors, and stick to your trading plan. Remember that trading is a long-term endeavor, and focus on making consistent gains over time rather than trying to get rich quick. If you add stress to your journey, the road to being a profitable trader will not be enjoyable. Being patient and disciplined can reserve your mental and physical capacity as a trader. Stay informed Finally, it is important to stay informed about the markets you are trading in. I'm big on not following every trader's advice or suggestions because then, you'll trade their journey. While their journey may be great yours could suffer if they decide to stop trading and you can't hold your own. To get the best results, stay up to date with current price movement. If you are a fundamental trader, stay up to date on what economical data is moving the market. be sure you understand what you do for yourself and not based on what others have to say about the market. In conclusion, trading can be a rewarding and profitable venture, but it requires dedication, discipline, and a solid education. By following these top tips for new traders, you can avoid many common mistakes and develop a strong foundation for your trading career. Remember to stay patient, manage your risk, and stay informed, and you will be on your way to success in the world of trading. I'll be live-streaming here on Trading view tomorrow at 1:00 pm EST. to give more tips to help the beginner trader. I hope to see you there and I hope you enjoyed these tips.
Education
by ShaquanLopez
7
FOREX 101 - 4 TYPES OF LOT SIZES.What is a lot? A ‘lot’ is a measure of a transaction amount. It’s the minimum number of units of the base currency that you can buy or sell. This gives traders more control over the exposure per trade. There are four main types of Lot Sizes. Lot size #1: Standard lot = 100,000 units of base currency Risk per pip =$10 per pip Lot size #2: Mini-lot = 10,000 units of base currency Risk per pip = $1 per pip Lot size #3: Micro-lot = 1,000 units of base currency Risk per pip = $0.10 per pip Lot size #4: Nano-lot = 100 units of base currency Risk per pip = $0.01 per pip Did you find this helpful? Let me know in the comments so I can do more Forex 101 tips. Ask any trading questions too :) Trade well, live free. Timon MATI Trader
Education
by Timonrosso
2
The Cost Of Missing Your Best TradesWhat if your best trades were the ones you frequently do not enter? There are not many positives in missing trades because it's money you're not adding to your trading account. You're losing more than money when you don't enter your best trades. Let's dig in. Lost of confidence 😫 If you've ever said to yourself, "Why didn't I take the trade?" It's because you saw the setup. Your rules were met, but something inside of you couldn't push the button. It could have been your own thoughts. You could have feared losing the trade in result losing money. Either way, you lacked the strength to push the button. It's ironic how one button determines the fate of your abilities huh? Hear this, you can begin doubting your ability as a trader when you don't take your setups. Remember that your eyes see first and you must take action regardless of your personal thoughts or feelings. You used logic to see the trade so use it to enter the trade. Then let the trade tell you if you were wrong or right. Risk of losing trades outweighing the trades you don't enter. Have you ever looked at your trade journal just to realize you could be profitable if you'd enter all of your trades? Most traders I consult with hesitate the moment they realize they have a good entry. Did you catch that? They don't question the analysis. They question themselves the moment it's time to hit the buy or sell button. Like most traders, you're good until you have to show up to take action. This is common, but can also be the reason why you may not be seeing more profits than losses. Revenge Anyone? Revenge is a strong feeling. Taking action to get revenge results from the feeling of losing something so precious and your money is precious to you so it's only fitting you have a right to want it back. However, money loss doesn't always come from trades you've enter. Consider this: You see a trade. This risk to reward is 1:2. So you know you have a chance to double the amount you risk. You're excited. You see the outcome. So, you put a monetary value on the trade and realize if you win the trade you can win $1000. If you lose the trade you can only lose $500. Something happens. You never enter. It could be for varying reasons. You weren't at your chart because you got busy. You got called in to go to work. Price reach where you wanted to enter, but you didn't like what you saw. Either way you're not down $500. You're at a loss of $1000. That leads me into my last point. The cost of missing your best trades setups is the risk of making the money you desire. That $1000 could have gone a long way for you. It could have covered a car note. Paid your utilities for the month. Added more leverage to your trading account. Either way it meant something to you, but you can't feel it because you feel like you missed out on it. I get it. I've been there. You're not alone. You are learning something though. You're learning you don't want to keep missing these setups so you're going to do something about it. I have 3 suggestions for you. Let's see if you've thought of these: * Adjust your timeframes so they fit your schedule *Set pending orders *Trade less pairs so you can focus on your best setups Hear me well my dear friend, you may not always enter your best setups, but you can miss less. Keep your trading easy for you. Don't overthink the entry. Don't tell yourself you're wrong. Trust me, the market will tell let you know if you're doing things correctly or not. I pray you enjoyed this reading. If you have please like the post and share it. Please share your thoughts below. Many blessings to you, Shaquan ❤️
by ShaquanLopez
⭐ ZOOM OUT ⭐ ZOOM OUT 1️⃣ When preparing to take a trade, it is better to take a broad look at the charts. 2️⃣ Taking into account the higher time frame charts, makes you see the bigger picture of the market structure and have a better bias. 3️⃣ Analysis carried out on the daily (1D) and four hour (4H) gives you "stronger entries" and reduces the chances of having false signals. 4️⃣ Of course there are different types of traders, and the SCALPERS would not want to stay long in the markets thus trading the smaller time frame. This can also be done with reference to higher time frame zones by scalping only when the market is around a strong reaction point from the higher time frames. 💥 ZOOM OUT
Education
by Sage_Trader
⭐ DO NOT FOMO⭐ DO NOT FOMO 💥The financial market provides trading opportunities every day. 💥Do not FOMO (Fear of missing out). Most often rather than not you will always be in the wrong end of a trade if you FOMO on it 🤔 What to do instead? 1. Remain calm, if you didn't plan the trade, let it be. 2. Ignore traders who shill trading opportunities without giving you concrete reasons and research details. 3. DYOR (DO Your Own Research). 4. Understand that you will get other opportunities so no need to panic. DO NOT FOMO !!!
