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Patiencepays

No Forecast (GBP/USD Trade Update).Good morning guys and girls, I'm now back at my office desk at my home address in Scotland. I still need to catch up on a few things and set my recording equipment up which I'll be doing later today, but once I've done so I'll be able to start making videos for you again from tomorrow onwards. For now here's a quick update on my GBP/USD trade. I was tagged out a few seconds after 8:00 AM this morning for +1.88%. Since price had previously twice come very close to my stop loss before pushing back up in my forecasted direction I moved my stop back down by a couple of pips whilst I was sat waiting for my train at London King's Cross station to give my trade just a tiny bit more room to breathe so that my stop loss made sense relative to where this new swing low had formed. I don't normally give back profit if I've already locked it in, but I will if it makes sense to do so and I'm only giving back a tiny amount such as +0.07% as I was in this instance. Price then subsequently pushed up leaving me running at around +4.00% profit at one point and a question I always ask myself when I have a lot of profit exposed to the market is, "Would I be comfortable having this much profit exposed to the market if I was trading a one million pound account?", which if I was trading a one million pound account would have meant that this trade would have been in profit by £40,000 with the possibility of price taking me out for £12,900. So after asking myself this I decided to lock in below the big wick that had formed on the one hour chart which was also a notable inflection point on the four hour chart. I could have locked in on the break of the subsequent tight flag that had formed on the one hour chart, but an amendment I made to my trading plan a while back was to not lock in on the break of tight flags if price has broken them correctively, because the testing I've done and my experience have taught me when this happens price will usually turn such tight flags into larger versions of themselves before price finally commits in my forecasted direction and given that the profit potential of this trade was just over +30% not locking in too tightly made sense. i.e. I was happy to be a bit more aggressive and lock in some of the +4%, but not too aggressive and by not being too aggressive give this trade a little more room to breathe. So I'm very happy with this trade which puts me in profit for the month and therefore obviously the quarter, a trade which I'll be documenting later today as one of my five daily goals and I look forward to bringing you videos once again from tomorrow onwards. Have a great day and I'll speak to you tomorrow!
Long
by StewySongs
1
No Forecast (GBP/USD Trade Update).Good morning guys and girls. So I didn't create a forecast yesterday for today because it was my last day with my mum down in England who's going through a difficult time at the moment, so I wanted to spend some quality time with her and help with a few things before travelling home to Scotland which is what I'll be doing in about four hours time. The good news is that I'll be making videos again once I'm back in my office with a reliable internet connection again, though I won't be making one tomorrow morning or creating a forecast at all this evening for tomorrow because I won't be home until quite late this evening and my partner and I have a lot of catching up to do before I start disappearing upstairs to my man cave, I mean office. Haha Where today is concerned I'm still in my GBP/USD trade but only just, so it looks like I might be tagged out of this soon for a nice little +1.29% profit. But if this doesn't happen and I manage to stay in the trade then I'll obviously break down how my it's going for you all (if I'm still in it) when I next make a video. Have a great day folks and I'll speak to you again on Thursday morning!
Long
by StewySongs
1
SOYBN/USD and EUR/USD on watch for me today.Good morning all, so September really was pretty devoid of many decent trading opportunities where how I trade is concerned, but once again I ended the month in profit and that's largely because I value my capital and the longevity of my trading career too much to be jumping into average trades when the market doesn't provide anything which I know from my testing gives me a clear edge over the market. Yes, the market always makes opportunities available. In fact almost every morning I spot opportunities which might play out, but not ones (to reiterate the point) which give me a clear edge over the market and the latter is all I'm interested in. Basically if I have to think for more than a couple of seconds about whether a setup gives me my "edge" or not, meaning that the investment opportunity hasn't "smacked me in the face" then I simply move on to the next pair and I look for my edge there. Remember! Success is not found in trading every opportunity you can find, most of the people who blow trading accounts are doing that. It's found in showing up, waiting patiently until a setup which meets your plan materialises and then simply executing accordingly and this is something that I intend to do until the end of time. With the above in mind listed below is what I'll be looking for from the market this morning as always for your viewing, tonight I'll be selecting my 'Top 6' pairs and my 'Wildcards' for next week, tomorrow morning I'll be creating my Monday Forecast and then on Monday as always I will bring you that forecast. Have a great day and a great weekend! SOYBN/USD: • If price pushes up, it does so impulsively a subsequent tight one hour flag forms, then I'll be looking to get long with either a reduced risk entry on the break of the flag or a risk entry within it. • If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises. • If there's any ambiguity then I will not place a trade on this pair. EUR/USD: • If price pushes down to and ideally just below the lower trend line of our most recent piece of structure and the last part of the move is corrective, then I'll be looking to get long with a risk entry either after a phase line break, or just above a one hour or a fifteen minute rejection from it. • If price pushes down to and ideally just below the lower trend line of our most recent piece of structure and it does so impulsively, then I'll be waiting for a convincing impulse back up followed by a tight flag and then I'll be looking to get long with either a reduced risk entry on the break of the flag or a risk entry within it. • If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises. • If there's any ambiguity then I will not place a trade on this pair.
