Now let me correct common things we have learnt. 1. Forget fractals when drawing trendlines. 2 see support and resistance as zones and not a particular price on chat. 3 Never draw trendlines below 1 hr timeframe. All support and resistances have temperatures. 4 The hotter the zones the farther price goes away from it or the faster price goes through it. 5 there are two types of support and resistances diagonal and horizontal support and resistances. 6 the point of intersection between a horizontal and diagonal snr(support and resistance) is a point of high probability reversals. Questions before i continue.

For the records i have closed my nzdjpy long on 5.xx% profit on equity bringing total to 15.xx% increase today. Todays profit will be tomorrows trading risk. Thanks.

Am a learner too lol.

I intend to sell gold at 1345 region

jpmorgan003: @oga Meshach, thanks for the insght. My question is can i use the ATR that comes with mt4 platform with its default setting or custom ATR? Which period would u recommend and on what timeframe?

Sorry for the delay in answering this question. I will explain using something everybody understands.
Let
(1)time frame = denomination of naira
(2) period setting= number of notes (pieces)
(3) look back period = amount in naira

with the above three equivalents established, lets do some mathematics.........
I need N1,000 in 50 Naira denomination. How many pieces of N50 naira do I need?
20 right? Because 20 * N50 = N1,000

Now let's say we need the same N1,000 in N100 notes. How many pieces will be given me?
10 right?

Same N1,000 (ie same look back period) but different number of notes (i.e different period setting) for the different denomination (ie time frame).

With the above example, I am of the opinion that my next explanation will be very clear.

Trader A holds his trade for 1 day and works on the 1hr tf.
Trader B holds his trade for the same 1 day but works on the 30 min tf.

Let's say they both use the 1-day moving average for their analysis.
trader A, on 1hr tf will set the period to 24 because we have 24 hours in one day.
trader B, working on 30min tf will need to set his own period setting to 48 because

2 * 30 min = 1hr
therefore if the guy trading on 11 hr tf used 24 periods ( and correctly so) to have a 1-day look back period, trader B will need TWICE this amount to see the same look back period.
(You can affirm this truth by checking the value of 24 period moving average on 1hr tf and 48 period moving average on 30 min tf)

On MT4 platform, there are quite a number of frequently used DEFAULT setting. Usually,
20, 14, 5 are quite commonly used.

Lets think of where these settings will be most appropriate:

20 periods (default for Bollinger Bands)

I suggest daily tf. People generally take it that there are 20 trading days in a month. Here's their rationale:
5 trading days/week
and then 4 weeks/month

So 5 *4 = 20 trading days/month.

Period 14 (default for ATR, RSI etc)

London market opens around 8 am Nigerian time.
US market closes at 10 pm Nigerian time
From London open to US close is 14 hours
Therefore, period 14 should work well on 1 hr tf.

Period 5 (default for stochs, slow smoothed 5,3,3)
I suggest such indicators be used on daily tf and here is my reason:
There are 5 trading days/ week.

It is noteworthy to state clearly at this point that the DEFAULT setting is not necessarily the BEST setting for the indicator. Pretty much the same way as the default ring tone on your phone is not the ONLY ringtone neither is it always the best.
Learn to do the conversion that fit your look back period.

Pheeeewww! That was rather lengthy.
Hope this helps a bit.

Enjoy your day.
Meshach

natruetalk: @ meshpips what Dipo was saying is how did you sold GU @1.3425 ? when the current high price is 1.5378

Okay, sorry that was a typo.
I sold at 1.5325
Thanks for pointing this out.
Meshach

endfx1:

Am waiting patiently for the current 4hr candle to close for me to decide if to sell or not.though the uptrend line is broken but the weekly S1 at 99.390 is a place to watch.

I would like to see where daily is gonna close @, then i'd decide where to pick my next trade from on UJ.

As for EU, is the bull now in charge or?

Levels of resistance: 1.3165, 1.3193, and 1.3227

1345 READY?

FOREXMARTS:

Most of what we are taught about drawing trendlines are obsolete higher highs and lower lows. Let me teach the house to draw true trend line lines. Am posting via mobile so won't post pics but hope u will still understand. May i?

Go on bro

FOREXMARTS: Now let me correct common things we have learnt. 1. Forget fractals when drawing trendlines. 2 see support and resistance as zones and not a particular price on chat. 3 Never draw trendlines below 1 hr timeframe. All support and resistances have temperatures. 4 The hotter the zones the farther price goes away from it or the faster price goes through it. 5 there are two types of support and resistances diagonal and horizontal support and resistances. 6 the point of intersection between a horizontal and diagonal snr(support and resistance) is a point of high probability reversals. Questions before i continue.