BLACKBULL:SPX500Education
by Sage_Trader
1
EURCAD: Is This The Rise Of The Bull Era? I have uploaded the EURUSD Elliott projection on 4th January 2022. The price had started creating the last leg, and I had mentioned two scenarios. Click Here to read the Previous article: Article 1 : EURCAD: Sentiments are short-term bearish, but Result - Price has reached all the bearish targets by creating the low of 1.4100. After creating a new lower low, the price was ready for an upward move. So I had activated the bullish scenario with upside targets. Click Here to read the Previous article: Article 2: EURCAD: Bullish Scenario Is Active! Result - Price has reached all the targets by creating a high of 1.46345. Use Play-button to check the results. What's next? Price has taken support from the lower band of the base channel. According to the wave principle, price movement confirms its trend by breaking the corrective wave four of the lower degree. Price will face some resistance because wave 4 is the wave that holds the power of the current trend, and the breakout of these levels is the result of the trend reversal. If the price breaks the corrective wave four at 1.46393 , the price will start its upward move. Please note that the price can take support on the parallel channel. I will update further information with target and invalidation soon.
by forextidings
1
This Is Why You Must Perform In Depth Market Analysis!It's not so simple doing market analysis some times. What time frame should you use? What indicators should you have on your chart? What drawings should you make? Every forex "mentor" pushes their 'unique' strategy to profitably trade forex markets, however can you be sure that their strategy is truly profitable? Before you start trading a strategy live you should KNOW for certain that a strategy is possible. There is only one way to be certain that a strategy is profitable - back testing. Any trading strategy should be thoroughly back tested on the symbol you want to trade prior to trading a live account. Otherwise how can you be sure you'll make money? Answer - you can't. In going live with a trading strategy you should have expectations about the number of trades you will win / lose / scratch at. You should also know the profit margins to expect. Without data on a trading strategy you are gambling and hoping. Many traders automate trading strategies to automatically back test their trading system. This is something that makes back testing a lot easier and more fun. If you want to start trading the first place you should start is on a spread sheet! Now just remember, if you want to trade like a winner you have to put in the work like a winner. Winner winner, chicken dinner. So - BACK TEST YOUR TRADING SYSTEM Also, many traders preach fixed risk management ideas such as "only ever risk 1-3% a trade". THIS ADVICE IS BOGUS! Once you have backtested your trading system you will know what the ideal risk exposure for your trading system will be. Some systems only have profitable returns when risking a fixed dollar amount, some will return greater with a fixed % amount. Some trading strategies with high strike rates will allow traders to risk up to 5-10% a trade, whereas other systems may only risk 0.3-0.5% a trade. There is so much mis-information in the trading industry, and the reality is you do not need to buy a trading system or a mentor. You only need to do the necessary work to backtest strategies until you come up with a profitable one, and then model the risk exposure to find what returns the most! RANT OVER.
by ToniSignals
3
The Base & Quote Currency - What Are They?In forex the base currency is the first currency mentioned in the symbol (the first 3 letters). The quote currency is the second currency mentioned in the symbol (last 3 letters). The base currency is being given a 'quote' in the quote currency quite simply, saying that if you hold one base currency you will receive x amount of quote currency. If you take a buy trade (long) then you are effectively purchasing the base currency, expecting it to rise in value against the quote currency. Likewise if you take a sell trade (short) you are effectively selling the base currency into the quote currency, anticipating that the base currency will fall in value against the quote currency. With CFD's you don't need to own either of the currencies to trade them, as the contract makes you liable for the value of change of the forex rate based upon the contract size (lot size). The broker will calculate this value, convert the amount to your forex trading account's base currency, and issue you with the profit or loss. For example, lets say your account is in GBP and you buy one contract (1.00 lots) of EURUSD. The EUR appreciates against the USD by 10 pips, and your profit is 100 USD. The broker then converts this to GBP using the USD/GBP rate (currently 0.7040), making your profit 70.4 GBP! The broker issues this profit into your trading account.
Education
by ToniSignals
ICHIMOKU AND RVI BEGINNERS PLAY BOOKNow ichimoku is relatively simple look for buys above the cloud and look for sells under the cloud. so when we backtest that over our 5/5 winners with rvi we get two less entrys, however as a beginner to avoid them whipsaw movements that isnt always a bad thing. The cloud itself offers dynamic support and resistance based of averages. price breaking through the cloud signals a breakout and a change in the trend usually. if new to trading I recommend learning about ichimoku on youtube, its not the all time great plan but if you have no plan its better than that. to keep discipline and entry requirements.
TVC:USOILEducation
by UnknownUnicorn6102956