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Gold 15 minute Entry for Long Trend continuationHello all - DuncanForex with another trade idea I don't normally trade this a low a time frame, however with the inside day printed last night and the downwards consolidation trend line just broken on the 5 minute chart If this 15 minute candle's high is broken - I will be looking to add more positions with a buy stop Due to the timeframe - I will be only risking 0.5% per trade. DuncanForex.com is now live Thanks for looking at my trade idea Duncan
OANDA:XAUUSDLong
by UnknownUnicorn483829
Trading Divergences - An Alternate View for New TradersTrading divergences is a very common technical analysis strategy, but it comes with one big problem: the most common divergences (not hidden) trade against the trend. This means that new traders can often get into trouble by constantly looking for, and trading, against a dominant trend. Here's an idea to help you become more profitable over the long-term: identify divergences on your chosen momentum indicator, but only trade on trend continuation signals. I'm not saying you need to do this forever, as once you're experienced you can trade both pullbacks and continuations - but doing so requires multiple layers of confirmation, and a lot of knowledge/planning/experience. By trading trend continuation signals after divergences, you're stacking the odds in your favour by going with the dominant trend. You're also training your eye to see divergences, and seeing how the markets react to divergences. For new traders this can be a valuable lesson in the power of momentum in financial markets. So, what are trend continuation signals? It depends on your chosen momentum indicator, so I can only provide general ideas; you need to adapt things according to what you're using. My chart contains a custom momentum indicator, loosely based on the RSI. However, it's far smoother than the RSI, so I can reliably trade precise signals (e.g. for me, a cross of 0). On the RSI, you may choose something a bit further down the scale, for example, a cross below Oversold (20/30). If you're using a Stochastic indicator, you may trade a cross below Overbought (70/80). If you don't understand why I'm suggesting you trade signals at the opposite end of the scale for RSI and Stochastic, let me know. Hopefully this all makes sense, and remember that it's just an idea if you're a new trader and struggling to make good trades. Let me know if you have any queries. DD
Education
by DreamsDefined
4
How to be a Successful Forex Trader Segement 5Methodology v Strategy Some traders use the words interchangeably, I do not. A strategy is a set of conditions that signal you to enter the market, for example, A moving average crossover, RSI going into oversold/overbought and then reversing, Divergence, etc. and combinations thereof. A Methodology, on the other hand, is a systematic approach to the market that a trader does on a daily basis. It is this process that leads to trade set-ups. The following is how I approach the market each day: First, I do a top down analysis starting with the monthly moving to the daily and then the 60 min Timeframe. Second, I do a strength and weakness analysis of each of the following currencies AUD, CAD,CHF, EUR,GBP,JPY,NZD and USD. From this I derive their relative strength from the previous day. This gives me a) A directional bias and b) the best pair to trade (Strongest v weakest) Third, in the hour before the European open, I analyze the 60 min chart, primarily focusing on how they correlate with Ichimoku theory. Fourth, I drop down to the 15 min chart, which what I trade off of. I look for top down alignment on each pair. The pair with the best alignment is the one I will trade. Fifth, using Ichimoku and alignment, I either confirm, or change the directional bias from strength/weakness analysis. Sixth, I mark the most recent Support/resistance, which I call the Asian box. Seventh, From all of the above, I now have the best pair, direction and usually both a breakout entry or pullback entry. Eighth, correlation, I look for all of the same currency to move together, For instance this morning, as shown in the chart above, only GBPAUD was a Buy breakout, while all the other GBP pairs were sells. Hence the reason I did not post or take the GBPAUD trade. (which would have gotten about 10 pips before crashing). Ninth: Execute, collect your money, go to the Beach. If you like this idea, please push like and follow me, it motivates me to post ideas more often. Stay green my Friends Allen
Education
by AGold54
15
TESLA INC Potential Shorting Opportunity Coming UpTesla is a stock that has very big swings up and down, forming a ranges over a long period of time, each time the stock breaks through a KEY LEVEL in the market, it puts a retracement and creates a new range. In April TESLA INC broke through the 250 level (Bottom range of the channel) potentially looking to create another rage. Traders can look to take advantage of this by selling retracement back up towards 275 - 315 targeting 180 levels allowing your stops to be above the highs at 390-400 levels When a stock moves side ways or in a range the best tool to have is the FIB RETRACEMENT (between 50%-60% retracement) to get back in to a trade
NASDAQ:TSLA
by sk_investments
