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What is TRADING PLAN and how to use it ! What is TRADING PLAN ? A trading plan is a systematic method for identifying and trading securities that takes into consideration a number of variables including time, risk and the investor’s objectives. A trading plan can help traders and investors to achieve consistent results and avoid emotional or impulsive decisions. A trading plan should be written in a clear and concise manner and be regularly reviewed and updated. One of the main benefits of having a trading plan is that it can help traders and investors to define their personal trading style and goals. For example, some traders may prefer to trade in the forex market, which is the world’s largest financial market and offers high liquidity, around-the-clock trading and the possibility of using leverage. Other traders may opt for the stocks market, which involves buying and selling shares of well-established and financially sound companies, also known as blue chips. Blue chips are generally considered to be less volatile than forex and may offer steady growth potential and dividends to investors. Another advantage of having a trading plan is that it can help traders and investors to identify the best trading opportunities and strategies for their chosen market and instrument. A trading plan should include the following elements : • Entry and exit rules : These are the criteria that determine when to open and close a position, based on technical or fundamental analysis, indicators, signals, patterns, trends, etc. If I want to explain more, I have to say that Entry and exit rules are the criteria that determine when to open and close a position, based on technical or fundamental analysis, indicators, signals, patterns, trends, etc1. They are essential for having a trading plan and a trading strategy, as they help traders and investors to define their personal trading style and goals, identify the best trading opportunities and strategies, and manage their risk and reward. For example, if you are a trend-following trader, you may use a moving average crossover as an entry rule, meaning that you buy when a faster moving average crosses above a slower moving average, indicating an uptrend, and you sell when the opposite happens, indicating a downtrend. You may also use a trailing stop as an exit rule, meaning that you adjust your stop-loss order to follow the price as it moves in your favor, locking in some profits and protecting yourself from a reversal. Entry and exit rules can vary depending on the market, instrument, time frame, and trading style that you choose. They can also be combined with other tools and techniques, such as risk-reward ratio, position sizing, diversification, etc. The key is to have clear and consistent entry and exit rules that suit your trading plan and objectives, and to follow them diligently. • Risk management : Risk management is the process of controlling the potential losses and maximizing the potential gains of each trade, by using tools such as stop-loss orders, profit targets, position sizing, diversification, etc. Risk management helps traders and investors to protect their trading accounts from losing all of its money and to achieve consistent results. Some common risk management strategies for traders are2: Determining your risk appetite : This means knowing how much you are willing to risk on each trade, based on your trading goals, capital, and risk tolerance. A common rule of thumb is to never risk more than 1% of your account on any single trade. Knowing your risk-reward ratio : This means calculating the expected return of each trade, compared to the potential loss. A risk-reward ratio of 2:1 or higher is generally considered favorable, meaning that the potential profit is twice as large as the potential loss. Using stop-loss orders : These are orders that automatically close your position when the price reaches a certain level, to limit your losses. Stop-loss orders can be fixed or trailing, meaning that they can follow the price as it moves in your favor. Using profit targets : These are orders that automatically close your position when the price reaches a certain level, to lock in your profits. Profit targets can help you to exit the market at the optimal time and avoid greed or fear. Position sizing : This means adjusting the size of your position according to your risk appetite, risk-reward ratio, and market conditions. Position sizing can help you to balance your portfolio and diversify your risk. Diversification : This means spreading your risk across different markets, instruments, time frames, and strategies. Diversification can help you to reduce your exposure to specific risks and increase your chances of success. Risk management is an essential but often overlooked prerequisite to successful trading. By following a rational and objective approach to risk management, you can avoid common pitfalls such as overtrading, undertrading, revenge trading, fear of missing out, etc. Risk management can also increase your confidence, discipline, and consistency, which are vital for success in the financial markets. • Performance evaluation : This is the method of measuring and analyzing the results of the trading plan, by using metrics such as win rate, risk-reward ratio, drawdown, return on investment, etc. A trading plan is not a static document, but a dynamic one that should be adapted to the changing market conditions and the trader’s or investor’s experience and skills. A trading plan should be tested and backtested before being implemented in the live market, and should be reviewed and revised periodically to ensure its effectiveness and suitability. Having a trading plan in forex and stocks market can help traders and investors to achieve their financial goals and avoid common pitfalls such as overtrading, undertrading, revenge trading, fear of missing out, etc. A trading plan can also increase the trader’s or investor’s confidence, discipline and consistency, which are essential for success in the financial markets. KEY POINTS : A trading plan is a systematic method for identifying and trading securities in the forex and stocks market. A trading plan can help traders and investors to achieve consistent results and avoid emotional or impulsive decisions. A trading plan should include entry and exit rules, risk management, and performance evaluation. A trading plan should be written, tested, reviewed, and updated regularly. A trading plan can increase the trader’s or investor’s confidence, discipline, and consistency. Prepared by : Arman Shaban
OANDA:XAUUSDEducation
by ArmanShabanTrading
25
Range Bar Chart, Line Chart & Candlestick Chart - Everything You Hey traders, In this post, we will discuss 3 most popular types of charts. We will discuss the advantages and disadvantages of each one, and you will decide what type is the most appropriate for you. 📈Line Chart. Line chart is the most common chart applied by analysts. Reading financial articles in different news outlets, I noticed that most of the time the authors apply line chart for the data representation. On a price chart, the only parameter that the one can set is a time period. Time period will define a time of a security closing price. The security closing prices overtime will serve as data points. These points will be connected with a continuous line. Line charts are applied for displaying an asset's price history, reducing the noise from less volatile times. Being simplistic, they can provide a general picture and market sentiment. However, they are considered to be insufficient for pattern recognition and in depth analysis. Above, a line chart is applied for analysis of a long-term trend on Gold. 📏Range Bar Chart. In contrast to a line chart, a range bar chart does not consider time horizon. The only parameter that the one can set is a price range. By the range, I mean a price interval where the price moves. A new bar will be formed only once the prices passes the desired range. Such a chart allows to completely ignore time variable, focusing only on price movement and hence reducing the market noise. The chart will plot new bars only when the market is volatile, and it will stagnate while the market is weak and consolidating. Accurately setting a desired price range, one can get multiple insights analyzing a range bar chart. In the example above, one range bar represents 10 pips price range on EURUSD. 🕯Candlestick Chart. The most popular chart among technicians and my personal favorite. ith just one single parameter - time period, the chart plots candlesticks. Each candlestick is formed as a desired time period passes. It contains an information about the opening price level, closing price, high and low of a selected time period. Candlestick chart is applied for pattern recognition and in-depth analysis. Its study unveils the behavior of the market participants and their actions at a desired time period. Each candle stick represents a price action within 4 hours on AUDUSD chart above. (time frame is 4H) Of course, each chart has its own pluses and minuses. Choosing its type, you should know exactly what information do you want to derive from the chart. What chart type do you prefer?
