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THE KOG REPORTTHE KOG REPORT: In last week’s KOG Report we said we would be looking for price to attempt the push up, go into resistance where we wanted to short the market into the order region, and then look for the long trade back up from there on the RIP into the levels above. This went extremely well giving us a pin point move from level to level. During the week we updated the idea, which was already going to plan with a new bullish bias level and trade the new Excalibur activations upside into just below where we are now. Plan worked well again giving an almost pip to pip, level to level reaction from our levels and following our bias and analysis posted pre-hand. Well done to those that followed not only gold but the numerous other pairs we trade in Camelot which also gave us fantastic results for the week. So, what can we expect in the week ahead? This week we would say caution on long trades unless we get a pullback into key level support where we feel it’s worth a test, unless the higher levels aren’t taken on or during the early sessions of the week. We have an order region sitting above 2425-35 which is a large region, and if we see price attempt and give us a clean reversal there, we feel an opportunity to short the market is available for traders back down into the 2400 and below that 2385 price region which is where they may want to start to accumulate again. The issue we have here is that 2445-65 level which is a clean region of liquidity if they want to take it and stretch the sellers even more, so here we will caution again, as that level is the extension of the move, be prepared! So, in practice what do we do? Because we’re back in uncharted territory again, we’ll have to treat this as level to level play, we’ll look lower in the highlight region to go long, unless broken, and if they continue to take us up, we’ll trade it level to level looking for the ultimate short trade following our trusted guide. KOG’s Bias for the week: Bullish above 2395 with targets above 2430-35 and above that 2447 Bearish on break of 2395 with targets below 2375 It’s going to be a difficult week with potential of gaps on opening due to a Powell speech later, be fore market open! There is a lot of geopolitical news driving the markets and fear is present, although it’s looking like we’re going higher we would say caution over the week as a sudden turn will be extreme! Please do support us by hitting the like button, leaving a comment, and giving us a follow. We’ve been doing this for a long time now providing traders with in-depth free analysis on Gold, so your likes and comments are very much appreciated. As always, trade safe. KOG
FX:XAUUSD
by KnightsofGold
10
Want to spot a turning point in trend before it happens?Want to spot a turning point in trend before it happens? Use Elliott wave parallel channel This chart shows the GBP/JPY currency pair using monthly candlesticks. The advance from Sep 2011 to June 2015 can be labeled as an impulse wave (A). From that high, the pair declined in three waves labeled as wave (B) of a Zigzag A-B-C correction with an expanding diagonal characteristic in the C wave position. As a rule, in a Zigzag rally, wave B notably terminates above the origin of wave A. When wave (C) advance of a zigzag rally is in operation, we can forecast where wave (C) might end. We can use Elliott wave channel projection by connecting the origin of wave (A) with the end of wave (B) and then drawing a parallel line from the end of wave (A). As a guideline, the resulting channel gives us a potential target for the wave (C) endpoint. Moreover, we can also use ratio analysis to improve the odds. As a guideline, in Zigzag formations, wave (C) commonly ends after traveling the same length as wave (A). Observe this level corresponds with the Elliott wave channel projection. This cluster of evidence hints at wave (C) advance from Mar 2020 is in late stages and that prices are approaching a major top.
Education
by Aquanet_Market_Forecast
17
Technical Analysis DOES NOT WORK in GOLD Trading Does technical analysis really work in Gold trading? In this article, we will discuss whether the traditional, classic methods of technical analysis: support and resistance, breakouts, patterns can be reliable in this specific market. We will explore the dynamics of Gold prices so far this year and discuss the most efficient way to trade Gold. So if you are a gold trader or simple interested in the market analysis, you should not miss this eye-opening discussion! First, let's discuss how Gold market behaves from the beginning of the year from technical analysis perspective. Gold started this year in a strong bullish trend, the market opened after setting a new higher high on a daily the second of January. After a formation of a higher high, the market became overbought and a correctional movement initiated. The price formed a bullish flag pattern and reached the level of the last higher low - a very important support. After the test of structure, the price bounced and violated a resistance line of a flag with a strong bullish candle. From the technical perspective, it was a very strong trend-following signal and a bullish continuation was anticipated. However, it turned out that it was a false signal, and instead of going higher, the market dropped, setting a new lower low. Why this false signal is so important is that the breakouts, key levels and price action analysis are the most reliable on a daily time frame. Such a strong combination: bullish trend, bullish pattern, key support; has a very high accuracy on a daily. That was the first time this year, when technical analysis on a daily was completely screwed . It felt like the market was turning bearish. The price violated a level of the higher low, setting a new lower low. For Smart Money traders, it is a very important event that is called a Change of Character. It strongly confirms a bearish reversal on the market. One more bearish confirmation that I spotted was a completed head and shoulders pattern formation with a confirmed violation of its neckline. That signal also confirms a bearish reversal. And again, these 2 bearish confirmations were the false signals. The price went back above the neckline and a bullish movement initiated. This time, a classic price action pattern did not work , and smart money concepts gave a false signal. Then I spotted a very bullish signal - the price violated a major falling trend line and closed above that. It clearly indicated that the market was returning to a global bullish trend. And again, that signal was completely false. And the price dropped. Trend line breakout in the direction of the trend - a classic trend-following confirmation did not work. Then we saw 2 strong bearish signals: a bearish breakout of a rising trend line and a key horizontal support with a high momentum bearish candle. It felt like now it confirms that the market is bearish and it should drop lower to the closest key support. And again, technicals failed miserably and after a retest of a broken horizontal structure and a trend line, the price just went higher completely neglecting them From the beginning of the year, technical analysis: key levels, patterns, smart money, breakouts do not work on a daily. All the signals that were spotted so far failed. If you just started trading, you may easily come to the conclusion that technical analysis does not make any sense on Gold. And you will be completely right, in that period it does not work at all. I am trading Gold and Forex for more than 9 years, and year after year I noticed that there always are the periods when some techniques, some strategies do not work. Sometimes these periods are very short, but some time they can be quite long. The only proven way to overcome such periods is consistency and proper risk management . Risking a tiny portion of your trading account per trade, you will be able to survive the stubborn market. The market always returns to normal conditions and starts respecting the technicals again. However, no one knows when. There is a famous quote by John Keynes: "Markets can remain irrational longer than you stay solvent"" And only proper risk management will keep you solvent longer than the market stays irrational. ❤️Please, support my work with like, thank you!❤️