Long
by StewySongs
SOYBN/USD and EUR/USD on watch for me today.Good morning all, so September really was pretty devoid of many decent trading opportunities where how I trade is concerned, but once again I ended the month in profit and that's largely because I value my capital and the longevity of my trading career too much to be jumping into average trades when the market doesn't provide anything which I know from my testing gives me a clear edge over the market. Yes, the market always makes opportunities available. In fact almost every morning I spot opportunities which might play out, but not ones (to reiterate the point) which give me a clear edge over the market and the latter is all I'm interested in. Basically if I have to think for more than a couple of seconds about whether a setup gives me my "edge" or not, meaning that the investment opportunity hasn't "smacked me in the face" then I simply move on to the next pair and I look for my edge there. Remember! Success is not found in trading every opportunity you can find, most of the people who blow trading accounts are doing that. It's found in showing up, waiting patiently until a setup which meets your plan materialises and then simply executing accordingly and this is something that I intend to do until the end of time. With the above in mind listed below is what I'll be looking for from the market this morning as always for your viewing, tonight I'll be selecting my 'Top 6' pairs and my 'Wildcards' for next week, tomorrow morning I'll be creating my Monday Forecast and then on Monday as always I will bring you that forecast. Have a great day and a great weekend! SOYBN/USD: • If price pushes up, it does so impulsively a subsequent tight one hour flag forms, then I'll be looking to get long with either a reduced risk entry on the break of the flag or a risk entry within it. • If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises. • If there's any ambiguity then I will not place a trade on this pair. EUR/USD: • If price pushes down to and ideally just below the lower trend line of our most recent piece of structure and the last part of the move is corrective, then I'll be looking to get long with a risk entry either after a phase line break, or just above a one hour or a fifteen minute rejection from it. • If price pushes down to and ideally just below the lower trend line of our most recent piece of structure and it does so impulsively, then I'll be waiting for a convincing impulse back up followed by a tight flag and then I'll be looking to get long with either a reduced risk entry on the break of the flag or a risk entry within it. • If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises. • If there's any ambiguity then I will not place a trade on this pair.
OANDA:SOYBNUSDLong
by StewySongs
1
The importance of sticking to the plan 👊👌As traders we are our own worst enemies! A common theory with trading is as follows. 10% is having a good strategy, 30% is having good risk management and the final 60% is psychology. If we as traders fail to address the final psychology part of the sentence above then we as traders will fail in the markets. The chart shown in this idea is EURGBP working the 30 minute time frame. The strategy is a rules based mechanical approach working a 1:1 RR to fixed stop loss and take profit targets. I know I have a proven edge with this strategy as with all my ideas the built strategy tester report is at the foot of this idea shows the strategies credentials. Position sizing is correct I trade this strategy on a stand alone account for this pair and I'm happy to risk 2% per trade of my capital from said account. So where does the psychology part come in to all this? The emojis on screen show the emotions I would of been feeling with this trade once upon a time! An emotional roller coaster! The chart shows three trades. A short which hit TP followed by a long which hit SL. Then the trade I'm using for this idea which lasted a full 13 days! But this is where sticking to the plan and the rules I set help remove that emotional roller coaster. Not sticking to that plan could of created many outcomes. I could of closed for less profit than intended as part of the plan or worse still could of cut my losses only for the trade to go on and hit TP target. The above would of then led to more emotions thus effecting my future trading decisions and choices. With each trade I enter I am comfortable with said outcome whatever that maybe. That comes from trading a proven strategy, having correct risk management and then by sticking to the rules of the trading plan for the strategy. Sticking to a plan removes any subjectivity and helps take care of the psychological side of trading. I even automate my strategies now and not checking trades every minute of the day has helped removed all those up and down feelings the emojis on the chart represent. I'll end with one final thought patience has to be part of your plan. The markets take from the impatient and give to the patient ones among us. ------------------------------------------ I try and share as many ideas as I can as and when I have time. My trades are automated so I am not sat in front of a screen daily. Jumping on random trade ideas 'willy-nilly' on Trading View trying to find that one trade that you can retire from is not a sustainable way to trade. You might get lucky, but it will always end one way. ------------------------------------------ Please hit the 👍 LIKE button if you like my ideas🙏 Also follow my profile, then you will receive a notification whenever I post a trading idea - so you don't miss them. 🙌 No one likes missing out, do they? Also, see my 'related ideas' below to see more just like this. The stats for this pair are shown below too. Thank you. Darren