OANDA:XAUUSDEducation
by VasilyTrader
4
PLATINUM, WHAT IS IT AND WHY THE HECK WOULD I WANT THIS METALWhat is Platinum? Platinum is a chemical element with the symbol Pt and atomic number 78. It belongs to the noble metals group, which also includes palladium, rhodium, iridium, osmium, and ruthenium. Platinum is characterized by its high density, malleability, ductility, and resistance to corrosion. These unique properties make it an invaluable material for various industrial applications. Where is Platinum Found? While platinum is relatively scarce, it is not as rare as some other precious metals. The majority of the world's platinum supply comes from two main sources: primary production and recycling. South Africa is the leading producer of platinum, contributing significantly to the global supply. Russia, Zimbabwe, and Canada also have substantial platinum deposits. Platinum is often found alongside other minerals, such as nickel and copper, in ore deposits known as platinum group elements (PGE). Extracting platinum from these ores involves complex processes that require advanced mining and refining technologies. Why Would You Want Platinum? Jewelry and Luxury Goods: Platinum's brilliant white sheen and resistance to tarnish make it a popular choice for crafting high-end jewelry. Platinum jewelry is not only exquisite but also durable, making it an ideal choice for engagement rings, wedding bands, and other fine accessories. Catalytic Converters: The automotive industry extensively uses platinum in catalytic converters, where it plays a crucial role in reducing harmful emissions from vehicles. Its catalytic properties make it an essential component in promoting cleaner air and environmental sustainability. Electronics and Industry: Platinum is a key player in various industrial applications, including electronics, due to its excellent conductivity and resistance to corrosion. It is used in the production of electrical contacts, laboratory equipment, and in the manufacturing of glass. Investment and Financial Markets: Platinum, like gold and silver, is considered a precious metal and is actively traded in financial markets. Some investors choose to include platinum in their portfolios as a hedge against inflation and economic uncertainties. Platinum mining is a challenging and complex process. Extracting platinum from the Earth involves several intricate steps, and the scarcity of platinum deposits adds to the difficulty of mining this precious metal. Here is an overview of the key challenges associated with platinum mining: Ore Extraction: Platinum is often found in combination with other metals, forming platinum group elements (PGE) deposits. Extracting platinum from these ores requires advanced mining techniques. The ores are typically low in concentration, making the extraction process more intricate than that of more abundant metals. Depth of Deposits: Many platinum deposits are located deep underground, which adds to the complexity and cost of mining. Deep-level mining requires specialized equipment and poses safety challenges for miners. In some cases, mines may extend kilometers below the Earth's surface. Energy Intensity: The extraction and refining of platinum involve energy-intensive processes. The high temperatures required for smelting and refining contribute to the overall energy consumption of platinum mining operations. Environmental Impact: Mining operations, especially in ecologically sensitive areas, can have significant environmental impacts. Platinum mining may result in habitat disruption, soil erosion, and water pollution. Sustainable mining practices and environmental regulations are essential to mitigate these effects. Labor Intensity: Mining platinum is a labor-intensive process that requires skilled workers. The complexity of the operations, coupled with safety considerations in deep-level mining, makes it essential to have trained personnel. Market Volatility: The platinum market is subject to price fluctuations, influenced by factors such as supply and demand dynamics, economic conditions, and geopolitical events. This volatility can impact the profitability of mining operations and investment decisions in the platinum industry. Technological Challenges: The extraction and processing of platinum ores require advanced technologies. Developing and implementing efficient and environmentally responsible mining technologies is an ongoing challenge for the industry. Despite these challenges, the demand for platinum in various industries, such as jewelry, automotive, and electronics, continues to drive the exploration and extraction of new platinum sources. Innovations in mining technologies and sustainable practices are being explored to address the difficulties associated with platinum mining and ensure its responsible and ethical extraction. THE TECHNICALS Sharp downtrend, weak, although down, it is a support trend. Two strong (one stronger than the other) support trends, IF UNDER, THEN BUY is probably the rule for those. It looks like there is some downside to come, which has been showing. The ideal price targets are thicker, and basically mean, under perfect conditions, I'd exit and enter at these levels, however, nothing is ever perfect. AS far as what the technicals say for price, I'd say there is a good chance it can maintain $800, however, there is a possible dip showing, which takes price down to $700. Again, these are both under or at major trends, and we can say that if price gets to these levels, I have a better than average chance at profit. AND if I'm wrong, I'm backed up by multiple support lines, which means less time in the red. Other scenario is where the bullish momentum keeps moving up at we head up to 1200 or so before hitting that huge dip. However, I tend to see this as the less likely option. RSI is showing the dip, along with various other indicators as coming in the short term and being backed up with support and buying in the longer term, this doesn't include a black swan event, which would theoretically take the price way down, and rocket to all time highs, as platinum will likely hold value. Good luck!! Personal opinion, I'm bullish long term from a fundamental side and technical side.
TVC:PLATINUMEducation
by nicktussing77
Market Algo or pain tradesI was reading another trading book today and much like watching the dumb money movie the other day, it prompted me to write another post. So, you may have heard the expression "the market is an Algorithm" whilst this is somewhat true, it's actually more a sequence, Ralph Elliott, Richard Wyckoff and Edward Jones knew this. In simple terms, the larger operators or what's known as sophisticated money - chase liquidity pools that are often areas Dumb Money have taken entries or placed stops. Now if it was as simple as this, you could simply write an indicator or be on the winning side 100% of the time. Unfortunately, there's a lot more to it! When I say the smart kids are taking the dinner money of the dumb kids, you need to appreciate the fact that winning whilst playing against retail traders is like putting the Patriots against your local under 12's side. Or like having the New Zealand All Blacks play against an old people's home in Pakistan. (I am not sure if Pakistan even have a 1st team in rugby). To gain some understanding, you need to appreciate there's such a thing as "pain trading". A "pain trade" refers to a situation in financial markets where a significant number of investors or traders find themselves on the wrong side of the market, leading to losses or discomfort. In other words, it describes a scenario in which the market moves in a way that causes the most amount of pain or financial losses to the largest number of participants. For example, if a majority of traders are positioned for a market to go up, a pain trade would be a sharp and unexpected decline in prices, catching those traders off guard and causing them losses. The term reflects the idea that markets often move in ways that inflict the most damage on the greatest number of participants. Understanding pain trades is important for investors and traders, as it highlights the potential risks of crowded trades and the importance of risk management strategies to mitigate unexpected market movements. Investors and traders often use various indicators, market sentiment analysis, and risk management techniques to try to avoid being caught on the wrong side of a pain trade. (Thanks ChatGPT for the summary). ====================================================== So take a company like Carvana for example... This type of move happens over and over again - creating cycles (But not always the same). In this image above you can see it's likely to have swept long stop losses and then rallied hard. You probably know about the Gamestop Saga. I wrote a post on that film recently. I talked about being on the wrong side - I can't get over how someone could be up $500,000 and still go broke? But it's all in the mindset. Liquidity is the name of the game. How do these things fit together? Well, Bitcoin is a prime example - retail mindset is "HODL, Buy the Dip, Diamond hands & Lambo" - whilst as a professional trader, it's enjoying your profits and buying/selling at the expense of the dumb money. These moves are shown as the last post, buy momentum. Here is the summary image from that post. Since we had a move up - retail seem to think it's up only, they seem to put all the eggs in the hope Blackrock and a halving will make them rich... I have read articles like this recently. After watching the Dumb Money film - you know where following the crowd goes. ----------------------------------------------------------------------- Why is this an important lesson? It's all to do with pain, where is the maximum pain? Retail sentiment would suggest pain comes in the form of little movement, grinding prices in up moves and fast aggressive drops. Some context from Blackrock themselves: What is Blackrocks Biggest ETF? So again, let's add a little logic. Where is liquidity sitting? If and it's a big if - Blackrock get an ETF approved and it's half the size of their biggest ETF to date, let's then assume Retail flood in and match it dollar for dollar. That market cap would still put us roughly at the current ATH, given coins in circulation. This again just amplifies, why we are simply - NOT READY, YET!!! The move I didn't want in 2022, looks to be the biggest liquidity grab we are likely to see in the Bitcoin chart. We are very, very likely still in an A-B move up for the slow pain of coming back to build sustainable momentum. Have a Happy New Year all! Stay safe and see you in 2024! Disclaimer This idea does not constitute as financial advice. It is for educational purposes only, our principle trader has over 20 years’ experience in stocks, ETF’s, and Forex. Hence each trade setup might have different hold times, entry or exit conditions, and will vary from the post/idea shared here. You can use the information from this post to make your own trading plan for the instrument discussed. Trading carries a risk; a high percentage of retail traders lose money. Please keep this in mind when entering any trade. Stay safe.
