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USOIL Forensic ThoughtsHello Traders! Here I see a swing high has recently been broken. This to me is perceived as bullish "momentum". I would expect to see price rally and break highs. The next phase the market normally gives is a higher swing low if the trend is going higher. Commercials are going to be buying in down closed days fooling retail traders to sell. Eventually the net longs will increase enough to prevent price creating a lower swing low. Price will make a higher swing low launching price upward to keep trending bullish. The next key moment to pay attention to is a higher swing low. Odd are that the swing low will form in a pd array. PD Arrays: Fair value gap or order block. Price currently has been sitting on a monthly bullish order block. Time is just lining up and waiting in my opinion.
TVC:USOILLong
by ForensicForex
2
GANN Theory Finally Completed StrategyI took a couple of months off to read a book i found on Amazon on Andrew Gann the inventor of GANN theory. After finishing his article i theorized that it could be transformed in these modern times. This will a Membership to perform, Alerts mean allot to people that want to automate the thought process behind this. Please note that i am not a paid person posting this, i been trading for 16 years ever since i graduated from High School, I went to college to understand Pattern Recognition. Believe it or not there is a pattern to every aspect of our Lives. I have the MTF Support and Resistance from Annan Set to Daily . Poor Mans Volume Profile ___ this is critical for plotting the GANN BOX onto the Charts with little to no thought process. To plot the GANN BOX (not the GANN fix Box or the GANN angles) You are taking the Gann Box Placing it on the Poor Mans Volume Profile DAILY chart. For an Uptrend you go UP 2 and right 2 , you'll understand when you plot it. For Down Trend down 2 right 2 . Sideways (rangebound) oddly special one. Up 1 Right 2 Down 1 Right 2 . When your plotting on the charts LOCK the Gann on the chart. I use Daily Right 2 because i set it at the beginning of the MONTH and its good for until the NEXT month. you set alerts on the GANN FIB LINES. (ENTRYS) BASED... If you are having issues with plotting this LET ME KNOW... its gets very automated when you plotting it. The Poor Mans Volume Profile takes the calculations out of the picture. Posting a picture of the Points your going up or down 2. How you Plot it on the Poor Mans Volume Profile. last step is to LOCK it on the Daily CHART. Alerts need to the be set on the 2 of the Gann Lines. ( set to Crossing ) Subscription premium allow you to set an unexpired alert. If you want to Swing with this strategy. You have to do something different by Anchoring on the Weekly and trading on the 30 min or 1hr you can swing with this. But as yourself are you going to swing or are you going to Day-trade this. Stop loss is a very touchie subject that everyone should think about doing... Personally i use 4 different methods Count 5 bars back, last Swing point, or Halfway between the two fibs of entry. if i am feeling lucky just on the other side of the Fib Entry point. * the Lucky part of this one is if it goes bad you have a very LOW LOW risk of loosing allot of hard earned capital. Generally I will use the 5 bars back method. CM- Slingshot set to Conservative. Next 2 will be the Exits on the Trades and Indicators to take the Trade. DYNAMIC RSI - DRSI for short just tweak the color on this one, from DreadBlitz. ____ MTF RSI from Chris Moody 14 70 30 D D 30 ___ set a color where you can see the MidPoint. NOTE: When Entering you are looking at the Chart___ when it crosses the GANN FIB line. after the Bar completes, look at the DRSI and MTF RSI midpoint cross. (after the Cross has Happen and you can Confirm it on both u can now Enter the Trade.) The exit point is when the DRSI goes Solid Filled color, secondly this effect will be happening on the MTF RSI. I take all of my trades on the 15min timeframe with an Anchor on the Daily Chart. Anchor meaning MTF MTF MTF MTF all of them are set to the daily. I want to make thoughtful readings based on the Daily Overall proceedings of the market direction.
