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TIPS FOR RANGE TRADINGRanges contain elements of certainty which are rare in a speculative industry. With previously established highs and lows, you can anticipate where the market is likely to hold, change direction or stop all together. 5 interesting facts about range patterns when charting price action. 1 - The range pattern is good for traders who are terrible at cutting their losses. The nature of a range is to not make progress in one direction, so this is the best pattern to trade if you don’t like taking your stops. If the market moves against your open trade during a range, your patience may be rewarded, because chances are price will swing back in your direction. 2 - Ranges contain areas where you can expect momentum. That sounds like a contradiction, right? It's not. You can expect the typical slow market condition in a range, but only in the middle third of the range space. Count on momentum showing up when it runs to and from the outer edges of the range. 3 - Past performance predicts future movement. You’ve heard it - you’ve probably even said it - “Past performance is no guarantee of future results.” However, when it comes to range patterns, I keep track of where price has been in the past 15 bars. Do the math because that’s exactly how far you can expect price to move in the opposite direction in the next 15 bars. 4 - After a trend, it only takes 7 bars of time in the range pattern to tell me which direction is coming next. Add the 50 simple moving average to your chart. If price crosses that line and stays below it for more than 7 bars, it’s probably not going to return to the trend any time soon. 5 - The best range trades happen when your expected high or low is suddenly obliterated. Huh? It's true, and this is my secret weapon in trading. If price breaks out of a well established range pattern, immediately place pending orders to trade in the opposite direction. If price fails the breakout (which it usually does), it comes barreling back through the range pattern, and those trades move into profit very quickly.
Education
by Tradingstrategyguides
2
EURJPY - SUPPLY & DEMAND ZONE ANALYSISHi traders. Whenever you are looking at a technical level, always ask yourself the following: - Am I buying at a potential bargain/wholesale/discount price? (supply or demand zones) - Why is there more likely to be more supply/demand orders at that area? (new traders entering/traders taking profit) - What are the underlying fundamental/sentiment drivers that should push price in my favour? (interest rates, business cycle, risk on/risk off) If all 3 are in your favour, take the trade, manage your risk and go for more than you've risked. Always remember this trade is only 1 trade in the next thousand you're going to take. Process over outcome!
Education
by leonrowe
EURJPY: Time at mode trend signals$EURJPY is close to flashing an uptrend signal here, maybe in a day or two. If price breaks up forcibly by then, this signal might trigger leading to a rally to the box target on chart, in the time duration of the box or less. Once the target hit, it could be the top, and price come back to today's low area again, in roughly the same time as the box duration is, OR, price could form a new range, and a new box, surrounding the highest activity level from which a new trend signal will take off if price holds up after this rally ends. If that were to be the case, we would be in the presence of a strong trend. For now, trend signals are reversed after they reach their targets, meaning that the market is range bound in the weekly, and daily, and only trending in shorter term periods. Cheers, Ivan Labrie.
Education
by IvanLabrie
Majors, Minors & Exotic Currency Pairs |Ben WrightSELF DEVELOPMENT/METHODOLOGY/PSYCHOLOGY Majors, Minors & Exotic Currency Pairs | BEN WRIGHT Currency Pairs a) Popularity A currency pair is the structure of the currencies, which are traded in the forex market. According to the latest report of United Nations, there are 180 currencies around the world and the illustrated currencies are the top 8 traded bills in Forex. The currency pairs are popular as they are used for the diversification of the as multiple currencies are involved in it. It can also work as a hedging tool to avoid the risk in the forex, which is generated due to the presence of several transactions. b) Groups There are three types of currency pair groups present, which are major groups, minor groups and exotic groups. Major groups Major currency pairs are those groups, which have US dollar on in its pair. They are also the most traded currency pair in the FOREX. Some examples of major currency pairs are EUR/USD, USD/JPY, and GBP/USD etc. Minor Groups Minor currency pairs are those, which do not contain the US dollar as the major currency. The mostly traded minor currencies are UK pound, Euro and Japanese Yen. EUR/GBP, EUR/CHF and EUR/CAD are some examples of minority groups. Exotic Group Exotic currency pairs are those, which have one major currency and one emerging currency. These pairs are not traded frequently due to the presence of low liquidity in these markets. So me popular exotic currency pairs are EUR/TRY, USD/SEK and USD/NOK. c) Volatility Volatility can be defined as the rapid change in the liability due to the presence of economic conditions of the country. For example, the GBP/AUD is the highly volatile currency pair as the economy of UK is a bit unstable after the Brexit. The least volatile currency pair is EUR/GBP as the after effects of Brexit will take time to reach the International market. HAPPY TRADING :) "The best traders have no ego.You have to swallow your pride and get out of the losses" Tom Baldwin
Education
by SMPTrader
Trump tradingIn the screencast I start off with the USDollar index and look at the Yen. The US Dollar strength affects 'everything': forex markets, stock markets, and commodities. There are inverse correlations. Most of the times the DAX doesn't like a strong Euro, Wall Street doesn't like a strong Dollar, and the NIFTY doesn't like a strong rupee. There are reasons for this overall pattern - which understanding of it doesn't really help much. The point is that traders can gauge probabilities based on the strength of various currencies. The Yen and the US Dollar are safe-haven currencies. This means that in times of stock market corrections and crashes, expect these two to strengthen (in general). The correlations are not perfect. Overall I'm refining a very different system of following trends using the Vervoort and the Variable Moving Average (both freely available on Tradingview).
