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Launch Chart
1 day ago
34
1963
1. As a novice trader, one of the biggest mistakes you can make, especially after having had a number of successful trades, is thinking you know what you are doing when you actually don´t. This will be the cause of every trading error you have the potential to make.
2. It takes absolutely no skill at all to place a winning trade. It does to consistently do it.
3. Be unoriginal. Save the innovative strategies and custom indicators for when you have learned how to trade.
4. Do not judge a trade on its result. A good trade can turn out a loser. A bad trade can turn out a winner.
5. Don’t focus too much on making money in the beginning. As you are still improving, it should not be your goal to make money. It should be your goal to make good trades.
6. In trading, there is no supervisor or manager reviewing every decision before it’s made. Success, for better or worse, is totally self-dependent. This is not for everybody. Find out if it’s for you.
7. Though this site has many of its members emphasizing on technical analysis, don’t underestimate the impact of fundamentals on price action. Understanding them will increase your edge in trading.
8. Don’t overemphasize the importance of finding the best trading system. Equally important are psychology and money management.
9. Online chat rooms can be good learning tools and from time to time very entertaining, but beware of entering trades that are not part of your trading plan or trade setups that you have not studied for yourself.
10. Eliminate your mistakes. Do this on a daily basis, mistake per mistake. Eventually you will run out of mistakes to make.
2. It takes absolutely no skill at all to place a winning trade. It does to consistently do it.
3. Be unoriginal. Save the innovative strategies and custom indicators for when you have learned how to trade.
4. Do not judge a trade on its result. A good trade can turn out a loser. A bad trade can turn out a winner.
5. Don’t focus too much on making money in the beginning. As you are still improving, it should not be your goal to make money. It should be your goal to make good trades.
6. In trading, there is no supervisor or manager reviewing every decision before it’s made. Success, for better or worse, is totally self-dependent. This is not for everybody. Find out if it’s for you.
7. Though this site has many of its members emphasizing on technical analysis, don’t underestimate the impact of fundamentals on price action. Understanding them will increase your edge in trading.
8. Don’t overemphasize the importance of finding the best trading system. Equally important are psychology and money management.
9. Online chat rooms can be good learning tools and from time to time very entertaining, but beware of entering trades that are not part of your trading plan or trade setups that you have not studied for yourself.
10. Eliminate your mistakes. Do this on a daily basis, mistake per mistake. Eventually you will run out of mistakes to make.
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1 day ago
22
1458
Multiple potential advanced patterns setting up on the USDJPY all around the same area. We've yet to break out of this consolidation, but if we do before Friday's Jobs number, we have a good location to look for our next short.
Before I get a million nasty messages no, I don't think dollar weakness and Yen strength long term, but that's what makes me a "Trader" and not an "investor" I don't have a long term bias when trading on shorter term charts. I take the setups as they come bullish or bearish despite my personal fundamental outlook.
Before I get a million nasty messages no, I don't think dollar weakness and Yen strength long term, but that's what makes me a "Trader" and not an "investor" I don't have a long term bias when trading on shorter term charts. I take the setups as they come bullish or bearish despite my personal fundamental outlook.
23 hours ago
1
775
This is a hypothetical trade.
However, Technically, a trend following trade looks imminent.
The overall trend remains bearish
The retraced towards the main falling trend line
and 50 percent of the latest bearish wave
Another key horizontal high is at 310.00.
RSI near overbought
Having that said, odds favor a short position.
http://thefxchannel.com/ , vote and subscribe
However, Technically, a trend following trade looks imminent.
The overall trend remains bearish
The retraced towards the main falling trend line
and 50 percent of the latest bearish wave
Another key horizontal high is at 310.00.
