BTC/USDTIf you pay attention to the movement of a market, it allows the direction of the movement to tend to go up in 1-2 weeks.
The target price for BTC is 11.3k.
Trade Management
A Clear And Probable Bias For GBPUSD We are currently at the breakout levels,
If GBPUSD, is able to take out the current lows
😋Then we would be in for nice profits while holding it to the downside.
As we have noticed it bouncing in and around the current level. A break and retest of that market level would be the beginning of sell entry.
Would personally be taking this trade if all criterias are met.
EUR/USD Neutral Decision To Look Out For!!. On the Daily timeframe there is a major area of resistance where the market sold off for a long period of time from this level back in September 2018.
. Due to the market reaching the highest highs since 2018, I expect the market to reverse, however there is a possibility price could reach up to the 1.20000 level and the market is just retracing.
. As we can see, I have a set-up on the 1H chart where an ascending triangle had formed, the market had broke above the major area of resistance identified on the Daily chart, formed a new high and now the market is moving strongly to the downside, back into this major area of resistance, this could be a retracement and we see a opportunity to get involved in a long position, as we are now at the 78.6% fib level, if we see strong bullish moves, then i will be looking for another break of structure, retest and then enter.
. On the other-hand, if the sellers keep control of the market and the level of resistance is respected, then i will look for a break of resistance then a move to test an area of support. From there i will expect the market to retest the area of resistance identified on the Daily chart, i will then expect a break of support and a retest to confirm a shift of support into resistance. If this happens, i will place a sell order from a fib r?etracement.
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Comment below if you found this idea helpful, and if you decided to take this trade, did you make profit? :)
Gold - Trade setups to avoidWe have been posting potential bullish trading signals on Gold and the ways in which to enter this trending market of late, as the probability for these has been very high.
Now, the market doesn't trend in a straight line, so when we saw the price in Gold make its way to the $1900.00 level we looked to see if we could get any confirmation selling signals for a potential profit taking opportunity.
Its easy for anyone to show profitable trades but we believe that showing examples of why you wouldn't take a trade or what to look for to avoid a potential losing trade is just as important.
As you can see from the 15 Minute chart, price started to form a bearish selling 3 drive pattern at the highs just above the 1900 level. When we saw the 3rd and final drive high reject a little lower this sparked our interest.
With any price pattern we look to trade we don't want to enter right at the 3rd drive because we have no proof that price will stop there and do what you want it to do. Instead we drew a lower trend line in the hope that price could continue lower and break this to the downside. Until this happens, we are sitting on the fence and staying away.
What happened in the end was that the momentum in Gold was still very strong and price actually used the higher 3 drive trend line to retest this on the topside to propel price higher.
No break of the lower trend line, no trade. Sometimes its better to walk away and live to trade another day then to let ego get the better of you.
Swing Trading Stocks Trade ManagementThis is a Long Swing Trade I have open using the Elliott Wave Indicator from W5T on the TradingView Platform.
The setup and entry for this 5th wave trade was text book in that:
1. The Elliott Wave Oscillator pulled back between 90% and 140% during the 4th wave profit taking pullback
2. The False break out stochastic crossed over in the over sold zone during the 4th wave profit taking pull back against the yellow false breakout bar in the over bought zone during the 3rd wave.
3. The Wave 4 profit taking pullback found support in the amber zone of our automated pullback zones, which represents an 80% probability of our automated 5th wave target zone (in blue on the chart) being reached.
4. The Risk to Reward was over our minimum required 1:1.6 - This include sensible entry and stop loss strategy - This can be seen on the chart.
To manage this trade is pretty straight forward:
The point of control for us is the price closing above the 50% Reward line (cyan on the fib extension on the chart). Then we move our stop just above the entry to make the trade "Risk Free"
Then we Trailing the Stop "Two Candle Behind". So as Yesterday's candle closed above the 100% profit line (yellow fib extension on chart), I adjusted the stop just below the low of the 2nd candle back. In this case locking in 50% profit x Risk. So if you Risked $10,000 on this trade, you would have $5000 profit locked in!
We are at a critical point in this current trend as we will be testing the previous wave 3 high and in some market conditions, this is too much and the price turns back down and corrects. This is why we lock in profit. However we have an 80% probability of the price pushing through and reaching our 5th wave target zone and will continue to manage this trade with our "2 candles behind" trade management strategy into the 5th wave target zone, if the price breaks through the previous wave 3 high!