Education
by Captain_Walker
How to trade EUR/USD on the Daily Timeframe [FULL EXPLANATION]Trading EUR/USD on the Daily Time Frame: Delete the noise, patience wins Here I present a textbook trading set-up + a fancy little indicator known as the EAG Yume Wave. First we need to set up our parameters, what is confirmation and what isn't? Your analysis does not need to be over complicated, you want to be considering the key/strongest variables when you are creating your final equation. You can backtest multiple indicators, I usually play around with ichi, different MAs and a couple of momentum indicators and the RSI to see if I can make anything work. Here are my personal EURO/USD Daily TF Trade Parameters and WHY I have chosen them~ 185 EMA This has acted as a really good measure of resistance all the way through EUR/USD's last few months. To find this I played about with the settings. Fibonacci lines and extension These allow me to see all the individual lines to trade from and where my points of confirmation will be when a fib line gets broke. Trend lines and horizontal support & res Important textbook trading skills that should line up with my other indicators and fiblines. EAG YUME WAVE Indicator Watching for the twist and then watching for if the Miaku can provide support on the downfall. Volume + MA Volume in traditional markets can help us confirm where potential bottoms are with good buy backs. Do bear in mind there is the risk of a volume divergence hence why I am neither bullish nor bearish UNTIL we get some form of confirmation! If you learnt something or just want a chat about how I trade add me on Discord: Xander#5055 A follow and a like would be greatly appreciated for my time :D ~Xander
Education
by XanderCrypto
4
Patience vs TradingPatience is a great quality in trading. Why ? Simply because it helps you not ceeding to impulsivity and it helps you decreasing mistakes. Patience in trading is similar to patience in poker. A good poker player will wait hours to get the best hand possible. He will wait for a very good pair like AA or KK instead of risking losing with weak pair like 44 or 66. Of course having AA or KK is not a guarantee of winning but you get a much higher probability to do so. In trading you face the same problematic. Sometimes the market doesn't give you anything, no info, no pattern. In this case, you should close your laptop and do something else. Really !!! The more you trade, the more you are exposed to make big mistakes. I used to make scalping for a time but I quickly realized that it was not for me. Staying all day in front of a laptop waiting for an opportunity, no, many opportunities to get 2 to 10 pips only. Some traders are very good scalpers but I am not. I am a swing and day trader. I look for 30 to 20,00 pips on each trade. You really need patience to get 1000 pips profit ! And obviously I have a dedicated account for this kind of investment. Why ? Because, after having made 100 pips, the temptation is huge to take my profit and close the trade. On this account you only have very long term trades where potential is 500 to 20,000 pips ! Patience is also a quality when you do not see any opportunity on the market. You are frustrated, you want to feel the adrenaline of trading. Calm down, stay cold. The market always gives opportunity, It will happen very soon trust me but at this moment, use this time to improve your skills, reading, learning, analysing or simply deconnecting totally from trading. Think how you feel good without the stress of a losing position when you are always looking after your smartphone to check the price. Be patient, wait for the optimal opportunity wen you can sell high and buy low. The opportunity which gives you the best risk-reward. Patience vs trading ? No ! Patience = Trading !