RSI near overbought
Having that said, odds favor a short position.
http://thefxchannel.com/ , vote and subscribe
3 hours ago
18
324
It's been a very slow week for me, but luckily Jason is picking up the slack. Going into Friday's Job Report I have no intention of entering any new positions aside from this potential bullish bat pattern on the Kiwi. NZDUSD is in a very interesting position as our HTF trend has bounced off previous structure resistance, yet our LTF trend has recently created a NSH and is retesting previous structure support. Consolidation perhaps?? Hope so since that would work well for pattern traders. VERY IMPORTANT. IF this trade does not trigger before tomorrow mornings top-down analysis THEN I will remove all orders as I want no parts of the crap shoot that is the Non-farm Payroll report.
As always it's Thursday so that also means the release of my weekly WEEKEND REVIEW video. (link at bottom)) In this week's video "Dollars Don't Matter" I talk about this NZDUSD trade, how we can help each other out in the initial phases of backtesting an updated version of an inside bar breakout strategy that i used to trade, and of course an update of how Jason and i have down int he Syndicate. here's a clue...I haven't done much lol
https://www.youtube.com/watch?v=UvH5rMqPKuo&list=UUVveEks3MWZqOsvzTF_LGQg
Lastly make sure you clear your schedules for early April ;-)
As always it's Thursday so that also means the release of my weekly WEEKEND REVIEW video. (link at bottom)) In this week's video "Dollars Don't Matter" I talk about this NZDUSD trade, how we can help each other out in the initial phases of backtesting an updated version of an inside bar breakout strategy that i used to trade, and of course an update of how Jason and i have down int he Syndicate. here's a clue...I haven't done much lol
https://www.youtube.com/watch?v=UvH5rMqPKuo&list=UUVveEks3MWZqOsvzTF_LGQg
Lastly make sure you clear your schedules for early April ;-)
15 hours ago
5
640
05 MAR 2015 - Tech-Note:
Friends,
A quick explanation of what TG-Hi, Lo and TG-Hix and TG-Lox are - Cut/pasted from a private message:
WHAT ARE TG-Hi/Lo; HOW DO THEY COMPARE TO TG-Hix/Lox?
----------------------------------
TG-Hi and TG-Lo are are named target, as opposed to numbered target, hence called nominal target.
Nominal targets represent a low-probability level of being attained, but a high-probability level of reversal if and once price gets there.
Hi refers to the bullish placement relative to price, whereas Lo is its antipod, bearish placement.
Because the markets will be subjected to a varying degree of momentum, the model also ascribes a much lower, and in fact, rarer occurrence, whereby price would reach an extreme reversible level, which explains the "x" in the targets, or TG-Hix and TG-Lox.
All TG-Lo/Hi targets will be in RED, whereas their extremes will be in PURPLE.
Most recently, I have added numbers in BLUE which represent trigger level that, if reached, should prompt the trader to turn to a higher timeframe, in the order of 4 times the current frame (e.g.: M15 x 4 = H1, H1 x 4 = H4, ... etc) as attainment of this level is simple the rarest of events, and suggests a higher-frame interference by typically better funded players, stronger institutions - This augmentation in timeframe should be done even once the purple target is in effect and the technical analysis should be redrawn or at least re-considered at the newer, higher frame, simply to preempt any cooptation by stronger actors - I will post this explanation on few other charts as well - Thank you for asking and remaining curious. - David Alcindor
----------------------------------
... cont'd in thread ...
----------------------------------
David Alcindor
Predictive Analysis & Forecasting
Denver, Colorado - USA
-----
Twitter:
@4xForecaster
LinkedIn:
David Alcindor
See our All-Time TradingView Top Authors:
- https://www.tradingview.com/people/all/
------
.
Friends,
A quick explanation of what TG-Hi, Lo and TG-Hix and TG-Lox are - Cut/pasted from a private message:
WHAT ARE TG-Hi/Lo; HOW DO THEY COMPARE TO TG-Hix/Lox?
----------------------------------
TG-Hi and TG-Lo are are named target, as opposed to numbered target, hence called nominal target.
Nominal targets represent a low-probability level of being attained, but a high-probability level of reversal if and once price gets there.
Hi refers to the bullish placement relative to price, whereas Lo is its antipod, bearish placement.
