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How to Follow the Market's RhythmMost traders overtrade, for one reason or another. Overtrading is perhaps one of the quickest ways to decimate your account and especially as a retail trader with limited risk capital, the best thing is to only trade when the market is active and offering A+ trades. Efficiency is possible by working smarter, not harder. The question becomes: how can you identify those instances when it's worth pulling up a chair? When will the market be ripe for participation and when is it better to sit on your hands? The Market's Rhythm Some weeks the market is very active, and some weeks (like this week in particular) the market is simply chopping around. There is a rhythm to the market, which is important to understand. All traders probably know by now the usual behavioural traits of the three main money centers in Foreign Exchange: London is usually the trend-setter; New York is the deepest liquidity pool and frequently challenges the London move; Asia is usually the consolidation session. But sometimes the market is awake and sometimes it seems like it's sleeping. How can you logically forecast when to sit in front of your screens and when to something else with your time? Let's take this week as an example. This week we've had 3 relatively big pieces of data thus far: UK employment data UK CPI US CPI You would think that the markets would be pushed around by such items (which usually generate viable NewsFlow Trades) but instead all has gone silent this week. The markets are evidently waiting for something. Bill Lipschutz, founder of Hathersage Capital and Market Wizard, put it this way: "What is important is to assess what the market is focusing on at the given moment". By paying attention to any bank sheet or market wrap, it becomes immediately evident what the drivers are for the day or week ahead. This goes one step further than just watching an economic calendar because amongst all the pieces of data, you know which ones will be the main focal points. In particular, this week the FOMC rates decision and the ECB rates decision take center stage. The markets frequently remain rangebound ahead of such influential decisions and for good reason: if something unexpected comes out of either meeting, it could potentially force a decisive shuffling of positions - meaning large moves. This would make any pre-event risk taking fruitless. Mindful Inactivity The key to remaining in touch with the market's rhythm resides in a few important practices: check your macro calendar at the beginning of each day (as a reminder); read up on a few bank sheets over the weekend in order to get a feeling for what will be in focus during the week ahead; read session wraps in order to stay in touch with the day-to-day happenings (ForexLive produces free market wraps for example); take into consideration bank holidays, regular holiday times (August/December). Mindful inactivity means that you’re acting like an eagle and not like a pigeon. Eagles do not waste energy. They wait for thermal columns and glide seamlessly upwards, carried by the hot rising wind. Thermals appear during morning or early afternoon hours after the sun rises and warms the earth. When a surface grows hot enough, a thermal column rises into the atmosphere. So that's when it's more likely to see eagles flying. They don't appear out of thin air...you know that they are creatures of habit and are attracted by a certain dynamic. Mindful traders are tuned into the rhythm of the market and listen, read and prepare. If a trend is starting on the back of a meaningful story/development/news item, a significant price change may follow. Hence, waiting for the market to be inspired by something enhances the risk-reward ratio of your trades, and can also positively impact your win rate. Good Luck!
Education
by Sam_Eder
5
BTC/USD - Levels To BuyAnother follow up analysis of Bitcoin! Price is moving perfectly with our previous Bitcoin analysis! In our previous analysis, we predicted the bearish flag was about to happen, then we predicted support levels where the buy could take place! So we have perfectly predicted Bitcoin's movement! Now we've perfectly gaged the down move, I have zoomed out to the daily chart to show the levels of where Bitcoin is trapped between, to give us the successful buy we deserve for being so patient! Swiftly moving on to the analysis, Bitcoin on the daily chart is trading at our previously predicted support zone between 6600 and 6420 and is comfortably sitting within this zone. I am now watching Bitcoin's movement very carefully within this zone to see if candles can show a reversal so I can be a buyer! There's a short term lower horizontal support zone between 6050 and 5900 which will be Bitcoins next bounce level if the current support level fails. If this support also fails, there is a lower structure support between 4680 and 3990. Bare in mind if we hit the secondary support zone at 6050 and 5900, or the lowest support zone at 4680 and 3990, then price is likely to rise, but only up to the first horizontal support zone between 6600 and 6420, as this level would likely become resistance as it coincides with side-wards resistance as well. I will continue to update this analysis if enough people request it. Please leave a LIKE and follow, these are the reason I take my time to post my analysis!
BITFINEX:BTCUSD
by TomProTrader
73
Bears Coming in at Resistance on The TRYJPY?Last post: June 11th. See chart . Review: Price had pulled back to resistance forming a potential double top. Update: Price has bounced off resistance suggesting weakness but the double top is still to be confirmed. Conclusion: Continuing to stand aside and manage short positions until the pivot low of May is cleared. Compounds will then be added. Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments! Sublime Trading
Short
by Sublime_Trading
Levels for trading 6/13/2018FED DAY WEDNESDAY 06/13/2018. Hello everybody, here are the levels for trading on Wednesday, Tuesday was a good day for us, not because we made money, but because we learned a good lesson. We had one trade in which we moved our stop to BE too early, not following our rules because we were using a different computer to trade, and we didn't use our automated BE strategy, and after that, the trade headed to our TP's levels. Moving forward be careful tomorrow, we will be closing all of our trades before 2 PM EST that's if we take any trades. PLAN YOUR TRADE AND TRADE YOUR PLAN K.R.S.