WHY CAN´T I BE PROFITABLE??!!Every trader has got himself into a loosing trade. This is simply the part of this game. You will never be able to predict every move correctly. The biggest thing that separates a profitable trader from an unprofitable trader is actually not better technical analysis or more experience. The biggest factors in my opinion are trade management and risk management. These two components will have immense effect on your profitability. With good risk management you can be profitable even if you are right on less than 50% of your trades. Good risk management means you know where you should get into a trade so you can set a stop loss (which upon hitting it should invalidate your entry) relatively close to your entry. This makes your losing trades much smaller than your winning ones. And the result of this ratio will be seen in your profitability through time.
On the picture above you can see how one of my last trades went. I got in on the close of the candle marked with a green arrow. The trade then quickly went against me. But with my risk management i minimized the loss by closing the position when it closed below the red support line. I also put a stop(white support line) at a level that would upon breaking very likely invalidate my my long entry. Even though i took a loss i do not regret taking that trade since taking losses here and there is a part of my strategy and it can not be otherwise.
Yesterday i also posted about another trade i was playing on the s&p 500. That trade turned out perfect. And with 50% winning rate for that day i made some really nice profit simply thanks to my risk management.
Here you can check out how it went
You can also go check out my posts from yesterday on why i was taking those trades.
⭐ STAGES OF TRADER's FORMING ⭐ Hello, friends, today we are talking about STAGES OF TRADER's FORMING 👊🏻👊🏻
💡() - Link for good view!!!
Professional growth involves going through several stages.
🔥 1. Unconscious incompetence
💡 randomly opens and completes transactions without a specific trading system;
💡 doesn't care about risk management;
💡 often changes the direction of trade on the spot, following the price;
💡 keeps afloat only for small successful deals and doesn't care about losses at all;
💡 but as soon as loses, motivation immediately runs out.
🔥 2. Conscious incompetence
💡 Do you change your trading system several times in half a year without ever exploring a single one?
💡 You are actively looking at your trading history trying to figure out what you are doing wrong.
💡 Are you still making impulsive mistakes that cost a lot of money?
💡 Do you repeat the same trading mistakes again and again?
🔥 3. The moment of "EURECA"
💡 No longer changes the system, but focuses on main and works with it.
💡 Begins to maintain a trading plan and a trading journal.
💡 The understanding comes, that trade is a daily routine.
💡 Understands, that in order to earn money, he needs to work on all the components of his system.
🔥 4. Conscious competence
💡 Understood the rules of the game and stopped losing money.
💡 Begins to make a steady profit.
🔥 5. Unconscious competence
That's a stage of mastery 👊🏻. You follow your trading plan on autopilot.✈
Just one question will help you to verify have you reached the highest level or not: ❗do you feel stress, when you're trading ? If so, then you have not reached this stage.❗
💡() - Link for good view!!!
✍🏻If you liked my post, put me like, write comments, reviews ...
Guys, I'm so happy with your message in PM about your love for me. 😍For me it is priceless!😍
I'll try for you continue to be useful!!! 😘
Together we're a great team !!!👊🏻👊🏻
Always Your Rocket Bomb🚀💣
Projack's Trade Management Tutorial (5 STAR)This is something about Trades Management (How to manage your existing position)
1. If the trade went well ( You are in profit ) , When Reward / Risk Ratio hit 2:1, Close Half position. (You can also close all, if you feel good enought to take all the Floating Profit, but you will have the opportunity Cost of not be involved in the next trend , Hard to decide? Then Close Half! )
Why? Coz by doing this, even the market goes back and hit your SL, you are still winning?
Calculation:
0.5 * 2R - 0.5 * 1R = 0.5 * R , If R is set as 2% of your capital,
then Minimum Result it 0.5*2% = 1% (Congratulations! Now you have a 100% Winning Trade with 1% Result, and you are still holding half position with RiskFree)
2. If trend is in your favor, and price hit 4:1 or 6:1 , or maybe 0.618 pull back, or opposit Resistance or Support , Feel free to close another half , which is 1/4 position.
3. If hit 8:1 RR, close all profit, or Move SL to the latest Pivot to trail your profit.
You can use 8ema or 21 ema to trail as well. or close all profit when you see price action shows reversal pattern .