OANDA:XAUUSDEducation
by VasilyTrader
6
THE KOG REPORT - UpdateEnd of day update from us here at KOG: We were expecting it to be a quiet day, but in true unconventional market fashion we actually had a blinding day on the markets, especially gold. Early session we saw the break above which confirmed the long trade, Excalibur activated, the red box strategy agreed, and we got not 1 but 2 fantastic long trades on gold. To top it off, tap and bounce on the nose from the reaction point highlighted on the chart giving a move down, but only into support. So, what now? We would like to see this support level below hold around 2320-15 region, and if so, would like to see this attempt that 2335-40 region before we decide whether the set up is right for the short trade. Resistance now stand at 2330-35 which will need to break to go higher. Otherwise, we'll look for the setup tomorrow and wait for Excalibur to confirm. As always, trade safe. KOG
FX:XAUUSD
by KnightsofGold
2
Top-5 tips for Top-Down Multiple Time Frame Analysis Trading I am trading multiple time frame analysis for many years. After reviewing trading ideas from various traders on Tradingview, I noticed that many traders are applying that incorrectly In this article, I will share with you 5 essential tips , that will help you improve your multiple time frame analysis and top-down trading. The Order of Analysis Matters Multiple time frame analysis is also called top-down analysis for a reason. When you trade with that, you should strictly start your analysis with higher time frames and then dive lower, investigating shorter-term time frames. Unfortunately, most of the traders do the opposite. They start from a lower time frame and finish on a higher one. Above are 3 time frames of EURGBP pair: daily, 4h, 1h. To execute multiple time frames analysis properly, start with a daily, then check a 4h and only then the hourly time frame. Limit the Number of Time Frames Executing multiple time frame analysis, many traders analyse a lot of time frames. They may start from a weekly and finish on 5 minute time frame, going through 5-8 time frames. Remember that is it completely wrong. For execution of a multiple time frame analysis, it is more than enough to analyse 3 or even 2 time frames. Adding more time frames will overwhelm your analysis and make it too complex. Analyse Particular Time Frames Your multiple time frame analysis should be consistent and rule-based. It means that you should strictly define the time frames that you analyse. For example, for day trading, my main trading time frames are daily, 4h, 1h. I consistently analyse ONLY these trading time frames and I look for day trades only analysing this combination of time frames. Higher is the time frame, stronger the signal in provides Trading with multiple time frame analysis, very often you will encounter controversial signals: you may see a very bullish pattern on a daily and a very bearish confirmation on 30 minutes time frame. Always remember that the higher time frames confirmations are always stronger, and their accuracy is probability is always higher. Above there are 2 patterns: a head and shoulders pattern on a daily time frame with a confirmed neckline breakout, and an inverted head and shoulders pattern on a 4h time frame with a confirmed neckline breakout. 2 patterns give 2 controversial signals: the pattern on a daily is very bullish and the pattern on a 4h is very bearish. The signal on a daily time frame will be always stronger , so it is reasonable to be on a bearish side here. You can see that the price dropped after a retest of a neckline of a head and shoulders on a daily, completely neglecting a bullish pattern on a 4H. Each Time Frame Should Have Its Purpose You should analyse any particular time frame for a reason. You should know exactly what you are looking for there and what is the purpose of your analysis. For example, for day trading, I analyse 3 time frames. On a daily, I analyse the market trend and key levels. On a 4H time frame, I analyse candlesticks. On an hourly time frame, I look for a price action pattern as a confirmation. On GBPAUD on a daily, I see a test of a key horizontal resistance. On a 4H time frame, the price formed a doji candle. On an hourly, I spotted a double top, giving me a bearish confirmation. These trading tips will increase the accuracy of your multiple time frame analysis. Study them carefully and adopt them in your trading. ❤️Please, support my work with like, thank you!❤️
OANDA:XAUUSDEducation
by VasilyTrader
4
Dynamics of Bull Market CyclesBull markets are the epitome of investor optimism and economic growth, characterized by rising asset prices and increasing investor confidence. However, within every bull market, there lies a cyclical pattern composed of distinct phases: Discovery, Momentum, and Blow-off. Understanding these phases is crucial for investors to navigate the market efficiently and capitalize on opportunities while mitigating risks. 🟣 Discovery Phase: 👉 Accumulation: During the accumulation phase, institutional investors and smart money recognize undervalued assets and begin quietly accumulating positions. This often occurs when the broader market sentiment is still pessimistic or uncertain, presenting attractive buying opportunities. 👉 Trend Emergence: As accumulation continues, subtle shifts in market dynamics become apparent. Prices begin to exhibit higher highs and higher lows, indicating the emergence of an uptrend. Technical indicators such as moving averages may start to show bullish crossovers, further confirming the trend. 🟣 Momentum Phase: 👉 Shake-out: The shake-out phase is characterized by short-term price declines or corrections that test investor resolve. Weak-handed investors, who bought near the end of the accumulation phase or are driven by fear, panic sell their positions. This phase often creates volatility and uncertainty but also offers opportunities for long-term investors to accumulate quality assets at discounted prices. 👉 Momentum Building: Following the shake-out, momentum begins to build as the broader market recognizes the strength of the uptrend. More investors start participating in the rally, driving prices higher. Positive news catalysts and strong earnings reports further fuel the momentum, attracting even more investors. 👉 First Sentiment: As the bull market gains momentum, investor sentiment shifts from cautious optimism to moderate confidence. Market participants start to believe in the sustainability of the uptrend, leading to increased buying activity. However, skepticism may still linger, especially among contrarian investors who remain wary of potential overvaluation. 🟣 Blow-off Phase: 👉 Renewed Optimism: In the blow-off phase, optimism reignites as investors regain confidence in the market's upward trajectory. Corrections or pullbacks are viewed as buying opportunities rather than signals of impending reversal. Institutional investors and retail traders alike re-enter the market, driving prices to new highs. 👉 FOMO (Fear of Missing Out): Fear of Missing Out becomes prevalent as investors fear being left behind in the rally. Social media, financial news outlets, and word-of-mouth recommendations amplify the sense of urgency to buy, further fueling price appreciation. This FOMO-driven buying frenzy can lead to exaggerated price moves and irrational exuberance. 👉 Euphoria: Euphoria marks the peak of the bull market cycle. Investors become irrationally exuberant, believing that the current uptrend will continue indefinitely. Risk management takes a backseat as greed overrides caution. Valuation metrics may reach extreme levels, signaling frothiness in the market. Understanding the cyclical nature of bull market cycles is essential for investors to navigate the market successfully. By recognizing the distinct phases of Discovery, Momentum, and Blow-off, investors can make informed decisions, capitalize on opportunities, and protect their portfolios from potential downturns. While bull markets are synonymous with optimism and prosperity, prudent risk management and a keen awareness of market dynamics are critical for long-term investment success.