COINBASE:BTCUSDEducation
by Mayfair_Ventures
17
Top 10 books in tradingAs a trader now of over 23 years, I have read a few hundred trading books in that time. It is always really interesting to have other people's perspective, strategies, hint, tips and tools. However, the main issue is not knowing if you are likely to get value from the book you purchase as it is also very subjective. You either have issues such as the book is too basic, or the other end of the scale, it's too advanced. During the 20 plus years, I found a number of great books that helped me - but also ones I have shared with others over the years. Regardless of your level of knowledge how do you know what works or would work for you or your style of trading? I put this list together in no real order, but I'll try to summarise each with a little about what I liked or what you can take away. ============================================================== "The Wall Street Jungle" Written by Richard Ney, first published in 1970. In this book, Ney provides readers with an insider's perspective on the world of finance and investment. He delves into the complexities and pitfalls of Wall Street, offering a critical examination of the stock market and the investment industry. Ney, a former Wall Street insider himself, reveals the often deceptive practices and psychological games played by brokers and financial institutions. He discusses the dangers of following investment advice blindly and emphasizes the importance of informed decision-making when it comes to managing one's finances. Throughout the book, Ney uses real-life examples and anecdotes to illustrate the challenges and temptations that investors face. He also explores the psychological aspects of investing, discussing how emotions can influence financial decisions and lead to costly mistakes. What I like about this is the emphasis put on the market makers, as a trader who uses Wyckoff Techniques, it made more sense when identifying with Composite Man theory. "Trading in the Zone" By Mark Douglas that focuses on the psychology of trading and investing. Published in 2000, the book offers valuable insights into the mental aspects of successful trading. Douglas emphasizes the idea that trading is not just about mastering technical analysis or market fundamentals but also about mastering one's own emotions and mindset. This book was one of the best in terms of psychology, every trader has a different appetite for risk and even profits, this is a huge factor in trading especially early on. If you struggle with psychology of trading or the emotions, I would 100% recommend this one. "The Wealth of Nations" Written by the Scottish economist and philosopher Adam Smith, first published in 1776. This influential work is considered one of the foundational texts in the field of economics and is often regarded as the birth of modern economics. In the book Smith explores the principles of a free-market capitalist system and the mechanisms that drive economic prosperity. He famously introduces the concept of the "invisible hand," which suggests that individuals pursuing their self-interest in a competitive market inadvertently contribute to the greater good of society. For me, the rules of economics have not changed much since the creation of this book. appreciating moves such as DXY up = Gold down, is simple economics. The main take away is again around Wyckoff theory for me and the fact the "invisible hand" is exactly why and how some fail and some profit. "The Go-Giver" Although not technically a trading book, it's one of the best little business/life stories. self-help book co-authored by Bob Burg and John David Mann. Published in 2007, it presents a unique and compelling philosophy on success and achieving one's goals. The book revolves around the story of a young, ambitious professional named Joe who is seeking success in his career. Through a series of encounters with a mentor named Pindar, Joe learns the "Five Laws of Stratospheric Success." These laws, which are principles of giving, value, influence, authenticity, and receptivity, guide him on a transformative journey toward becoming a true "go-giver." The way I saw this from a trading perspective is pretty much, the value given by stocks or companies is something Warren Buffet and Benjamin Graham investment theory was all about. Although a different type of value - you can understand why instruments such as gold or oil have a place, a value and this can be deemed as expensive or fair at any given point. These waves are what really moves the market. "The Zurich Axioms" A book written by Max Gunther, originally published in 1985. This book offers a set of investment and risk management principles derived from the wisdom and practices of Swiss bankers in Zurich. The Zurich Axioms provide a unique and unconventional approach to investing and wealth management. The book presents a series of investment "axioms," or guidelines, that challenge conventional wisdom in the world of finance. These axioms emphasize risk management, flexibility, and the willingness to take calculated risks. They encourage investors to think independently and avoid the herd mentality often associated with financial markets. For me it's more about investing and less about trading. But the deep down message is all to do with ultimately wealth preservation, I have been in the wealth management and investment space and found it interesting that the more an investor has, the less about making money it becomes and more about safe guarding that capital it gets. "Mastering the Market Cycle: Getting the Odds on Your Side" Written by Howard Marks, a renowned investor and co-founder of Oaktree Capital Management. Published in 2018, the book delves into the critical concept of market cycles and provides insights on how investors can navigate them to enhance their investment strategies. In the book, Marks emphasizes the cyclical nature of financial markets and discusses the inevitability of market fluctuations. He explores the factors and indicators that drive market cycles, such as economic data, investor sentiment, and market psychology. Marks' central thesis is that investors can improve their chances of success by understanding where they are in the market cycle and adjusting their investment decisions accordingly. I had a spooky delve into market cycles, I have a good friend who told me he did not trade price, instead time. This was something I could not really figure out, but was so fascinating that the markets can work in cycles. It was interesting that Larry Williams also discussed a similar thing with the Orange Juice market's in one of his books. "How I Made One Million Dollars Last Year Trading Commodities" And here is Larry Williams' book. provides an insider's perspective on his successful journey as a commodities trader. In this book, Williams shares his personal experiences, strategies, and insights into the world of commodity trading. He outlines the specific techniques and tactics he used to achieve remarkable profits in a single year. While the book may not offer a guaranteed formula for success, it offers valuable lessons on risk management, market analysis, and the psychology of trading. It serves as both an inspiration for aspiring traders and a guide for those looking to improve their trading skills in the volatile world of commodities. For me, the COT intel is invaluable. When you learn what drives markets really, COT is such a useful tool to have at your disposal. "Nature's Law: The Secret of the Universe" A groundbreaking book by Ralph Nelson Elliott, the creator of the Elliott Wave Theory. Published in the early 20th century, this influential work introduced a novel perspective on market analysis and price prediction. Elliott's theory posits that financial markets and other natural phenomena follow a repetitive, fractal pattern that can be analyzed through wave patterns. He outlines the concept of impulsive and corrective waves and demonstrates how these waves form trends in various financial markets. The book delves into the idea that the market's movements are not entirely random but instead exhibit an underlying order, governed by these wave patterns. Elliott's ideas have had a profound impact on technical analysis and have been adopted by traders and analysts worldwide. "Nature's Law" serves as the foundation of the Elliott Wave Theory, offering valuable insights for anyone interested in understanding and predicting financial markets based on natural patterns and mathematical principles. If you want to learn about Elliott Waves - here it is from the horse's mouth as they say. "Master the art of Trading" By Lewis Daniels - Master the Art of Trading trader, offers a quick, easy, and comprehensive roadmap to trading. It explores the grand theories and behavioural economics underpinning the markets, from Elliot Wave Theory to Composite Man. It unpicks visual data, such as candlestick graphs and trend lines. It equips readers with the correct tools to make sense of the data and to make better trades. And it helps readers uncover their innate strengths, realise their propensity for risk, and discover what sort of trader they are - on order to optimise their behaviour to make them as effective as possible. This book puts together all of the core trading requirements from the basic trendline through to psychology and technical techniques. "The Intelligent Investor" a classic and highly influential book on the subject of value investing, written by Benjamin Graham and first published in 1949. Graham, a renowned economist and investor, is often considered the "father of value investing." The book offers a comprehensive guide to the principles and strategies of sound, long-term investing. Graham's central concept is the distinction between two types of investors: the defensive, "intelligent" investor and the speculative investor. He emphasizes the importance of conducting in-depth analysis and due diligence to make informed investment decisions, rather than engaging in market speculation. I don't think any list of trading books is complete without this one! It's the Warren Buffer Holy Grail. For me, it's about risk management, finding value - especially with investments like value stocks. Using compounding interest and the factor of time to your advantage. ===================================================================== I would be keen to get comments and other book recommendations from the trading community here on Tradingview.