Editors' picks
Education
by pow_removetheguesswork
38
USD/CHF on watch for me today.Good morning one and all, I hope you're doing well. So the good news is that late last night I booked my train journey back home to Scotland. So on the 5th of October I'll now be returning home, meaning that from the evening of the 5th of October onwards I'll have access to a reliable internet connection again with a substantial amount of bandwidth. Meaning that from the 6th or the 7th of October onwards (depending on how quickly I can get myself set up) I'll be bringing you video forecasts again where I'll be able to talk you through my through process, instead of the image based ones which I've been sharing with you these past few weeks which I'm super excited about. Where today is concerned the market isn't looking quite as attractive as it was yesterday in my opinion and experience, at least in terms of how I trade. But what most traders don't understand is that the market moves in cycles and that said there are three pairs in particular which I've got my eye on for next week, those being EUR/AUD, USD/CAD and USD/JPY with EUR/AUD being my favourite of the bunch and it and USD/CAD looking like they might be ready the soonest with USD/JPY looking like it could shape up shortly afterwards. Whilst I was being taught to trade I was always taught to look for trading opportunities which "smack you in the face" and since I now trade professionally and I've backtested close to twenty five years worth of data since the 16th of August the only setup which "smacked" me "in the face last night whilst I was creating my Friday Forecast was the one which is potentially shaping up on USD/CHF. So the latter is all I have on watch today and below as always I've listed my entry requirements. Have a great day and a great weekend folks and I'll be back on Monday with another forecast. USD/CHF: • If price pushes up to and ideally just above our upper rayline and the last part of the move is corrective, then I'll be looking to get short with a risk entry either after a phase line break, or just below a one hour or a fifteen minute rejection from it. • If price only pushes up to and ideally just above our lower rayline and the last part of the move is corrective, then I'll once again be looking to get short with a risk entry either after a phase line break, or just below a one hour or a fifteen minute rejection from it but I'll be hiding my stop loss above our upper rayline for extra protection. • If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises. • If there's any ambiguity then I will not place a trade on this pair.
Short
by StewySongs
Nothing on watch for me today.Hi guys and girls, I hope you're doing well. I'm not sure when I'll be returning home yet, but just to say that as soon as I have I'll be making some more videos for you all. As I mentioned previously the airwaves where I am regardless of whether I connect through the wifi or I tether via my mobile data seems to be so saturated now that my trading videos no longer upload, but back in Scotland the story is very different. So I look forward to bringing you more videos as soon as I can. The market at least how I look to trade looks like it needs a little more development at the moment, so I'm happy to sit on my hands until this evening when I create my Wednesday Forecast to give the market time to develop. But just to say that I got long on EUR/GBP yesterday with a risk entry after a one hour retrace, after a clear and obvious 1, 2, 3, touch structure break below a daily double bottom and ever since in typical EUR/GBP style price has just been trickling around my entry point. But we've since had a strong daily close, a strong four hour close and now it just looks price has formed an impulse, correction continuation to push higher and wash out all of the retail traders who sold below the most recent stand-out liquidity point believing that it now acts as resistance, but we shall see. Pictured above is the EUR/GBP trade which I'm currently still in. Have a great day!
Long
by StewySongs
NZDUSD trade opportunity starting to move 👍Entry details are shown on the chart. Working the H1 time frame on this strategy. We're only looking for TP3. Patience is key sometimes and stick to your trading plans. Trade taken late on Friday and after a quiet start to the markets has started to move. Trade history can be seen below this trade idea too for full transparency. ------------------------------------------ I try and share as many ideas as I can as and when I have time. My trades are automated so I am not sat in front of a screen daily. Jumping on random trade ideas 'willy-nilly' on Trading View trying to find that one trade that you can retire from is not a sustainable way to trade. You might get lucky, but it will always end one way. ------------------------------------------ Please hit the 👍 LIKE button if you like my ideas🙏 Also follow my profile, then you will receive a notification whenever I post a trading idea - so you don't miss them. 🙌 No one likes missing out, do they? Also, see my 'related ideas' below to see more just like this. The stats for this pair are shown below too. Thank you. Darren.
