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pipsaholic

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Posts posted by pipsaholic

  1. Posted

    To my understand indicators the majority of them when they were designed years ago and concept by the authors they used the stock market as a blueprint and foundation for their calculations. Yes, global markets move similar in 5 waves, however alteration required to be made for each instrument.

     

    I would advise only using 1 or at max 2 oscillators in trending markets only.

     

    There is no need to over complicate things missing you points and trades while you figure out if ADX is crossing this or that line.

  2. Posted

    Yeah, thanks for that really looking for this missing piece FF is huge and you get lost. I post on a couple of forums as sometimes you get different types of replies than other most of the replies you get are not even about your question, but your spelling! or go to the chart

     

    Nial is great I watch his videos and read his articles and have him on facebook.

     

    Thanks.

  3. Posted

    Hey Guys,

     

    I wanted to get the feedback of fellow traders new and experienced on the way they take reversals and continuation in confluence zones in trending markets between 5m-4 hour charts. In the spot fx market.

     

    I understand that continuations make up 65-70% of developed market patterns and reversals make up 30-35%.

     

    To my understanding for price action to make a continuation it usually stabs through the Support/Resistance zone or a momentum candle then pullbacks, which may been seen in lower timeframes for it to hold to make a continuation. Reversals usually make a pin bar reversal signal at a major structure level or between 38.2 - 78.6% fib level at times a double pin bar. I also seen at times price hugging the S&R lines especially in the Asian session coming into Europe for price to pullback and breakout only for it to fake out and then breakdown or a true breakout after a false breakout. Also, price tends to have a control point at 00 numbers with it either poking through and reversing or blasting through and continuing.

     

    What's your experience been like? Please stick to the topic.

  4. Posted

    Hi,

     

    I trade spot forex majors I am wondering if someone experienced could tell me how long price reacts a specific swing hi and lows based on previous days or weeks? One place I heard it was about 2 months max others say 2 weeks I can’t seem to see it on the chart? I trade intraday 1-4 hour charts.

     

    Thanks.

  6. Posted

    Hi,

     

    I am considering moving over to the 4 hour charts however I need someone experience on approximately how long it takes for the RANGE of the bar to develop approxametely. I know it could take UPTO 4 hours but is that reality?

  7. Posted

    Depending upon which statistical research you're willing to side with...most say the average failure rate of a business is around 80% along with failing within 3 years.

     

    Therefore, the failure rate must be higher for traders because most traders are trading with a trade method but without a trading plan let alone a business plan to manage their trading in comparison to most business that do fail while having a business plan.

     

    In addition, look at all the trade journals you see online...most don't last beyond a few months and only about 10% of them are profitable during those few months in reference to those that have verification about the daily results. Further, the forum members that say they are full-time trading...most of them are gone within a few years.

     

    Simply, only a small percentage of traders are profitable in reference to those that are part-time or full-time and not those that are hobbyist nor those that are drive-by shooters.

     

    I agree that most businesses fail within 3 years, but to attribute that to traders this 90-99% figure is wrong as many people including myself would not enter this industry if that were the case. Also, do you understand that a lot of traders stay away from forums and only for the advanced who know how to trade? I have seen many traders on live chat rooms banking in the pips most of them with the odd loser and to say 95% of them are losers is outright wrong. Also, what does it mean by failure rate blowing an account or losing a few dollars here and there?? I am fed up hearing this and will not accept it surely with these forums and help on the net there are more communication and discussions to become successful than unsuccessful.

  8. Posted

    Hi,

     

    Would be interesting to know what reasons/criteria traders use to enter trades. I trade the major spot fx pairs. I use MA for trend, round numbers, plus support and resistance on HTF plus candlestick formations with MACD for divergence sometimes trendline’s if they meet up 3 points.

  9. Posted

    I'm not sure it's possible right now. If you want to make the suggestion in the support centre by all means do so. A useful thing to do though is go into whichever forum interests you, the click on the views/replies to sort the threads by most viewed or replied to. This way, you'll get to see some interesting stuff.

     

    Hope this helps.

     

    Sure, yes I already do that sometimes, but this forum is so comprehensive you get lost! Also, I feel that the search feature on this and other forums should be improved as mostly I use google to search this forum and not the search feature as it gives inaccurate results most of the time and Google gives more accurate searches.

     

    Thanks.