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NASDAQ:AMGNEducation
by Mnbrass549
20
A Hunch And A Pretty Picture Show OMU Headed For 18.50When looking at OMU using the 15min, 4H and 1D charts you can tell that when it broke its resistance it meant business. Tradingview has many analysis that carefully point this out. We want to look at the W chart. Yup! The chart where one candle is an entire week. That one! Since we are all about grand perspective, we'll be following this over time and using it as an opportunity to learn about how financial services companies (who may argue, are refusing to move with the times and honour the new rules of their markets) will fair in this new world. This chart illustrates an inverted head-and-shoulders: showing entry above 13.00, a stop loss level around 11.25 and a possible take profit at 16.50. But for the purposes of this watching exercise we are more interested in the ledge created between late January 2020 and mid February 2020 of 17.99. We believe OMU will continue to rise, it will beat those ledge levels and kiss 18.50 - possibly riding those level for a while before falling again.
JSE:OMULong
by wearethearx
Maybe This Time!?I am sure most people are looking up but is it really that bad to look down?? I think that this is a possibility as un-fashionable as it maybe to many right now, but hey in many circles in 2017 it wasn't for many too. Hind sights 2020 and 2017 was fun until it wasn't for a lot of traders and now some may see 2020 as a second chance to look at the past to predict " their " future... I like BTC but can tell you after the dust settled in 2018 I think many pragmatic people made a similar promise to themselves like I did. No advice just thought that I can't shake after the last 5 years in the world of "CRYPTO BRO!" LOL Feel free to like, share, share your thoughts or just follow if you'd like. KEEP CALM AND MANAGE RISK Brady
BITSTAMP:BTCUSDShort
by BradySWilliams
2
How To Think Like A Professional TraderA strategy is only as good as the trader using it. Patterns are not enough, neither is support or resistance. Candle patterns help, but will not do the trick alone. Unless you can understand the structures of the markets, alongside the behaviour, then really and truly you are just trading blind. In this short episode, I go through three trade ideas that were planned out today (03/12/2020) on the RockzFX Academy live trading session, so you can get an idea of what it means to plan your trade, and trade your plan!
Education
by RockzFX
33
EJ MARKUP : Zone Work-- Although its about to hit tp I wanted to point out this notion: --> Consistently gaining a set amount of pips versus the vigorous psychological stampede of trying to hit Jackpot every trade was a humbling lesson from my experience! --> 10 - 30 pips can go an absolutely long way when you know how to use it. Don't get me wrong, I want that beautiful swing trade that is going to bat my balance to an overall home run of notable increase. Yet, I also want a good batting average where I can build the mental strength combined with the skills necessary that will take my runners through all four bases and prepare me for that home run! The pitcher and the umpire will just be playing a game of catch once they get you to strike out. From one beginner to another - stay humble - know your strategy - know your play - build the skill and psychological strength to bag more winners and losers with good sportsmanship - get your runners to home plate and get some points on the board - That home run move is coming -- it's waiting on you! How you play is solely up to you but knowing how you playing is crucial! --> know your strengths --> know your weakness --> use them to your advantage Best wishes to all P.S. If you have any tips, notes, or something funny to add .. Please do! I look forward to it. - Happy Trading &%
Long
by MoltiBucks
6 IRRATIONAL BEHAVIOR AND THINKING PATTERNS - THINKING CLEARLY !Hello everybody and welcome, I hope you'll have a pleasant time reading this. And I also hope it'll somehow be useful to you. --------------------------------------------------------------------------------------------------------------------------------- Let's face it, your biggest enemy in trading is not the market, not the hedge funds, not the banks, it's you. Thinking clearly is one of the hardest things to do when trading/investing. We've all, at least once, done something and asked ourselves afterwards, "why did I do this ?" or "how didn't I see this" ? Did you know that this is called the "Hindsight bias" ? Yes, it's a well-known phenomenon in psychology. Before we begin, let me explain the diagram. Developing clear thinking takes time. You'll find it very hard at first, but as time goes by, if you keep your focus on it, you'll notice your performance increasing exponentially (this also applies to your life in general !). --------------------------------------------------------------------------------------------------------------------------------- 1. Confirmation bias The confirmation bias, is the distortion of information to make sure that it fits our beliefs. Let's think about it that way : if you think that the world is an awful place, you'll find facts to back your belief about the world. What happens when you encounter a fact that denies your belief ? You either ignore it or distort it in order to make it fit your belief. It's about the same thing when you're trading. Sometimes, especially new traders, hold bags, meaning that they hold on to losing positions for a long time, hoping for a recovery. No matter what, the trader will find himself putting more weight on the information that confirm his belief (that he's right) and will ignore the information that refutes it (that he's wrong and should sell). In order to avoid the confirmation bias, you need to weigh every new information the same way . 2. Hindsight bias The hindsight bias, is directly correlated to the confirmation bias. We tend to understand things better in hindsight than we do in the present moment. To take the previous example of the trader that holds bags a little further : what happens when the trader decides to cut his losses ? He immediately says : "Oh, all the information I had indicated a clear downtrend, why didn't I cut my losses earlier ?". The hindsight bias. In hindsight, everything appears to make sense. In Trading, the best way to avoid this bias, is to react to the market information that's available to you, rather than trying to predict it or to hope for something to happen. In other words, when you have an edge, you trade your edge and you remain open to any information the market gives you, be it information that confirms or invalidates your initial belief. 3. Loss aversion We feel better losing nothing than winning something - say hello to loss aversion. Overall, humans are more sensitive to negative things than to positive things. Think about how much we complain. Sometimes, it's justified, but often it isn't. We complain about things we don't have, but omit to be grateful for everything we have. In trading, loss aversion, is the pattern that makes us hold on to a losing position for a long time. After all, an unrealised loss is less painful than a realised one. To avoid loss aversion, you have to work on your mindset and start thinking in probabilities. 4. Outcome bias This is another very, very important psychological trait that messes with our trading. Human beings tend to judge a decision by its outcome, rather than gauging the decision process. In the best case scenario, you have an edge and you act on that edge every single time you see it appearing on a chart. The problem is, because trading is all about probabilities, sometimes, your edge won't work. Does this have something to do with the process ? Absolutely not, it's just how trading works. But, when you aren't aware of it, you start questioning your trading strategy, even though, the outcome is not correlated with the process. Just be aware that the outcome is not a reflection of the process . 5. Action bias Whenever we do something to compensate for our inaction, we fall for the action bias. We rather do something useless than nothing at all. If you watch football, you've probably witnessed this bias a lot of times. When the opposing team shoots a penalty, the goalkeeper, either dives left or right, even if chances are that the opposing player shoots right in the middle. Why ? Well, diving looks way better than just standing still, whatever the result is. As Jesse Livermore would say, " Money is made by sitting, not trading ". Considering this bias, for us human beings, it is hard to sit and do nothing. Just think about what you do when you have to wait, be it in a waiting room or at the bus stop. This could be an explanation why most traders fail. They struggle letting their trades unfold and get caught into thinking that their inaction is harmful. Eventually, they end up overtrading, taking trades they otherwise wouldn't, to avoid inaction. "All of humanity's problems stem from man's inability to sit quietly in a room alone", Blaise Pascal. 6. Overconfidence effect Overconfidence is a very evil trait to trading. When we are overconfident, we tend to overestimate our knowledge and take bigger risks. Financial markets are unforgivable with overconfidence. Markets really are unpredictable, therefore we shouldn't even try to predict them. We need to go with the opporunities that the markets make available to us . The best traders are aware of it, therefore they try to be humble and respect the markets. As an example, we could imagine a trader that is on a 5-trade winning streak. He feels great, he feels invincible. What happens ? He takes bigger risks and one day he'll inevitably issue a huge loss.
BITSTAMP:BTCUSDEducation
by UnknownUnicorn6734025
4