The Hardest Part of Trading (Not what you Think)Seeking More information - When first introduced to markets, every beginner immediately thinks he must learn the rules of the market in order to succeed. He initially believes there is a "holy grail" a system, a leader, or a mathematical equation like Fibonacci levels. He believes these will protect him in the market, and will lead him to a profit once he understands them. The problem is, there are no set rules which work consistently in the market. If there were, the institutions and everyone else would simply use them. What would happen then? Well, there would be no one or institution to take the opposite trade, and the market would cease to exist altogether. And so the new trader changes from one system to another, from one guru to another, and constantly thinks he must learn more information in order to succeed. What he believes to be preventing his success is a lack of knowledge, a lack of information. But you see, the more information you have does not necessarily lead to better decisions. There is a lot of evidence to support the contrary, and suggests that too many choices actually impair decision making skills. On top of this, most of the information in the trading world is quite simply wrong. There are 10 x more scam artists who claim to "know" and will take your money to teach you how to trade than there are profitable traders. These people do not understand markets them selves, and cannot make money in the market, so instead they prey on new market entrants. This is the primary reason I started my trading website; to provide high value information at a low cost. And to give those who are serious about trading an actual chance to make it in the markets. Dealing with Uncertainty - The reason most traders seek new information is because they are afraid of uncertainty and want certainty. They seek something to protect them in the market. Something to protect them from themselves. A system that will guarantee a profit. But there is no such thing. Markets constantly change and evolve through the market cycle. And there is no system that works across all three parts of the market cycle. The sooner you realize this, the closer you will be to making a profit. It is very hard to learn how to deal with uncertainty. But you do it every day. When you wake up in the morning are you certain you will live through the end of the day? No, and you can never be completely certain of this. Certainty is an illusion. There is no certainty in this life. The only certainty is... uncertainty! Patience and Discipline (Ability to Do Nothing) - Every profitable trader uses these two terms (patience and discipline) when asked how they are profitable. When a beginner hears this, he rarely understands what this means. Discipline means doing something even when you dont want to do it, or doing something you dont want to do. Patience means waiting for your turn, or waiting for something to happen. In other words, when the time is not right you must do nothing. This stokes a fear in most people, especially in today's give me distractions, social media world. They say "Well what am i supposed to do if i am doing nothing?" Doing nothing seems contrary to getting what you want, getting somewhere. In and outside of the trading world everyone believes in order to be a "trader" you must trade - constantly. This is why most lose money. Because they do not understand that there is a time for doing nothing. And that time is most of the time! See more on understanding markets (Price Action Trading) and yourself (Trading Psychology) at my website below. If you found this helpful please like! Feel free to comment or ask questions.
SP:SPXEducation
by tradersmentality
The Truth About Trading - how long to be profitable?Trading is hard work - But no one wants to hear that it is hard work. Everyone wants a short cut. A short cut does not exist. If it did - everyone would use it and the market would cease to exist. Everyone who starts out trading is lured in by the profit potential. You might get lucky and make a quick buck. But over time you soon realize that trading is a job, and a hard one at that. The markets offer the highest paid profession in the world - and it is the hardest profession. There are no set paths, clear schooling or achievements which put you into a position of earning a living. This is an entirely different world. It is you and the market. You are responsible for the actions you make, and the repercussions or rewards which come with those actions. It takes a lot of time and effort on your part if you truly want to succeed long term in the markets. This does not just mean learning about the markets and how they operate. It also requires skills that no other job does - understanding and working on yourself internally. Remain Humble - We all know of someone who brags about their position, their entry price or whatever. But there is something they likely do not have.. Profits. Ever wonder why the top traders dont brag or choose to talk about a position or how much they make? Because they are humble. If you do not remain humble when it comes to markets, they will humble you. If you are attached to your Ego, you will fail in the market, without question. The only question is how long will you survive? How long does it take to be a Profitable Trader? Every beginner wants to know how long it will take before they can make a profit. This is a loaded question - with no answer. I am often asked how long until you knew you had it? Or how long does it take to become a profitable trader? People are confused by my answer when I say "you never have it, or anything." Even wildly profitable traders lose money, sometimes all of their money several times. Trading is not about getting something, or somewhere. It is a journey, a dance. Do you dance or play the guitar to get to the end of the dance or end of the song? No, otherwise you would play or dance really fast! (Alan Watts). You play to play. You trade because you enjoy the act of trading. In other words the act of doing is the goal, not the end result. The market is a teacher who teaches you about your self. If you chose to ignore it and instead focus on what you want out of it; you probably wont get it. If instead you open yourself up, give in to it and what it is showing you; you just might get what you want. If you found this helpful please like! Feel free to comment or ask questions.
