gold analysis - 09 feb 2023so first things first...
-market brokeout to the downside on the daily timeframe
- then market ranged for 4 days forming a bearish flag which is a continuation pattern
-market is currently at a significant support level so if it breaks entry can be taken on the initial breakout (aggressive) or wait for a retest of that structure (conservative)
- take profit is placed at the 1849 level but market could go down to the 1835 which is current support on daily
market can be bullish out of nowhere but we will wait and see
Stoploss
❗️PLAN VS FOMO EFFECT❗️
☑️A trader with a plan is someone who has a well-defined trading strategy that outlines their entry and exit points, risk management approach, and overall trading philosophy.
☑️They have a clear understanding of the markets they are trading and make decisions based on objective analysis and research. They are disciplined and stick to their trading plan, even in the face of losses or market volatility. They avoid impulsive decisions and emotions like fear of missing out (FOMO) that can lead to bad trades.
☑️On the other hand, a trader with FOMO is someone who makes impulsive decisions based on fear of missing out on potential profits.
☑️They may jump into trades without fully understanding the market conditions or conducting proper research. They may also ignore their risk management strategy, in an effort to make quick profits. They often enter trades based on rumors or tips from others, rather than their own analysis.
This type of trader is more likely to make poor trades and suffer significant losses.
☑️In summary, a trader with a plan is someone who is disciplined, objective, and systematic in their approach to trading, while a trader with FOMO is impulsive, emotional, and reactive in their approach.
I Hope you guys learned something new today✅
Wish you all Best Of Luck👍
😇And may the odds be always in your favor😇
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BNB / USDT 1H INTERVAL, STOPLOSS AND TARGETSHello everyone, let's look at the BNB to USDT chart on a 1-hour timeframe. As you can see, the price is moving above the local uptrend line.
Let's start with the support line and as you can see the first support in the near future is $326.4, if the support is broken then the next support is $324.2, $322.2 and $319.2.
Now let's move to the resistance line, as you can see the first resistance is $330.2, if you manage to break it, the next resistance will be $332.7, $335.9 and $340.1.
Looking at the CHOP indicator, we see that we have a lot of energy for the next move, the MACD is on the verge of entering a downtrend, while the RSI has a rebound.
ETH Swing long trading setupHello guys
lets take a look at ETH/USDT Chart in Daily timeframe.
the price is struggling with 1260 level.
according to the temporary Bullish sentiment in market
i think price will surge to 1400 level.
where we have a strong Trendline and 61.8% Retracement Level of last price LEG
also a divergence seen between RSI and price recently that can improve this run.
at all i think price will reach a critical point drawn in my chart.
Dont Forget to set a suitable SL and manage your risk.
thank you for your attention
please share me your opinion in comments so i will be happy :)
GOOD LUCK
10 Common Lies and Misconceptions About Trading 🥺🤮1. People are born traders. While it is true that certain personal characteristics make it easier to trade, no one is born a trader. One of the main themes of the Market Wizards books written by Jack Schwager is that almost none of the market wizards was successful from the start. They all worked hard at it.
2. You have to have a high IQ to trade. Just not true. In some ways, an above average IQ may be a hindrance. Trading is a human performance activity where strong intellectual abilities are unnecessary.
3. Top traders are successful because they have the "right trading personality." There is no such thing as the "right trading personality." Researches have been unable to find a strong correlation between personality type and trading success. It is important, however, to understand your personal characteristics and how they may help and hinder your trading.
4. Trading is easy. It sure looks that way, doesn't it? Just draw a few lines on the chart, watch your indicators, and follow the price bars. The truth is that trading is a difficult business to master. It involves different skill sets and abilities from what are needed in most other professions and careers. The trader must understand his or her personal strengths and limitations and develop specific skills to deal with the mental and emotional demands of trading. The later skills are the most difficult to develop and the most overlooked.
5. You must be tough, hard charging, and fearless to be successful. That's more media hype than anything else. It glorifies a strong ego, which is a detriment in trading. The most successful traders I know quietly do their research, study the charts, and patiently wait for the right moment. They strive to keep their ego out of their trading.
6. You must trade without emotions. If you are human, that's impossible. More importantly, when you understand your emotions you will realize they are assets, not liabilities. The real keys are:
To be aware of how your emotions interact with and influence your trading, and
To develop the skills needed to trade with them.