Education
by Vestinda
2
Support and Resistance levelsSupport and resistance levels, the bedrock of technical analysis, are fundamental elements. They serve as critical points that delineate potential price movements and are pivotal in decision-making processes for traders and investors alike The basis: There are several fundamental concepts in trading that remain the same over a long period of time. Among them, the concepts of support and resistance levels stand out. When used correctly, support and resistance levels improve trading efficiency in financial markets. Today we will delve deeper into these concepts. Price behavior: The fundamental principle of price behavior lies in the concept of supply and demand, governing the existence and operation of any market. When demand outweighs supply, it prompts an upward push in prices, while in reverse circumstances, a decrease is observed. By identifying levels of supply and demand, traders significantly enhance their success rate. A support level indicates a price range where strong buying positions are concentrated, typically defined by two minimum price points. A resistance level, conversely, denotes a price range around which strong selling positions are clustered, often marked by two maximum price points. It's important to note that support and resistance levels should not be viewed as precise lines. Prices may not necessarily adhere to these levels point by point; often, they may not even touch the level directly, sometimes piercing through it. This variability is normal, so these levels should be perceived more as zones of support and resistance. The width of these zones can vary, with the magnitude of dispersion dependent on the timeframe in which trading occurs. The higher the timeframe, the potentially broader the range of support and resistance levels. Once again for strengthening: Support and resistance levels represent specific price ranges on a chart (often represented by rectangles in my analysis) where the direction of price movement has historically changed. These ranges attract traders' attention because they provide clear points for setting stop losses and entering trades. In addition, these levels usually attract large buyers or sellers whose limit orders contribute to market dynamics. Essentially, the level denotes the price area in the market where traders perceive the price to be either overpriced or underpriced, depending on the prevailing market conditions. Therefore, it is extremely important to closely monitor key levels where the role of support and resistance has changed or where significant price reversals have occurred. Blending levels signify pivotal points on a price chart where price action can prompt a reversal in the opposite direction. In the presence of a robust trend, price movements may penetrate through these supply and demand levels, leading to potential shifts in direction. Such occurrences typically coincide with heightened transaction volumes. The interplay of price adjustments, heightened market activity, and trading volumes collectively influence market direction. When resistance is breached and the price retraces to its previous level, there's a likelihood that bulls will once again push it upwards. Conversely, if the price retraces to the breached level after breaking through support, bears are likely to actively drive it downwards. Support and resistance levels can be identified as areas in the market where traders are more inclined to buy or sell, depending on current market conditions. This creates a zone of collision between buyers and sellers, often prompting the market to change its direction. Retest: A retest of a level refers to a brief return of the price to the breached support or resistance line for testing purposes. Following the retest, the price typically continues its movement in the direction of the breakout. On higher time frames, support and resistance levels become more powerful: It is important to observe the price action around levels: If the price swiftly reverses from a level into the opposite trend, it indicates significant importance of that level. If the price tests a specific area multiple times with minor retracements, it's likely that the level will eventually be breached. Swing zones refer to areas where the price retraces to the previous pullback in either a downtrend or uptrend. In less robust trends, the price tends to return to the boundary of the previous correction before continuing its movement. Of course, support and resistance are dynamic concepts that require constant attention and analysis as their meaning changes depending on prevailing market conditions. Moreover, it is critical to consider multiple confirmations such as volume analysis and breakouts to confirm the strength of these levels. Thank you for your attention!
Education
by truepersonal
26
Don't Trade These Trend Lines | Forex Trading Basics A lot of traders apply trend lines for trading and making predictions on different financial markets. Trend line can also be an important element of price action patterns. However, only few knows that some trend lines are better to be avoided. In this article, I will share with you the types of trend lines that you should avoid and not rely on for making trading decisions. Invalidated Trend Line Even the strongest trend lines may lose their significance with time. Before you take a trade from a trend line, make sure that it still remains valid. If the trend line is not respected by the buyers and then by the sellers, or by the sellers and then by the buyers, we say that such a trend line lost its significance, and it is better to not trade it. Have a look at that rising trend line on USDCAD. We see strong bullish reactions to that, and we may expect a bullish movement from that, once it is tested. However, it was violated and after a breakout it should turn into a vertical resistance. Retesting that, the price easily went through the broken trend line. The trend line lost its significance, and it is better to not trade that in future. 2 Touches Based Trend Line When you are looking for a strong trend line to trade, remember that the trend line should be confirmed by at least 3 touches and 3 consequent bullish / bearish reactions to that. Above is the example of a valid and reliable trend line. However, quite often, newbie trade 2 touches based trend lines. Most of the time, such trend lines are neglected by the market. Moreover, relying on 2-touches-based trend lines, your chart will look like a complete mess. Simply because there are too many trend line meeting that criteria. Receding trend line There are the trend lines that go against your trade with time while remaining valid. Have a look at a major falling trend line on NZDCHF on a daily time frame. You may open a swing long position from that on a daily or a day trade on intraday time frames like an hourly. You can see that the market may easily go against your predictions for a long time, while perfectly respecting a trend line. The price was sliding on that trend line for 6 consequent days before it finally started to grow. Such trend lines are better to be avoided . Make sure that a trend line and your trade have the same direction. Trend lines can provide very safe points for trading entries. However, the trend lines are not equal and while some of them can be very profitable, some of them can lead to substantial losses. ❤️Please, support my work with like, thank you!❤️
OANDA:XAUUSDEducation
by VasilyTrader
20
Embracing Failure: The Key to Unlocking Trading SuccessIn the pursuit of trading mastery, the path is often littered with setbacks and failures. However, it's essential to recognize that these hurdles are not just obstacles but invaluable learning opportunities. Learning how to fail – and more importantly, learning from failure – is a critical step towards enhancing your trading success. This article explores the significance of embracing failure as a vital component of your trading education. ➡️ The Role of Failure in Trading Trading, by nature, involves uncertainty and risk. Even the most seasoned traders face losses; it's an inherent part of the game. However, the difference between successful traders and those who struggle lies in their response to failure. Successful traders view failures as feedback, using them as a springboard to refine strategies, hone skills, and fortify mental resilience. ➡️ Failing Forward The concept of "failing forward" means using setbacks as a catalyst for growth. Instead of letting failure deter your progress, it involves analyzing what went wrong, understanding the factors at play, and adjusting your approach accordingly. This mindset shift is crucial in trading, where the same mistake can be costly if repeated. ➡️ Lessons from Losses Every loss carries a lesson. It could be a flaw in your strategy, a gap in your market knowledge, or even an insight into your psychological biases. By meticulously reviewing your failed trades, you can uncover these lessons and apply them to avoid similar pitfalls in the future. Remember, in trading, experience is measured not just by your wins but also by how you navigate and learn from losses. ➡️ Some famous quotes Thomas A. Edison : " I have not failed. I've just found 10,000 ways that won't work. " Winston Churchill : " Success is stumbling from failure to failure with no loss of enthusiasm. " Michael Jordan : " I've failed over and over and over again in my life and that is why I succeed. " Henry Ford : " Failure is simply the opportunity to begin again, this time more intelligently. " J.K. Rowling : " It is impossible to live without failing at something, unless you live so cautiously that you might as well not have lived at all—in which case, you fail by default. " Oprah Winfrey : " Failure is another stepping stone to greatness. " Theodore Roosevelt : " The only man who never makes mistakes is the man who never does anything. " Albert Einstein : " A person who never made a mistake never tried anything new. " Coco Chanel : " Success is most often achieved by those who don't know that failure is inevitable. " Johnny Cash : " You build on failure. You use it as a stepping stone. " James Joyce : " Mistakes are the portals of discovery. " Samuel Beckett : " Ever tried. Ever failed. No matter. Try again. Fail again. Fail better. " Robert F. Kennedy : " Only those who dare to fail greatly can ever achieve greatly. " John C. Maxwell : " Fail early, fail often, but always fail forward. " Arianna Huffington : " Failure is not the opposite of success; it's part of success. " Abraham Lincoln : " My great concern is not whether you have failed, but whether you are content with your failure. " Dale Carnegie : " Develop success from failures. Discouragement and failure are two of the surest stepping stones to success. " Mary Kay Ash : " When you fail, you have to be able to say, 'I believe in myself enough to try again. '" Steve Jobs : " Remembering that I'll be dead soon is the most important tool I've ever encountered to help me make the big choices in life. Because almost everything — all external expectations, all pride, all fear of embarrassment or failure — these things just fall away in the face of death, leaving only what is truly important. " Richard Branson : " Do not be embarrassed by your failures, learn from them and start again. " As you can see, you're not the only one who fails, the famous people quoted all had their fair share of fails. The fact that they did not give up is testimony to their eventual success. ➡️ Building Resilience Repeated exposure to failure, coupled with a constructive response, builds resilience. This mental toughness is invaluable in trading, helping you maintain composure and clarity in the face of market volatility. Resilient traders are better equipped to stick to their strategies, manage risks effectively, and seize opportunities without being swayed by emotional extremes. ➡️ Practical Steps to Learn from Failure ☝🏽 Keep a Trading Journal : Document every trade, including the rationale, outcome, and any emotions felt. Review this journal regularly to identify patterns in your failures. ☝🏽 Seek Feedback : Engage with a trading community or mentor. External perspectives can offer insights you might overlook. ☝🏽 Educate Continuously : Use failures as a cue to fill knowledge gaps. Whether it's technical analysis, market fundamentals, or trading psychology, there's always more to learn. ☝🏽 Develop a Growth Mindset : Cultivate the belief that your abilities and intelligence can grow with effort. This mindset encourages resilience and a positive attitude towards learning from failure. ➡️ Conclusion In trading, failure is not the opposite of success; it's part of the journey to success . By embracing your failures, analyzing them, and extracting lessons, you can continually improve your trading performance . Remember, every great trader has faced setbacks; what sets them apart is their ability to learn, adapt, and evolve from those experiences. So, next time you encounter a setback, see it as an opportunity to grow and inch closer to your trading goals. ❓How do you deal with failure? Do you let it get the best of you or do you dust yourself off and continue with renewed drive and energy? Share your experience in the comments below 👇🏽👇🏽👇🏽 Liked this article? Give it a boost 🚀 Follow for more! Thanks for reading, meet you in the comments.
