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Japanese candlesticks are better than any indicator Although indicators can help in the process of constant trading, nothing compares to Japanese candlesticks , which in themselves show who is stronger in the market, buyers or sellers. Using technical analysis in your favor is crucial for understanding what may happen next in the market. But... Japanese candlesticks often give the clearest picture of them all. Learn to read what Japanese candles show. Understanding who is currently dominating the market can significantly help you in acquiring additional mergers that are necessary not only to confirm your pattern but also to determine in advance what the price can do next. Financial markets are a continuous open battlefield of buyers and sellers. Look for a strong side to be with the dominant side in the market. ❤️ Please, support our work with like & comment! ❤️
Education
by SignalProvider
9
YOUR SUCCESS IN TRADING | Expectations VS Reality 💰🤔☠️ Hey traders, Being a full-time trader & running a coaching program for the last three years, I met hundreds of struggling traders from different parts of the globe. Guess why the majority of them could not make it? What was the main reason for their bad luck? It wasn't their trading strategy, nor their technical analysis. The source of their failure was the expectations. Trying different trading strategies, following the signals of different signal providers, these traders expected quick gains and exponential account growth. They were actually in a state of a constant search of a holy grail, of a magic wand that will open Pandora's box to them. Just a single losing trade made them skeptical while the first losing streak made them drop the strategy and return back to the search. They keep spending thousands of dollars on trading strategies promising them close to 100% win rate. There is this common mantra, the stereotype about a pro trader: a guy with 4 screens making a quick buck on each and every market rally, driving Lambo, and living in a mansion. Unfortunately, the reality is different. Ahead you will encounter loneliness, losses, pain, and disapproval. The road to success in this game is long and dangerous. Get ready to see the skepticism in the eyes of your relatives and friends. Many years and tons of money must be spent in order to make it. But even mastering the system, becoming a consistently profitable trader you will not constantly beat the market. Your wins will just slightly outperform your losses giving you the means for living. If you are ready for that if you are courageous enough to start and to proceed no matter what, you are already one step ahead of the majority. Be prepared to work hard and practice much, set a correct goal, and sacrifice your presence for the sake of an independent and prosperous future. Are you ready? ❤️Please, support this post with a like and comment!❤️
Education
by VasilyTrader
145
Reason Why You Draw Elliott Waves WRONGThe Elliott wave principle is known to every floor trader. Now, in 2019, I started noticing appearance of huge amount of beginners using this model in their analytics confidently, but could make errors in forms. It leads to formation of wave moving graphic, which don’t correspond to The Elliott wave principle and is wide to be truth. As a result, people lose their money. In this article I would like to describe all the nuances and try to do it as understandable as possible., highlighting the points which are often neglected. According to The Elliott wave principle, each market decision is the source of significant information and it’s effect in equal measure. Each transaction is a part of the market structure serving as a cause and consequence of the behaviour of others, due to the delivery of the transaction data to investors. This interrelation is owing to social aspects of "human nature" and it generates some forms. Due to the fact of the repetition of figures, it has predictive meaning. It seems that sometimes the market reflects to the external conditions and events, but at other times it stays completely independent of what most people consider causal conditions. The point is the market has it’s own law. His movement is not always conditioned and predictable, which many get used to in daily living. The market is also not a cyclical system, as some proclaim, despite the fact that it’s moving reflects a structured, rigorous sequence. This sequence presented in waves, so those waves are models of the directional movement, specifically: Wave is one of the model which naturally develops according to The Elliott wave principle Five-wave model: The development of price movement, ultimately, forms a special wave structure. Three of them, marked with the designations O-1, 2-3 and 4-5, make directional movement indeed. They are split by countertrend interruptions- the opposite direction waves, marked as 1-2, and 3-4. These interruptions are undoubtedly an integral part of the general directional movement. R.N. Elliott did not specifically emphasize that there is only one basic figure - the “five-wave” model, but this is definitely a fact. At any time, the market can be estimated as being somewhere on the base five-wave model of the highest wave level of movement. the five-wave model is the basic figure of the market movement; therefore, all models can be composed of it. Wave mode: There are two styles of wave development: motive and corrective. Motive waves have a five-wave structure, while corrective waves have a three-wave structure or their varieties. The motive style is the basis of the five-wave structure in the figure above, and its unidirectional components, i.e. waves O-1, 2-3 and 4-5. Their structures are called “moving” because they put the market in considerable motion and are co-directional with the trend. The corrective style is the basis of all interruptions in the opposite direction, which include waves 1-2 and 3-4 in the picture above. Their structure is called “corrective” because they can only perform a partial interruption or “correction” from the movement achieved by any previous driving