Friends, I haven't had time to post any of my trades in recent days. So i thought i would post some of the trades I took recently. I know this is after fact, but the aim is just to share the knowledge and experience. I made 4 trades, 3 winners and one loser. I will post them throughout the week as i am taking a small rest from markets during the election week.
This is an example of finding areas of interest on the daily chart then moving to the lower time frame for the trigger.
On the left hand side daily chart, by the end of october the price was testing a a key area where the long term falling trend line meets the 200-days simple moving average. At that stage, i was monitoring the pair for signs of a bearish reversal to confirm a rejection of that resistance area, especially that the daily RSI was showing a bearish divergence as well.
I moved to the four-hour chart awaiting the trigger. In this particular case, the trigger was a three drive pattern that evolved and completed at 80.54. The price was making new highs but the RSI wasn't yet signalling a divergence on the four-hour chart as well.
Afterwards, the price formed a small hanging man candle on the four-hour chart, and accordingly and due to all these signals it was a setup that was worth taking. I initiated a short at the opening of the candle following the hanging man. My target was at the first major daily support level. My stop was above the 1.618 extension for the latest bearish wave(x-y) as shown on chart. That resulted in a 2.7 risk to reward.
I hope this example will help you think and spot better trades in the future My best regards, Technician
Very well explained thanks for sharing, I always like your analysis
Technician
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Appreciated
Equal
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one more trade after fact lol
KushFx
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Great explanation. Same thinking and confluences here.
UnknownUnicorn539464
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I have set email alerts for your posts, always so inspiring and unique in simplicity, even though I and many more are working with the very same tools as you. Thanks for sharing.
Technician
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Thank you. Its always great to read your positive comments and feedback.
hush320
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Thanks for the explanation. Few "pro traders" here on trading view care to explain their trade setups like the way you have done.
Technician
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Thank You. tradingview is supposed to be about sharing anc exchanging knowledge. But unfortunately it has deviated to a platform where ppl sell services and provide zero value.
wtfrtr
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Funny you mentioned this as I have another thread going on with one of the so called "top authors" along these lines. I think people selling services to newbies should provide their returns (audited) and/or tax returns just to make sure these upcoming traders are not being duped into buying which they might regret later and the so called expert is really one who he claims to be
Technician
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It might be a bit difficult to provide such information. But I agree for some sort of audit.
It is getting spammy and smells fraudulent.
At Least a performance metric should be added to give some insight on the author. Especially that they do not provide real trades, just general directions fooling newbies. Also they use ppl working with them to praise their work and attack anyone that tries to oppose them.