Because the markets will be subjected to a varying degree of momentum, the model also ascribes a much lower, and in fact, rarer occurrence, whereby price would reach an extreme reversible level, which explains the "x" in the targets, or TG-Hix and TG-Lox.
All TG-Lo/Hi targets will be in RED, whereas their extremes will be in PURPLE.
Most recently, I have added numbers in BLUE which represent trigger level that, if reached, should prompt the trader to turn to a higher timeframe, in the order of 4 times the current frame (e.g.: M15 x 4 = H1, H1 x 4 = H4, ... etc) as attainment of this level is simple the rarest of events, and suggests a higher-frame interference by typically better funded players, stronger institutions - This augmentation in timeframe should be done even once the purple target is in effect and the technical analysis should be redrawn or at least re-considered at the newer, higher frame, simply to preempt any cooptation by stronger actors - I will post this explanation on few other charts as well - Thank you for asking and remaining curious. - David Alcindor
----------------------------------
... cont'd in thread ...
----------------------------------
David Alcindor
Predictive Analysis & Forecasting
Denver, Colorado - USA
-----
Twitter:
@4xForecaster
LinkedIn:
David Alcindor
See our All-Time TradingView Top Authors:
- https://www.tradingview.com/people/all/
------
.
8 hours ago
4
363
AUD/JPY has been in a dominant bearish trend since December 2014, continuing to print lower swing highs and lower swing lows.
We now have an excellent opportunity to trade with momentum on our side as 6 confluence factors join together to create the perfect storm.
Confluence Factors:
1. Trading With Dominant Bearish Trend
2. Rejection of Key 94.00 S/R level
3. Rejection of 50% Fibonacci Retracement
4. Price remains contained under 50 EMA
5. Rising Wedge - Bearish Continuation Pattern
6. Rejection of KEY Weekly Trend Line
We now have an excellent opportunity to trade with momentum on our side as 6 confluence factors join together to create the perfect storm.
Confluence Factors:
1. Trading With Dominant Bearish Trend
2. Rejection of Key 94.00 S/R level
3. Rejection of 50% Fibonacci Retracement
4. Price remains contained under 50 EMA
5. Rising Wedge - Bearish Continuation Pattern
6. Rejection of KEY Weekly Trend Line
9 hours ago
6
315
If TA was easy, there should be a no brainier trade in the next 72 hours to Buy all the Bitcoin you can off the support bounce. Now that we have established "stability" (relatively speaking of course) above the 50 day SMA we are pulling back to it as it turns its own trend from down to up. In addition there is horizontal support in the $255 area from the daily chart and Fibonacci's on the 2hr chart.
Bitcoin is the most unpredictable asset in the world (other than Central Banks Dropping Pegs that should never have been in place), but there is a very low risk (longer-term) trade coming up:
1. Buy off the $250-260 Bounce
2. Add to your trade on a break of $300 for a final target of $330 and/or 200 day SMA
2a. Take some profits at $300 and then add at $280 or on a break of $300
Good luck traders
Most updates come via Twitter: @Tone_LLT
Bitcoin is the most unpredictable asset in the world (other than Central Banks Dropping Pegs that should never have been in place), but there is a very low risk (longer-term) trade coming up:
1. Buy off the $250-260 Bounce
2. Add to your trade on a break of $300 for a final target of $330 and/or 200 day SMA
2a. Take some profits at $300 and then add at $280 or on a break of $300
Good luck traders
Most updates come via Twitter: @Tone_LLT
17 hours ago
8
570
Fundamentally there are several forces at work on this pair. There is a safe-haven demand for the Yen after China’s downgrade of its growth outlook creating some selling pressure while the policy divergence between the FED and the BoJ creates buying pressure. On the daily timeframe it has been trading inside a triangle consolidation pattern since December last year. The next critical data point to be released impacting this pair will be US employment data, which may provide fresh impulses. Meanwhile, on the hourly timeframe, we can see the contours of a bearish Bat pattern developing. Price has comfortably passed the B point and travelled 70% on the way from C to the potential reversal zone (PRZ). With this, the set up qualifies as a trade candidate and it goes on my watch list.
