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Trade Like A Sniper - Episode 50 - EURJPY - (21st June 2024)This video is part of a video series where I backtest a specific asset using the TradingView Replay function, and perform a top-down analysis using ICT's Concepts in order to frame ONE high-probability setup. I choose a random point of time to replay, and begin to work my way down the timeframes. Trading like a sniper is not about entries with no drawdown. It is about careful planning, discipline, and taking your shot at the right time in the best of conditions. A couple of things to note: - I cannot see news events. - I cannot change timeframes without affecting my bias due to higher-timeframe candles revealing its entire range. - I cannot go to a very low timeframe due to the limit in amount of replayed candlesticks In this session I will be analyzing EURJPY, starting from the 2-Month chart. If you want to learn more, check out my profile.
Education
by Road_2_Funded
Trade Like A Sniper - Episode 10 - EURJPY - (31st May 2024)This video is part of a video series where I backtest a specific asset using the TradingView Replay function, and perform a top-down analysis in order to frame ONE high-probability setup. I choose a random point of time to replay, and begin to work my way down the timeframes. Trading like a sniper is not about entries with no drawdown. It is about careful planning, discipline, and taking your shot at the right time in the best of conditions. A couple of things to note: - I cannot see news events. - I cannot change timeframes without affecting my bias due to higher-timeframe candles revealing its entire range. - I cannot go to a very low timeframe due to the limit in amount of replayed candlesticks In this session I will be analyzing EURJPY, starting from the 6-Month chart. - R2F
Education
by Road_2_Funded
Price Action Lesson: The Basics of How to Read PriceHey Guys! Just wanted to put up a quick Price Action Lesson on How to Read Price. I demonstrate this foundational element of reading price with a current eurjpy short trade I'm currently in. The Key point of the lesson is simply: Directional movement of price is irrelevant when it comes to reading price. What's important is "How Price Gets from Point A to Point B". So even if price moves up, if there is no signs of strength in the same direction, that move up will be unsustainable. Moreover, this foundational way of looking at price movement is what allows a trader to always be one step ahead of the market and thus not chase the market. Ok! I hope this helps guys! Have a great day! Ken Disclaimer: This is not Personal Financial Advice.
Education
by TradingForexPriceAction
1
Confirming Trends with the Lower Time Frames EUR/JPY ExampleHey Guys! As you know, I'm currently waiting for a pullback to at least 131.67 for a short entry with the stop loss at 133.68 and the main target at 114.40. Like always, I'm watching the lower time frames to confirm whether or not I will get this pullback to 131.67. During the initial move long there were several confirmations of short term long strength on the 1M-15M charts through Trendline break outs then immediate breaks back into the trendline. ( Immediate break back in means: the break out candle's close and the break back in candle's open is at the same price level) Thus was expecting short term long strength. However, 8 pips from my short entry level, there was a legitimate 15M Head and Shoulders that went it's target height level before reaching the right shoulder's stop loss level. Signaling waning short term long strength. ( If long strength was present, price should ignore the H&S and not reach it's target height price level and stop traders out at the right shoulder's stop loss level. )( I can't explain the details here.) So price did not reach my short entry level at 131.67 by a whopping 8 pips! (Yikes!!!!) Soon after, there was a 4h trendline break out with no immediate break back in further signaling 4h waning long strength.(Ti----mberrrrr!) Currently, there was a downward 1h trendline that was broken out to the long side, with no immediate break back in signaling "slight" waning short term short strength. ( I say slight due to the 1h Trendline not being as prominent as I would like to signal waning short strength.) In this way, I measure whether or not I will get a pullback for higher time frame entries (Weekly trade in this case) using the lower time frames to confirm short term long/short strength. However, I also use this method to confirm higher time frame trends. Or as I like to call it, higher time frame "biases". I'll keep you guys updated with this short set up! Have a great day guys! Ken Disclaimer: This is not Personal Financial Advice.
Education
by TradingForexPriceAction
📚HOW TO EFFECTIVELY USE THE HEAD & SHOULDER PATTERN 📚Right here is the dynamic head and shoulder pattern and the steps to trade them when you spot them on the chart. For Head and shoulder pattern to effectively work, we need the left shoulder and the head to complete first. Then we will wait for price to fall back to the support horizontal line. Then if price doesn't break the support level downward, you enter a buy order and set your take profit where the right shoulder will form. Also, if price does not break the resistance at the right shoulder, then we now have our H & S pattern. We then sell again and take profit at the support. Then if a downward breakout occur at the support, we wait for a retest back to the support zone to turn resistance. Then we sell again through the long tail. THE SAME GOES FOR THE INVERSE H & S PATTERN. What do you think? Share your opinion in the comment section✍️ Please support this idea with a LIKE👍 if you find it useful🥳 Follow me to receive more updates on this pair🤙 Comment any coin you need my analysis or forecast on📈📉 Happy Trading💰🥳🤗 Thank you for your support!💓
Education
by PetrockFxTrading
2
An up and down channelWelcome Back. Please support this idea with LIKE if you find it useful. *** What Is an Ascending Channel? An ascending channel is the price action contained between upward sloping parallel lines. Higher highs and higher lows characterize this price pattern. Technical analysts construct an ascending channel by drawing a lower trend line that connects the swing lows, and an upper channel line that joins the swing highs. *** An ascending channel is used in technical analysis to show an uptrend in a security’s price. It is formed from two positive sloping trend lines drawn above and below a price series depicting resistance and support levels, respectively. Channels are used commonly in technical analysis to confirm trends and identify breakouts and reversals. *** A bearish channel is a continuation chart pattern (of a trend). A bearish channel is formed by two parallel bearish lines. The price progresses between these two parallel lines; the upper line is called the "resistance line"; the lower line is called the "support line". Each of these lines must have been touched at least twice to validate the pattern. NB: a line is said to be "valid" if the price line touches the support or resistance at least 3 times. This implies that the bearish channel pattern is considered valid if the price touches the support line at least 3 times and the resistance line twice (or the support line at least twice and the resistance line 3 times).