7. Top traders are usually right about the market. Top traders have many, many scratch and losing trades. Top traders are at the top because they exercise good risk control, limit the amount of loss from any given trade, and have developed a psychological edge that allows them to be unfazed by small losing trades. Most of their trading consists of modest profits and very small losses. When conditions are right, they step up size and let the profitable trades run.
8. Paper trading is useless - it's not a real trade without money behind it. If you aren't paper trading,you are doing yourself a disservice. You should always be paper trading your trading ideas. Why limit your education and experience by the amount of capital you have? Paper trading keeps you sharp ; you learn the conditions under which your trading ideas work best. Where else can you get such vital education at so little cost?
9. Master the technical skills and you will be successful. This is where most traders spend the vast majority of their time, but it's only part of the picture. You also have to learn important performance skills. Traders should spend as much-if not more-time learning to develop their psychological edge as they do in developing their technical trading edge.
10. Trading is stressful. It certainly can be stressful, and it certainly is stressful for many. It doesn't have to be. Successful traders have a certain mindset. They put little importance on any given trade. Their focus is on the long haul. They know that if they attend to the aspects of trading that are within their control (i.e., trade selection, entry, risk control, and trade management) the profits will take care of themselves.
source: DailyFX
EURCAD bullish for 50 pips here we have a good entry point for the eurcad and as there is a chances of bullish with 50 pips target
DOT / USDT 4H CHART - Targets and Stoploss!Hello everyone, let's look at the DOT to USDT chart on a four-hour time frame. As you can see, the price has fallen below the local uptrend line.
Let's start with the support line and as you can see the first support in the near future is $6.60, where the price is moving, the next support is $6.46 and $6.04.
Now let's move on to the resistance line, first we will mark the resistance zone from $6.85 to $7.01, if you manage to break it, the next resistance will be $7.14, $7.27 and $7.45.
Looking at the CHOP indicator, we see that the energy is currently being used for price correction, the MACD indicates a local downtrend, while the RSI has a strong rebound, which creates room for new increases.
SOL - USDT 4HChart, targets and stoplossHello everyone, let's look at the SOL to USDT chart on a 4-hour time frame. As you can see, the price is moving in the local uptrend channel.
Let's start with the determination of the support line and as you can see, in the first order, it is worth marking the support zone from $ 24.33 to $ 23.55, if the support is broken, then the next support is $ 22.79, then we have the second support zone from $ 21.70 up to $20.33..
Now let's move on to the resistance line, and here again we will start by marking the resistance zone from $25.16 to $25.87, if we manage to break it, the next resistance will be $26.81, and then around $29.44.
Looking at the CHOP indicator, we see that there is some energy left for the next move, the MACD indicates the limits of the return to the local uptrend, while the RSI is moving in the middle of the range and tries to break above the downtrend line.
Learn Risk to Reward Ratio | Forex Trading Basics
Hey traders,
Planning your every trade, you should know in advance the profit that you are aiming to make and the maximum amount of money you are willing to lose.
In this educational article, we will discuss risk reward ratio - the tool that is used to compare your potentials losses and profits.
Let's start with an example. Imagine you see a good buying opportunity on EURUSD. You quickly identify a safe entry point, your take profit level and stop loss.
From that trade you are aiming to make 100 pips with a maximum allowable loss of 50 pips.
To calculate a risk to reward ratio for this trade, you simply should divide a potential gain by a potential loss:
R/R ratio = 100 / 50 = 2
In that particular example, risk to reward ratio equals 2 meaning that potential gain outperform a potential loss by 2.
Let's take another example.
This time, you decide to short USDJPY.
From a desirable entry point, you can get 75 pips with a potential loss of 150 pips.
Risk to reward ratio for this trade is 75 divided by 150 or 0.5.
Such a ratio means that potential loss outperform a potential gain by 2.
Risk to reward ratio can be positive or negative.
If the ratio is bigger than 1 it is considered to be positive meaning that a potential gain outperforms a potential loss.
If the ratio is less than 1, it is called negative so that potential loss is bigger than potential risk.
Knowing the average risk to reward ratio for your trades, you can objectively calculate the required win rate for keeping a positive trading performance.
With R/R ratio = 0.5
2 winning trades recover 1 losing trade.
You need at least 70% win rate to cover losses of your trading.
With R/R ratio = 1
1 winning trade, recover 1 losing trade.
You need at least 50% win rate to compensate your losses.
With R/R ratio = 2
1 winning trade recovers 2 losing trades.