Long
by pow_removetheguesswork
$LINK: Lot's of impatience and FUD on twitterHey yall. I just wanted to point out that the point of greatest fear/ capitulation is also the point of greatest opportunity. $LINK isn't doing anything flashy right now, and people are getting very impatient and fomoing hard over the NFT craze. I've been saying this the entire time.... but $LINK isn't for us prospective investors. It's not even a blockchain... it's a decentralized network of oracle nodes. It's a network built for multi-billion dollar corporations. The $LINK token is the medium of exchange in this network. The token secures, holds vital information, and is the fuel for all participants in the network. We're being patient for a 2-5 year time frame and beyond. Once the price leaves this sub $100 dollar level, that'll mean that the cat is out of the bag. That the network is in full effect. That mass adoption of smart contracts by enterprise level business is in full swing. If you don't have your stack built by then? Good luck. $LINK isn't a good investment for people who aren't able to afford holding for multiple years. I'm personally loving buying at these prices. Nothing about the amount of partnerships, the amount of progress, the amount of need for this network has changed.
BINANCE:LINKUSDLong
by its_maxbro
2
Bitcoin Deduction (LONG)The chart is well explanatory on its own, let me just clarify to prevent confusion and uncertainty Denoted Terms: 1. EMA periods :- 10-Period (Blue color), 20-Period (Yellow color) 2. Key support level & Sub-level 3. Awaiting level :- Horizontal black line 4. Key Resistance level :- Close to the A.T.H (All time high) price The price channel tool used :- Flat top/bottom The movement of the market from A.T.H till the key support is picked with the price channel The awaiting level is picked due to the old occurrence on that level In the recent sell in the market, it's not so-voluminous Also with 1-Week timeframe, i still have the same reason to long after my awaiting level is reached... stoch rsi is also oversold and ready to turn around, the snapshot is below: You don't need to rush to join the market, you can catch up any right time... Be patient most times, because patience pays more than it pains. Please drop your thought as comment if you agree with me or otherwise, let's learn together to trade successfully Good luck to y'all CryptoKings
COINBASE:BTCUSDLong
by Skuchies_CryptoKing
Patience Patience Patience...As a trader of 4 years, I learned Many things, but the most important thing I learned was being patience. Patience is by far the hardest thing to achieve because from my point of view, I always wanted to be in the market. The excitement, the blood rush, knowing you can make money quick and fast. That was my psychology. This problem is not only me, but many traders as well. I have spoken to an abundant amount of traders and they always tell me "I can't miss this move" "I want to make money fast" "What if this is the bottom or what if this is the top" "I miss my entry, but I will just go in anyway." "I am bored." "Market not moving" When I started trading back then, I always had these comments imbedded in my mind as well. I always wanted to be in the market, I always wanted to make money fast, etc. But in reality this is not the case. I started to change my mindset of trading when I took a big loss, yes a big loss, not just any loss, a loss that made me learn my lesson. It all started 2 years ago, I was trading a crypto pair. I had my plan set up. I knew where I should long and where I should short. Days pass and the price was nowhere near my area of interest. The feeling of boredom, the feeling of wanting to be in the market, the feeling of "I might miss out" came. So I took the trade. Then the next day happened, boom, I took a loss. I was upset and without being patience enough to wait for the entry, I took another trade because I wanted to get my loss back and I couldn't wait to do so and the result was another loss. This is where it happened, after both losses, I waited for the pair to go to my ideal set up, It took weeks before it did. I wanted to see what would have happened if I just waited. When the pair was in my ideal spot, I took the trade. Days pass and the trade hit my Take profit. That very moment, I knew I had to be patient. As of now, Every Weekend, I mark my areas of interest from daily all the way down to 4 hour or even 1 hour. I have never taken a trade until it hits my area of interest. This made me a better trade. Remember there are many more aspect of trading than just being patience. This is just one of many important key elements of becoming a successful trader!
by OmaOne
US30 ABCD CompleteAfter hitting all of our targets we're now expecting a pullback and the trend to potentially reverse now previous structure is broken. We now have a bullish ABCD completion, however, I'm not going to enter when the markets open, I'm going to watch the price action to see how it reacts to the current level/the fib levels, if price rejects from the 318 and gives us a reversal confirmation then we will short again next week and go with my trend Bias. I may also look for buys on the pullback if we get confirmation at current level, but unless I get retest/candlestick confirmation I wont enter quick buys I'll be patient and wait for price to react from the Fib before taking shorts.