Anatomy of a good trader mindsetHere is an essence of good trade management and mindset that I accumulated over several years.
I hope it will be useful for the 'less experienced'.
Please always use sound money and risk management in all your trades.
Good luck!!
GBPCHF LONG IN DOWNTREND CHANNEL ;)Hi Traders,
I'm here to help improving your trading skills with my ideas to see the market from sombody else's mind.
On W1 and D1 i see a downtrend channel. The price touched the bottom of the channel, and it reversed.
Uptrend started, it shows my trendline and the 50EMA broken upwards.
My stop loss is at 1.18000
Just let that trade run, I will update that idea if I do something with my trade.
Let's be successful together.
Follow me for new ideas, I'll appreciate your follows.
Have a great day ahead,
Benjamin
Key signal to buying Wall Street for 400 points profitDuring the increased volatility you can observe a mild selling of Wall street once open, usually this consolidates withing the first 30 - 60 minutes and results in a bounce back - it certainly did yesterday when a very similar trend was there.
The RSI was oversold and the CCI was at a similar level as it was previously when the market came back and then fell again, showing a perfect time to buy and hold for as long as its north of the 100MA line.
WallStTraderandCoach - 5+ years of putting my OWN money to work. Turned 10k into 1M+ in first year. ALWAYS use a stop loss and ALWAYS put my own money behind a trade.
Introduction to the BEST Trade ManagerHello traders
Let me highlight what the BEST Trade Manager can do for you.
The Trade Manager adds another layer to your own systems, enabling custom user-defined stop-loss/take-profits and real-time analysis with risk-to-reward ratios.
We made it as such the visual rendering is also very nice on mobile devices.
Reviewing:
- How to connect your own indicator(s)
- How to read the graphical elements
- The 8 Stop-Loss options
- The 4 Take-profit options
- The alerts and dynamic alerts for trading automation
Links are in my signature for more information about it
Wishing you all the BEST for your trading using it.
Dave
THE BEAUTIFUL RELATIONSHIP BETWEEN CHART PATTERNSBefore I get into this it is important that you know the points A and B are not valid wave tags but are only on the chart for illustrative purposes.
When I first got into the markets, I found myself sticking to a bias based on any first sign or pattern I found on the chart. The beginning of my forex journey is a story full of losses and blowing of accounts. But that is a story for another day.
As time went on I observed and realized that the market is dynamic and hence different patterns develop as time proceeds and most time these patterns interact with each other. Since this revelation, I've been able to effectively know when to exit a trade and when it's safe to hold a position until it hits my target.
Citing an example above with the CADCHF. I took a short trade from point A about two weeks ago following the rejection of the upper weekly trendline and a break of a lower timeframe ascending channel. Riding to point B I realized I was approaching an area which has previously served as support and is in confluence with a lower daily trendline yet to be confirmed . But I decided to hold on bearing in mind that there was a possibility to break those barriers at the time.
As you can see price bounced from Point B and naturally one would panic and dump their position, but not if you know your stuff. Instead of leaving I moved my stop loss right above the suppl zone as you can see on the chart because a break above that would indicate a move to the upside. Observe how price rejected that level and formed a right shoulder right at the supply zone showing that the market wants to move lower.
This is how I effectively manage all my position- constant analysis to check for confirmation and invalidation levels. This is how every trader should treat their positions...with care and attention :)
Hope you all take something out of this.
STAR TREK CAPTAIN JEAN-LUC PICARDCaptian Jean-Luc Picard is a character from the series Star Trek.
He is many Star Trek fans favorite Captain because of his combination of class, wisdom and wit.
This particular statement was spoken to the Android Data who was failing in his attempts to be more human.
Tim has found this encapsulated his early trading experiences to a tee.
Early in Tim's attempts to be a profitable trader he traded index futures.
He had his strategy and was paper trading. He would get four or five winning trades in a row.
He felt he knew what he was doing and felt he was ready to try real money.
So the next trade setup he took on his real money account and lost, so he returned to paper trading.
This cycle repeated itself several times.
Losers are part of the statistical game in trading.
If he stuck to the real money account those paper winning trades would have been real money winners.
These winners would have easily offset the losers.
The whole time he felt he was making mistakes. If he did it right it should have been a winner.