You need at least 35% win rate to cover losses of your trading.
Trading involves extremely high risk. Risk to reward ratio is a number one risk management tool for limiting your risks. Calculating that and knowing your win rate, you can objectively decide whether a trade that you are planning to take is worth taking.
❤️Please, support my work with like, thank you!❤️
Daily review of ETH interval 1HHello everyone, let's look at the ETH to USDT chart on a 1-hour time frame. As you can see, the price is moving on the border of the local uptrend line.
Let's start with the support line and as you can see the first support in the near future is $1667, if the support is broken then the next support is $1653, $1638 and $1617.
Now let's move to the resistance line, as you can see the first resistance is $1687, if you manage to break it, the next resistance will be $1711, $1730 and $1750.
Looking at the CHOP indicator, we see that the collected energy was used for a correction, the MACD indicates the maintenance of the local downtrend, while the RSI showed a rebound and an immediate rebound.
P2P | Nas TradeHey there peeps! I know this isn’t the usual post everyone is looking for but I wanted to be transparent with you all.
Not every trade is a winner! Once I accepted that, I was a lot more comfortable in myself and my game.
The mission is to become the best player in your league but the funny part is, you’re in your own league so it’s really you vs yourself.
With that being said, I learned a lot from this trade, even though I don’t normally trade Nas, but the experience I had with it furthered my interest in trading it.
So gang there you go, no shame in my game, just room for mistakes and getting better. But you see it gave me a 2nd chance entry?! I didn’t take it because I try not to over trade or chase my loses, especially on a pair I don’t trade.
But like always family happy trading, trade well, and let’s run it it up from 2023 til infinity!
DISCLAIMER:
**This page is for educational purposes only and is not intended for any financial arise. I am not a financial advisor nor do I manage any other accounts for users. Any trades you take will be of your own doing and P2P will not be held repsponsible.***
BNB / USDT 4H INTERVAL, STOPLOSS AND TARGETSHello everyone, let's look at the BNB to USDT chart on a 4-hour timeframe. As you can see, the price is moving below the local downtrend line, moreover, on the EMA Cross 10 and 30, we can see the crossover point and an indication of entering a downtrend.
Let's start with the support line and as you can see the first support in the near future is $287, if the support is broken then the next support is $280 and $270.
Now let's move to the resistance line, as you can see the first resistance is $294, if you manage to break it, the next resistance will be $298, $302 and $307.
As we can see, the MACD confirms the local downtrend, while the RSI has a nice recovery and room for new growth.
❗️USE STOP LOSS AND BECOME A BETTER TRADER❗️
🟩STOP LOSS IS:A stop-loss order is an order that automatically closes a losing position once the price hits the pre-specified level.
We usually calculate SL in pips, but there can be many ways to set it. It can be time based, percentage based or volatility based. For some investors SL is some piece of critical news, which alters their perception of the value of the asset. Regular stop losses can be many and varied too, for example trailing stop. Also, we sometimes move SL to entry after the half close to protect the gains and make our position risk free.However, all situations I listed above have one thing in common and it is the fact that the SL was used!
🟥Honestly, I am amused by the massive number of people who send me screenshots of their MT4 with several open trades on the same pair all of them without SL and with 90% of account lost. And they ask me what should they do? A great illustration of what is would take to recover from such a loss, is on the drawing above. With the 90% loss, you have only one tenth of the original account left. That means you need to make ten times more money than you have left just to recover your losses. 999% gain needs to be made just to have your old account back. It took you a day to blow it, and might take months to recover the losses. This is the brutality of the trading. The market is unforgiving and will punish you if you treat is without respect. If you are careless or if you make mistakes. The market always comes back to collect, waiting for the moment you drop your guard and relax for a second.
Please always use Stop Loss, because, as it happens, it stops you from losing too much!
I Hope you guys learned something new today✅
Wish you all Best Of Luck👍
😇And may the odds be always in your favor😇
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Daily review of ETH interval 1HHello everyone, I invite you to a quick update of the situation of ETH to USDT on the 1H interval.
As we can see, we have formed a Rising Wedge pattern, which unfortunately is characterized by an exit from the bottom.
We can use the current situation to play the position, for this purpose we will mark the Stop Loss at $1618, which should be taken into account when playing short.
Entering positions in the area of the formation or just after leaving the formation at the bottom at $1525.
However, the target that can be taken into account is $ 1434.
