Hello people, i just thought i create a thread where people like me can rub minds and discuss trade setups forming on the major currency pairs.

My style of trading is purely price based and the only indicators i use are moving averages, support as resistance lines, trend lines and some specially calculated Fibonacci levels.

At the beginning of the week, i'll be sharing charts with my thoughts about the market. Every one is welcome to share their thoughts too, we are all learning.

Cheers!!!

Nice one here.

May I also suggest we create a sort of mobile rendezvous where it will be strictly PA short term, medium term and long term.
Where the use of trend lines,trend fans,Fibonacci and harmonics and market geometry is highly valued and appreciated.

Wisdomxy:
May I also suggest we create a sort of mobile rendezvous where it will be strictly PA short term, medium term and long term.
Where the use of trend lines,trend fans,Fibonacci and harmonics and market geometry is highly valued and appreciated.

Yes, i think i agree with u. we need to setup a community of serious minded traders who understand that forex trading is a business and should be treated as such. i'm tired of seeing people bastardize forex trading and make it look like a pie in the sky.

What I currently see on the Eurusd.

Price has being trading between 1.2613 and 1.2370 for close to a month now with more tendency for a downside movement.

Price has respecteted the trend line several times in the past. There a high chance that it would do the same again. All we can do now is wait and see what happens.

Am in PA things

deleo16:
Am in PA things

Me too bro. Its simply the best way to trade.

TIPS TO ENSURE YOUR LONG TERM SUCCESS IN THE FOREX MARKET

1.Plan every trade on paper before entering it

2.Set clear goals : daily, weekly, monthly, yearly

3.Journal every trade

4.Master the basics, and practice key skills to build competence

5.Stick with what you know, don’t try anything fancy without being comfortable first

6.Keep a journal to build on success and learn from mistakes

7.Monitor yourself and develop yourself

8.Study and learn continually with focus on full comprehension

9.Manage your money and risk constantly

10.Keep your pride and ego in check, they won’t make you money

11.Keep a clear head and listen to it, but don’t get caught up in emotions. Stay objective.

12.Keep your awareness high, especially regarding time. This is a marathon not a sprint.

13.Keep respect for the market, yourself, and your money.

14.Think every trade all the way through, including all possibilities.

15.Review your trades, your journal, your goals, and your milestones on a regular basis. Build on success and avoid the same mistakes.

16.Do your trading in an organized place and adhere to your policies and this success sheet

17.Run your trading the same way you’d run your business. It is YOUR BUSINESS.

http://yemitrader..com.ng/2016/10/16-tips-to-ensure-your-long-term.html

INCORPORATING I.P.D.E INTO YOUR TRADING REGIMEN

Here is the way i learnt to look at the market every day and week when carrying out my analysis following the I.P.D.E process:


I didn't come up with this by myself. all credit goes to Jason Stepleton of Trade Empowered.


The I.P.D.E is simply an acronym for the words : Identify, Predict,Decide,Execute.

I= Identify what the market is doing (Is it Up Trending, Down Trending or Consolidating)

P= Predict where the market will go next based on the previous price action, so to do this:

1. Define the market Structural framework by drawing horizontal levels around the structural levels of support and resistance. (Do a top-down analysis from the daily to the 1 hr. timeframe.
( Or what ever timeframe you have in your trading plan)

2. Predict the possible ways the market can get to our potential reversal zone. (It could either go straight to our PRZ or it could retrace to a structural level before moving to the PRZ)
PRZ= Potential reversal zone

D= Decide what course of action will be taken based on what the market has decided to do (this is where the IF, THEN syntax comes to play) If the market does this, then I’ll do that. To put it in another way this is the point you two questions “WHERE” and “HOW” I’m I getting involved in this trade. What method or technique will i be employing? Where will my stoploss go and where will my profit target go?

E= Execute when all conditions for your trade setup have been met. ( This is where you pull the trigger)


http://yemitrader..com.ng/2016/05/incorporating-ipde-into-your-trading.html

Hello Traders today I thought I share some lessons I learnt from the work of a wonderful trader and writer Late Mark Douglas who has probably spoken more extensively on trading psychology than any other trader i know. I hope you pick 1 or 2 things from this post and implement it into your trading right away

Consistency In Trading
Consistency in Forex requires us learning skills that most people are not used to learning. “Mental Skills”
Without developing the right mental skills, it is unlikely that we would be able to do what our trade plans tells us to do without making a no of potential execution errors.

No matter how good a technical method is at generating winning trades, turning those winners into a consistent income requires us to do or not do some things that the system itself cannot help us with.
E.g
1. Our method cannot force us to pre-define the risk before getting into a trade.

2. Our method cannot force us to take a loss before it ends up becoming a bigger loss.

3. Our method cannot stop us from moving our stop loss close to our entry too soon where the market takes us out and then trades in our anticipated direction.

4. Our method cannot force us from hesitating and getting in too late.

5. Our method cannot stop us from getting in too early where our entry signal never truly develops

6. Our cannot stop us from getting out too early there by leaving money on the table.

7. Our cannot stop us from letting a winning trade turn into a losing trade without having taken any profits.

Understanding the Randomness of the Market.

All of the above mental errors are a result of thinking and believing that our technical method is telling us what is going to happen on a trade by trade basis. But technical methods are not designed to do that .they are meant to put the odds in our favor over a series of trades.

The outcome of the signals generated by a trading system on a trade by trade basis and random and unique,in other words there’s no way to know in advance what the outcome to any particular trade signal will be or what the sequence of wins to losses will be over a series of trades.

You need to understand that every moment in the market is unique hence you do not need to know what is going to happen next to make money. all you need is a plan that is Testable, Verfyable and Repeatable. and then just come into the market and repeat the same process day in day out.

Become a Contrarian Trader
If you want to trade your methodology in an effective fashion, to be able to utilize it in a way where by you can extract the maximum profit that it makes available based on a pattern that it identifies, you have to do it in certain ways. Your mind has to be free to stop you from making trading error. Those errors come from thinking that this trade or the next trade has to be a winner.

It is the trader who has learnt to think in probabilities that doesn’t encounter the same trauma the typical trader experiences. When you learn how price moves i.e. when you understand how to read a price chart then you understand how your technical method relates to the market movement and then you begin to understand that, when a collective pattern shows up, it simply means that there is a higher probability of the signal working out than not working out.

The problem is that this patterns are based on some sort of mathematical model but what we fail to understand is that mathematical models cannot predict human behavior. So you could have an identical pattern as you did last time yet have two different outcomes.

Summary
1.Your overall success is defined over a series of trades and not on a trade by trade basis.

2. Learn to think in probabilities and you will do well as a trader.

3.A trading system is only as good as the person using it . Hence your success as a trader is not determined by your trading system but rather by the state of mind of the trader using the trading system.

4.The successful trader you want to become is a future projection of your self that you will have to grow into. Growth is a process, it takes time but with the passion, patience and dedication, I believe anyone can make it to the 5% category of successful traders in the world.