Understand this, you can get all the rules right and still lose a trade.
That's ok, that's life. That's trading.
Trading is never a sure thing, it's always about statistic and probability.
Just because you had a loser doesn't mean tht you did something wrong.
Just because you had a winner doesn't mean you did everything right either.
The important thing is to follow your strategy rules, your trade management rules, your risk management rules.
If you followed all your rules then you did it right, winner or loser.
Trading Maxim's help control your emotional impulses and keep you on the straight and narrow path.
A maxim is a general truth fundamental principle, a rule of conduct or a proverbial saying.
The purpose of Tim's Maxim's is to motivate you to discipline and trading as well as other areas of your life.
We suggest that you start your own list of Maxim's.
Things you can say to yourself while you are trading or doing life to make sure you always do the right thing.
Feel free to borrow from Tim's list.
How To Win A Trade Even The Market Goes Against You!Making Such Types of Decisions Should Always Be Planned Beforehand Based On Your Education.
EURUSD: are you ready to add to your long positions?EURUSD: are you ready to add to your long positions?
I have added a partial position and will add more if the trend line is tested.
EURUSD :Where I am adding to my position and you may want to tooEURUSD :Where I am adding to my position and you may want to too
The trend line was based on bear candle to it was bearish. Hence we expect a bear candle to form and rest it. If the rest it successful, I am adding to my positon
BEING PREPARED & PATIENT YIELDS RESULTS*DISCLAIMER: NOT FINANCIAL ADVISE BUT WHAT WORKS FOR ME*
This post is to highlight though we are in a bearish market there are still good opportunities to make great gains if you're prepared and patient. I rarely make intra-day trades when gains are far greater if you can weed out the chop and stay focused on the bigger picture. I.E. in the last 30 days I've been able to achive 40% gains in my active trading portfolio *(excluding hodl, savings, other investment accounts)* using leverage and hodl'n positions 5-15 days. We've seen a 33%ish drop in $BTC price and I was able to capitalize on 21%, I consider the other 9-13% to be educational tax, with a win loss rate of 20:1 (I consider this very fortunate and the trend mainly moved short).
*Variety is absolute key, don't put all your eggs in one basket but also don't spread yourself too thin.*
This has been achieved through the following steps:
Trading plans for both scenarios before entering a position
Trading Logs, Record EVERYTHING. The data will uncover trends in your own trading.
Trade Management
Trading with the trend
Many many more but these are the big guys
...
A very interesting positions here, we've broke downward of a major trend line (in red) and the neck of the head and shoulders developed by 9k-14k prices on the daily and weekly charts. Looking at the 4hr we've also built a quick inverse head and shoulders just under the red trend line.
Lots of contradicting signals here today so I've devised both bullish and bearish scenarios. I suspect the 9MA/18MA on the daily moving into current price action could be the time-frame triggers
BULLISH
SIGNALS: Bullish divergence on the daily RSI, Price action bottoming out on it's bearish channel, and the 4hr inverse head and shoulders could be a small signal.
ENTRY TRIGGERS: Price breaking LONG and a daily close ABOVE 7500
FIRST TROUBLE AREA: 8000
TARGET: 8500 13% MOVE
STOP-LOSS: 7300ish PRICE ACTION DEPENDENT
BEARISH
SIGNALS: Possible weekly close under major trend (In RED) which is now also .618 FIB off the 20K ATH, Major trend being bearish
ENTRY TRIGGERS: Price breaking SHORT and a daily close BELOW 6800
FIRST TROUBLE AREA: 6500
TARGET: 6100 and BELOW 12+% MOVE
STOP-LOSS: 7000ish PRICE ACTION DEPENDENT
At the end of the day I remain long term bearish with the trend, just too risky atm to confirm a bearish move is to follow.
Algorithm Builder - INDICES - SPX500 - Review Oct 18th, 2019Hello traders
I. Daily tutorial publishing challenge officially begins
Starting today, I'll be publishing every night what were the setups given by the Algorithm Builder Indices .
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You'll find more information about that script in this script signature.
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II. Wisdom of the day
Last Friday was the Triple witching hour day. That is the day where the US contracts come to expiration on the US market - this event happens once a month.
Hopefully, only once a month, because this day is often particularly hard for traders to trade.
