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Multipletimeframe

BTCUSD - Trend reversal signal just by 3 candlesticks!This short segment is on candlestick and multiple time frame analysis. As a trader or trader wannabe, this is an important lesson that goes a long way. Trust me, it may sound simple but it actually took me a long time to grasp the full concept and then apply it in my trading. This is BTC on the weekly time frame, if you are scalping the market or even just day trading, you don't really need to take reference with this time frame. Large time frame such as Weekly and Monthly are mainly used for position trading and intraday movement don't really affect this type of trading. What confuses me at the beginning was the expectation as to when price movement will occur. Has it even happen to you somebody tells you that you are trading on the wrong time frame? So back to BTC, which enjoy such a good bull run from April to end May, a series of long green bullish candles. On 27 May close, we see a small skinny candle, yes traders should know this is called a Doji candle. What this tells me is the sellers are coming in and buyers are being challenged. One way of intepreting the psychology of those traders that bought BTC at say $5000: "Come on, price is already so high! Shouldnt we be thinking of taking profit already?" Hence, a Doji is an indication of indecision in the market and there is no clear direction. Let's look at the next candle that closed on 3 June, a convincing Bearish Red Candle. Not only is this candle long, it also has no upper tail and look where it closes, covering the whole Doji candle. This is a clear signal that the Bears won and the "Big Picture" (Weekly Time frame) uptrend has ended. Having said that, do I just go in blindly and short BTC? Of course not, there are much to it in trading and alot depends on your trade portfolio and objectives. I am ready for the next move, have you plan out yours? :) Do like and share this post. I use a combination of trading strategies such as Supply & Demand ( SND ), Harmonics Patterns, Multiple Time Frame Analysis , Candlestick Analysis to name a few. Follow me if my trading style suits you as I will be posting new trade ideas and analysis regularly.
BITMEX:BTCUSD.P
by TradeWithWayneYia
GBPCAD SS Short + 132 Pip PotentialPrice is below the Daily, 60 and 15 KS as well as the cloud. This is a Type 1 trade with a High probability and good RRR. 2 Potential entries (it is one or the other, not both) Entry = 1.6932 Stop = 1.6952 Risk = 20 pips Profit target = ( The projected daily low ) Reward = 132 Pips RRR = 6.6-1 2nd Entry = 1.6852 Stop =1.6882 Risk = 30 pips Profit target = 1.8762 (statistical target) Reward = 90 Pips RRR = 3-1 ** Please be aware that UK GDP is scheduled for 4:30 am est. and will directly effect this trade.
Short
by AGold54
USDCAD SS Short + 101 Pip PotentialPrice is below the Daily, 60 and 15 KS as well as the cloud. This is a Type 1 trade with a High probability and good RRR. 2 Potential entries (it is one or the other, not both) Entry = 1.3304 Stop = 1.3324 Risk = 20 pips Profit target = 1.3203 ( The projected daily low ) Reward = 101 Pips RRR = 5-1 2nd Entry = NEED a CLOSE below 1.3263 Stop = 1.32?? Risk = 20 pips Profit target = 1.3203 ( The projected daily low ) Reward = approx 55 pips RRR =2.5 -1
Short
by AGold54
GBPCAD SS Short + 123 Pip PotentialPrice is below the Daily, 60 and 15 KS as well as the cloud. This is a Type 1 trade with a High probability and good RRR. 2 Potential entries (it is one or the other, not both) Entry = 1.6968 Stop =1.6988 Risk = 20 pips Profit target = 1.6845 ( The projected daily low ) Reward = 123 Pips RRR =6.15 - 1 2nd Entry = 1.6937 Stop = 1.6967 Risk = 30 pips Profit target = 1.6845 ( The projected daily ) Reward = 92 Pips RRR = 3-1 ** Be Aware that Cad employment news is scheduled for 8:30 am est.,which will directly effect this trade and US Non-Farm payroll is scheduled for the same time which will indirectly effect this trade.
Short
by AGold54
2
GBPJPY SS Short + 87 Pip PotentialWe have several good Type 1 Trades on the GBP pairs today. This is the First: Price is below the Daily, 60 and 15 KS as well as the cloud. This is a Type1 trade with a High probability and good RRR. 2 Potential entries (it is one or the other, not both) Entry = 136.99 Stop =137.19 Risk = 20 pips Profit target = 136.12( The projected daily low ) Reward = 87 Pips RRR = 4.35 - 1 2nd Entry = 136.55 Stop = 136.85 Risk = 30 pips Profit target = 135.65 Reward = 90 Pips RRR = 3-1
Short
by AGold54
GBPAUD SS Short + 78 Pip PotentialThis pair has been in a slow downward grind all week. it is due to explode. Price is below the Daily, 60 and 15 KS as well as the cloud. This is a Type 1 trade with a High probability and good RRR. 2 Potential entries (it is one or the other, not both) Entry = 1.8249 Stop = 1.8269 Risk = 20 pips Profit target = 1.8171 ( The projected daily low ) Reward = 78 Pips RRR = 3.9 -1 2nd Entry = 1.8209 Stop = 1.8239 Risk = 30 pips Profit target = 1.8119 Reward = 90 Pips RRR = 3-1
Short
by AGold54
1
Wait for the Easy Set-ups and the purpose of Trading I often have traders ask me, how can I get alot of trades? And my response is that is the wrong question, the purpose of trading is to make Money, Period. It is, imho, to make as much money as you can in as few trades and in as little of time as possible. Although I have several methods of trading, the SS MA method, shown here is my absolute favorite. It has an 87% success rate with a healthy 3-1 RRR. That said, I often ask those same traders "If you could consistently make 6-12% per week but could only take 2 trades, would you do it?" The answers are surprising as again, imho, anybody that says anything but yes really needs to rethink why they are trading. You should not be trading for the excitement, you should not be trading just to hit buttons. You should be trading so you can sit on a beach with the cocktail of your choice in hand. to that end, I would implore you to come up with your best trading methodology and trade only that. As I have prominently posted between my monitors, as a reminder to myself "Wait for the easy set-ups and don't do anything stupid in the mean time" :)
Education
by AGold54
20