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NZDUSD short at supply areaNZDUSD is still far from any big buy orders (gray area on lower chart) and the short term trend (4hr) is distinctly down. Therefore we have a short bias. We are coming up into a supply area (yellow on 4hr chart) that we didn't quite reach last weak but are probably gonna hit today or tomorrow. Looking very good and with a risk to reward ratio of 1:1, we only need a small reaction in order to hit our profit target. Remember to trade with the probabilities. No single trade determines our performance, we will all have a loser once in a while. Take care, TheSupportResistanceTrader
Short
by TheSupportResistanceTrader
Trading Psychology 5 Edge ExecutionEdge Execution Trading is a numbers game, and markets are based on the mathematics of the traders equation. However, understanding this alone will not guarantee profits. The ability to apply and conform to the math of the current market context is what leads to consistent profits. Beginners often have a misconecption that they need to know what is going to happen over the period of the next X number of bars in order to make a profit. They believe they must enter at the exact right time and price in order to win on a trade. This could not be further from the truth, and anyone consistenly making money from the markets knows the reality. The reality is a trader does not need to know what is going to happen next in order to make a profit. In fact, a professional trader knows that any given trade is irrelevant to the bigger picture, and an income is generated over a series of trades; not any single trade. This menatlity is past the duality of winning and losing, which are simply accepted as part of the job. This can be called the "probability mindset." Profits are generated over a series of trades, not any single trade. Therefore, it is not necessary to make money on every trade, every day, or even every month to be a succesful trader. It takes time to build confidence, believe this is true and fully understand this concept. Perhaps this is why most traders fail, by giving up before coming to this realization. It has been said that professional traders have "Won the game before they started playing." (Jack Swagger). This confidence can only come from the probability mindset, when a trader accepts he may lose on this trade, the day, or even this year. But he accepts his risk, and trusts the math that over time he will generate a profit. Even if he takes a large loss, or several, it does not matter; he knows he will make it back up. The overall point of this is that losses are part of the trading process. If a trade is a loser, it does not matter; move on to the next trade. Dwelling on losses or a drawdown does not bring the money back, but continuing to trade does. In this sense it can be said that a successful trader "trades his way out of a drawdown." It is helpful to think of losses as the "cost of doing business" just like any other business would incur expenses while conducting its operations. There are very few (if any) businesses that do not require heavy start up costs, or capital to continue the business while generating profits. Ever heard the saying "It takes money to make money?" Trading is no different, although most traders fail to realize this, and focus solely on profits. In trading, our costs are commissions and losses, which are offset by gains, resulting in a net profit. Employing your Edge So what does this have to do with exeucting an edge? Well, it is necessary to understand not every trade is a guranteed success, and there is a random distribution between wins and losses, with any edge. Even the best setup or edge will result in a loss 30-40% of the time. It is virtually impossible to know in advance, which trade will win and which will lose. Therefore it is absolutely imperative to take every trade that meets a traders edge, regardless of how the trader feels, thinks, or any other variables unrelated to the edge. With this said, here are the basic steps to exeucting and employing an edge. 1). Identify edge. Pick a setup (second entry, wedge reversal, follow through bar, ect.) It is a good idea to start with one until familiar with reading prices. 2). Ask yourself at the close of every bar "Is my edge present?" If no, wait. If yes, enter the trade. 3). Execute the edge with a series of 10 or 20 trades, document every trade. At the end of the series analyze results and tweak. Wishing you the best of luck on your trading journey -Josh Ridenour
Education
by tradersmentality
1
EURCHF MAJOR ZONENot really a call therefore i put this idea as educational. The EURCHF seems to be at a very important resistance where the major sell off occurred at the end of 2014-15. There seems to be a lot of news indicating that the CHF will weaken further due to the negative interest rates and the SNB allowing the further depreciation of their currency - but in my opinion the TA will tell - on the higher time frames i think we should look for a divergence and couple it with the upcoming chf news this week for a SELL . A major opportunity with low risk compared to the reward and if we're wrong.... oh well. I think the euro will go back to the zone... no doubt , but just not yet.