FX:XAUUSDEducation
by Mayfair_Ventures
5
People want to earn but not learnThe issue is everyone wants to make money (well, maybe not everyone) but nobody wants to take the time to learn how to do it properly. This is NOT a sales pitch by the way! it's FACT!! People often ask why I bash influencers so much, it's mainly for this reason. Majority of noobs, come into trading expecting to make a fortune. If only it was that easy, every man and his dog would be a professional trader. Over the years, I have talked about things like Bots and AI that are programmed to make you money - think logically, if again it is this easy wouldn't the founders go to the bank, loan $10million based on their results and just not bother selling and shilling to customers and retail. NOBODY wants to provide customer service, especially to the world's population. Unfortunately, regardless of the market. Trust me if you stick around long enough you get to see this behaviour in Forex, Commodities, Stocks and more recently crypto with a splash of A.I. The story goes pretty much the same way. "man (or woman) hears about an opportunity to make money through a thing called trading, they do their research which leads to the old You of Tube and that leads to "Lamborghini promises from kids with fake watches, drawing random trendlines on 3 minute charts" There's often a "sign-up" bonus if you click their shill link. So let's get this straight, they make money on watch time and those links you click. The reason I chose fish in the image above, is that most people have memories that last about 2 seconds. Mark Cuban said "everyone is a genius in a bull market" Algorithms work and influencers claim to be experts with 3 months of experience. Easy to show in a market only going one way. Trading is hard enough, let alone having the ability to lose money from scams. If a trading algorithms promises a 90% win rate - run and don't buy it. ============================================================== There are fundamental things to do and you can deploy to get you off on the right track. Firstly think of the obvious. 90% of new traders lose 90% of their money in only 90 days. Hence a 50% sign-up bonus whereby you think you gained "free cash" often has small print that you can't access it until you lost your original investment. Affiliates tend to get 25% or more of the deposit - the exchanges know full well, your about to lose your money. Second thing I try to emphasis for newer traders, is that you need to treat trading as a profession. You wouldn't watch a video and expect to be a doctor, you also wouldn't buy an algorithm or Artificial Intelligence software and expect to become New York's latest Hot Shot Lawyer You see where this is going? There is no secret sauce, no silver bullet and no short cuts. If you want to trade and make money trading, you need the basics. You need to keep doing the basics well and evolve your mindset more than a strategy. Areas that will really help you include proper risk management. If your willing to be sat in negative 20, 30 or even 50% equity positions. This won't take you long to lose your entire trading pot. Instead risking 1-2% with a risk strategy of 2 -1 or greater. it's a slower game, but it keeps you playing the game. If you take a 3 or even a 4 reward trade with only 1 risk. For every time you are right, it's giving you 4 times as much as when you are wrong. Imagine winning 20% of your trading days and still being at breakeven... simple 1:4 ratio. This is only one small aspect to keep in mind. As I mentioned above, if strategies or software is pitched with high percentage win rates - run. You need to understand the market acts differently and past results do not indicate future performance. Everyone is a genius in a bull market, remember. You do not need to go looking for the silver bullet. These strategies do not exist, instead spend the time working on strategies that can be consistent in various market conditions. This is no small task, your strategy might identify entries in a counter trend differently than it would in say a ranging market. The answer to resolve this, is BACKTESTING Don't just run your strategy on replay mode, although @TradingView has a great little tool for this. Spend the time to look at things such as "repainting" this means that when your strategy triggers an entry, does it disappear and reappear. If so, do some manual back testing. Then Dig deeper and analyse the type of market condition it was more profitable or less profitable. This could be things like "I lose more on a Monday, compared to other days" or when the market goes sideways, It triggers too many trades. I've written several articles here on pure education. Here's a few examples. In this post (worth clicking on) it has a whole bunch of lessons inside. Think of trading like you would a university course, there's plenty to learn but you can have some fun along the way! Stay safe! Disclaimer This idea does not constitute as financial advice. It is for educational purposes only, our principle trader has over 20 years’ experience in stocks, ETF’s, and Forex. Hence each trade setup might have different hold times, entry or exit conditions, and will vary from the post/idea shared here. You can use the information from this post to make your own trading plan for the instrument discussed. Trading carries a risk; a high percentage of retail traders lose money. Please keep this in mind when entering any trade. Stay safe.
Editors' picks
COINBASE:BTCUSDEducation
by Mayfair_Ventures
37
A very long-term (Macro) Approach To US/Global MarketsAfter completing my weekend research/videos, I wanted to create something that provided an anchor for traders/investors. This video is not focused on the short-term market trends - although it does discuss what I expect to see play out over the next 12 to 24 months. This video is more about preparing traders/investors for the global events related to Central Banks, market trends/opportunities, and how I believe the markets will react over the next 5+ years. After watching this video, your job will be to watch for key events to unfold. These events, described in the video, will be key to understanding where opportunities and risks are in market trends. This is NOT the same market we've been used to from 2010 through 2021. This is an entirely different beast of a global market. Credit/debt issues will persist, and conflicts/war may drive major repricing events. Pay attention and follow my research. I'm delivering this long-term research to help you better prepare for market trends and protect your capital from downside risks.