BITFINEX:BTCUSDEducation
by Traderscope
6
5 Natural Reactions To Failure In Trading5 natural reactions to failure in trading It could be very useful to understand your natural behavior when you are faced to failure in trading. All of us are facing losses, sometimes these losses can be huge when come a krach or a bad choices. The situation in itself will not determine the reaction of the trader. It is his personality, his history facing which will determine it. 1. Anger Being anger is a natural feeling. It is the direct consequence of a loss. But you are not anger about the loss itself but about the causes which led to this loss. In fact, before taking this position, you knew that it was not a good idea or even a good timing maybe because: - The lot size was too big - There was a big data released 1 hour later - You moved the stop loss - You bought too high - You sold too low - ... You knew it but you made it ! Why ? Not enough patience ? not enough discipline ? You need to analyse it and correct this behavior. The anger must give you the opportunity to learn about the cause of it. Most of traders are not able to coldly analyse the causes, It not that easy. It's a fight against oneself. Don't be wrong. Losing a trade in trading is inevitable. It is the way of losing that is avoidable. Risking all its capital on one trade and get angry against everybody around you while it is you who accumulated mistakes, is this really honest? You are the only responsible for your loss and you must learn from it. You must learn to lose and you must learn to lose well. 2. Runnning out on his responsabilies When you lose a trade, the good behavior is to analyse the reason of the fail. Why did this trade go wrong ? Some of you may be very passive on a fail. Ok I lost this one but the next one will be in success, then the next one is a fail and the next one too and the next too etc etc. Maybe your strategy is not good. You should question yourself after each losing trade. 3. Guilt feeling This feeling is human and totally normal ! You blame yourself when you give in to your impulsiveness, when your reasoning is wrong or when your behavior has pushed you to failure. You had the choice to act another way. You had the choice not taking this trade or managing it another way. You know it and it is a good thing. Now assume it ! Yes you made a mistake but how will you act to change the behavior which led to all this ? This is the most important point. Be responsible of your choices and be responsible of your acts but don't keep blame yourself constantly. Try to improve yourself everytime, everyday. 4. Sadness Don't let sadness affect you ! Sadness is a sign of weakness. Weakness is the synonyme of KO. It is really dificult to get up back from this feeling. Sometime it lead to depression. This is the case when a trader loses everything after a krach or bad choices. Many of you could have experienced this already. If you are in this situation, ask for help. Sometimes it could be an humiliating situation. Be strong ! You can ask for advice if necessary. It is important for you to get out of this situation. 5. Giving up Trading is not that easy because psychology is an important part of sucess. Being a successful trader means that you handle 3 key elements : - Strategy (You improve it everyday) - Discipline (You apply a strict money management, you follow it no matter what happens) - Psychology (You are psychologically strong, you handle your emotions) Some people cannot assume all of this. If you tried but you failed, maybe it is not for you. Some people are not able to be good in trading. Accept it, give up and move on. --- All these natural reactions to failure can be overcome by taking a step back on the event. Put into perspective, bring nuance, change its point of view; the acceptance of failure requires a real effort whic is essential in trading
BITFINEX:BTCUSDEducation
by Traderscope
4
The Escalation Of Failure In TradingThe escalation of failure in trading ! : 5 reasons why most of traders lose their money ! Reason 1 / Step 1 : The "I DON'T ACCEPT LOSING" syndrom Reason 2 / Step 2 : The "I MOVE MY STOP LOSS" temptation Reason 3 / Step 3 : The "AVERAGE DOWN" disease Reason 4 / Step 4 : The "RISK EVERYTHING" game Reason 5 / Step 5 : The "I SWEAR IT WILL NEVER HAPPEN AGAIN" lie to yourself Let me tell you the story of JOE the gambler : Joe creates an account with $1,000 with a broker offering a x500 leverage. Virtually, Joe could invest almost $500,000 on the market ! Amazing ! Joe thinks that he is a reasonable investor and start investing with 0.05 lot. Joe creates an account with $1,000 with a broker offering a