Daily review of BTC interval 4HHello everyone, I invite you to a short discussion of the Rising Wedge formation created on the BTC chart.
We can observe the formation of the Rising Wedge, which is characterized by a bottom exit from the channel.
For a possible play, you should keep the stop loss at $ 21,630, while entering positions in the marked channel, but the safest will be at $ 20,755, after leaving the channel at the bottom.
The target that can be taken into account is around $ 19,686.
Please watch the EMA Cross 10 and 30 when the red line crosses the green from above to confirm this entry into a downtrend.
Learn Why Do You Need a Stop Loss 🟥
Hey traders,
Talking to many struggling traders from different parts of the world, I realized that the majority constantly makes the same mistake: they do not set a stop loss.
Asking for the reason why they do that, the common answer is that
these traders consider the manual position closing to be safer, implying that if the market goes in the opposite direction, they will be able to much better track the exact moment to cut loss.
In this article, we will discuss why it is crucially important to set a stop loss and why it is the number one element of your trading position.
First of all, let's discuss what is a stop loss. By a stop loss, we mean a certain price level where we close our trading position in loss. In comparison to a manual closing, the stop loss should be set at the exact moment when the order is executed.
Stop loss allows us limiting the risks in case of unfavorable movements.
On the chart above, I have illustrated 2 similar negative scenarios: 1 with a stop loss being placed and one without.
In the example on the left, stop loss helped to prevent the excessive risk, cutting the loss at the beginning of a bearish wave.
With the manual closing, however, traders usually hold the negative positions much longer, praying for a reversal.
Holding a losing trade, emotions intervene. Greed and fear usually spoil the reasoning, causing irrational decisions.
Following such a strategy, the total loss of the second scenario is 5 times bigger than the total loss with a placed stop loss order.
Stop loss defines the point where you become wrong in your predictions. Planning your trade, you should know in advance such a point and cut your loss once it is reached.
Never trade without a stop loss.
❤️If you have any questions, please, ask me in the comment section.
Please, support my work with like, thank you!❤️
Daily review of BTC interval 4HHello everyone, let's look at the BTC to USDT chart on the four hour time frame. As you can see, the price is moving above the local uptrend line.
Let's start with the support line and as you can see the first support in the near future is $17214, if the support is broken then the next support is $17169 and $17111.
Now let's go from the resistance line, as you can see the first resistance is $17311, if you manage to break it, the next resistance will be $17367, $17426 and $17505.
Looking at the CHOP indicator, we see that the energy is slowly increasing, the MACD confirms the uptrend, while the RSI is moving in the upper range, which may indicate a small correction.
Did Someone Say SUPPORT ZONE!?!Amazon is currently at support and there is a higher probability price moves up from here...
Love it or hate it, hit that thumbs up and share your thoughts below!
Every day the charts provide new information. You have to adjust or get REKT.
Don't trade with what you're not willing to lose. Safe Trading, Calculate Your Risk/Reward & Collect!
This is not financial advice. This is for educational purposes only.
BTC FOR POTENTIAL MOVE UPAs you can see on the hourly chart we successfully broke out of the local downtrend and could have a momentarily move up but DO NOT GET YOUR HOPES UP as we are still in an overall bearish market.
Potential take profit zones are to the nearest local resistance levels but first take profit is at previous local high
Have a good day and may the market treat you well.
BNB / USDT 4H INTERVAL, STOPLOSS AND TARGETSHello everyone, let's look at the 4H BNB to USDT chart as you can see that the price is moving in a sideways trend channel denoted by the white lines.
Let's start by setting goals for the near future that we can take into account:
T1 = $246.9
T2 = $248.4
T3 = $250.6
and
T4 = $253.6
Now let's move on to the stop loss in case the market goes down further:
SL1 = $245.2
SL2 = $243.3
SL3 = $240.4
and
SL4 = $236.8
Looking at the CHOP indicator, we see that the energy is charged on the 4H interval, while the MACD indicator indicates a local uptrend.
Average True Rangehe Average True Range is a volatility indicator measuring how much the price of an asset has moved over a certain number of periods, in other words how volatile the asset is. It was created by J. Welles Wilder and was featured in his book “New Concepts in Technical Trading System”. It was originally designed as a volatility indicator able to capture gaps in commodities, since a volatility formula based solely on the high-low range would miss that movement. However, the ATR can be used for stocks, indexes and currencies as well.