wave. Overall, these two styles are fundamentally different in their role and in their structure, what will be described in detail in this article. Twists and turns of the full cycle: R.N. Elliott indicated In his 1938 book, “The Law of the Waves”, that the stock market is developing in accordance with a basic rhythm or model of five upward waves and three downward waves, forming a complete cycle of eight waves. A model of five upward waves followed by three downward waves is shown below: In addition, one complete cycle, consisting of eight waves can be represented by two different phases: the impulsive phase, whose composite waves with a level less than indicated by numbers, and the correction phase, whose subwaves are indicated by letters. The order a, b, c corrects the order 1, 2, 3, 4, 5, as shown in the image above (just as waves 2 and 4 correct waves 1 and 3, respectively) . After the end of the wave cycle shown in the 2nd image, the second similar cycle of five upward waves begins, followed by three downward waves. Then the third stage of movement develops, also consisting of five upward waves. This third stage ends the five-wave motion with one wave level higher than the level of the waves of which it consists. The result is shown in the image below to the peak indicated by (5). At the peak of wave (5), a downward movement of a correspondingly higher wave level begins consisting of three waves again. These three waves of the next wave level “correct” the movement of five upward waves of the same level. The result is another complete cycle, but at a higher wave level, as shown in the 3rd image. In the same picture, each unidirectional component of the motive wave of a full cycle and each full-cycle component (i.e., waves 1 + 2 or waves 3 + 4) of this cycle are a reduced version of the same cycle, i.e. waves of a finer wave level. {Waves (1), (3) and (5) - reduced copies of the wave ; waves 1, 3 and 5 - reduced copies of waves (1), (3) and (5); waves (1) + (2), (3) + (4) - reduced copies of waves + ; waves 1 + 2, 3 + 4 - reduced copies of waves (1) + (2), (3) + (4) *} (Below I will denote the waves by abbreviated notation, namely (O-1) = (1), (1-2) = (2), (2-3) = 3, (3-4) = 4, (4 -5) = 5. (O-A) = (A), (AB) = (B), (BC) = (C).) It is really important to understand the main point: the 3rd image not only illustrates the expanded version of the figure, made up of the figure in the 2nd image. Moreover, it shows the same figure from the 2nd image, but in more detail. In the 2 image, each subwave 1, 3 and 5 is a motive wave that can be divided into “fives”, and each subwave 2 and 4 is a corrective wave that can be divided into a, b waves, c. If we consider the waves (1) and (2) on the 3rd image elaborately, they form the same figure as the waves and . All these images demonstrate the phenomenon of an invariable form inside an always changing wave level. The composite structure of market prices is such that two waves of the same wave level are divided into eight waves of a smaller wave level, and these eight waves are divided in the same way into thirty-four waves of the next wave level. In this case, The Elliott wave principle reflects the fact that waves of any wave level, in any sequence, can always be divided again and again into waves of a lower level and at the same time they are also components of waves of a higher wave level. Consequently, we can use the 3rd image. to show two waves, eight waves or thirty-four waves, depending on the wave level to which we refer. Fundamental concepts: The phenomena of form, wave level and relative motion are even more detailed on the 4th image. This illustration reflects the basic law - on any market cycle, the waves are distributed as shown below. Number of waves at each level: Motive + Corrective = Cycle The highest level 1 + 1 = 2 The level below 5 + 3 = 8 Next level down 21 + 13 = 34 Next level down 89 + 55 = 144 No figures on the 2nd image and 3m image., neither the figure on the 4m image means the end of their development. As before, the end of another eight-wave movement (five up and three down) completes the cycle, which automatically becomes two components of the wave of the next wave level. As long as wave development continues, the process of constructing higher wave levels continues. The reverse process of separation into smaller wave levels also continues unlimitedly. In this case, as far as we can judge, all waves are composed of wave components, and are such. R.N. Elliott himself never made an assumption why the underlying market structure consists of five waves of growth and three waves of interruption. He simply noted that this is the fact. Should the foundational structure necessarily consist of five and three waves? Think and you will understand that this is a necessary minimum, providing translational motion simultaneously with elements of forward movement, and with elements of interruption, and, therefore, the most effective way of such movement. One wave does not contain an interruption. The minimum set for the interruption is three waves. Three waves in both directions will not provide translational motion. In order to move in one direction regardless of the duration of the interruption the movement in the main direction should contains at least five waves just to exceed the interruption from three waves and still contain these interruptive waves. Although to ensure this there could have been more waves than in our case but the most rational figure of guaranteed forward movement is 5-3 = 5-C, and nature usually follows the most rational path. The Elliott wave principle would be easy to apply if the main issues described above constitute a complete description of market behaviour. However, the real world, fortunately or unfortunately, is not so simple. Next, we describe the market behaviour in real life. This is what Elliott intended to describe, and he succeeded. Leave your like to speed up an update on this idea. There we will talk about one of the very titled traders who became the winner of the US Championship in trading in 1984 with a real cash account and set a record that has not been broken so far .