x500 leverage. Virtually Joe could invest almost $500,000 on the market ! Amazing ! So Joe has $1,000 on his account. He has a very good investment strategy which has worked very well for 1 month on demo account. Joe's projections gives $250 profit in one month. It is time now to pass on real account. Joe has read many articles about money management and joe wants to risk only 3% of its capital on each trade. Joe's strategy is to take trades only if a combination of several indicators give the same signal. Joe always use stop loss and take profit. The plan is the plan no matter what ! Right ?! Joe bought 0.05 lot on EURUSD at 1.2200 with a SL at 1.2150. He thinks that the price will increase from 100 pips at least in the next hours to reach 1.23. Reason 1 / Step 1 : The "I DON'T ACCEPT LOSING" syndrom Problem, the price falls from 40 pips. Joe starts panicking. Reason 2 / Step 2 : The "I MOVE MY STOP LOSS" temptation Joe decides to move the SL from 50 to 100 pips at 1.21. Reason 3 / Step 3 : The "AVERAGE DOWN" disease Problem, the market decides to go down again and the position shows a 80 pips floating loss. Joe decides to move the SL from 100 pips to 150 pips at 1.2050 and take a new position of 0.05 lot on EURUSD at 1.2120 with a SL at 1.2050. Problem, the market continues its fall and the price displays 1.2070. Joe thinks OK. I move my SL from 1.2050 to 1.1950. It gives more margin to let breathe the market and Joe takes a third position of 0.05 lot at 1.2050 with a SL at 1.1950. The average price is now 1.2123. Problem, the next days the market starts a range between 1.20 and 1.21 and Joe wants absolutely to leave the overall position in profit. Pride ! Joe loses patience and decides to take a new postion of 0.1 lot on EURUSD at 1.2070. The average price is now 1.2102. Joe is stressed and tired of this situation and decides to put an overall TP at 1.2120. The probability to hit the TP is high. Finally the market goes up and hit the TP during the night and when Joe wakes up the the price on EURUSD is 1.2200. Oh my GOSH ! Joe is frustrated ! Why did I change my TP ? I missed a lot of profit on this movement !!! Joe decides to take a new trade on EURUSD at 1.2200 without SL this time because this time is the right one !!! Pride !!! Problem, the market falls from 25 pips at 1.2175. Joe is convinced that he is right so he takes a new BUY pending position at 1.2150. And now the market makes a huge falls from 1.2175 to 1.2050 during the day. Joe has now 2 positions of 0.05 lot size. At this moment, Joe decided reasonably to close all positions with losses at 1.2050. Joe lost 275 pips on these 2 hasardous trades.
Education
by Traderscope
8
The Escalade Of Failure In TradingThe escalade of failure in trading ! : 5 reasons why most of traders lose their money ! Reason 1 / Step 1 : The "I DON'T ACCEPT LOSING" syndrom Reason 2 / Step 2 : The "I MOVE MY STOP LOSS" temptation Reason 3 / Step 3 : The "AVERAGE DOWN" disease Reason 4 / Step 4 : The "RISK EVERYTHING" game Reason 5 / Step 5 : The "I SWEAR IT WILL NEVER HAPPEN AGAIN" lie to yourself Let me tell you the story of JOE the gambler : Joe creates an account with $1,000 with a broker offering a x500 leverage. Virtually, Joe could invest almost $500,000 on the market ! Amazing ! Joe thinks that he is a reasonable investor and start investing with 0.05 lot. He has $1,000 on his account. He has a very good investment strategy which has worked very well for 1 month on demo account. Joe's projections gives $250 profit in one month. It is time now to pass on real account. Joe has read many articles about money management and joe wants to risk only 3% of its capital on each trade. Joe's strategy is to take trades only if a combination of several indicators give the same signal. Joe always use stop loss and take profit. The plan is the plan no matter what ! Right ?! Joe bought 0.05 lot on EURUSD at 1.2200 with a SL at 1.2150. He thinks that the price will increase from 100 pips at least in the next hours to reach 1.23. Reason 1 / Step 1 : The "I DON'T ACCEPT LOSING" syndrom Problem, the price falls from 40 pips. Joe starts panicking. Reason 2 / Step 2 : The "I MOVE MY STOP LOSS" temptation Joe decides to move the SL from 50 to 100 pips at 1.21. Reason 3 / Step 3 : The "AVERAGE DOWN" disease Problem, the market decides to go down again and the position shows a 80 pips floating loss. Joe decides to move the SL from 100 pips to 150 pips at 1.2050 and take a new position of 0.05 lot on EURUSD at 1.2120 with a SL at 1.2050. Problem, the market continues its fall and the price displays 1.2070. Joe thinks OK. I move my SL from 1.2050 to 1.1950. It gives more