AMEX:SPYEducation
by BradMatheny
How To Analyze Any Chart 📚 Gold Example 📹Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst. Today we are going to go over a practical example on #GOLD , but you can apply the same logic / strategy on any instrument. Feel free to ask questions or request any instrument for the next episode. 📚 Always remember to follow your trading plan when it comes to entry, risk management, and trade management. Good luck! Remember, all strategies are good if managed properly! ~Rich
OANDA:XAUUSDEducation
by TheSignalyst
37
How to Profit from Trend Exhaustion - XAGUSDHow much ... and when? What else is there to know? Enjoy this multi-timeframe tour of the XAGUSD chart to learn how I find MAJOR reversals and targets BEFORE price action reaches them. As always, I strive to produce charts that speak for themselves, and yet this is my video debut here on Tradingview, and I could not be more pleased to narrate this unusual experience. If you enjoy it or, better yet, if you learn from it, then consider this a preview of forthcoming weekday morning livestreams, which I hope you will follow. Until then, be liquid!
OANDA:XAGUSDEducation
by TheLeadingIndicator
4
How i trade using engulfing candles Good afternoon gold gang! I thought i would jump on here with an educational piece on how i trade using engulfing candles along with my algo levels Whenever you get a big push in the markets, this may be a news item or simply a market open, we normally see a candle being "engulfed" .. now this means that the candle closed bigger than the previous .. imagine it over shadowing. When this happens, price likes to come back to collect orders from this level at some point in the future. Check the levels marked on my charts with a white box. The best englufing levels for me, occur at my algo levels. Observe the chart and see what i mean. Very powerful. I simply mark the level and await price to come back before making the decision to long or short it (based on the lower time frame confirmation) My algo levels are very powerful and are a constant draw on price as you can see .. they are not random and are always the same distance apart .. just look at the respect they get. Your homework is to go back on to the chart and mark all the engulfing candles you find on the 1 hour and above timeframe. See for your self how many times price comes back catch you this evening for the outlook!! follow along for more educational posts tommy
OANDA:XAUUSDEducation
by tommyXAU
2
The Evolution Of Money: From Barter-System To Cryptocurrency!Hello, Welcome to this analysis about The Evolution Of Money. Till today money had a protracted history reaching back to times where there even did not exist electricity or industry like we now it these days. Since these beginnings money constantly reshaped and emerged new forms of money that theoretically can be applied still today however it is also a fact that it is important in which form the money circulates bringing innovation and prosperity to the civilization as there are money forms although logical from its form however contra-productive for the further developments. __ The Barter System (High Phase 98000 BC - 900 BC): It is clear that in times where people did not have the ability to keep a sufficient store-of-value they had to adapt to circumstances and exchange what they had in order to receive things they need for everyday living, this form of money is called the "Barter-System". This system principally defines the exchange of goods and services against other goods and services. It was a typical hunter-gatherer-form of exchange between the individual occupations. For example, a fisherman had a lot of fish however no grain to exchange for and on the other side there was a farmer which had a lot of grain, however, no fish to eat, so these two come to an agreement to exchange the fish against the grain in order to fulfill both sides needs. This system had a lot of substantial problems as it was not possible to store any value with the goods and services, besides it only functioned when the other side also searched for the offered product therefore there needed to be a double coincidence of wants otherwise an exchange was not fulfilled by both sides agreements. Besides that there was the issue with the indivisibility of goods, for example, one had one goat and needed one pot therefore it was only possible to exchange one goat against 10 pots and now the goat holder was stuck because he could not share the goat into 10 pieces to received his one pot as needed. Overall it was a complicated exchange system that definitely could have been improved. Commodity Money (High Phase 6000 BC - 500 AD): Since it was not possible to store values with the Barter-System as there were also many goods that fouled by the times this could also be improved by the right commodities that do not foul. In ancient Rome, the Romans moved on to keep salt as a store of value and exchange for goods and services. Salt is easily divisible, it can be stored for a long period of time and it was expensive and labor-intensive to produce therefore limited in quality, besides that it was widely consumed by everybody. Additionally to salt, many other forms of this commodity money emerged such as Cattle, Tobacco, Rice, Sugar, or Tea. All commodities which can be stored over a long period and exchange properly. Together with these new gained advancements, it was a step in the right direction nevertheless there remained significant negative aspects in the commodity money these are various things such as some forms of cattle are very difficult to store because they need to be fed constantly and can not obtain a passive store, other forms like cowry shells are fragile and need to be transported carefully. Besides these storing problems, it was always difficult to transport over long routes as the commodities can take up so much room that it was simply so unpracticable to transport them over long distances. Also, there existed not universal acceptability so the two exchange partners needed to agree on the exchange of these commodities to come up with a deal. Metal Money (600 BC till today) Metal money was a true revolution in the money evolution and the story speaks for itself as it is still today widely accepted and a sufficient store of value with gold and silver holding its values. Against the commodity money, it was stable and had an inherent value as it is rare in nature as well as its supply is limited, the perfect characteristics for a natural store of value and also exchange value. As metals were already used for armors and tools and had already the value within these products this kept advancing with the first coins to be pressed in ancient Greece 600 BC after which the metallic money kept advancing into more sophisticated forms such as the IOUs and also tender coinage bringing a practicable way to pay for goods and services. The Metallic Money shaped into different forms like the IOUs where Goldsmiths backed the gold and gave people a trust which they can exchange in order to receive goods and services, so the people came to the goldsmith and bought basically gold for which they received the document to pay with. The only problem with this system was that the Goldsmiths created fake IOUs and kept spending them. Besides this form, there was the legal coinage in Rome for example with gold coins issued by the empire however the problem, in this case, was that it got debased over time as the people mixed more cheap metal like copper with the gold coins to get a higher supply, today it wont function so easily as it can be proved nevertheless in this time it marked a serious issue. Paper Money (1690 till today): The emerging paper money in fact marked a true change in the whole money system as now it was not possible to issue by everybody, now it was issued by a central authority whereas these authorities firstly existed private also the mission came more and more into central bank area. The first printed money was created in 1690 in the form of a bill of credit to serve as a promissory note by the government on its own credit, these bill of credits were unsecured paper money and at this time in the 17th to 18th century, it was still possible to have private money with private companies creating own bills with the individual exchange qualities to get into the circulation. Till today many