When defining the potential reversal zone (PRZ) for a Bat pattern, we look at the projection of three harmonic levels. I: the 886 retracement of XA, II: an extended AB = CD pattern (in this case 1618 AB = CD) and III: a BC expansion (in this case 2000 BC). This defines an extremely tight zone, just 5 pips wide, represented by the orange lines in the chart. There is structure inside this zone (a 4H resistance level), which increases the edge of a reversal. Should price action test the PRZ and reverse convincingly, I would enter short. SL goes 10 pips behind X. TP1 = 382 retracement of AD and TP2 = 618 retracement of AD.
There are 50 pips to be made (if this pair follows the script) and the trade has a reward – risk ratio of 2.5!
UPDATE: Price action tested the potential reversal zone without reversing convincingly as it formed two spinning tops in the zone before a spike exceeded X. This invalidated the pattern so I did not enter the trade. Nothing was risked and nothing was lost. On to the next trade!
When defining the potential reversal zone (PRZ) for a Bat pattern, we look at the projection of three harmonic levels. I: the 886 retracement of XA, II: an extended AB = CD pattern (in this case 1618 AB = CD) and III: a BC expansion (in this case 2000 BC). This defines an extremely tight zone, just 5 pips wide, represented by the orange lines in the chart. There is structure inside this zone (a 4H resistance level), which increases the edge of a reversal. Should price action test the PRZ and reverse convincingly, I would enter short. SL goes 10 pips behind X. TP1 = 382 retracement of AD and TP2 = 618 retracement of AD.
There are 50 pips to be made (if this pair follows the script) and the trade has a reward – risk ratio of 2.5!
UPDATE: Price action tested the potential reversal zone without reversing convincingly as it formed two spinning tops in the zone before a spike exceeded X. This invalidated the pattern so I did not enter the trade. Nothing was risked and nothing was lost. On to the next trade!
1 day ago
7
379
With the huge drop of this pair thanks to the relatively good numbers announced for USD and the unchanged interest rate for CAD, we are sooner near to completion of this Cypher pattern than expected. It's not quite in the reversal zone yet but a little further down during tomorrow's early session is certainly possible.
22 hours ago
0
204
We must be prepared for some fundamental news on thursday.
This bat pattern can work well if there are positive news for the EU.
Good luck.
Important: the fixed target is only for information purposes, you must use your own trade management system if the trade is open.
Good luck.
This bat pattern can work well if there are positive news for the EU.
Good luck.
Important: the fixed target is only for information purposes, you must use your own trade management system if the trade is open.
Good luck.
23 hours ago
0
163
Details on the chart.
Just take one trade at a time.
Best Regards.
Just take one trade at a time.
Best Regards.
14 hours ago
1
208
The red line is very likely to hold.
Draghi speaks today.
NFP tomorrow.
The last 2 times DAX hugged the line for 8days.
So it seems DAX could push it to 11,600 Friday/tuesday.
if you did nothing on the short side until friday and you see 11,600, It may be worth a try on the short (definitely a good traade there).
1 day ago
0
136
Although now the NZD is the strongest currency, after a sharp fall we can expect a bounce at this level.
The price has already tested the PRZ and reacted well.
We have also and extreme RSI suggesting a pullback (see back).
The targets coincide well with the 0.38 and 0.61 fib and previous levels of S/R
Best Regards.
The price has already tested the PRZ and reacted well.
We have also and extreme RSI suggesting a pullback (see back).
The targets coincide well with the 0.38 and 0.61 fib and previous levels of S/R
Best Regards.
6 hours ago
1
195
There is a risk for more stickiness but overall it seems 2120 is going to retain.
Between tomorrow afternoon after NFP and the 23rd of March, SP500 is probably going to make its way down to 1900.