U
by benalistarfx
EURO JPY Buy opportunity there was huge sell of on last week for all jpy pairs .we can hope a continuation to the downside bit after a reasonable retest of broken structures euro jpy is going to retest the broken structure as mentioned Fibonacci retracement levels look for a long opportunity on lower time frames and enter long with your own money management and risk to reward always remember that patience and discipline are the keys to success in financial world learn to control the emotions
Long
by Hamaitifx
euro usd buy short term all major pairs are extremely oversold or overbought because of DXY bull run euro usd is extremely over sold and broke a very strong support area next demand zone is 1.180000 which is daily support oe demand zone and market gonna retest the broken support turned resistance look for buy opportunity on lower time frame and enter long with your own money management keep in mind that this entry is only short term always remember that only key to success in this financial world is patience and discipline
Long
by Hamaitifx
4
BTC - another price rejection #PATIENCEPAYSWeekly chart: The probability for my primary scenario increases:) (Alt. 1: We have already seen the lows and are now starting another bullish wave 3.) Alt. 2 (which I find more likely): Probability: 60% --> we could see more lows. A correction in the range 16,400 - 26,245 is possible. Be patient guys! I know that some people don't listen to technical analysis . There are various reasons for this. Unfortunately, people often do not understand the technical signals. But I would like to give you my technical signal again. Technical analysis & the elliott waves are often presented as useless. To understand my analysis, you basically have to understand the market. And if you understand the market you cannot avoid a technical analysis (as an active trader). The market moves in impulses. An impulse can be calculated mathematically because it is divided into fractals. Ralph nelso Elliott assumed that trends move in 5 waves. The waves 1, 3 and 5 are impulse waves. Waves 2 and 4 are corrective waves. After completing the 5 waves, Elliott assumed that a correction would follow.* According to Nelson Elliott , the correction takes place in 3 steps. ABC correction. This is what we´re currently seeing. All these impulses are calculated in this analysis and indicate further lows. The btc failed again on the upper trend line . The chart would only show strength again from 42,300 onwards. The technical signals are still clear: What does that mean for you? Wait & be patient! I see a shopping area in the yellow rectangle . There you can build up a position step by step. For my followers to understand my analysis: The topic is only described very roughly and is intended to give you a first overview of one of my analysis methods. 1. An impulse always moves in five sub-waves. Waves 1, 3 and 5 of these are motive waves that move in the same direction as the overall trend. Waves 2 and 4 are corrective waves, i.e. they correct the previous movement. The following rules apply to an impulse: -Wave 4 must not overlap with wave 1, except in a diagonal. -Wave 3 is never the shortest wave. -Wave 2 must not fall below the starting point of wave 1. If one of these rules is broken, the chart analysis must be revised. 2. A correction wave moves in the opposite direction to the overall trend. Corrective waves are three-part and basically consist of waves A, B and C. Waves A and C are primarily impulse patterns of the corrective movement and drive the market in the opposite direction to the overall trend. Wave B corrects the previous wave A and even has the potential to surpass the starting point of wave A. 3. The standard pattern consists of an impulse wave and a corrective wave. These standard patterns repeat on a short-term basis as well as on a multi-year basis. In other words, every single wave consists of several sub-waves and in turn belongs to the larger picture. For example, wave 1 (an impulse) itself consists of five sub-waves. This standard pattern continues and accordingly always merges into a higher level. 4. Relation Between Fibonacci and Elliott Wave Theory Fibonacci Ratio is useful to measure the target of a wave’s move within an Elliott Wave structure. Different waves in an Elliott Wave structure relates to one another with Fibonacci Ratio. For example, in impulse wave: Wave 2 is typically 38,2 %, 50% or 61.8% of wave 1 • Wave 3 is typically 161.8% of wave 1 • Wave 4 is typically 23.6%, or 38.2% of wave 3 • Wave 5 is typically inverse 1.236 – 1.618% of wave 4, equal to wave 1 or 61.8% of wave 1+3 You can use the information above to determine the point of entry and profit target when entering into a trade.
BITSTAMP:BTCUSD
by TizTrader
4