BITSTAMP:BTCUSD
by tradersmentality
4
How to Be a Successful Forex Trader Segment 4Trade Identification How many times have you "Missed" a trade. Once traders have a trading plan, they spend their time looking for set-ups. I would urge to take the next step which is Trade identification. I am not talking about clicking on a chart and seeing if your set-up is there. You want to be able to look and a chart and project what it can do and determine if market action will create a tradable set-up. This morning, as you can see on the chart above and my posted trade idea, when I was analyzing GBPNZD, I did not have a valid trade set-up. Specifically, although Price was below the Daily and 15 minute Kijun-Sen, as well as the cloud, it was above the 60 minute Kijun-Sen...which makes it a no-trade for me. However, I understand and recognized that if price closed below the 60 Kijun-Sen, I would have a valid Type 2 Set-up. I was able to post as such and better yet able to Bank some profit :) Most traders study price action but they do not forward think what the market can do. Thinking about what the market can do (up, down, sideways), and then applying that to your trading methodology to determine trading opportunities will, imho, greatly enhance your trading skills and you will enjoy watching the market play out the way you predicted (and so will your Bank account) I Hope this helps, stay Green my Friends Allen PS If you like this education material, please push like and follow me, so i will post more :)
by AGold54
Trading To Win "Those who lose - trade not to lose. Those who are successful - trade to Win." Losing Vs Winning Most traders are more focused on not losing than they are on winning. Do you understand what this means? This means you are acting not in your best interest, but against your self. By focusing on how much you can or might lose, or on not losing, you increase the likelihood of making mistakes which ultimately lead to a losing traders equation, and a negative equity curve. Profitable traders do not care about losing. They understand it is part of winning. They focus on winning. What is the best move in this moment? Should I get out or continue to hold based on what the market is telling me? Winning traders accept the risk totally and completely; before getting into the trade. In other words, they have already lost what is on the line. Therefore they act in their own best interest, not based on their thoughts about what they could lose, but based on what the market is telling them to do in this moment. Other than this psychological difference, here are a few other key components on How to Trade To Win. Defined Edge - Every trader who is making money in the market has some form of edge which he employs. Even if his edge is purely intuitive. This is extreme and rare however, and most traders have clearly defined their edge and will only trade that edge. This removes randomness. Many beginners think they are going to study the market and be able to trade the market no matter what it is doing (trade intuitively). This is simply not the case for most. The purpose of studying the market is to identify opportunities in form of an edge. An edge is a setup or context which repeats itself over time. It might occur once a day, once a week, or once a month. It does not matter. All that matters is that you only trade your clearly defined edge, and leave the randomness behind. For more information, you can read about the edge I use in every market I trade. We also describe how you can develop your own edge, and trade it in any market. Stop Doing, Relax Efforts - If you are losing in the market, chances are you are doing too much. Many beginners, and even experienced traders think they must be trading in order to be a successful trader. This leads to random trading, over trading, and mistakes which compound themselves. You end up digging a hole, and instead of looking for a way out, you look for a different shovel. The harder you try to make a profit, the more you do, the more actions you make, and the more you lose. The market rewards those who are observant, disciplined, and most importantly patient. The market takes from those who try too hard, and do too much. If you dont believe me, try as hard as you can to make money, and see how you do! By relaxing your efforts, you relax