margin to let breathe the market and Joe takes a third position of 0.05 lot at 1.2050 with a SL at 1.1950. The average price is now 1.2123. Problem, the next days the market starts a range between 1.20 and 1.21 and Joe wants absolutely to leave the overall position in profit. Pride ! Joe loses patience and decides to take a new postion of 0.1 lot on EURUSD at 1.2070. The average price is now 1.2102. Joe is stressed and tired of this situation and decides to put an overall TP at 1.2120. The probability to hit the TP is high. Finally the market goes up and hit the TP during the night and when Joe wakes up the the price on EURUSD is 1.2200. Oh my GOSH ! Joe is frustrated ! Why did I change my TP ? I missed a lot of profit on this movement !!! Joe decides to take a new trade on EURUSD at 1.2200 without SL this time because this time is the right one !!! Pride !!! Problem, the market falls from 25 pips at 1.2175. Joe is convinced that he is right so he takes a new BUY pending position at 1.2150. And now the market makes a huge falls from 1.2175 to 1.2050 during the day. Joe has now 2 positions of 0.05 lot size. At this moment, Joe decided reasonably to close all positions with losses at 1.2050. Joe lost 275 pips on these 2 hasardous trades.
Education
by Traderscope
The Escalade Of Failure In TradingThe escalade of failure in trading ! : 5 reasons why most of traders lose their money ! Reason 1 / Step 1 : The "I DON'T ACCEPT LOSING" syndrom Reason 2 / Step 2 : The "I MOVE MY STOP LOSS" temptation Reason 3 / Step 3 : The "AVERAGE DOWN" disease Reason 4 / Step 4 : The "RISK EVERYTHING" game Reason 5 / Step 5 : The "I SWEAR IT WILL NEVER HAPPEN AGAIN" lie to yourself Let me tell you the story of JOE the gambler : Joe creates an account with $1,000 with a broker offering a x500 leverage. Virtually, Joe could invest almost $500,000 on the market ! Amazing ! Joe thinks that he is a reasonable investor and start investing with 0.05 lot. Joe creates an account with $1,000 with a broker offering a x500 leverage. Virtually Joe could invest almost $500,000 on the market ! Amazing ! So Joe has $1,000 on his account. He has a very good investment strategy which has worked very well for 1 month on demo account. Joe's projections gives $250 profit in one month. It is time now to pass on real account. Joe has read many articles about money management and joe wants to risk only 3% of its capital on each trade. Joe's strategy is to take trades only if a combination of several indicators give the same signal. Joe always use stop loss and take profit. The plan is the plan no matter what ! Right ?! Joe bought 0.05 lot on EURUSD at 1.2200 with a SL at 1.2150. He thinks that the price will increase from 100 pips at least in the next hours to reach 1.23. Reason 1 / Step 1 : The "I DON'T ACCEPT LOSING" syndrom Problem, the price falls from 40 pips. Joe starts panicking. Reason 2 / Step 2 : The "I MOVE MY STOP LOSS" temptation Joe decides to move the SL from 50 to 100 pips at 1.21. Reason 3 / Step 3 : The "AVERAGE DOWN" disease Problem, the market decides to go down again and the position shows a 80 pips floating loss. Joe decides to move the SL from 100 pips to 150 pips at 1.2050 and take a new position of 0.05 lot on EURUSD at 1.2120 with a SL at 1.2050. Problem, the market continues its fall and the price displays 1.2070. Joe thinks OK. I move my SL from 1.2050 to 1.1950. It gives more margin to let breathe the market and Joe takes a third position of 0.05 lot at 1.2050 with a SL at 1.1950. The average price is now 1.2123. Problem, the next days the market starts a range between 1.20 and 1.21 and Joe wants absolutely to leave the overall position in profit. Pride ! Joe loses patience and decides to take a new postion of 0.1 lot on EURUSD at 1.2070. The average price is now 1.2102. Joe is stressed and tired of this situation and decides to put an overall TP at 1.2120. The probability to hit the TP is high. Finally the market goes up and hit the TP during the night and when Joe wakes up the the price on EURUSD is 1.2200. Oh my GOSH ! Joe is frustrated ! Why did I change my TP ? I missed a lot of profit on this movement !!! Joe decides to take a new trade on EURUSD at 1.2200 without SL this time because this time is the right one !!! Pride !!! Problem, the market falls from 25 pips at 1.2175. Joe is convinced that he is right so he takes a new BUY pending position at 1.2150. And now the market makes a huge falls from 1.2175 to 1.2050 during the day. Joe has now 2 positions of 0.05 lot size. At this moment, Joe decided reasonably to close all positions with losses at 1.2050. Joe lost 275 pips on these 2 hasardous trades.
