saxy4c:
You're playing the drums for the I told you so gang. Trailing stops are there to do the work bro. You're never wrong!

Alright..
Great..


We all get it wrong at times.
.. last last.. RRR is what keeps people long in the game.

Gold is still buy bias. If I see buy opportunity I will buy gold rather than Sell

Quite plausible, would also prefer to look for buying on dips from now.

unclenna:
Gold is still buy bias. If I see buy opportunity I will buy gold rather than Sell

Some lessons.
Well.. I learnt from it.

One must always look at failed trades to see what went wrong. Sometimes you see reasons on where you could have done different.

Bear trap.
It was a continuation pattern.
After that candle.. I should have exited shorts and gone long!!
And I felt somehow after seeing that candle. That was telling..
That that level would hold.

I'm buying Gold 1672 SL 1669 TP 1722

Don't trade with desperation. Be careful!

And within 30mins, everything don burst 150pips 5R. Who is pushing this thing close to EOD and the weekend? Some people get money on. Anyways I don't know and dont care either. Secure your trades then allow mama Gold feed us, Rinse repeat.

saxy4c:
I'm buying Gold 1672 SL 1669 TP 1722

ARE WE READY FOR THE FINAL LEG UP FOR EU? - DESTINATION 1438

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Trade up 160pips, Hold this trade it would break the last high and give us 1720/40 easily, this is an impulsive 5th wave[voraz is a splendid teacher].

saxy4c:
I'm buying Gold 1672 SL 1669 TP 1722

WAVE 4 BOTTOMING AT 1289. BUY OPPORTUNITY BUY 1320 OR LOWER SL 1275 TP 1438

Out at BE and entered same trade. Market is trying to kick us from the bull move.

GladmanGoddey:


Please can you teach us how forex works?

I don't know, ask Google sir/ma.

ediplan:


are you referring to your journal that we are following?

Journal abandoned as u can see. So what exactly is your point sir/ma?

Looks like most people here already have a system they use..

Anyone here trying to learn to trade? Or form a model. Like a newbie.. Not entirely green. You know the basics already..
Could give you a step to step guide on how to make trading plans and execute.. Using how I approach or try to approach the market as an example...

Like this post so I know if anyone is interested..
If anyone is.. Would go ahead and post an example here.

PipMarshall:

Looks like most people here already have a system they use..

Anyone here trying to learn to trade? Or form a model. Like a newbie.. Not entirely green. You know the basics already..
Could give you a step to step guide on how to make trading plans and execute.. Using how I approach or try to approach the market as an example...

Like this post so I know if anyone is interested..
If anyone is.. Would go ahead and post an example here.

Please continue boss, I'm more than interested

JafunmiFX:

Please continue boss, I'm more than interested

Alright.
Let's get started.
I will use GBPUSD as an example.

PipMarshall:


Alright.
Let's get started.
I will use GBPUSD as an example.

Okay bring it on boss

First thing is to have a bias.

I start from the monthly typically.
I want to make an opinion where the pair is going both near term and long term.
I use horizontal levels.
The very obvious ones.

So I make an opinion.
For example..
GBPUSD, for a while I have been bullish.
I think it's a double bottom.
And it's going to test the purple line.
And if that breaks we have a confirmation of reversal and can look for targets higher up.

But that my bias is bullish doesn't mean I will jump to buy. Remember this is a monthly timeframe. And some of we retail traders may not be able to afford hundreds of pips drawdown. Except we trade very very small positions.

Are we on same page so far?
Any questions yet?

I stopped using trendlines.
That's not the matter for today.
The problem wasn't with the trendlines.
It was with the trader.
I was using them wrong.

However..
Adding a trendline to this chart makes it interesting.
Would you be surprised if this month's candle is a bullish engulfing candle?

PipMarshall:

First thing is to have a bias.

I start from the monthly typically.
I want to make an opinion where the pair is going both near term and long term.
I use horizontal levels.
The very obvious ones.

So I make an opinion.
For example..
GBPUSD, for a while I have been bullish.
I think it's a double bottom.
And it's going to test the purple line.
And if that breaks we have a confirmation of reversal and can look for targets higher up.

But that my bias is bullish doesn't mean I will jump to buy. Remember this is a monthly timeframe. And some of we retail traders may not be able to afford hundreds of pips drawdown. Except we trade very very small positions.

Are we on same page so far?
Any questions yet?

How do I draw this zones perfectly?
I don't like how I use to have many horizontal lines on my chart, I always marked all the obvious level... how do I mark the relevant key one?

Weekly..
So we had an impulse up..
That bullish leg to around 1.3362 area, then we started correction and we have been correcting for a while.

I was of the opinion that it was going to reach 1.2576 because that is about 61.8 Fibonacci retracement level..

So I could as well have been taking sell setups targeting the area. So if I had seen sell setups earlier.. I should have taken...

However... Something happened this week at the 1.2761 key weekly support. Which suggests we may have reached the end of correction. There was a buy setup by the way which we could have benefitted from.. I saw it but missed out because I was thinking it would still go lower. Would show the buy setup in the next post.

However, we have formed a bullish engulfing on the weekly.
And we may about to resume the uptrend.

Aggressive traders will start buying dips now. But conservative traders will wait for the high of that impulse to be taking. Because we could as well still correct deeper. There is no certainty. The confirmation for resumption of uptrend is for that high at 1.3362 to be taken.

JafunmiFX:


How do I draw this zones perfectly?
I don't like how I use to have many horizontal lines on my chart, I always marked all the obvious level... how do I mark the relevant key one?

Tbh it comes with time.
Just keep trading.
It comes with time. You will filter.
Plus I use the higher timeframes to draw the important ones.
Monthly.
Weekly.
Daily.

Any other line I draw on the lower tfs is most likely for entry.

PipMarshall:


Tbh it comes with time.
Just keep trading.
It comes with time. You will filter.
Plus I use the higher timeframes to draw the important ones.
Monthly.
Weekly.
Daily.

Any other line I draw on the lower tfs is most likely for entry.

Okay please continue

So what happened at that 1.2761 key weekly support..
On the weekly, we have an important level.
And when we go to daily.
We saw how it was support in November 2019 and also, we saw how price rejected that level on Friday. We also saw Monday's inverted hammer which was engulfed by the Tuesday's bullish candle.

That's all the evidence we needed!!

Then this intraday setup in the next post..

One hour.
We had a one hour setup for entry.
Bullish rectangle or maybe not a rectangle per say but it's sha a tradeable setup.

Buying at the break of that box would have given 200 pips by now.

So by my model.. I am still learning on how to go about approaching the markets. Would have opened multiple positions. Close some after this significant upside. Then see if the very small positions left will follow the long term bias. This one I am still figuring out how to execute.

Good

JafunmiFX:
Good

We will keep improving with time.
The key is to be patient and keep working hard.
And soon we will have our reward..

PipMarshall:


We will keep improving with time.
The key is to be patient and keep working hard.
And soon we will have our reward..

Alright boss

PipMarshall:


We will keep improving with time.
The key is to be patient and keep working hard.
And soon we will have our reward..

Wow! Thank you Brotherly...

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