your mind. In turn relax your actions and decision making. You do not have to trade every day to be a profitable trader. It sounds paradoxical doesn't it? How can I make money trading if I dont trade? By only trading when it is appropriate like when your edge is present, you better your odds of success. Profitable trading does not come from trading constantly. Profitable trading comes from the act of non-doing, and out of a state of emptiness. Profitable trading is effortless, it comes out of waiting for just the right moment before taking action. And then waiting some more while the market proves you right or wrong. Profitable trading is not forced; it just happens. Active VS Passive Trading - This is very similar to the previous topic. Active trading is a trader who is constantly in the market, trading whatever he see's or feels right. This trader is often wrong, and when he is right he makes the mistake of exiting too early due to fear. This leads to a negative traders equation as he continues to struggle to do the right thing. An Active Trader mentality is one which does not believe in "non-doing." He believes he must, and can, do something. He is afraid of missing out and is often swayed by thoughts and emotions. So he continues trading never looking back, and at the end of the month cannot figure out why his account is in the red. A Passive Trader is the opposite. He passes on more trades than he takes. He does not care about what he misses out on. He only cares about what he takes and the actions he makes in the market. He does not force trades, he just watches the market until he knows what to do. Or he waits and waits until his edge finally sets up. He is passive in his efforts, rather than active. He does not care if he doesn't trade today, this week, or even this month. Trading is not what is important to him; winning is. He knows that profits come from sitting, waiting. Because he is willing to wait, he is peaceful. And profits continue to come into his account, effortlessly. For more information on developing this type of mentality, see below. We also detail how to understand markets through price action, how to create, define, and employ an edge, and how to develop your traders mentality to succeed in markets. If you found this helpful please like! Feel free to comment or ask questions.
BITSTAMP:BTCUSDEducation
by tradersmentality
4
The Advantages of Technical Analysis (Price Action)Technical Analysis (AKA Price Action) Technical analysis is the understanding and observing of markets through the only thing that matters; price. Prices generate similar patterns over time, in every market. A single price chart contains more information than you would ever imagine at first glance. Everything you need to know about any company, or market is on the chart in front of you. The current price is what the true value of the market is, regardless of news, indicators, or anything else. The Advantages of Technical Analysis (Price Action) No News - Everything you need to know is on the chart in front of you. Completely disregard all news and outside information. All news is already built into the current price. The price action of the market is all you need to know. Once you understand how institutions operate, you can follow them. No indicators . All indicators are a derivative of price. For example a Fibonacci level. Every price on a chart is a Fibonacci level of some other price on the chart. Although they appear to work, these levels do not work because of Fibonacci. But instead due to the traders equation, which is the mathematical formula institutions use to enter and manage trades. Clearly define support and resistance. You can see on a chart where prices are likely to do something. These are "Key entry points" or "Buy and Sell Zones." Clearly define risk and edge. With technical trading, you have the ability to define your risk before getting into a trade. If the market does not do what you expected, and instead goes beyond your stop, you exit. Without needing to wonder about why this happened, or constantly observing the news. Identify the strongest markets without relying on outside information like news, indicators, someone else, or a "tip." Become independent and trade for your self. If you found this helpul please like! Feel free to comment or ask questions.