COINBASE:BTCUSDEducation
by Nico.Muselle
9
Smart Money Concepts Detailed Learning Plan. 5 Essential Topics If you want to learn Smart Money concepts, but you don't know what to start with, this article with help. I will share with you 5-steps Smart Money Concepts learning plan . 5 important topics to study in SMC. Topic 1: Market Structure - the analysis of a behavior of a price on a chart. In the contest of Smart Money Concepts you should learn: -SMC structure mapping -Market trend identification -Trend change -Trend reversal -SMC important events: BoS, CHoCH Learn Trend Analysis Leach ChoCH Topic 2: Liquidity Zones - learn to identify the areas on a price chart where liquidity concentrates. Learn How to Identify Liquidity Zones Topic 3: Imbalance - one of the most accurate signals of the presence of big players / smart money on the market. Learn How to Identify Imbalance with Candlestick Topic 4: Order Block - the specific areas on a price chart where institutional traders / smart money are placing significant number of trading orders. Top 5: Top-Down Analysis - structured and consistent analysis of multiple time frames. After you study Topic 1, 2, 3, 4, you should learn to apply these knowledge and techniques on multiple time frames, to make informed decisions, following long-term, mid-term, short-term analysis. Learn Top - Down Analysis The 5 topics that we discussed are essential for your success as a smart money trader. Study these topics with care, and I guarantee you that you will achieve exceptional results. ❤️Please, support my work with like, thank you!❤️
OANDA:XAUUSDEducation
by VasilyTrader
4
Powerful Fibonacci Trading Strategy For Beginners I am going to reveal a powerful fibonacci trading strategy that I learned many years ago. It combines structure analysis, fibonacci retracement and extension levels and candlestick analysis. Step 1 Find a trending market - the market that is trading in a bullish or in a bearish trend on a daily time frame. AUDUSD is trading in a bullish trend on a daily. Step 2 Execute structure analysis - identify key horizontal and vertical structures on a daily time frame. Take a look at key structures that I spotted on AUDUSD. Step 3 Draw fibonacci retracement levels. Here are the important ratios you should look for: 382, 50, 618, 786. In a bearish trend, draw fibonacci retracement levels from the high of the trend to current low based on wicks. In a bullish trend, You should apply fibonacci retracement from the low of the trend to a current high based on wicks. Take a look how I draw the retracement levels, I took the low of the trend and the high of the trend. Step 4 Find confluence. Look for fibonacci numbers that match - lie within key structures that you identified. Support 1 matches with 382 retracement. Support 2 matches with 786 retracement. Remove other ratios from the chart. Step 5 Wait for a test of one of the fibonacci levels that match with key structure The price perfectly tested 382 retracement level. Step 6 Wait for a confirmation on a 4h time frame. Our confirmation will be a formation of an engulfing candle - a strong candle that completely engulfs the entire range of a previous candle with its body. In a bearish trend, we will look for a formation of a bearish engulfing candle. Bearish engulfing candle indicates a strong selling pressure and the strength of the sellers. In a bullish trend, we will look for a bullish engulfing candle. It indicates a strong buying reaction and imbalance. Have a look at a bullish engulfing candle that was formed on AUDUSD on a 4H time frame after a test of 382 retracement. Step 7 Open a trading position, set stop loss and choose the target. After you spotted an engulfing candle, open a trading position. Open short after a formation of a bearish engulfing candle and open long after a formation of a bullish engulfing candle. If you sell, your safest stop loss will be 1.272 extension of the last bullish impulse on a 4H. If you buy, your stop loss will be 1.272 extension of the last bearish impulse on a 4H. In our example, our stop loss will be 1.272 extension of a bearish impulse leg on a 4H time frame. The extension is based on high and low of the impulse. If you short, your take profit will be the closest key structure support on a daily. If you buy, your take profit will be the closes key structure resistance on a daily. Here is our take profit level. Being applied properly, the strategy should generate 60%+ winning rate. Always remember to check your reward to risk ratio before you open the trade. It should be at least 1.1/1. Also, before you place a trade, always make sure that you trade WITH the trend and take only trend-following trades. The strategy works perfectly on Forex, Gold, Silver, Oil, Indexes. Good luck in your trading. ❤️Please, support my work with like, thank you!❤️
OANDA:XAUUSDEducation
by VasilyTrader
30
DON'T TRADE THESE SUPPORTS AND RESISTANCES When it comes to technical analysis, the understanding of which support and resistance levels to not trade can be as important as knowing which ones to trade. In this article, I will show you the structure levels that professional traders avoid to maximize their profits and minimize losses. Invalidated support and resistance Invalidated support/resistance is the structure that has a clear historical significance, but that lost its strength and was neglected by the market during the last 2 tests. Have a look at that key horizontal support. We can see that in the recent past, the price bounced from that multiple times, confirming its significance. Then, the price suddenly broke and closed below that support. According to the rules, that structure should turn into a resistance after a violation. However, after its test, the price bounced and violated that to the upside. The structure became invalid, and you should not trade that in future. Resistance in a Bullish Trend If the market is trading in a bullish trend, according to the rules its last higher high composes a key horizontal resistance. USDJPY is trading in a strong bullish trend. The price dropped once it set a new higher high higher close. It composes a key horizontal resistance. Always remember, that in a bullish trend, the price tends to set new higher highs and higher lows over time. Quite often, the test of the level of the last high leads to a further bullish continuation and a formation of a new higher high. For that reason, it is better not to trade such resistances. Support in a Bearish Trend In a bearish trend, the last lower low is always considered to be a key horizontal support. Above is a price action on USDCHF. The pair is bearish and recently set a new lower low. It is a key horizontal support now. However, in a bearish trend, the price tends to set a new low after a retracement. Most of the time, it does not respect the support based on the last lower low. I recommend you not to trade such supports. I always repeat to my students that key levels work, but they are not equal in their significance. While some of them are very strong, some are better to be avoided. ❤️Please, support my work with like, thank you!❤️
OANDA:XAUUSDEducation
by VasilyTrader
3