What traders use the ATR for is to determine their profit target and the optimal price level for placing protective stops by predicting how far the asset may move in the future. The Average True Range is most commonly calculated on a 14-period basis, but as with most other indicators, it can be fine-tuned according to each traders unique trading system.
The ATR is a directionless indicator, basically a type of moving average of the assets price movement over a certain period of time, which does not indicate the direction of the trend. You can see how the ATR is visualized on a chart on the screenshot below.
As you can see, We have plotted in every opened trade the value of the ATR at that moment. We've used the default 14-period basis, which means that the average price movement over the last 14 periods ( candles ) is 151 pips for the first trade, 137,8 for the second, and 196,2 for the last one. A trader can therefore expect the price to move within the range of 151 / 137 and 196 pips during these trades, thus giving a hint of where his/her profit target and protective stops should be.
As you can see. We have used 2 methods for using the ATR on these trades.
On the first trade, we have opened a position on the pullback of the previous Resistance, the SL and the TP have been calculated using the ATR multiply one time.
151 pips for the SL and 151 for the TP.
The second trade is based on a continuation trend strategy and also on this occasion the TP and SL have used the multiply ATR 1 time.
Last trade, Again Pullback on previous support with ATR multiply 2 times.
How is the ATR calculated?
The Average True Range is calculated by estimating the True Range for each of the included periods and then finding their average using a formula, which is shown below.
The True Range is defined as the greatest of the following:
– The difference between the current high and the current low
– The difference between the current high and the previous close in an absolute value
– The difference between the current low and the previous close in an absolute value
The first scenario is used when the current high is above the previous period's high and the recent low is below the preceding period's low (the previous candle is engulfed by the current one).
The second and third scenarios are used when a gap has occurred or the current period is engulfed by the previous period. Since Wilder was interested in measuring the distance between two points, and not in the direction of movement, here we use absolute values.
After we've calculated the True Range for each period we have decided to track back, we must now calculate the Average True Range by adding these values and calculating their average (as we've already said, the ATR is a moving average of the TR values).
As mentioned before, the most commonly used and set as default in most trading platforms' period settings is 14 periods. After we estimated the ATR for the initial 14 periods, we must then use the following algorithm to estimate future values:
Current ATR = / 14
How to trade the ATR
You've already learned that the Average True Range acts as a tool to measure the degree of interest or disinterest in a price movement. This means that inspiring moves are often accompanied by large TRs, especially at the beginning of a move, while weak moves are followed by narrow ranges. This allows us to use this indicator to gauge the enthusiasm behind every move, including breakouts.
For example, a price reversal, accompanied by an increase in the ATR value would suggest strong sentiment toward that move and reinforce the reversal, while a weak ATR would suggest proceeding with caution.
This is also true when the price breaks through support or resistance. If the breakout is supported by a rise in the ATR, it will be most likely a real move, but waning support from the indicator would suggest that the breakout might be false.
CRO / USDT 1W Interval ReviewHello everyone, let's take a look at the 1W CRO to USDT chart as the price is currently at the 2020 low and also looking from the 2021 high at around 95% down.
Let's start by setting goals for the near future that we can take into account:
First, the price has to break through the strong resistance zone from $0.0629 to $0.0876, only then will it be able to move towards the targets:
T1 = $0.1071
T2 = $0.1397
and
T3 = $0.1723
Now let's move on to the stop loss in case the market goes down further:
SL1 = $0.0571
SL2 = $0.0463
SL3 = $0.0376
and
SL4 = $0.0288
Looking at the CHOP indicator, we see that on the 1W interval, the energy is used for price decreases, the MACD is close to the intersection, however, it indicates an uptrend, while the RSI has been moving at the lower end of the range for a long time, which may indicate upcoming price increases.
FTM / USDT 1D Interval - Targets and StoplossHello everyone, let's look at the 1D FTM to USDT chart as you can see that the price is moving below the local uptrend line.
Let's start by setting goals for the near future that we can take into account:
T1 = $0.2091
T2 = $0.2193
T3 = $0.2277
T4 = $0.2355
and
T5 = $0.2473
Now let's move on to the stop loss in case the market goes down further:
SL1 = $0.2019
SL2 = $0.1854
and
SL3 = $0.1644
Looking at the CHOP indicator, we see that most of the energy has been used on the 1D interval, the MACD indicator indicates that we are moving in a local downtrend.