Those days are the expiration of three kinds of securities:
1. Stock market index futures;
2. Stock market index options;
3. Stock options.
The simultaneous expirations generally increases the trading volume of options, futures and the underlying stocks, and occasionally increases volatility of prices of related securities.
III. Why a 1-minute chart?
The indicator won't give more than 3/5 trades per day even. This is not a scalping trading method, it's intraday and based on smoothed indicators for entering in a strong trend only.
Those are the most secure trades possible because:
- the Algo Builder waits for a strong confirmation and will avoid the fakeouts
- the 1 minute allows to enter very early. This point is crucial.
We made it so that to enter early but with a minimum of security.
IV. SPX500 - Signals of the day
2.1 Morning trade
1. 8:45 am
We had a difficult move to take because in front of multi-timeframes resistances. and US stocks opening 45 min later.
What I usually do, is to wait for a pullback near the EMA 20 which has a few huge benefits:
- generally gets me a better entry price (lower for a long, higher for a short)
- reduce the distance between my entry price and stop-loss - hence reducing the risk of the trade
The Algorithm Builder - INDICES calculates the stop-loss internally, based on the price where the signal appears
2. 10:12 am and 11:45 am
The IDEAL scenario for the Algorithm Builder. Leading trend is red, short signal, no supports near, a great setup with a decent risk-to-reward ratio.
When we're in the same direction as the leading trend and the next algorithmic SMAs are a bit far, those are the moments where I know that my reward is far greater than my risk.
Would I overleverage or increase my position size drastically anyway knowing this is the Triple witching hour day? Maybe not :)
The three morning trades gave about 270 pips
2.2 Afternoon trades
1. 1:05 pm
We now see a BUY against the leading trend in red. Which means, the trend is not too strong to go crazy yet.
The method tells to wait for a pullback near the EMA 20 to enter with more security
2. 3 pm
In the same direction as the leading trend but in front of MTF resistances. Even waiting for a pullback allowed to grab the last 30 pips of the day
To quote Ice Cube - it was a good day :)
All the best,
Dave
Algorithm Builder - INDICES - DOW JONES - Review Oct 18th, 2019Hello traders
I. Daily tutorial publishing challenge officially begins
Starting today, I'll be publishing every night what were the setups given by the Algorithm Builder Indices .
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You'll find more information about that script in this script signature.
----------------------------------------------------------------------------------------------------
II. Wisdom of the day
Last Friday was the Triple witching hour day. That is the day where the US contracts come to expiration on the US market - this event happens once a month.
Hopefully, only once a month, because this day is often particularly hard for traders to trade.
Those days are the expiration of three kinds of securities:
1. Stock market index futures;
2. Stock market index options;
3. Stock options.
The simultaneous expirations generally increases the trading volume of options, futures and the underlying stocks, and occasionally increases volatility of prices of related securities.
III. Signals of the day
2.1 Morning trade
We had a difficult move to take because in front of multi-timeframes resistances. What I usually do, is to wait for a pullback near the EMA 20 which has a few huge benefits:
- generally gets me a better entry price (lower for a long, higher for a short)
- reduce the distance between my entry price and stop-loss - hence reducing the risk of the trade
The Algorithm Builder - INDICES calculates the stop-loss internally, based on the price where the signal appears
2.2 Afternoon trades
1. 8:45 am
The first SHORT was given against the leading trend. Around 2:45 pm the background is green, meaning the leading trend is still bullish but as we got a short trade, we had to take it.
Plus we were just below a ton of supports which tells us that a pullback near the EMA 20 is really required.
Before getting invalidated by the brown vertical bar, we had an 84 pips opportunity .
It's usually a good practice to set the stop-loss to breakeven or exit completely a position before the opening at 9:30 am.
We often see violent and unpredictable wicks a few minutes before and after the US stocks open.
2. 4:05 pm (UTC+2)
The IDEAL scenario for the Algorithm Builder. Leading trend is red, short signal, no supports near, a great setup with a decent risk-to-reward ratio.
When we're in the same direction as the leading trend and the next algorithmic SMAs are a bit far, those are the moments where I know that my reward is far greater than my risk.
Would I overleverage or increase my position size drastically anyway knowing this is the Triple witching hour day? Maybe not :)
Maybe I should have (kidding) :( ... it was a 162 pips move :)
All the best,
Dave