KOG - Identify your zones!Identifying the correct zones and regions for your trading: Many of our followers will know that not only do we have Excalibur targets, we give the exact levels and price points that we want the price to achieve. What we also do, is show you the boxes (zones) on the chart for the wider community, to help steer you in the right direction. Price action plays a huge part in this and it’s something all traders should learn, however, zones are effective, not only in trading the right way, but knowing when you’re in the wrong way! Price is a series of test on levels. It creates trends or ranges but will always do the same thing. Once we understand this, we know it's not the market that is the problem, it’s us, the trader. If we learn it's behaviour all we then need to do is make sure our money and risk management is up to scratch. It's never 100%, but if we test a level, it breaks, structure suggests it's going against us, don't hold on to hope, or add more in the direction you intended. Cut the damn thing like it's a poison to your account. You need to treat this as a business, no matter what your account size. Every day there are large institutions who want to take your money away from you, you’re in this market to take from them and give them as little as possible. You should have a risk model in place, am I going to risk a certain percentage of my account? Am I going to stick to a stop loss of a certain number of pips? Am I going to have a risk reward that makes sense? Your stop loss and risk management plan are your best friend in this market, it allows you to limit the losses and live to trade another day. The market will give you clues as to what it’s going to do, breaks, tests, and retests. We can plan the move before it happens this way, we know if it breaks a level, that level turns into support or resistance then it’s going to go and test the next level. Remember: The market will always give you a chance to get out of a trade if it’s going against you, as traders our ego's take over and we hold on to hope. If you're in a whipsaw and choppy market and in the wrong direction, your safest option, even if it ends up going your way in the end is to get out of it and limit your losses. You can always find another entry point for a better risk reward. Ego is one of the biggest killers of accounts and works both ways. Hold on to a failing plan it will humble you. Show the market you’re too confident, it will humble you! Know when to trade, know when not to trade, know when you’re in the wrong way and accept defeat! The example on the chart is showing you a simple 4H timeframe, with the zones in place. We know price will play zones and levels, it has to test these almost to see if it likes that price point or not. It will either break or reject the level. If it breaks, you will usually see a forceful break, then the retest of the level which turns previous support/resistance into new support/resistance, or it will reject, in which case you will usually find the reversal. When trading with a bias or a target in mind, the market will use these zones (levels) to work within and as traders, we should know that if a level is hit, that’s our target reached, or, if it’s broken, that’s sign that we should either start thinking about managing the trade or getting out of it. In order to plot the levels, you will need to zoom out of the chart. Similar to the ‘Simple trading strategy’ we have shared in the past, you will use the peaks and troughs dragged across to present day, to identify your zones. Why? You may ask! Because the market is historical, the levels are the levels, and “levels don’t lie”. Concern: What many traders do, and it’s not their fault, it’s just a lack of education and trading experience, is hold on to trades with huge drawdown. They will place a trade in one direction, price goes against them, instead of implementing a stop loss, they will convince themselves the market will come back to this price, so instead “I’ll turn that into a swing trade”. This is the wrong way to think about the market, especially if you’re an intra-day trader, which most of us are. Shown on the chart, you can see, the level breaks, the level is retested, the retest in confirmed and the price moves away from the level. Once, the retest if confirmed, that’s the market telling you the trader, listen, you’re potentially in the wrong way, and we’re going to test another level higher/lower, so prepare yourself. This is a really simple way, together with a risk model in place, to limit losses and maintain a healthy account. Please try it and let us know! As always, trade safe. KOG
FX:XAUUSDEducation
by KnightsofGold
7
How I caught 100 pips on EUR after my analysis got INVALIDATED!In my last analysis, we were expecting EURUSD to retrace to the golden zone where I was looking for buying opportunity. Unfortunately, the price broke the highs and continued moving to the upside. Our main goal was to buy EURUSD targeting areas above 1.090. So what we did was that we waited price to come back to an area where we had at least two confluences. 1. Uptrend 2. 61.8 fibonacci level Using the Fibonacci tool from the last low to the last high, we were able to catch EURUSD at a good level ( 1.087 ) targeting the 1.098 level ( +100 pips ) Price will always come back and give you the best opportunity so no need to FOMO and panic! This is an explanation of how we can find a high probability trade like the one above
by Tradenessfx
What to Do If You Are Losing in Trading? Have you ever been in the following situation? You pick a trading strategy, you make nice profits and then, for some unknown reasons, you start losing. You take one trade after another and the strategy stops working. That is a very common thing that happens will every trader. I am trading for more than 9 years, and you know what, this year I got a trading week when I got 4 losing trades in a row. In this article, I will explain to you what to do in such a situation and how to deal with losses. So here are the trades that I took. I shorted EURJPY, EURNZD, GBPJPY and USDCAD. I bought AUDJPY. All the trades a rule based, they were strictly taken in accordance with my trading strategy. AUDJPY, EURJPY, EURNZD, GBPJPY trades closed in a loss and USDCAD closed on breakeven. It is a l osing streak of 4 trades. Does it mean that a trading strategy doesn't work anymore? What 90% of traders do when they face the situations like that, they start trading with a new strategy. They win, they face a losing streak and the cycle repeats. The truth is that there is no trading strategy that does not lose occasionally. Losing streaks are the part of the game. For the last 5 years, my strategy shows 64% average win rate. It means that among 10 trades, the first 4 can be the losing ones and the 6 remaining can be the winners. It is the game of statistics. Now, imagine the potential distribution of winners and losers in 100 trades. If you know that your strategy is historically profitable , if you back tested that, and it proved its efficiency what you should do, you should keep trading that. The more losses you face, the higher is the probability that the winning streak is coming. Each losing trade will increase the chance that the next one will be finally profitable. With so many years of trading and faced various drawdowns and losing streaks, what I learned is that if you keep trading your strategy, if you keep trusting that, the market will always give you a chance to recover. But if you stop, if you drop the strategy once you face a losing streak and pick a new one, you will simply miss the winning streak. Repeating that cycle at the end of the day you will lose everything. That is the hard truth about rule-based trading. ❤️Please, support my work with like, thank you!❤️
FOREXCOM:XAUUSDEducation
by VasilyTrader
3
100% TRADERS START WITH DREAM TO GET RICH QUICKHey guys! Do you agree with me?! It's easy to become charmed by the prospect of making rapid money in the financial markets, yet trading makes almost no one rich – in fact, many individuals lose money* If you like my graphics, please use Like button 💙💛 * 90% of traders losing money, only 10% get profits. Why? Here is 3 reasons: 1) Most traders Enter A Trade Too Early 2) Most traders Exit Too Late 3) Most traders Don’t Follow a Risk Management Here is list my tips to help you to get in profit:
BITFINEX:BTCUSDEducation
by ArShevelev
15
