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Learningtrading

AUDCAD ShortWatching for a confirmation on the H4 and H1 for a good entry. After a few losses I started to solidify my system and the confirmations I'm looking for. -Set the pitchfork on the Daily chart and Weekly RSI -Does the trade coincide with the higher time frame trend? (If no then no trade) -Is the trade returning to the median line (If no then no trade) -Will the trade encounter a significant S/R in the direction of the trade? (If yes then no trade) While I continue to research the use of Median Lines, I have begun looking into Fib retracements to find the best entry points.
Short
by UnknownUnicorn2349278
The 12 Tasks Of Trading12 tasks of trading which include: 1. Self-analysis to determine if you are in a state of mind to trade Prior to starting your trading day, it is very important to make sure you are in the correct state of mind to trade. You need to analyse yourself and make sure you are at the best state of mind to avoid mistakes in the markets. You cannot finish fighting with a friend, spouse, or colleague and expect to make great analytical decisions. Therefore, the first and most important step, is always making sure your mind is clear and at its best. 2. Mental rehearsal to avoid mistakes The second step includes you rehearsing your set of rules and making sure you are going to strictly stick by them. This will allow you to avoid many mistakes in the markets and in your day. 3. Daily focus to lead you towards your goal It is very important to have goals, but specifically daily goals. You need to determine what your goals are for the day including the pairs you are looking at, the times you will be trading, your risk management, and what you aim at gaining from the markets that day. Once goals are met, it is important to step back and wait until the next day to trade. 4. Developing your own style of a low risk idea. For students of Opes Trading Group, low risk ideas and strategies are all taught to them during the course. It is important for every trader to develop their own ideas and strategies that are low risk in order to always protect their capital. Capital preservation is the most important rule of forex trading. 5. Stalking the charts starting from high to low time frames Looking at the charts from the higher to the lower time frames allows you to be able to see the bigger picture before looking right in. if you started looking from the lower time frames, you could have a wrong picture painted for you as to where the price could be heading. You cannot see the bigger picture if you are standing too close to something, it is the same concept on the charts. 6. Action requiring commitment and not thought Once a trade and an idea has been analized, it is important not to second guess yourself and take the trade. Do not second guess yourself if you believe in yourself and your trades. 7. Monitoring the trade to keep the risk low Always keep your eyes on your trades. Now that doesn’t necessarily mean you need to be glued to your charts, but check them every once in a while, and at important candle closure to make sure they are still playing out the way you expect them to. 8. Aborting is the trade is not going well If a trade does not go as planned (and the reality is some won’t), it is important to cut your losses if the trade is clearly not going to recover. There is no reason to hold on to a losing trade if there is no reason for it to recover. 9. Taking profits when the reason for the trade has ended A take profit is placed for a reason, however sometimes the reasons end before the take profit has been reached, meaning it is very important to close the trade even if it means closing it early. Never become attached to a trade that you chase the take profit only to find yourself back at 0 or even in negative. 10. A daily review to monitor and prevent future mistakes At the end of every day, all the trades taken should be reviewed. This will allow you to see what you are doing right, and what you are doing wrong. This will give you a good indication for what is needed for future trades. 11. Being grateful for what went well Something so many people pay no attention to and ignore is gratefulness. Any positive day in the markets, is a great day! Be grateful for all that goes right, no matter how small the profits might be, because 90% of traders lost that day. 12. A periodic review to make sure everything is still working well Every quarter it is recommended that you review your whole trading system. As the markets change, we need to be able to change and adapt with them, therefore a periodic review will allow you to know if things that are working still are or aren’t.
COINBASE:ETHUSDEducation
by opes_trading_group
4
NZDUSD LongI looked at this setup last night and set an alert. After the Sto RSI bottomed out on the 1H and the price tested the bottom zone I opened a 1:3 RR at 0.67599 with TP at 0.68299 and Stop Loss at 0.67327. I'm trading on a very small account or I would place a partial TP at 0.67936. I'll be watching and move the Stop Loss up to a zero risk trade once it clears 0.67936. I would be surprised yet admit my fault if it falls lower from here. As always, I'm still learning and welcome any and all constructive criticism or advice. If anyone knows any good resources for studying pitchforks I am open to suggestions. Thank you.
Long
by UnknownUnicorn2349278
CADJPY Pitchfork with SpacemanBTC Key LevelsI've been playing around with different indicators but trying to keep it simple. I really like the SpacemanBTC Key Levels. I think CADJPY was trying to break bearish out of the pitchfork but caught resistance from the monthly high and monthly open. The 4H and Daily MACD and Sto RSI may be moving to flip bearish. I wouldn't trade at this point because I don't have 3 or more indicators for a setup. If the MACD starts flipping bullish, Sto RSI falls below 20%, and price recovers and retests the 2nd deviation on the pitchfork I will consider a long with a TP near the center line of the pitchfork.
by UnknownUnicorn2349278
USDCAD Testing zone FX:USDCAD The MACD on the 4H indicates USDCAD is starting to lose bullish momentum but the Daily shows it is losing bearish momentum. Sto RSI is between 80 and 20 on the 4H but trying to cross into a bullish reversal below 20 on the Daily. Since it has rejected the bottom of the zone I marked for the last four days while below the first deviation band of the pitchfork, USDCAD is likely to turn bullish. My buy signal will be when it clears 1.25621 as it returns to the center line of the pitchfork. The other scenario is if it falls below the zone, in which case I will reassess if it rejects the bottom of the pitchfork and returns to center line or continues down to the bottom zone I marked. *My friend challenged me to post one chart a day this year to build confidence and my skill set. I am still learning so I wouldn't trade off of any of these ideas. If you have any constructive criticism or advice I would be grateful to hear it.
by UnknownUnicorn2349278