COINBASE:BTCUSDEducation
by tradersmentality
Day Trading - Only Strong Trend Days (Can also be used on HTF)Day Trading - Only Strong Trend Days (Can also be used on HTF) There are generally only 2-5 strong trend days a month. The majority of trading days are some form of trading range days, either within a range or a weak channel which reverses and forms a trading range. On strong trend days the market offers what most traders want - a high probability of a large reward, with a tolerable risk. Usually the risk feels greater (and often is) on a strong trend day because there is a sense of urgency, and the bars are often bigger than normal. On trading range days the bars tend to be smaller, offering what appears to be a lower reward, but there are many more failures and reversals. This makes it very difficult to identify a good setup, and even when there is one the market does not make it very far before there is an opposite reversal. This lures unsuspecting traders in, who continue fighting the market taking every trade or only the losers. This type of market is like a boa constrictor. The more you fight, the more you struggle, the tighter its grip and the harder it is to overcome the draw downs and emotional fatigue. Because these types of days are hard to trade and do not offer what I want (a good chance at a large reward), I choose to sit these days out. Instead, I wait for a strong trend day, and then continue to wait some more for a pullback and my edge. Does this mean I miss out on some good moves? Sure. But I do not care. I trade to win, not to trade for fun. It does not matter what I miss, it only matters what I take and the actions I make in the market. So how does a trader know if the day is a trading range day or likely to become a strong trend day and should be traded? In order to help guide you, here are some common characteristics of a trend day. "......" After the above has been identified - it is still better to wait for a pullback and an edge like a "......." This increases the likelihood of a good trade with a strong traders equation. It also helps decrease stress of prices going against the position as it often does when you just enter at the market or without an edge. Of course, waiting is not easy. Just like Tom Petty said "Waiting is the hardest part!" Does this mean you are less likely to lose? Usually, but not always. Even with trend trades fail, although less often. It is absolutely possible to lose money selling in a bear trend or vice versa. The key is to continue onward, and enter the next with trend trade if there is one. If not, or it also fails, prices are more than likely in a trading range and you just haven't yet realized it. If this is the case, it is often better to stop trading and wait for a strong trend day, rather than continuing to fight the market when it is not offering what you expected. **These ideas and strategies can also be applied to higher time frames and long term investing. "..." = withheld material from original post (members only material). If you found this helpful please like! Feel free to comment or ask questions
SP:SPXEducation
by tradersmentality
Day Trading Trend or Trading Range? Can be applied to investingIn the previous article we discussed only trading on strong trend days or strong markets. We also identified what increases the likelihood of a day (or market) becoming a strong trend. As said before, there are only a handful of strong days a month (or only a few strong markets at any given time). Because of this, it is just as important to identify and understand when a market is likely not a trend and more likely a trading range. Within the first hour or two of the open (when day trading), it is often obvious if the day will likely become a trend day or a trading range. Once the market has been identified as likely a trading range, it is unlikely to become a trend day as the market tends to continue what it has been doing. In this case it is more likely to continue to have heavy two sided trading and less likely to convert into a strong and healthy trend. But wait - most channels are some form of trading range right? Yes. This is a form of slanted trading range, or a trending trading range. This is where the market is technically in a trend but it is very weak and likely to reverse at any time. In fact, by the close it will likely reverse and the trend is unlikely to remain intact. Characteristics of a Trading Range Day "............" So if most days are not trend days and are instead some sort of trading range, cant a day trader use this information to his advantage? Of course, if it aligns with your trading style or method. But you must understand that you are not likely to win on many trades, or win a large reward. Instead most trades even strong ones, only go for 1X the risk. On top of that there are many trades to take, most of which fail. This makes it difficult to remain focused and continue trading without emotions and without missing the trades you need to win to recover losses. What about only taking strong trades ".......?" That is a reasonable thing to do, but the probability is still often lower and the reward is as well. And on these days most stop order entries fail, resulting in repeated failures. This is a "............." If not, you will likely get stopped out just before prices go your direction! Or the market will only go in your favor temporarily before stopping you out. This makes trading difficult for beginners and even for those with experience. However most do not realize they should simply remove themselves from the market during these times. Instead they continue to trade as they think they should, and continue to grow losses, making it harder to recover even on a good trading day. "I do not like to trade when the market is likely to reverse at any time. I only like to trade when the market is not likely to reverse at all." - Josh Ridenour **These ideas and strategies can also be applied to higher time frames and even long term investing. "..." = withheld material from original post (members only material). If you found this helpful please like! Feel free to comment or ask questions
Education
by tradersmentality