currencies have established holding the money as it is issued by certain central banks such as the US-Dollar by the Federal-Reserve-System or the EURO by the European-Central-Bank. The problem here is that this money is printed by will and the central banks have the ability to just print more when the time is needed to do so like it was seen in the corona crisis where the money sum moved exponentially to new heights. Although Paper Money is still omnipresent and used as a store of value as well as exchange value to there are important faults that need to be improved to keep a healthy economic balance and obtain continued stable money. Plastic Money (1946 till today): In the 20Th Century, the printed central bank money moved now into the account money especially backed by the payment providers in the individual credit or debit cards. The first bank-issued cards originated in 1946 as a Brooklyn banker created the charge-it card, these were forwarded to the bank account and then the service or good was released. In post-war times further cards followed and till now there established credit-card providers which issue credit or debit cards also with giving their own credits to people that can be paid back. Cryptocurrency (2008 till today): This is the very last money form and the most innovative so far, like Bitcoins, like they invented, are limited in supply and can only be created through the mining process and proof of work they provide a sustainable interface within the blockchain which transactions are scalable and easy to use for peer-to-peer-transactions. It is not a wonder that the cryptocurrency market since the beginnings expanded more and more and several other projects emerged, there are still many projects given however the market will likely sort the not innovative ones out. Cryptocurrency marks the point in the history of money evolution where money advanced significantly from its initial barter exchange system to cryptocurrency. This is a major step and as for now, central banks are looking also into cryptocurrency and blockchain technology to implement their own central-bank-digital-currencies. There are really not many contra-aspects like in the previously stated money forms as cryptocurrency improved all the issues that previously came up and also innovated increasingly above these. __ In this manner, this was my analysis about the evolution of money which is important as the money keeps on shaping as we see it especially in these times with cryptocurrency, it is also not unlikely that these technologies will improve further, and there comes something new that is more applicable and innovative however till now cryptocurrency serves as the highest quality money forms when comparing to the other money forms. Especially it is the case that all money forms still coexist today however mainly not applicable. __ In this manner, thank you everybody for watching, support the idea with a like and follow or comment, have a good day, and all the best to you! Information provided is only educational and should not be used to take action in the markets. __
FX:XAUUSDEducation
by VincePrince
21
A Simple Method Of Evaluating Trade Setups For Everyone - PART IThis is a simple example of how anyone can attempt to understand price action, trade setups, and determine if the current trade setup is valid for any trading action. Unless you have a trading system that helps you identify highly successful trade setups, most people struggle to find opportunities before they turn into breakout trends (up or down). Ideally, most traders want to get into trades before the big breakout, or breakdown, happens. This video, part I of an extended series, will help you learn to use simple tools to identify qualified trade setups from invalid setups. You can trade whatever you want. But remember, the trend is your friend, and learning to understand price theory, trends, channels, and support/resistance is all you need to make better decisions. Watch this video to see if it helps you. Over the next few weeks, I'll create more videos highlighting simple techniques to help you become a better trader. I'll review dozens of charts and highlight what works and what doesn't. Trading is a matter of managing risks while attempting to generate profits. This will be a great way for me to share my thoughts with all of you while trying to help you learn techniques to help you build solid skills. Hope you enjoy this first video.
Editors' picks
NASDAQ:CSCOEducation
by BradMatheny
19
Mechanical Consistency Weekly Review 8; +8% Return.04 Sep to 08 Sep 2023 TL;DR Total Profit of approximately $800 (around +800%) for the 1st week of September 2023. Total 8 trades, 6 wins & 2 loss. 1-hour Timeframe, Oanda, XAUUSD(Gold), $10,000 Capital, $200/ 2% per trade. Mechanical Consistency Trading Strategy; Purely rule-based strategy, zero guesswork, zero analysis. Disclaimer: I am not a financial advisor. The content for this article is purely for educational/research purposes only and is merely based on my personal opinions. Please note: There will be affiliate links in this article. But it will only benefit both of us. If you do not wish to participate under my affiliate links, please feel free to Google them separately. Cheers! I'm truly thankful for yet another successful week employing my mechanical consistency strategy. My retracement trades are consistently delivering the expected results, while any losses I've incurred can be attributed solely to my mean reversion trades on Tuesday. Let's review every day. Monday (04 September 2023) 1x Win Trade Daily bias: Downtrend I was only able to trigger a retracement trade on Monday, but it turned out to be a highly profitable one. Despite the slowing down at night, I was fortunate that the price continued its downtrend the following day, reaching my desired profit level. Tuesday (05 September 2023) 2x Lose trades Daily bias: Downtrend The only losing days I've had this week were both due to my mean reversion trades. These trades carry significant risk since they go against the prevailing trend, relying on a rebound to reach my 21 SMA+EMA level. Unfortunately, the downward trend proved to be stronger, resulting in losses. Wednesday (06 September 2023) 1x Partial win & 1x full win trades Daily bias: Downtrend Contrastingly, I managed to secure a profit with my two mean reversion trades on Wednesday. Fortunately, the price did rebound successfully in both cases, albeit with the first trade yielding a partial profit and the second trade lasting until Friday morning. Nonetheless, I'm quite satisfied with the overall outcome. Thursday (07 September 2023) 0x trade Daily bias: Downtrend There were no trades on Thursday as my mechanical consistency strategy did not trigger any of my limit orders. It was yet another stress-free day for me. Friday (08 September 2023) 1x partial win 2x solid win trades Daily bias: Uptrend Friday turned out to be quite a rollercoaster day for me, with three consecutive trades triggering throughout the day. Fortunately, all of these trades ended in profit. The first mean reversion trade yielded a partial win, the second mean reversion trade was an immediate victory with zero drawdowns, and the third retracement trade delivered a profit by Monday morning. Endnote While I encountered some losses with my mean reversion trades due to their inherent risk of going against the trend, I also enjoyed significant profits from retracement and mean reversion trades that went as planned. Despite the fluctuations, my mechanical consistency strategy helped maintain a stress-free approach to trading, and I ended the week on a positive note, with successful trades on Friday. This experience reinforces the importance of a well-rounded trading strategy and the need to adapt to market conditions while remaining disciplined and focused on long-term goals. Learn My Strategy For Free As a full-time working individual, I do not have the time to constantly monitor the charts and look for the "perfect" trading opportunity. This is why I adopted the mechanical trading strategy to earn extra money. This approach eliminates the need for extensive technical or fundamental analysis and removes any guesswork. It is a 100% Mechanical rule-based strategy, ensuring disciplined and consistent decision-making. If you want to learn my strategy, please visit my blogging site, link in bio. Thank you!