LEARN THE MOST IMPORTANT FOREX FUNDAMENTALS 📰 Even though I am a pure technician and I rely only on technical analysis when I trade, we can not deny the fact that fundamentals are the main driver of the financial markets. In this post, we will discuss the most important fundamentals that affect forex market. You can check coming fundamental news on TradingView in the economic calendar. The calendar button on the right side will display the coming news. Click "only high importance" button and the system will display only the most important news. Here are the most important fundamental releases that you should pay close attention to: 📍Unemployment rate. Unemployment rate reflects the percentage of people without a job in a selected country or region. Rising unemployment rate usually signifies an unhealthy state of the economy and negatively affects the currency strength. 📍Housing prices. Housing prices reflect people's demand for housing. Rising rate reflects a healthy state of the economy, strengthening purchasing power of the individuals and their confidence in the future. Growing demand for housing is considered to be one of the most important drivers in the economy. 📍Inflation. Inflation reflects the purchasing power of a currency. It is usually measured by evaluation of the price of the selected basket of goods or services over some period. High inflation is usually the primary indicator of the weakness of the currency and the unhealthy state of the economy. 📍Monetary policy. Monetary policy is the actions of central banks related to money supply in the economy. There are two main levers: interests rates and bank reserve requirements. Higher interest rates suppress the economy, making the currency stronger. Lower interests rates increase the money supply, making the economy grow but devaluing the national currency. 📍Political discourse. Political discourse is the social, economical and geopolitical policies of the national government. Political ideology determines the set of priorities for the ruling party that directly impacts the state of the economy. 📍Payrolls and earnings. Payroll reports reflect the dynamic of the creation of new jobs by the economy, while average earnings show the increase or decrease of the earnings of the individuals. Growing earnings and payrolls positively affect the value of a national currency and signify the expansion of the economy. Pay closes attention to these fundamentals and monitor how the market reacts to that data. What fundamentals do you consider to be the most important? ❤️Please, support my work with like, thank you!❤️
FOREXCOM:XAUUSDEducation
by VasilyTrader
1
5 Elements of the Best Key Level in Trading What are the best key levels to trade? Last year I analysed more than 1500 key structures on Forex, Gold, Crypto and Indexes. In the today's article, I prepared for you a list of 5 elements of a perfect support and resistance for trading. As always, remember that the best key levels are always on a daily time frame. So all the structures that we will discuss will be strictly on a daily. Also, all the structures that I analyzed and traded are available on my TradingView page, so you can back test them by your own. 1. Clear historical significance The structure that you spotted should act as a significant historical support or resistance. Here are the important historical support and resistance that I spotted on USDCAD on a daily time frame. 2. Psychological significance The structure that you identified should match with round numbers. All the structures that we spotted on USDCAD match with psychological numbers. 3. Confluence with other technical tools The best structure should align with other trading tools such as trend lines of Fibonacci levels, strengthening its significance. After adding fibonacci levels and a significant falling trend line on the chart, the confluence was found in Resistance 6, Resistance 3, Resistance 2, Resistance 1, Support 2. Other structure does not match with technical tolls. 4. Volume The level experiences high trading volumes, indicating strong participation and interest from market participants, especially smart money. All the structures that we underlined show significant volume spikes. By volume spike, I mean a volume being higher than the average volume - a blue curve on volume. 5. Multiple touches The more, the better. There are numerous instances where price has respected and reacted to the structure, confirming its strength (at least 2). Only these 3 structures were confirmed by the multiple touches. These resistances will be considered the strongest ones. That checklist will help you to identify the most significant structures from where you will be able to catch impulsive movement and make nice profits. ❤️Please, support my work with like, thank you!❤️
OANDA:XAUUSDEducation
by VasilyTrader
5
Why Traders Often Fail and How to Turn the Tide in Your FavorAs a day trader, I understand the allure of making your mark trading financial instruments. The idea of making quick profits and essentially being your boss can be incredibly enticing. However, the reality is that day trading is more challenging than it may seem. The statistics are alarming - the majority of day traders lose money. But why is that? Today, I will delve into the truths behind why day traders often fail and provide you with methods to begin turning the tide in your favor. So, let's get started and uncover the not-so-secret secrets to successful day trading. The Alarming Statistics of Day Traders Losing Money It's essential to begin by acknowledging the harsh reality that day trading is NOT a guaranteed path to riches. Studies have shown that a significant percentage of day traders end up losing money. Depending on which study or report you look at, the deck is stacked against the average day trader, with 70-90% of traders losing money within the first year of trading. That's a tough pill to swallow for anyone who wants to pursue day trading as either a full-time gig or a supplemental means of generating income. So, how does one stack the odds in their favor to become a successful trader? Understanding the Psychology of Day Traders There are three factors contributing to the high failure rate among day traders. Those factors include but are not limited to mindset, psychology, and discipline. I want to break these down for you so we can take a look at where most traders go wrong. Mindset: One may believe that mindset and psychology are the same, and though they are connected, they are not the same. In trading, mindset plays a crucial role in shaping a trader's attitude toward the market. A trader's mindset encompasses their beliefs, perspectives, and overall mental framework towards trading, risk, and uncertainty. Traders often have short-term sights set on finding unicorn gains or high win rates with little thought on a fundamental foundation to build upon for long-term growth. Having a strong and disciplined mindset is essential for navigating the complexities of the market, as it fosters critical traits such as patience, adaptability, and a long-term growth-oriented outlook. A resilient mindset can help traders weather the inevitable ups and downs of the market, maintain discipline in executing their trading strategies, and stay focused on their long-term goals. Ultimately, a positive and disciplined mindset can contribute significantly to a trader's ability to navigate challenges they will inevitably face. Psychology: Day trading can be an emotionally intense endeavor, and many traders fall victim to their emotional state. Emotions such as fear, greed, and hope, as well as cognitive biases, play a crucial role in shaping day-to-day trading decisions. For instance, the fear of missing out (FOMO) can prompt impulsive trading, while the aversion to realizing a loss can lead to holding onto losing positions for too long. Day traders must recognize and control these emotions to improve their chances of success. If you let your emotions best you, you will end up giving your money to someone who keeps those emotions in check. Overcoming psychological hurdles such as these is essential for making rational trading decisions. Additionally, being aware of cognitive biases like confirmation bias and recency bias can help traders avoid making decisions based on flawed reasoning. Understanding and managing these psychological factors is vital for maintaining discipline, especially in