Day Trading Trend or Trading Range? Can be applied to investingIn the previous article we discussed only trading on strong trend days or strong markets. We also identified what increases the likelihood of a day (or market) becoming a strong trend. As said before, there are only a handful of strong days a month (or only a few strong markets at any given time). Because of this, it is just as important to identify and understand when a market is likely not a trend and more likely a trading range. Within the first hour or two of the open (when day trading), it is often obvious if the day will likely become a trend day or a trading range. Once the market has been identified as likely a trading range, it is unlikely to become a trend day as the market tends to continue what it has been doing. In this case it is more likely to continue to have heavy two sided trading and less likely to convert into a strong and healthy trend. But wait - most channels are some form of trading range right? Yes. This is a form of slanted trading range, or a trending trading range. This is where the market is technically in a trend but it is very weak and likely to reverse at any time. In fact, by the close it will likely reverse and the trend is unlikely to remain intact. Characteristics of a Trading Range Day "............" So if most days are not trend days and are instead some sort of trading range, cant a day trader use this information to his advantage? Of course, if it aligns with your trading style or method. But you must understand that you are not likely to win on many trades, or win a large reward. Instead most trades even strong ones, only go for 1X the risk. On top of that there are many trades to take, most of which fail. This makes it difficult to remain focused and continue trading without emotions and without missing the trades you need to win to recover losses. What about only taking strong trades like ".......?" That is a reasonable thing to do, but the probability is still often lower and the reward is as well. And on these days most stop order entries fail, resulting in repeated failures. This is a "............." If not, you will likely get stopped out just before prices go your direction! Or the market will only go in your favor temporarily before stopping you out. This makes trading difficult for beginners and even for those with experience. However most do not realize they should simply remove themselves from the market during these times. Instead they continue to trade as they think they should, and continue to grow losses, making it harder to recover even on a good trading day. "I do not like to trade when the market is likely to reverse at any time. I only like to trade when the market is not likely to reverse at all." - Josh Ridenour **These ideas and strategies can also be applied to higher time frames and even long term investing. "..." = withheld material from original post (members only material). If you found this helpful please like! Feel free to comment or ask questions
COINBASE:BTCUSDEducation
by tradersmentality
ABBV Sell Vacuum - Understanding Climaxes and VacuumsABBV is selling off this week in a third leg down from the buy climax and all time high. Although it looks strong at first glance, this is more likely a sell vacuum (sell climax) than the start of a strong bear breakout. A vacuum is created when strong bulls step aside and wait for prices to reach a location they want to buy, and the strong bears continue to hold for the same price level (and some continue to sell). This creates a temporary one sided market. This sell off is likely a test the previous converging triangle, and middle of the trading range preceding the bull breakout. The bulls will look to form some sort of double bottom which could be a failed breakout below the 60 or 50 lows, or an actual double bottom. If there is a reversal up next week, it would form a parabolic wedge bull flag, bears will look to take profits and bulls will look to re-establish longs. If instead there is continued selling and a strong breakout below the 50 low, the bears will likely get a test of the opening tight trading range around 40. If you found this helpful please like! Feel free to comment or ask questions.
NYSE:ABBV
by tradersmentality
How to be a Successful Forex Trader Segment 3DCCS Disease: CCS Disease is a disease many new traders are afflicted with and it can be fatal!! CCS disease is short for "constantly changing strategies". Certainly, I firmly believe that a trader must find a trading strategy that fits both their personality and the time they have to trade. However, once you find a strategy that you like, imho, you must back test the heck out of it!!. Figure out how it responds to different market conditions, is it a strategy that can only used when the market is in a range or trending, can be used before news, after news. How big of a stop is needed, How far will it run... trade parameters are essential but more importantly, Build confidence in your strategy. without the confidence that your strategy will work, you leave yourself susceptible to the psychological terror the market can cause. I have tried alot, probably well over a 100 strategies in my trading career. the truth is that if I would have properly back tested then and stuck with them I would have been successful sooner. if you test a strategy and it has an 75% win rate (which is pretty damn good), that still means you will lose 25% of the time. Unfortunately, it does not mean that out of 100 trades your first 10 won't be losses and which point you give up and move on. Been there, done that. So I would urge you to back test your strategy so you have at least 100 trades and then forward test the strategy for at least 100 trades before you change. I hope this Helps, stay green my Friends Allen ** The Above chart is an example of how I document my trades-- every trade. I also use a spreadsheet to keep track of the data.
Education
by AGold54
5
GOLD Video - Pure PRICE ACTION Top Down AnalysisOANDA:XAUUSD - Weekly (Bearish) : Doji at a weekly level indicating indecision and momentum loss with a wide swing divergence - Daily (Bearish) : Pinbar rejection with divergence - 4hr (Entry) : Double top with a trendline break EP: 1336.25 SL: 1360.36 TP1: 1311.47 TP2: 1290 www.pipkingsfx.com Like the content? Support it by.... SMASHING that LIKE button & following my profile :] ... Leave a comment with your questions & ideas! Thanks !
FX_IDC:XAUUSDShort
by UnknownUnicorn1591582
3