OANDA:XAUUSDEducation
by Barry_Games_Trading
Mechanical Consistency Weekly Review 7; +3% Return.I avoided trading on Non-Farm Payroll Day! 28 August to 01 Sep 2023 TL;DR Total Profit of approximately $300 (around +3%) for the 4th week of August 2023. Total 5 trades, 3 wins & 2 loss. 1-hour Timeframe, Oanda, XAUUSD(Gold), $10,000 Capital, $200/ 2% per trade. Mechanical Consistency Trading Strategy; Purely rule-based strategy, zero guesswork, zero analysis. Disclaimer: I am not a financial advisor. The content for this article is purely for educational/research purposes only and is merely based on my personal opinions. Please note: There will be affiliate links in this article. But it will only benefit both of us. If you do not wish to participate under my affiliate links, please feel free to Google them separately. Cheers! What an exhilarating week it’s been with the Non-farm payroll report dominating the market’s volatility! The intense fluctuations led to rapid outcomes in some of my trades, with some resulting in quick wins and others in losses. Let’s dive into a review of this action-packed week! Monday (28 August 2023) 0x Trades Daily bias: Uptrend Thanks to the market movements of the previous week, we didn’t initiate any new trades this time around. It turned out to be a stress-free day for me! Tuesday (29 August 2023) 1x Win & 2 Lose trades Daily bias: Uptrend This week kicked off positively with a substantial profit from the first retracement trade. However, the intense volatility pushed past both my mean reversion trades, causing them both to end up in losses. Wednesday (30 August 2023) 1x Partial win trade Daily bias: Uptrend After a significant bout of volatility the day before, the price settled into a narrow range, a pattern that became evident during the first half of Wednesday’s trading session. It wasn’t until later in the day that the price triggered my mean reversion trade. Fortunately, I was able to secure partial profits at Take Profit 1 before it resumed its upward trend. Thursday (31 August 2023) 1x Solid win trade Daily bias: Uptrend The price remained confined within the narrow range, which worked in our favour as it triggered a retracement trade. I held onto the trade overnight, and by Friday, I successfully closed it with both take profit levels reached! Friday (01 September 2023) 0 trade taken Daily bias: Downtrend Non-Farm Payroll typically takes place on the first Friday of each month, and it’s a known fact that the market becomes extremely volatile when this economic data is released. Traders often face significantly widened spreads, which can be detrimental to their trading strategies. Personally, I steer clear of trading on Non-Farm Payroll days, even if the setup aligns perfectly with my usual trade conditions. The heightened spread can trigger my stop-loss even when the price is far from my actual stop-loss level, making it a risk I’d rather avoid. Endnote In summary, the trading week was marked by the Non-Farm Payroll report’s influence, resulting in a mix of wins and losses. The previous week provided a break from stress, while trading saw a profitable retracement trade and losses in mean reversion trades. A narrow price range on Wednesday allowed for partial profits, and the week ended positively with a successful retracement trade reaching both take profit levels. I will avoid trading on Non-Farm Payroll days due to heightened volatility and widened spreads, mitigating risks from unpredictable market reactions to economic data releases. Learn My Strategy! (FREE) As a full-time working individual, I do not have the time to constantly monitor the charts and look for the “perfect” trading opportunity. This is why I adopted the mechanical trading strategy to earn extra money. This approach eliminates the need for extensive technical or fundamental analysis and removes any guesswork. It is a 100% Mechanical rule-based strategy, ensuring disciplined and consistent decision-making. If you want to learn my strategy, please visit my blogging site, link in bio. Thank you!
OANDA:XAUUSDEducation
by Barry_Games_Trading
Mechanical Consistency Weekly Review 5; +9% Return.TL;DR Total Profit of approximately $900 (around +9%) for the 2nd week of August 2023. Total 9 trades, 8 wins & 1 loss. 1-hour Timeframe, Oanda, XAUUSD(Gold), $10,000 Capital, $200/ 2% per trade. Mechanical Consistency Trading Strategy; Purely rule-based strategy, zero guesswork, zero analysis. Disclaimer: I am not a financial advisor. The content for this article is purely for educational/research purposes only and is merely based on my personal opinions. Please note: There will be affiliate links in this article. But it will only benefit both of us. If you do not wish to participate under my affiliate links, please feel free to Google them separately. Cheers! We had a beautiful trading week for 2nd week of August. Most of my predetermined parameters got triggered and reached my take profit without much drawdown. Let’s break it down. Monday (14 August 2023) I encountered my first loss of the week when the initial mean reversion trade didn’t go as planned. The price swiftly plummeted, triggering my stop loss and prompting me to initiate my second mean reversion trade. Fortunately, I managed to bounce back and secure some profit from take profit 1 before the price continued its downward trend. Tuesday (15 August 2023) My daily bias, determined by the 21 EMA, indicated a clear downtrend. I executed both trades flawlessly. The first mean reversion trade unfolded precisely as anticipated, allowing me to capture profits at each stage. The second trade, a retracement play, experienced an immediate reversal shortly after entry, with almost no drawdown. It was the ideal trade setup I had been hoping for! Wednesday (16 August 2023) The daily bias continued to favor a downtrend. While Tuesday’s trade remained open, my parameters signaled another retracement trade, and both trades successfully reached all of my predetermined take profit levels. As the trading day neared its end, I was triggered into a mean reversion trade at 127%. Fortunately, I managed to secure some profits before ultimately closing the trade on Thursday. Thursday (17 August 2023) The daily bias remained in a downtrend. Most of my attention on Wednesday was dedicated to managing the ongoing trade from that day. However, once I closed out the Wednesday trade, I was able to initiate a standard retracement trade that successfully reached both of my pre-set take profit levels, resulting in a substantial profit. Later that same night, my mean reversion trade was triggered, and I had to manage it until Friday. Friday (18 August 2023) Even though market sentiment began to show signs of shifting towards the upside, my daily bias remained in a downtrend. I successfully closed my Thursday’s trade with a profit and promptly initiated a standard retracement trade, reaching the first take profit level and securing a breakeven point at the entry price, just before the market began its upward momentum. Endnote As I navigated a market with a prevailing downtrend, while also observing hints of a shift in market sentiment towards the upside. Despite these challenges, I executed my trades with precision, closing out profitable positions and making the most of favourable retracement opportunities without any market analysis + zero guesswork, purely using a mechanical system that I developed, backtest and forward testing. Same strategy, same system day in and day out! As a full-time working individual, I do not have the time to constantly monitor the charts and look for the "perfect" trading opportunity. This is why I adopted the mechanical trading strategy to earn extra money. This approach eliminates the need for extensive technical or fundamental analysis and removes any guesswork. It is a 100% Mechanical rule-based strategy, ensuring disciplined and consistent decision-making. Here's how it works: Immediately after the 1st-hour candlestick closes either below or above the 21 EMA (Exponential Moving Average), you place precise Buy/Sell limit orders. Once all parameters are meticulously set, you can confidently attend to your daily routine, including your day job, while entrusting the market to dictate the trades. If you want to learn my strategy, please visit my blogging site, link in BIO. Thank you!