  11. Posted

    Price action is studying and learning the motion of the waves of the market. Higher highs and lower lows, candlestick formations, major and minor market structure and order flow. Also, studying round numbers along with studying and learning high timeframe analysis is what price action is about seeing the bigger picture. It's the big picture, which tells what the smaller picture is.

     

    Indicators are a separate family from price action. I dislike most indicators as they are complicated and conflict, however they are a few simple indicators when used with PA works well yes they all lag but even price action we are using historical data to determine a future event.

  12. Posted

    I don't believe the 90% lose money because there is no reliable source or independent research or study that has been done that confirms this so I feel it’s a marketing gimmick to put most people off at trading. I remember when I first heard about trading what put me off was I could lose more than my initial deposit then later on I found out something called a stop loss which changed everything for me.

     

    I think the main reasons why people fail is they don’t take it as serious as if they opened a new store or starting a new job. Most retail traders are at home and they feel like they’re not working but playing which comes to the mind as a hobby and having fun. Many traders I have read and heard have said I started to be profitable after I took trading away as a hobby and got serious and made a plan.

     

    Another big reason is the low quality of education out there. I do think online learning is the way forward but some most of the programs out there work for the vendors who have hundreds of thousands to risk and are using members fees money to trade with and feel more comfortable.

     

    There is no way better to learn than someone sitting next to you and telling you how it’s done imo. It takes far too much time to learn on your own reading books, articles, videos and forums.

     

    I would advise new traders not to spend too much time in books, forums or chat rooms but look at the charts and look to see how it moves.

     

    Good luck and happy 2012.

  14. Posted

    I have heard and read many stories of successful traders using MA on various places on the net but never seen it with my own naked eyes, however from the last years experience in trading I can say they do work not that I use them but they seem to strong sign with some delay not good for agressive traders but better for conservative. I use 30, 50, and 100 MA's looking for bounces between the 30, 50 I understand market movers use these MA's.

  15. Posted

    Through my analysis of charts I can see a lot of false breakouts usually its 1 and then price rallies up and does a true breakout of the symetrical triangles usually. There are so many systems designed up trading a false breakout some traders view them as not false but a springboard to a rally coming up.

  16. Posted

    A pro once told me to trade these instruments why is it? Yes, I know they are regulated and have a central exchange so market manipulation is small but is there any major reason why people choose the Nasdaq over stocks or commodities?

  17. Posted

    Hi,

     

    Is there any free data providers that I can plug into to go real time fx quotes as I cannot afford monthly payments to some of them as there expensive. Why doesn't MT4 require a feed it must have 1 inbuilt which is magnificent imo it saves so much hassle.

     

    I need one compatible with most platforms and especially dynamic trader.

     

    Thanks.

  20. Posted

    Hi,

     

    Can anyone experienced in candlestick formations tell me if this hammer is stronger as previous coloured candles are all bearish leading upto the hammer as a major structure point?

     

    My point is if some of the candles leading upto the hammer are green does that make the hammer at a major structure point weaker? How about the size of candles leading upto the hammer?

     

    Thanks.

    126810d1325287499t-rally-candlestick-formation-pinbar2.png.286e320c4b99f21f51e5aee63e3f1092.png

  22. Posted

    This is my point exactly. Watching order flow means watching the "flow of orders"... but you have no access to orders or even transactions in spot forex. There's no way around this; it has nothing to do with the size of candles, global sessions, or anything that you mentioned. It means studying transactions as they occur, whether that's by watching executions on the tape (which you don't have in forex), or a consolidated version of the tape such as delta volume (which you don't have), or volume at price / profile (which you don't have), or even volume over a period of time (which you don't have), or something else related to transactions (which you cannot see).

     

    All you have in forex is price. You have the last traded price, and the inside bid and offer. Even those will vary depending on the bank or broker who quotes it to you. Imagine the last traded price is 1.2900. The inside bid is 1.2899, and the inside offer is 1.2900. 500 lots are bought at 1.2900, where there is a big seller sitting with 1000 lots. You have no idea this just happened, because the last traded price did not change. This is the kind of information available on a real exchange, where at least the manipulation that takes place is visible and out in the open. This is the type of information that is visible clearly for the world to see on the time and sales, which you do not have. So, you can NOT read order flow in spot forex. You are doing something, but it's not related to order flow, because you have no access to orders or executions.

     

    I understand now why people trade other instruments outside spot forex as volume is a leading fuel for that market is that right? Is this why some traders prefer Futures over spot? By the way that info was gold! :)

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