CME_MINI:NQ1!
by UnknownUnicorn253835
2
The USDTRY Finding Strength at SupportLast post: June Ninth. See chart . Review: Price had pulled back to pivot support where we wanted to see strength. Update: Price is showing signs of strength with 2 potential bullish bars in a row. Conclusion: Continuing to stand aside until the pivot high of May is cleared before adding further long trades. Any comments or questions, do not hesitate to leave them below. Give us the thumbs up if you share our sentiments! Sublime Trading
Long
by Sublime_Trading
ETH/USD - Market RundownThis is a follow on analysis from my previous ETH/USD analysis, which is going perfectly to plan! Well done to everyone following me, we have been predicting Ethereum's every move perfectly and avoiding any losses! Let's analyze ETH/USD and use simple facts to make this analysis. Ethereum is moving perfectly in accordance to our previous analysis. We are nearing a buy opportunity now, as we approach key technical levels! Price will break down in one of two ways, they are: - Price hits horizontal support at between 498 and 468 before bouncing upwards to the upside target at 678. Bare in mind however that price could hit the side-wards resistance line and stall at 556 (Approximately) and fall back into structure. - Price breaks the horizontal support zone between 498 and 468 and goes lower to next horizontal support zone at 370. Bare in mind if price hits the lower support zone, it's more likely price will only make it to the side-wards resistance structure line which coincides with the first horizontal support zone turned resistance at 470 before breaking down further. Also bare in mind also if it bounces at the first support zone at 498, it could still hit the side-wards resistance zone at a higher level at 541. I will continue to update this analysis if enough people request it. Please leave a LIKE and follow. I'd really appreciate it.
BITFINEX:ETHUSD
by TomProTrader
34
EUR/USD - INTRADAY SCALPING - SEE UPDATES SECTIONGoodmorning all, For today: 1) Price broke above the TSE range, unfortunately missing the buy setups on the lower TFs such as 1m and 5m. Price is now showing some weakness at the top. 2) Price is above all 3 Moving Averages as well as POC, however I do expect price to come back down for a retest which is why I am biased towards short setups 3) Major resistance at 1.1825 should the price continue higher Stay tuned for the updates below as I will post when I will be actually entering the market. For risk and money management purposes, always determine a max. of 2% risk on every trade. For example on a $50,000 account, this would be equivalent to 1,25 Lots with an 80 pip stop loss. Targets and closure of positions may be subject to alteration throughout the course of the trade. This is due to the ever-changing and unpredictable nature of the market. This post is set to be used and serve as an example and in an educational manner and is not to be taken as direct investment advice.
by Aqua_Trader
ETH/USD - Market OverviewThis is a follow on analysis from my previous ETH/USD analysis, which went perfectly to plan (See related ideas below for more information) When analyzing ETH/USD on the 8 hour chart, it is clear price hit side-wards resistance, and has broken down since. It was clear we would have downwards movement from this zone. Price is trading lower, and could retest side-wards resistance first before a breakdown. Price will break down in one of two ways, they are: - Price continues to break down to the lows without correction, and hits the horizontal support zone at 498. - Price retests the side-wards resistance line at 585, before retesting, breaking down, and hitting the support zone at 580. The only way I will change my mind on price trading to the downside is if price breaks above the side-wards resistance line, retests it as a new support and goes to the upside. Bare in mind, just because 498 is the horizontal support zone, it does not mean price has to go this low. This is simply the lowest it can go. I will continue to update this analysis if enough people request it. Please leave a LIKE and follow. I'd really appreciate it.
BITFINEX:ETHUSD
by TomProTrader
17
Price Moving back to Support on The EURTRYLast post: June 2nd. See chart . Review: Price had bounced off support and the bulls were looking strong again. Update: The bull revival was short-lived and the bears are now taking price back to support. Conclusion: We would like to see a reversal chart pattern and for the bull trend to continue. Patience needed for now. Any comments or questions, do not hesitate to leave them below. Give us the thumbs up if you share our sentiments! Sublime Trading
Long
by Sublime_Trading
The USDTRY back at SupportLast post: June 3rd. See chart . Review: Price had bounced off support and the bulls were very much in control but some distance off a breakout. Update: Price reversed and the bears have pulled price back to the same pivot support level forming a potential double bottom. Conclusion: Continuing to apply patience until the May high is cleared. Any comments or questions, do not hesitate to leave them below. Give us the thumbs up if you share our sentiments! Sublime Trading
Long
by Sublime_Trading