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GBPJPY: Case study. From start to finish. [Trading System]I am glad I (re-) found out retail traders have a losing edge, now I don't have to pretend I care about news / fundamentals moving the market like there is a secret :D Only really important thing is getting the trend right and looking on the economic calendar at the days with a red circle next to them (unless you want a 3 ATR slippage). Trading is cool (not really), it's like you are a detective analysing cases, and then you land on the mission area and you become a sniper carefully preparing his execution, and then bam take the shot. A detective with a snipar. Grrr! In this case, first here are the support areas (every strategy expect maybe super short term and long term) need support at its core, well at least when it comes to currencies & hard commodities. Requirements: - Being aware of the high TF trend and patterns (weekly) - Knowing what the daily trend is - Having drawn the support areas via daily chart - Having checked technicals, such as EW counts, fibs, trendlines, MA's etc... - Noticing all the resistance above (low risk and buying probably gets absorbed) - Having a plan in advance (what do I expect to happen what will I look at / look for) - Being aware of events for the week (central bank decisions...) - Noticing how the price is rejecting resistance ==> High probability - Noting how far the next area of support is ==> Big reward / low risk - Preparing your evacuation plan (targets, approximate SL mostly) - Zooming in (look for a specific reaction to take the shot) - Taking the shot like a boss - Preparing for extraction (trail stop set a limit order etc) - Running away with the tears of those that went opposite, and their money. - Logging it all and analysing it... Ok the list is long actually. But it's simple. When you know it all and have a few months of correct practice under your belt. If you do not have a "strategy" / system already, note the list down, draw it if you like, add some steps / details if necessary, and follow all steps until it becomes second nature. Every week (if you trade short term like me) review your charts and note your plan/expectations, then every day every few hours look at what the price is doing, etc. Gets natural with time. Becomes a habit. Having a system like this is not an option by the way. I saw some people I think it was in prop firms they did this: they have a little paper every day where they write their expectations and plan for the day, and once the day is over (they do intraday) they note on the paper in a rectangle what happened what they did etc. This is actually awesome. Maybe I should do something pretty like this via trading view. Right now I use excel and screenshots. I watch > 20 charts thought so noting my plan for each on this site might get boring, not sure how useful it would be... I should do something more than just a few notes in excel and a post trade screenshot. I did spend an awful amount of time on my past trades thought, the only thing I really missed was what I expected before the trade setup my general bias.
Education
by MrRenev
2
LTC JUNE 2019. The Time Has Come.TraderNoxtreme Here, Well perhaps the time has come. We have reached a SERIOUS indecision point after 2.5 months of upside. The gains have been huge. Lets be real. This could really be the top of the new bull market... We expect a lot out of this space. We do not have to go back to ATH no matter how much it seems like we should. The HYPE is fierce in this sector. Some profit is better than none right? Let's take a look at Litecoin. Bitcoins sidekick who now has a slot machine, a few forks, and an add in UFC. ATH is 420. Yes, that's right, 420. So we made it 28.5% of the way there. But we got some HUGE gains percentage wise. 432%!!!! I had to measure it twice and do the math on paper just to be sure. Let's say this is the top and we head back down. Often you get a second smaller bounce after such a giant one. What is the game plan then? Well. For me, I would be pretty much all in well before we hit the December low of 22 dollars because I do believe we came out of the bear market. We won't know for sure until consolidation is finished and we make a new high. But there is more to it than that. We can pull profit out AND have more coin invested then we started with. We can compound our profits if we swing this right. For me it looks like this. Although that big recovery arrow might be a little optimistic. I am thinking that the halving pump might kick in at some point soon. The drop could also play out a lot faster than this chart shows but I would rather it doesn't. I would like to see a controlled descent (like what the chart shows) before we get a new high as this would create more confidence that we have finished our bear cycle once we reach 160 ;) . I don't think the downside target is too extreme considering a lot of folks are probably still rattled from 2018. Stay calm and follow your plan. Like and subscribe no matter what :)
COINBASE:LTCUSD
by Noxtreme
EUR/USD-->The most lovely but WTF Hey traders , I'ts ironic how many times this currency pair burned me, but when i see one of my firstly post here it was the reversal H&S in the Daily and Weekly time frame in Euro/Usd , I feel justified. So, lets go straight to our chart, we Trend is obviously Down, the important rule of "We don't trade against the main trend" Its correct and this is an example of what trading scenario(plan) you have to apply in this cases.Therefore, we are looking for best entry that could be in the yellow levels that you can see clearly in the chart. In addition, the bearish pressure that forced the price to smash the support (strong) level its visual with a clear eyes. If you go back in the chart you can find many -Point A- like the nice open blue that I have drawn for you. From the price action analysis resulting that the price may reach the previous support (now became resistance) and go even more further. Thus, we are looking to take short strategy in order to take profit the stop losses and take profits levels will be adapted but the main idea is this that I mentioned above. The reason that we don't trade against in main trend you will find out why if you join in to this trade. I will try if you want to read me, to put some indicators in the cases that we need the past data to analyse and confirm our trading moves but not for now. If you agree give me Like to motivate me. My name is John Vasilopoulos Instagram: john_vasilo Thank you .