OANDA:XAUUSDEducation
by Barry_Games_Trading
THE ART OF RANGE MANAGEMENT - WITH THE TREND OR AGAINST Hey Everyone, Here at GVFX, we are currently buying dips. What that means is that we buy on the dips and therefore only concentrate on long positions/buys with the odd sells for fun. As mentioned before, having both sell and buy positions open in your account will affect your psychology and in turn, your trading decisions. Now a question that typically arises here is why would it still be advisable to buy when the market is pushing down? Firstly, let me assure you that the same algorithms, experience and strategies that we use to achieve a 97% hit rate with our bullish directional bias also gives us the heads up, or down if you will, on when the market is going down. Don't think for a moment that we only know how to analyse a bull market or up trends. We share targets/signals for both buys and sells but choose not to hedge out of choice. Our published results remain consistently profitable month in month out!! In my experience, in the current market conditions, it is much safer to get out of a stuck buy position than a stuck sell position. That's not to mention the clean PSYCHOLOGICAL PROFILE that is achieved when trading in just one direction. And although hedging can in theory work, it requires years of experience and in the end, is simply not worth the effort. I am more than capable of hedging effectively but the fact that I do not should tell you something. Let us look at an example to further answer the question highlighted above. When you have short-term bearish momentum down, we take buys from key supports or MAs which act as dips. Remember that the market does not go up or down in a straight line (with the rare exception of short-lived parabolic moves). So, when the market is going down and hits one of our key levels, a buy from that point will go back up for 20 to 30 or 30 to 40 pips (this number of pips has been calibrated based on back testing) before resuming back down. You can think of it like this. The market moves in a zigzag manner. The zig is that part of the leg which is going down to create lower lows (if the downward trend is continuing). The zag is that part of the leg which takes a breather and pushes back up with momentum for our entry and quick pip-take range to create a lower high (if the downward trend is continuing) before heading back down again. We catch the right and safest waves (buys) in and out and surf to success. When price hits a key structural support or stops creating lower lows and lower highs, we then reassess for entries with a wider range of pip capture. Hope this post helps our followers to understand how we keep our psychology strong!! GoldViewFX XAUUSD TOP AUTHOR
OANDA:XAUUSDEducation
by Goldviewfx
35
Mechanical Consistency Weekly Review 4; +10% Return.I humbly apologize for the extended hiatus, as I was navigating through some profoundly personal challenges. Despite the setbacks, I’m pleased to share that my trading endeavours have not only persisted but also yielded remarkable results. Miraculously, each of our trades has culminated in a profitable outcome, marking a pristine 100% success rate. Allow me to delve into the details below. Monday (07 August 2023) My mechanical strategy was executed flawlessly, defying its initial parameters geared towards an upward trend. I managed to secure profits at Take Profit 1 and adeptly adjusted the stop loss to breakeven just as the price trajectory began to shift in a downward direction. Tuesday (08 August 2023) By looking at the very first candle of the day, I changed my strategy bias to align with the emerging downward trend. This astute shift allowed me to initiate a mean reversion trade, effectively attaining success at Take Profit 1 while seamlessly riding the ongoing downward trajectory. Wednesday (09 August 2023) Maintaining a downtrend bias, my strategy once again demonstrated its prowess by executing a trade during the retracement phase, flawlessly achieving both designated take profit levels without incurring any drawdown whatsoever. As the day progressed, my strategy seamlessly activated a mean reversion trade, hitting the bullseye with Take Profit 1. Furthermore, I skillfully managed to conclude the remaining trade at a slight deviation level come Thursday. Thursday (10 August 2023) Similar to Tuesday, my strategy adeptly initiated a trade during a retracement, adeptly securing gains from both take profit levels. This time around, the trade unfolded over a span of approximately 2 days, culminating in a graceful and satisfying closure. Friday (11 August 2023) During this period, our trading activity remained non-existent. The absence of substantial trading volume resulted in an inability to generate price movement of significance. Endnote This week was truly exciting for me. It’s the first time in my 4 years of experience that I’ve won every single trade in a week. This success proves without a doubt that my consistent mechanical strategy works perfectly, which has made me much more confident in my trading approach.
OANDA:XAUUSDEducation
by Barry_Games_Trading
KOG - JACKSON HOLE Part 1Jackson Hole Symposium: What is the Jackson Hole Symposium? The Jackson Hole symposium (Economic Policy Symposium) is held in Jackson Hole, Wyoming USA. It is an event attended by the worlds top financial professionals including ministers, bankers and academics. It is a closed event so no press are allowed access to the meetings or talks. Instead, press conferences are held throughout the event where any comments from financial professionals usually move the markets and cause extreme volatility. This is not the usual analysis we provide. Instead, what we wanted to show you is the last 3-4yrs of market data illustrated on the charts, giving you an idea of what this event can do and cause on the markets. In this example, on Gold. So, lets start with last year, 2021. We can see the price was at a similar price point to where we are today, just slightly higher at around the 1780 level. The early sessions were quiet, however, after a retest of the low look at the aggressive move to the upside! Price started at 1780 and the move completed at 1836. 500+ pip move in a matter of days. Lets look at the top right chart, 2020. Again, look at the choppy price action, the whipsaw up and down, then the rested of the low before an aggressive move to the upside. Price started at 1904 and the move completed at 1994. 900pip movement in a matter of days. Now 2019, a slow start in the early sessions, all of a sudden, a rested on the low and then another aggressive move to the upside. Price started at 1491 and completed the move 1557. Over 500pip movement in a matter of days! What we’re trying to show you here is that its going to be a very difficult event to trade for new traders. Its going to be choppy, its going to be volatile, its going to whipsaw and its likely to move. If you’re caught the wrong side of it its going to kill your account. Best practice here is to let the market make the moves it wants to, wait for the price to settle in whatever level they want to drive it to, once this has happened then look for the setup to get in to the trade. Hope this helps. As always, trade safe. KOG
FOREXCOM:XAUUSDEducation
by KnightsofGold
32
Magic of Fibonacci Levels ✨In the realm of technical analysis, few tools capture the imagination of traders as effectively as Fibonacci retracements and extensions. Derived from the famous Fibonacci sequence, these levels offer insights into potential price reversals, extensions, and trend continuation points. In this article, we'll delve into the world of Fibonacci levels and explore how to use them to enhance your trading decisions. Understanding Fibonacci Retracements: Fibonacci retracement levels are like hidden treasures ✨ along a price trend. These levels, calculated from a swing high to a swing low, create horizontal lines that indicate potential support and resistance levels. The most common retracement levels are 23.6%, 38.2%, 50%, 61.8%, and 78.6%. How to Use Fibonacci Retracements: Identify a Trend: 📈📉 Begin by spotting a clear trend, either upward or downward. Select Swing Points: 🏞️ Locate the pivotal swing high and swing low within the trend. Plot Fibonacci Levels: 📏 Put those retracement levels on your chart, and watch as they highlight potential support or resistance areas. The Application: Support Levels: 💪🛡️ During an uptrend, traders often see retracement levels as potential buying zones. Resistance Levels: ☔ In a downtrend, these levels can be seen as possible areas to consider short trades. Understanding Fibonacci Extensions: Fibonacci extensions act like a crystal ball 🔮 projecting potential price targets or levels where the trend might extend. Extension levels include 161.8%, 261.8%, and 423.6%. How to Use Fibonacci Extensions: Identify a Trend: 📈📉 As with retracements, spot a well-defined trend. Select Swing Points: 🏞️ Determine the significant swing low and swing high within the trend. Plot Fibonacci Extension Levels: 📏 Add those extension levels to your chart, projecting potential price targets. Few examples : The Application: Projection of Trend Continuation: 🚀 Fibonacci extensions hint at where a trend might continue in its existing direction. Price Targets: 🎯 Traders often utilize extension levels to pinpoint potential price areas before a reversal might occur. Conclusion: Fibonacci retracements and extensions are like wizardry in the trader's toolkit. By grasping these levels and their applications, traders can create more informed strategies for entry, exit, and target levels. Remember, while Fibonacci levels are magical, they work best when combined with other technical indicators and chart patterns. As with any trading strategy, practice, experience, and risk management remain essential. With careful consideration and diligent analysis, Fibonacci levels can sprinkle a touch of enchantment to your trading endeavors. 📊✨
Education
by Yaroslav_Krasko