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by Saeed966
2
Head and shoulders typesHello my friend | Welcome Back. Please support this idea with LIKE if you find it useful. *** The head and shoulders chart pattern is a popular and easy to spot pattern in technical analysis that shows a baseline with three peaks, the middle peak being the highest. The head and shoulders chart depicts a bullish-to-bearish trend reversal and signals that an upward trend is nearing its end. The pattern appears on all time frames and can, therefore, be used by all types of traders and investors. Entry levels, stop levels and price targets make the formation easy to implement, as the chart pattern provides important and easy to see levels.
Education
by Saeed966
8
Classic graphicsHello Please support this idea with LIKE if you find it useful. Classic technical analysis is one of the best analyzes for finding a buy or sell opportunity So I drew some of the most common technical drawings used in the analysis. ***** 1 ) What Is a Head And Shoulders Pattern? A head and shoulders pattern is a chart formation that appears as a baseline with three peaks, the outside two are close in height and the middle is highest. In technical analysis, a head and shoulders pattern describes a specific chart formation that predicts a bullish-to-bearish trend reversal. The head and shoulders pattern is believed to be one of the most reliable trend reversal patterns. It is one of several top patterns that signal, with varying degrees of accuracy, that an upward trend is nearing its end. * A head and shoulders pattern is a technical indicator with a chart pattern described by three peaks, the outside two are close in height and the middle is highest. * A head and shoulders pattern describes a specific chart formation that predicts a bullish-to-bearish trend reversal. * The head and shoulders pattern is believed to be one of the most reliable trend reversal patterns. 2 ) What is Inverse Head And Shoulders? An inverse head and shoulders, also called a "head and shoulders bottom", is similar to the standard head and shoulders pattern, but inverted: with the head and shoulders top used to predict reversals in downtrends. This pattern is identified when the price action of a security meets the following characteristics: the price falls to a trough and then rises; the price falls below the former trough and then rises again; finally, the price falls again but not as far as the second trough. Once the final trough is made, the price heads upward, toward the resistance found near the top of the previous troughs. 3-4 ) What is a Sideways Trend? A sideways trend is the horizontal price movement that occurs when the forces of supply and demand are nearly equal. This typically occurs during a period of consolidation before the price continues a prior trend or reverses into a new trend. A sideways price trend is also commonly known as a "horizontal trend." * A sideways trend is the horizontal price movement of a stock between resistance and support levels that occurs when the forces of supply and demand are balanced. * Traders can profit from sideways trends in several ways, from looking for confirmations of a breakout or breakdown to using stock options to placing stop-loss orders when the price nears resistance levels. 4 ) What is a Descending Triangle? A descending triangle is a bearish chart pattern used in technical analysis that is created by drawing one trend line that connects a series of lower highs and a second horizontal trend line that connects a series of lows. Oftentimes, traders watch for a move below the lower support trend line because it suggests that the downward momentum is building and a breakdown is imminent. Once the breakdown occurs, traders enter into short positions and aggressively help push the price of the asset even lower. 4-5 ) What is an Ascending Triangle? An ascending triangle is a chart pattern used in technical analysis. It is created by price moves that allow for a horizontal line to be drawn along the swing highs, and a rising trendline to be drawn along the swing lows. The two lines form a triangle. Traders often watch for breakouts from triangle patterns. The breakout can occur to the upside or downside. Ascending triangles are often called continuation patterns since the price will typically breakout in the same direction as the trend that was in place just prior to the triangle forming. 7 ) What is a Descending Channel? A descending channel is drawn by connecting the lower highs and lower lows of a security's price with parallel trendlines to show a downward trend. Officially, the space between the trendlines is the descending channel, which falls under the broad category of trend channels. 8 ) What Is Rising (Or) Ascending Channel Chart Pattern? As you can notice the rising channel pattern moves upwards, it is also called as Bullish Channel pattern. It comprises of two lines parallel to each other with points shaping higher highs and higher lows therefore consequential in bullish channel or upside channel. The price is limited between the two trend lines. 9 ) Support and resistance role reversal A key concept of technical analysis is that when a resistance or support level is broken, its role is reversed. If the price falls below a support level, that level will become resistance. If the price rises above a resistance level, it will often become support. As the price moves past a level of support or resistance, it is thought that supply and demand has shifted, causing the breached level to reverse its role.