the face of market volatility and uncertainty. Discipline: I feel like discipline is wildly overlooked in the world of trading. There is so much toxicity bred in the field by so-called gurus who tell you trading is so simple and that massive gains are just around the corner. That is not the case in the realm of trading or any skill you hope to master. Olympic athletes do not wake up one day being the masters of their respective sport. They spend years practicing their skills with the highest level of discipline imaginable. Is trading the Olympics? No, but the principle is the same. If trading is a lifelong skill that you want to acquire, then you must commit to self-discipline in your approach to trading. So, from here, where do we start? How do we turn these three pillars in our favor and become successful in the long term? Lack of Proper Risk Management One of the primary reasons why day traders lose money is their failure to implement proper risk management strategies. Our brains are not wired to embrace loss; our minds will make every mental backflip to avoid it. This is why traders often let losers run rampant and cut their gains short. Think back to any of your previous trades. Did you justify staying in a losing trade based on some afterthought? An example justification could be, "This price can't go any higher; look how overbought XYZ stock is!" Additionally, day traders often need to pay more attention to potential profits and pay attention to potential losses. This can lead to reckless trading decisions and a failure to cut losses when necessary. With so much focus in the industry on winning, many overlook the discipline of being a great loser. Could you let that last sentence sink in for a second and give it some deep thought? Day trading inherently involves the risk of loss, and without a solid risk management plan in place, traders are essentially gambling with their money. It's essential to set clear risk limits, determine the maximum amount of capital you are willing to risk on each trade and stick to your plan. Implementing Effective Risk Management Strategies Now that we understand the importance of risk management, let's explore some practical strategies that day traders can implement to protect their capital and improve their chances of success. Use stop-loss orders: A stop-loss order is a predetermined price at which you will automatically exit a trade to limit your losses. By setting stop-loss orders at strategic levels, you can protect yourself from significant losses and maintain your risk management plan. A critical aspect of stop-losses is that they need to be a one-way street. It's okay to move a stop-loss up as a trade moves in your favor. However, never push your stop-loss back or make it wider after your trade has been initiated. This is only setting you up for long-term failure. Think of it this way: allowing a stop loss to do its job is like subjecting yourself to paper cuts compared to letting losers run, which would be akin to taking a slash from a sword. Which do you think you would better withstand in the long term? In a previous article, I highlighted different methods for setting stoplosses. I will link that article below this one, as I highly recommend you read it if you have further questions on how to set a stop-loss. Though that is only half the battle, the real challenge comes with maintaining discipline and respect for that stop-loss on every trade you take. Size your positions appropriately: It's crucial to determine the appropriate position size for each trade based on your risk tolerance and the specific trade setup. Avoid risking a significant portion of your capital on a single trade, as it can have devastating consequences if the trade goes against you, especially if you do not heed the previous advice of a disciplined stop loss. Never risk more than you are willing to lose! Diversify your portfolio: Only a few people want to day trade forever; it is a stepping stone for building wealth that you can diversify and let grow. However, if you have the capital early on to spread your investments across multiple stocks or assets, you can reduce the impact of a single trade going wrong. Diversification helps to mitigate risk and increase the likelihood of positive returns over the long term. The Importance of Having a Solid Trading Plan How do we implement discipline and solid risk management in our daily trading? We turn to the often underutilized trading plan. Day trading without a well-defined trading plan is akin to sailing without a compass. A trading plan serves as your roadmap, guiding you through the ups and downs of the market. It outlines your entry and exit strategies, risk management rules, and overall trading approach. Without a solid plan, day traders are more likely to make impulsive decisions based on emotions or market noise. This is where your discipline can help keep your emotions in check. When creating your trading plan, consider the following elements: Define your goals: Please be sure to determine your financial goals and the timeframe in which you aim to achieve them. This will help you stay focused and avoid chasing unrealistic profits. This is where you formulate your mindset and build your long-term foundation. Choose a trading strategy: Select a trading strategy that aligns with your risk tolerance and trading style. Whether it's trend following, breakout trading, or any other approach, make sure to thoroughly back-test and validate your strategy before implementing it. Set realistic expectations: Understand that day trading is not a get-rich-quick scheme. It requires dedication, continuous learning, and patience. Set realistic expectations and avoid succumbing to the allure of overnight riches. By having a well-defined trading plan and sticking to it, you can significantly increase your chances of success in the challenging world of day trading. Learning from Past Mistakes and Analyzing Trading Data One of the most effective ways to improve as a day trader is to learn from your past mistakes and analyze your trading data. It's essential for you to keep a detailed record of your trades, including entry and exit points, profit or loss, and any relevant notes or observations. By reviewing your trading data, you can identify patterns, strengths, and weaknesses in your trading strategy. This process allows you to make data-driven adjustments and refine your approach over time. Additionally, learning from your mistakes helps you avoid repeating them in the future. Practicing Patience and Emotional Control Patience and emotional control are two crucial qualities that successful day traders possess. The ability to wait for the right opportunities and avoid impulsive trading decisions can make a significant difference in your overall profitability. Day trading often involves rapid market movements and fluctuations, which can trigger emotional responses. It's essential to remain calm and composed, sticking to your trading plan and strategy. Emotions such as fear and greed can cloud judgment and lead to irrational decisions. By practicing emotional control, you can make rational and objective trading choices, increasing your chances of success. The Path to Success in Day Trading Day trading is undoubtedly challenging, but it's not an impossible endeavor. By understanding the truths behind why day traders often fail and implementing effective strategies, you can turn the tide in your favor. However, you should know that this is not an overnight ordeal. There are no shortcuts worth taking and endless hours of practice to achieve the feat of becoming an elite trader. Remember, day trading requires discipline, risk management, and continuous learning. Develop a solid trading plan, analyze your trading data, and practice patience and emotional control. By doing so, you can navigate the unpredictable waters of the financial markets with confidence and increase your chances of achieving long-term success as a day trader. Good luck and happy trading!