Education
by Traderscope
1
The Power of Stop Loss and Risk/Reward in tradingKeep this in mind. Only one trade without stop loss can burn your capital. A stop loss is an indispensable tool allowing you to limit your losses. It is also a level from which you feel that your scenario will not happen anymore. It is mandatory on every position if you want to keep your money safe. See it like an insurance policy. In case the trade is going wrong, you can be sure that a large part of your capital will be safe. You just need to know how to place your stop. It also allows you to sleep peacefully because a stop loss deletes the stress and allows you doing activities other than trading. You don’t need to monitor your trade every 10 minutes. The less you monitor your trade the less you risk to make mistakes. Some people will say that stop loss decreases the winning ratio. Many traders argue to get 90% to 100% of winning trades. Hmmm why not but do they use stop loss? If yes what is their risk/reward ratio? How to place and manage your stop loss? Place your stop loss according to the market price level. It must be placed above or below a key level such as a support, a resistance or a higher/lower. Don't place your stop loss on a support, resistance or higher/lower. It is there that you should place your entry point! Respect the Risk/Reward ratio. A RR of 2 or more is a key of success in trading. I give you more details below. Take into account the volatility of the asset. The more volatile an asset is, the greater is the risk of seeing your stop loss hit on a volatility movement. On a volatile asset, you need to further your stop loss level. This element must be taken into account especially if you carry out long term trades, on daily, weekly or monthly timeframes. Never move your stop if the the trade goes wrong! The only context allowing you moving your stop is if the market goes right in order to secure your profit. In this case you can move your stop to the breakeven point (Entry) or more to ensure some profit. The Risk/Reward ratio, the secret of success What is the Risk/Reward ratio or RR ? The RR ratio is the difference between the potential loss and the potential profit of your trade. You simply divide the pips number you expect to win by the pips number you expect to lose. Assume that you place an order with a TP at 50 pips and a SL at 100 pips then your RR ratio will be 0.5 which means that you will need to win 2 trades to recover the loss of 1 trade. Now assume that you place an order with a TP of 100 pips and a SL of 50 pips then your RR will be 2 which means that you will need to win only 1 trade to recover the loss of 2 trades. Never take a trade if your risk/reward ratio is below 1. A RR of 2 and more is one of the key to become successful in trading on a long run. Imagine the insane performance it would be, if every trade you make had a RR of 2 with 70% of winning trades! Hope these little tricks will help you improve your trading.
BITSTAMP:BTCUSDEducation
by Traderscope
19
(Education) EURJPY - How to trade this RSI Bamm on EURJPY?Hey guys, this is an update to the EURJPY setup I posted last week. We are right there at the bottom of the triangle. What is interesting to me is the formation of an RSI bamm at Friday's closing price. Pattern Identification RSI Bamm at bottom of triangle. RSI Bamm is the formation of a W/M structure at RSI oversold/overbought where this is considered a prelude to a potential end of trend. A W/M structure, followed by a retracement to the 50% level of the RSI indicator and a final retest at oversold/overbought will be considered a potential buy/sell opportunity. Trade Execution Next week, I will watch out for a move up out of the RSI oversold zone for EURJPY to initiate a buy. SL will be below the low of Friday. I am aiming at 119.50 for TP where the higher boundary of the triangle is at. If EURJPY continues lower on Monday, this trade trade will be invalid and we will look for other opportunities to trade this pair.
Education
by TerryHarmonicTrading
6