Short
by UnknownUnicorn3549910
1
Possible EUR/JPY short position!!SMP TRADING SELF DEVELOPMENT/METHODOLOGY/PSYCHOLOGY Chart time frame - H4 Timeframe - 1-2 days Actions on - A – Activating Event Market will meet resistance in zone @125.44 - 125.74 and fall to the @ 124.4 In order to enter, the pair MUST be in line with my Entry Procedure.... B – Beliefs Market move towards the first Target 1 level @ 124.4 FX:EURJPY Trade Management Entered @ Sign up for mentoring Stop Loss @ Sign up for mentoring Target 1 @ 124.4 Target 2 @ .... Risk/Reward @ 3.1 Happy trading :) Follow your Trading plan, remain disciplined and keep learning !! Join our Mentoring Program TODAY!! twitter.com Please Follow, Like,Comment & Follow This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
Short
by SMPTrader
Possible NZD/USD Short position!!SELF DEVELOPMENT/METHODOLOGY/PSYCHOLOGY Chart time frame - H4 Timeframe - 1-3 days Actions on - A – Activating Event Currency Pair creating a Double Top . B – Beliefs Market will find resistance at current levels at @ 0.6848 - 0.6893 levels and move towards the first Target 1 level @ 0.671 FX:NZDUSD Trade Management Entered @ Sign up for details Stop Loss @ Sign up for details Target 1 @ 0.671 Target 2 @ Risk/Reward @ 2.1 Happy trading :) Follow your Trading plan, remain disciplined and keep learning !! Please Follow, Like,Comment & Follow Thank you for your support :) This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
Short
by SMPTrader
1
BIG, medium and small plans of BITCOINI won't introduce myself as the amateur trader anymore, you already know that from previous ideas if you read it :) We all know that whether bitcoin goes long or short, it moves in a short term movements, long, short and flat As you can see in my chart, i used the log scale to track the trend in the big picture which is a downtrend (yellow lines) we didn't yet exit! currently we still in the medium uptrend (blue lines) and the small uptrend (purple lines), we are approaching the break of the 3,950 then 4,050 then 4,350 Also keep in mind the resistance of EMA 200 and EMA 300 before finally if we broke all of these resistances with good volume to swing to the up line of the big downtrend which is around 6,000 Good luck guys, trade safe within the ranges i mentioned, but keep in mind that this is not a financial advice. Thanks for reading!
Long
by MuMounir
Sniping BTC - Short/Long/Short STRATEGY, Simple trading planSimple strategy: 1. Assume you are wrong. 2. Remember - we are in a bear market. 3. Reversed head and shoulders pattern is forming on 4H indicating a possible temporary trend reversal. 4. According to strategy, there is a possibility of a positive pattern recognition if 3600 levels are not tested. 5. Invest 1% of capital on 5x leverage at $3668.9 (enter trade) 6. Set up a stop-loss at 3600. 7. If stop-loss is reached, do not enter the market until any of the top/bottom levels mentioned in this analysis is reached. 7. Take 50 % profits at T2 ($4364.7) 8. Move stop-loss to $3944.7 9. Exit trade at $5247.8 10. Move 30% of profits to hardware wallet, pay out 30% of profits to a bank account, re-invest remaining 40% of profits in the future. This is not financial advice - I'm simply looking for my own mistakes. Let's collaborate & make it work ...together.
BITFINEX:BTCUSDLong
by crypto_poet
5
Possible EUR/GBP Short Position!!SELF DEVELOPMENT/METHODOLOGY/PSYCHOLOGY Chart time frame - H4 Timeframe - 1 - 2 weeks Actions on - A – Activating Event Currency Pair creating a Double Top . B – Beliefs Market will be rejected at @0.9093 level and move towards the first Target 1 level @ 0.89 FX:EURGBP Trade Management Entered @ Still waiting for confirmation. Stop Loss @ Still waiting for confirmation. Target 1 @0.89 Risk/Reward @ 4:1 Happy trading. Will let you know closer to the time if or when executed:) Follow your Trading plan, remain disciplined and keep learning !! Please Follow, Like,Comment & Follow Thank you for your support :) This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
Short
by SMPTrader
XRP/USD Founder Criticism After 16 days of lower lows, XRP prices are steadying, gaining in the last day and just 1.4 percent down from last week’s close. Though this is overly positive for investors –because it confirms our previous XRP/USD trade plan, we need to see spike in participation. From candlestick arrangement we shall recommend bulls once there is a clear break and close above 40 cents—our minor resistance line and buy trigger line. It’s easy to see why. Notice that after 17 days of draw down that saw prices did from 60 cents to spot prices, XRP prices risk dropping below 30 cents and 25 cents erasing gains of Sep 2018 and binning our forecast. But, in the last three weeks, there has been rejection of lower lows causing bulls to slow down thanks to the long lower wick hinting of increasing demand in lower time frames. Of note in this time frame is Nov 25 pin bar. After a week of strong bears, prices did find support and since then XRP/USD has been oscillating within its high low. For bears to dominate then we need to see clean breakouts below Nov 2018 lows. Then and only then shall we recommend shorts with first targets at Sep 2018 lows and later 15 cents or lower. Conversely, injection of bulls that ignites a rally above 40 cents shall trigger aggressive traders into action. When that prints, then bulls should buy on dips with first targets at 60 cents.
BITFINEX:XRPUSD
by kris_pad