Education
by LeafAlgo
3
THE KOG REPORTKOG REPORT: In last week’s KOG Report, we said we would stick with the plan and look for lower pricing on Gold, only for last week we were expecting a sharp bounce from the lower support level! We gave the levels on the charts at which we wanted the move to occur, where we wanted to short the market, where we wanted to then switch and go long, each level highlighted and tapped in to nearly to the pip. We moved up, got the short, moved down, got the tap and bounce support for the kings swing long up to where we closed on Friday. A wonderful week again on the markets, completing targets not only on Gold but the numerous other pairs we trade. Many of you will have seen the power of the KOG Reports, week in week out, we’re showing you the market movement, trading it up, trading it down and trading it in-between. Wherever the market is going, we’re going with it using our unique strategy and our advanced system. Well done to those who followed, hope you had a fruitful week. So, what can we expect in the week ahead? This week we’re going to play caution on the markets! We should have a quiet day tomorrow with most of the action coming in the later part of the week. We have highlighted the important levels on the chart which we’re looking at for potential RIPs and where we will be trading it level to level using Excalibur to guide us. Ideally, to start this week we want to see price hold that lower support region 2004-6, and if held, we feel an opportunity to long the market back up towards the target 2020 (which is what we were looking for last week) and above that 2025 is reasonable. 2016 is a crucial pivot which we want to see price attempt to close above to then potentially settle and range below the order region 2030-35. Now, on the flip, with extension of the move into the 2045 level but no daily close above, we feel there may be an opportunity to short the market back down, this is where we will update the plan again and share it with the community during the week, so we can keep track of where we can go. It’s a short one this week and more straightforward than usual. Levels are on the chart, plans are in place. We wish you a successful week ahead on the markets. Please do support us by hitting the like button, leaving a comment, and giving us a follow. We’ve been doing this for a long time now providing traders with in-depth free analysis on Gold, so your likes and comments are very much appreciated. As always, trade safe. KOG
FX:XAUUSD
by KnightsofGold
5
TradingView is Everything You Need to Start Trading If you are planning to start Forex and Gold trading, I prepared for you a list of 6 essential things that you will need for a successful start. 1 - Charting Software Obviously, if you want to trade, you should analyze the charts. Most of the beginners apply metatrader 4 or 5 for that. Even though meta trader is good as a trading terminal, from charting perspective it is already outdated. My recommendation to you is to apply TradingView for chart analysis. It is very user-friendly, it offers all popular trading instruments, and it has a wonderful community where you can check ideas and forecasts of experienced traders. 2 - Set up Your Watch List There are hundreds of different trading instruments for Forex traders: major and minor pairs, exotic pairs, cfds on gold, silver, oil, etc... Your task as a beginner is to focus on a very narrow list of trading assets. Build a trading list of maximum 8 instruments , learn to trade them and expand the list as you mature in trading. Here is the example of a watch list for beginners: 7 major USD forex pairs. 3 - Make a Trading Plan There are hundreds of different trading strategies and techniques in Forex trading. And obviously, you can not trade them all. Pick a strategy that you like, that makes sense to you. Focus on that and practice, practice, practice. 4 - Economic Calendar Even if you decide to trade only technical analysis, you should not forget to check fundamentals in the economic calendar and learn their impact on the markets. You need an economic calendar for that. There is an economic calendar on TradingView, it is very reliable and you can find the important news there Pay attention to important 3-star news, and preferably don't trade ahead of the releases while you are learning. 5 - Demo Account Trading education is a long journey. While you are studying trading basics and trying different trading strategies, you should strictly trade on a demo account. I recommend paper trading on TradingView, so that you could have the analysis and the trades on the same chart. 6 - Position Size Calculator You should learn to calculate lot size for your trades from the beginning. You should always know how much is your risk per trade. For that reason, placing the trades on a demo account, you should measure lot sizes for your trades. If you demo trade on TradingView, it offers a default position size calculator when you can set the lot size according to a desired risk. Good luck in your journey and be prepared to work hard!
OANDA:XAUUSDEducation
by VasilyTrader
3
Support and Resistance VS Supply and Demand. Important Lesson In the today's post, I will compare support and resistance levels with supply and demand zones. I will explain to you the difference between them and share important tips and examples. What are support and resistance levels? We also call them key levels. These are particular levels on a price chart from where in the past we saw significant bullish or bearish movements. Key support will be a one single level, that has a historical significance and from where a bullish reaction will be anticipated. The all-time low on USDCHF will be a perfect example of a key support. It is one single level that was respected one time in the past and from where a bullish reversal initiated. Key resistance will be a one single level on a price chart that has a historical significance and from where a bearish movement will be expected. The all-time high on Gold will represent a key horizontal resistance. That level was respected one time in the past and from that level exactly the market dropped heavily. What are supply and demand zones? In comparison to support and resistance levels, supply and demand zones are the areas on a price chart. The zones that are based on multiple touches and consequent strong bullish or bearish reactions. Demand zone will be the area that was tested at least 2 times in the past, and the price should strictly respect different price levels within that area. A similar reaction will be anticipated from the demand zone in the future. The yellow area above will a good example of a demand zone. You can see that the price tested that area 3 times, and each time the market respected different levels lying within that. These 3 tests compose the demand area. Supply zon e will be the area that was tested at least 2 times in the past and the price should strictly respect different price levels within that area. A similar reaction will be anticipated from the demand zone in the future. In this example, a supply area on EURUSD is based on 2 touches of key levels, lying very close to each other. On the chart above, I underlined 2 horizontal support levels - the single levels that were respected by the market multiple times, and a supply zone - the area that is based on tests of multiple levels lying close to each other. Support and resistance levels give you SINGLE levels from where you can look for trading opportunities. While supply and demand zones represent the areas. After a test of a supply and demand zone, the market may react to a RANDOM level within that. For newbie traders, it is highly recommendable to trade single key levels, while experienced traders can broaden their strategies and trade supply and demand zones as well. ❤️Please, support my work with like, thank you!❤️
COINBASE:BTCUSDEducation
by VasilyTrader
5
Best Trading Confirmation. Learn 95% Accurate Entry Signal I have analyzed 1300 forecasts and signals that I shared on TradingView last year and found 95% accurate trading confirmation. In this article, we will discuss multiple types of confirmations and their winning rate on Forex, Gold, Indexes, Crypto & Commodities. First, let me introduce you to the types of analysis that I provided. 1 - Structure based forecast I have shared more than 55 trading setup with key levels analysis: Where the price is approaching a key daily horizontal support and resistance. Here is the example of such a post. Test of a key horizontal or vertical support/resistance turned out to be a poor trading signal. Total accuracy of structure based forecasts is 38% . Please, note that if we consider the market trend in our calculations, the trend-following structure based setup will be 42% accurate, while a performance of a counter trend setup drops to 35% 2 - Structure breakout based forecast I analyzed and posted 73 posts with a key structure breakout as a confirmation on a daily. Above is the example of a such a forecast. Key levels breakout turned out to be a strong bullish or bearish confirmation with 59% accuracy. Trend direction did not affect the efficiency of a key structure breakout that much, with a 60% accuracy of a trend following setup versus 57% of counter trend. 3 - Structure based forecast with a single intraday confirmation I shared more than 500 setups with a test of a key structure on a daily and a single price action based bullish or bearish confirmation on a 4h/1h time frame. My intraday confirmation is a formation of a price action pattern with a consequent breakout of its neckline/trend line in the projected direction. Please, check the example of such a signal. Just a single intraday confirmation dramatically increases the accuracy of a structure based setup. Average winning rate is 66%. 4 - Structure based forecast with multiple intraday confirmations I spotted and posted 200+ forecasts with a test of a key structure on a daily and multiple price action based bullish or bearish confirmations on a 4h/1h time frame. Multiple confirmations imply the formation of multiple price action patterns on 4/1h t.f. Here is the example of such a setup on EURGBP. Two or more confirmations on a key structure increase the average winning rate to 72%. Among multiple confirmations, I found a 95% accurate bearish signal: The market should be in a bearish trend. The price should test a key daily structure resistance. The market should form a rising wedge pattern on a 4h/1h time frames and the highs of the wedge should strictly test the key structure and should not violate them. After a test of structure, the price should form a bearish price action pattern on the highs of the wedge. Above is a setup with the best trading confirmation. A bearish breakout of the neckline of the pattern and a support of the wedge was a 95% accurate trading signal this year. Of course, there are various confirmations, depending on a trading style. The ones that I shared with you are structure/price action based. And I am truly impressed by their accuracy. ❤️Please, support my work with like, thank you!❤️
OANDA:XAUUSDEducation
by VasilyTrader
1