BITSTAMP:BTCUSD
by BillCharison
168
ETH/USD - Market OverviewThis is a follow on analysis from my previous ETH/USD analysis, which went perfectly to plan (See related ideas below for more information) When analyzing ETH/USD on the 8 hour chart, it is clear price hit side-wards resistance, and has broken down since. It was clear we would have downwards movement from this zone. Price is trading lower, and could retest side-wards resistance first before a breakdown. Price will break down in one of two ways, they are: - Price continues to break down to the lows without correction, and hits the horizontal support zone at 498. - Price retests the side-wards resistance line at 585, before retesting, breaking down, and hitting the support zone at 580. The only way I will change my mind on price trading to the downside is if price breaks above the side-wards resistance line, retests it as a new support and goes to the upside. Bare in mind, just because 498 is the horizontal support zone, it does not mean price has to go this low. This is simply the lowest it can go. I will continue to update this analysis if enough people request it. Please leave a LIKE and follow. I'd really appreciate it.
BITFINEX:ETHUSD
by TomProTrader
17
AUD/USD - Downside LikelyHi traders, hope you're all having a good weekend. We have a potential setup forming for AUD/USD on the 4H chart with a breakdown trade. This could be an excellent shorting opportunity. I have tested a few hypothetical trading scenarios that could come into play when the FX market opens later. Each time, I have got over an 1:2 Risk to Reward. When analyzing the pair, I discovered that price seems to react when it hits specific technical levels. Each time price hits the sideways resistance, it seems to test the resistance, and price stalls, and falls into the lows. I then zoomed out on my chart, and drew the line acting as sideways resistance further back. I was surprised to discover that the sideways resistance line I'd drawn had been having a strong affect on price for a very long time (Since May 2017). With this information, I now knew that the sideways resistance line I'd discovered was more likely to be reliable, because it had been having an affect on price for a long time. I then discovered that price is currently at a horizontal support level as well, and is about to break the support level. If price breaks the horizontal support, coupled with the discovered sideways resistance, I believe these lines will act as a very strong resistance ceiling. At the resistance line there is multiple reversal candlesticks showing weakness. And a clear Fibonacci retracement was hit. This further consolidates that we have hit a resistance level in play. I am expecting a down move of 55-100 pips. If price is not affected by local support levels, it will achieve the full 100 pips. Only if a minor support affects price it will not achieve target. Upon using a Stochastic indicator on this instrument, I discovered a strong hidden bearish divergence. I am personally not an indicator trader, but to those who do may find this information useful. Do remember that price needs to open below the current price & support level, to be favorable to trade. So it is important to watch this trade carefully before considering a position. I will be posting updates on this trade below as it progresses, so like & follow to keep at to date with this analysis. If you have any questions or queries on this trade, feel free to connect.
Short
by TomProTrader
7
Expect a turn on GBPJPYThe pair might soon experience an abrupt change to the downside. Firstly the whole move tho the upside did not have much of a correction which would be commensurable in time and price. Secondly, the pair is potentially positioned in wave B. This causes us to think that there will be a C wave down. Thirdly, GBPJPY is forming a pattern which Fractology identifies as a reversal pattern. Fractology would advise waiting for a move before taking any trades. After that happens we will find a place to sell within a corrective pattern.
Short
by AleksandrLombrozo
EURGBP is about to reverse downWeeks ago We published our bullish view on EURGBP. (Check the link - www.fractology.biz ) Since then the pair has risen up more than 5 percent. It was a spectacular chance to increase your trading account. At the moment We have revised the analysis and expect a complete reversal. This should become possible within an enormous daily zigzag move which represented a correction since an impulse down in October and November 2016. However, Fractology advises waiting for the price to violate the trendline down and correct itself to make that move possible.
Short
by AleksandrLombrozo