by RickyChand
1
Bitcoin Battleplan for May/JuneHi everyone, As seen on my chart we are currently in a neutral zone . Within less then 3 weeks we will know what decision bitcoin will make. Will we enter a bear market or a bull market? We do not know and it is up to Bitcoin to decide. Because we do not know what the outcome will be you should be ready for both bull and bearish outcome. Therefore it is wise to have a plan ready on how to act to a direction. I added the key fib resistance and support levels to provide guidance in making decisions. Hopefully it can help you out! Goodluck everyone, Vincent
BITFINEX:BTCUSD
by CivilisedWolf
13
Golem Daily Trade - HUGE Support + 0.5 FIB Bounce (+20%) ProfitHello traders, Weekend is back, and a bit boring as usual in the crypto market! Bitcoin is going sideways for some hours, and still no clear direction atm! I bring you another daily trade! I will be posting trades for my followers EVERYDAY! Totally free, i dont have VIP groups or telegram, i just work for my TV community because i love your support! :D But now lets talk about GNT - GOLEM trade... :D We are looking at the 2hr Chart, and we can see the EMA, are still acting as resistance to golem, and i was looking at the daily chart, and we are clearly arriving a zone with HUGE support, wich a bounce is expected! We have the 0.5 FIB + the 50EMA of the daily chart wich is a big support, both in the same zone, marked in the chart in the blue box! Thats is our buy zone! I have put 2 targets in the chart, one short term, that is the one i will be taking profit, and one longer term! We can make about 20% profit in the 1st target in maybe 1/2 days,after we touch the support zone! Stop loss should be just under our buy zone (blue box) I will update this trade soon, dont miss this one!! If you like my posts dont forget to leave a BIG like, or comment below, i appreciate a lot your words! See you soon, Mr.TTT
GLong
by RodrigoFAC
14
Might be a good long opportunity!Last Monday Asian night to Tuesday whole day USD being in strength GBPUSD fell nearly 135+ pips within that period. Sentiment - As we can see on the chart 0% Fibo Retracement level: 1.36175 top to bottom 100% Fibo Retracement level: 1.34524 which was nearly 135+ pips within one an half days of new week session run. In my opinion from the sentiment side now GBPUSD is too much sold and sellers are being exhausted now and it indicates those buyers who are foaming their mouth on a cheap rate of GBPUSD and willing to buy. Technical - On the chart, you can see a red and green box in the left-hand side which are the key point for overall trend reversal cause one is the peak and one is the trough acting as strong support zone and resistance zone respectively. Why would price move up? Price retrace after whole 100% fall from Fibo Retracement level: 1.34524 which it was close to the earlier lowest point: 1.34609 that made this whole Fibo Retracement levels more valid as we found to know that price somehow admires this level and we knew that this level is a strong support zone now! - Our Symmetrical Triangle got breakout which can be a more good reason for the price to continue moving in toward upward direction. - 10 days shorter EMA (blue line) crossing above middle line of Bollinger band (black line) could be an indication to price heading toward upward direction.
Long
by Anatta0
3
UPDATE BUBBLE IMPLODINGIt makes already 4 months that bubble is imploding and we are now approaching an important zone for the trend of BTC in next months. This graph isn't a logaritchmic one but it doens't change anything. The first important thing to develop is that BTC is near the important zone that will determinate if it's going down or up. We just knew a bounce on the support and we can expect that it will touch the resistance (yellow). It's also nice to see that the golden death cross (SMA 50 crossing SMA 200) didn't occure and moreover a divergence between the two courbes slowly appears. If BTC breaks the resistance, it will give us a buying chance. If it brokes the resistance, we can expect more down. This idea is valid for almost all the "big" cryptos. In fact, all are following more or less the same way.
BITFINEX:BTCUSD
by BrieucdeLooz-Corswarem
OmiseGo :- Another Multibagger for 2018OmiseGo is setting itself pretty beautifully in order to spurt upwards once the trendline is broken to the upside.The price rise will substantial and will be backed by larger than normal volumes. The signals of a breakout are already in place as the price has fallen but the selling volumes have quite drastically diminished. A look at the major trendline that is in place can you tell that a major bull market is in place upon the breakout.
OLong
by Akshath1994