The bottom at 1900 shall be reached before the 17th of April.
As per my dax post, the best maturity right now to target options is probably the April expiry.
The final top could be in July and then after a potential top stickiness it may find its way down into year end.
NOTE: THERE IS NO MOMENTUM UP ANYMORE - SP500 has only climbed 2% since Nov14 top.
Between tomorrow afternoon after NFP and the 23rd of March, SP500 is probably going to make its way down to 1900.
The bottom at 1900 shall be reached before the 17th of April.
As per my dax post, the best maturity right now to target options is probably the April expiry.
The final top could be in July and then after a potential top stickiness it may find its way down into year end.
NOTE: THERE IS NO MOMENTUM UP ANYMORE - SP500 has only climbed 2% since Nov14 top.
1 day ago
2
1092
I don't often go to the 1hr time frame, but I'm hunting around for a better long entry on a retracement. This is just something to keep on the radar for the time being. A move above 'C' will invalidate this pattern, and really both 'C' and 'B' are ever so slightly not "perfect" (see below). On the whole this looks to be a well formed pattern. This would be a long trade/buy opportunity, which would only be taken at the 'D' completion point... if price gets there.
The butterfly contains an ABCD pattern preceded by a significant low (X) or high. This pattern is found only at significant market tops or bottoms.
Requirements:
'B' point should be a .786 retracement of the XA leg
'C' point should be either .382 or .886 retracement of AB
Swing from A to D should be a 1.272 or 1.618 extension of XA
'D' Must be below 'X'
A valid ABCD must be observed in the extension move (AD)
*Ideally*, the two triangles will be nearly equal in time, XAB and BCD. Otherwise, look for BCD to complete between 1.272 and 1.618.
A move beyond 1.618 renders the pattern invalid and suggests a strong trend continuation in progress.
The butterfly contains an ABCD pattern preceded by a significant low (X) or high. This pattern is found only at significant market tops or bottoms.
Requirements:
'B' point should be a .786 retracement of the XA leg
'C' point should be either .382 or .886 retracement of AB
Swing from A to D should be a 1.272 or 1.618 extension of XA
'D' Must be below 'X'
A valid ABCD must be observed in the extension move (AD)
*Ideally*, the two triangles will be nearly equal in time, XAB and BCD. Otherwise, look for BCD to complete between 1.272 and 1.618.
A move beyond 1.618 renders the pattern invalid and suggests a strong trend continuation in progress.
1 day ago
8
191
A follow-up on the chart I posted last Monday. The first of the predicted bat patterns has come to a completion now.
Don't go long just yet though, we have a Draghi speech tomorrow which could have an impact on price action. I'd wait for either a good confirmation and entry signal, either a completion of the second pattern.
There might not be that much upside to the EUR with the QE kicking in next week.
Don't go long just yet though, we have a Draghi speech tomorrow which could have an impact on price action. I'd wait for either a good confirmation and entry signal, either a completion of the second pattern.
There might not be that much upside to the EUR with the QE kicking in next week.
11 hours ago
4
124
Trend:
Long term (W): Ranging
Long-mid-term term (D): Ranging or uptrend (It looks like the downtrend is over.
mid-term (4H): Downtrend
The price is nearing the support at 1.5198, so this is a good place for reversal.
There is a bullish cypher pattern Feb 4th which completes today.
I put 2 limit orders just above the support I mentioned, instead of sticking to the 0.786 XC retracement, because of the support line and also to improve the Risk/Reward ratio.
What do think? Cheers!
Long term (W): Ranging
Long-mid-term term (D): Ranging or uptrend (It looks like the downtrend is over.
mid-term (4H): Downtrend
The price is nearing the support at 1.5198, so this is a good place for reversal.
There is a bullish cypher pattern Feb 4th which completes today.
I put 2 limit orders just above the support I mentioned, instead of sticking to the 0.786 XC retracement, because of the support line and also to improve the Risk/Reward ratio.
What do think? Cheers!