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Education
by Saeed966
44
What Are Fibonacci Retracements and Fibonacci Ratios?How Fibonacci Ratios Work Before we can understand why these ratios were chosen, let's review the Fibonacci number series. The Fibonacci sequence of numbers is as follows: 0, 1, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144, etc. Each term in this sequence is simply the sum of the two preceding terms, and the sequence continues infinitely. One of the remarkable characteristics of this numerical sequence is that each number is approximately 1.618 times greater than the preceding number. This common relationship between every number in the series is the foundation of the ratios used by technical traders to determine retracement levels. The key Fibonacci ratio of 61.8% is found by dividing one number in the series by the number that follows it. For example, 21 divided by 34 equals 0.6176, and 55 divided by 89 equals about 0.61798. The 38.2% ratio is discovered by dividing a number in the series by the number located two spots to the right. For instance, 55 divided by 144 equals approximately 0.38194. The 23.6% ratio is found by dividing one number in the series by the number that is three places to the right. For example, 8 divided by 34 equals about 0.23529. Fibonacci Retracement and Predicting Stock Prices For unknown reasons, these Fibonacci ratios seem to play a role in the stock market, just as they do in nature. Technical traders attempt to use them to determine critical points where an asset's price momentum is likely to reverse. Fibonacci retracements are the most widely used of all the Fibonacci trading tools. That is partly because of their relative simplicity and partly due to their applicability to almost any trading instrument. They can be used to draw support lines, identify resistance levels, place stop-loss orders, and set target prices. Fibonacci ratios can even act as a primary mechanism in a countertrend trading strategy. Fibonacci retracement levels are horizontal lines that indicate the possible locations of support and resistance levels. Each level is associated with one of the above ratios or percentages. It shows how much of a prior move the price has retraced. The direction of the previous trend is likely to continue. However, the price of the asset usually retraces to one of the ratios listed above before that happens. The following chart illustrates how a Fibonacci retracement appears. Most modern trading platforms contain a tool that automatically draws in the horizontal lines. Notice how the price changes direction as it approaches the support and resistance levels. Fibonacci Retracement Pros and Cons Despite the popularity of Fibonacci retracements, the tools have some conceptual and technical disadvantages that traders should be aware of when using them. The use of the Fibonacci retracement is subjective. Traders may use this technical indicator in different ways. Those traders who make profits using Fibonacci retracement verify its effectiveness. At the same time, those who lose money say it is unreliable. Others argue that technical analysis is a case of a self-fulfilling prophecy. If traders are all watching and using the same Fibonacci ratios or other technical indicators, the price action may reflect that fact. The underlying principle of any Fibonacci tool is a numerical anomaly that is not grounded in any logical proof. The ratios, integers, sequences, and formulas derived from the Fibonacci sequence are only the product of a mathematical process. That does not make Fibonacci trading inherently unreliable. However, it can be uncomfortable for traders who want to understand the rationale behind a strategy. Furthermore, a Fibonacci retracement strategy can only point to possible corrections, reversals, and countertrend bounces. This system struggles to confirm any other indicators and doesn't provide easily identifiable strong or weak signals. The Bottom Line Fibonacci trading tools suffer from the same problems as other universal trading strategies, such as the Elliott Wave theory. That said, many traders find success using Fibonacci ratios and retracements to place transactions within long-term price trends. Fibonacci retracement can become even more powerful when used in conjunction with other indicators or technical signals. Investopedia Academy's Technical Analysis course covers these indicators as well as how to transform patterns into actionable trading plans.
Education
by Saeed966
6
Trading with convergence to increase your probabilityTaking a look at the price action on EURJPY currently, we have seen a potential selling opportunity setup. Why we like this setup is because it holds a few factors that all converge together. As traders the higher the amount of information we have to help make an informed decision the better. As you can see from the 15 Minute chart, we firstly have price move quite rapidly higher until it starts to run out of steam and show signs of price exhaustion, we can also see this through the creation of a bearish 3 drive pattern at the highs. This pattern is a good indicator for potential reversal when used in the right context. What increases the probability on this particular setup is that this exhaustion also occurs at the 126.00 big figure as this level could also hold larger pockets of order flow and help price to reject lower. As traders we don't know exactly how far price can move but what we can do is locate areas or levels on a chart that could cause a possible bounce or rejection in our favor. It's in these moves that we can look to potentially manage a trade profitably in the process.
Education
by DavidVillagra
Multi Timeframe Analysis - different supply/demand levelsHello all, this lesson will be about my monthly/weekly, daily, 4h etc. supply/demands critical areas, so you can get a better idea why i use them. After you know the most basic thing about my analysis, we can start with the next baby steps in understanding price direction. This also goes for all of the structures such as closed triangles, trendlines etc. on the higher timeframes. I prefer using the term "supply and demands" since it is the correct one in economics. In other words supply and demand can be seen in every single product that is offered in a market. Sorry for my mistakes, it took me more than 15 recording in order to get this one. Thank you! Have a great trading week!
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by SigmaTrading