For the records i have closed my nzdjpy long on 5.xx% profit on equity bringing total to 15.xx% increase today. Todays profit will be tomorrows trading risk. Thanks.

Am a learner too lol.

I guess no one is reading about the
trendlines and pages are moving. Well for
those interested, i have a forex group on
whatsapp messenger. Send me a
whatsapp message to 08185613528. Its a
forex group chat. Its free.

whatever it is,is better shared on this tread as its been the tradition

my ej buy order was hit at 131.23.... i hope am on the right track ooo.

@martog, did not see the mail, seems you have to re send it

OliverPin: my ej buy order was hit at 131.23.... i hope am on the right track ooo.

depend on your target bro traders emotions on jpy currency has turn stronger

so becareful of buying any of the jpy pair today

fxisreal:

depend on your target bro traders emotions on jpy currency has turn stronger

so becareful of buying any of the jpy pair

.

fxisreal:

depend on your target bro traders emotions on jpy currency has turn stronger

so becareful of buying any of the jpy pair

hmmmmmm...

OliverPin: my ej buy order was hit at 131.23.... i hope am on the right track ooo.

oga u wan do night vigil?

FOREXMARTS:

oga u wan do night vigil?

night vigil is not matter once his RR is okay. take the trade and leave the market to do her job

natruetalk: house

eyeing to buy either Gbp/jpy or Aud/jpy

what do you think ?

not going to eyeing those pair for buy anymore as my oga pointed out above.

NEXT...

natruetalk:

night vigil is not matter once his RR is okay. take the trade and leave the market to do her job

Tell me something i don't know. Lol.

Time to buy US oil and with very low SL too. Put SL at or around 106.40 for target of 110.xx, see you at the top.

FOREXMARTS: Now let me correct common things we have learnt. 1. Forget fractals when drawing trendlines. 2 see support and resistance as zones and not a particular price on chat. 3 Never draw trendlines below 1 hr timeframe. All support and resistances have temperatures. 4 The hotter the zones the farther price goes away from it or the faster price goes through it. 5 there are two types of support and resistances diagonal and horizontal support and resistances. 6 the point of intersection between a horizontal and diagonal snr(support and resistance) is a point of high probability reversals. Questions before i continue.

For the records i have closed my nzdjpy long on 5.xx% profit on equity bringing total to 15.xx% increase today. Todays profit will be tomorrows trading risk. Thanks.

Am a learner too lol.

thanks for helping out with the explanation whiich are all key...

FOREXMARTS:

Tell me something i don't know. Lol.

Waiting for you to continue, bro. Thanks.

So how do you draw trendlines? To do this you have to i very hot snr areas. In summary a support is valid if the following move is more than 50% of the previous swing same for resistance. Note the move that follows has to be more than 50% of the previous swing if its not then that snr zone ain't hot enough, Its like placing your hand in hot water. The hotter the water the faster you remove your hand. Now i call these points true support(TS) and true resistance(TR).

Now to draw a bullish trendline. 1 locate a TS and a higher TS. 2 draw a line connecting from low of TS to low of higher TS and from close of TS to close of higher TS. That will give you two bullish trendlines moving in unique directions sometimes crossing each other and some times parallel.

Do the opposite for bearish trendlines. Try it.

FOREXMARTS: So how do you draw trendlines? To do this you have to i very hot snr areas. In summary a support is valid if the following move is more than 50% of the previous swing same for resistance. Note the move that follows has to be more than 50% of the previous swing if its not then that snr zone ain't hot enough, Its like placing your hand in hot water. The hotter the water the faster you remove your hand. Now i call these points true support(TS) and true resistance(TR).

Now to draw a bullish trendline. 1 locate a TS and a higher TS. 2 draw a line connecting from low of TS to low of higher TS and from close of TS to close of higher TS. That will give you two bullish trendlines moving in unique directions sometimes crossing each other and some times parallel.

Do the opposite for bearish trendlines. Try it.

Never really thought about how I draw TLs. I just know I can always eyeball one on any chart and my hands just follow my eyes.

naijababe:

Never really thought about how I draw TLs. I just know I can always eyeball one on any chart and my hands just follow my eyes.

Same here. But newbies have to know how we see it.

Forex is good. It took two weeks before GU could make this long trade.TP was hit in both GU and EU.

iheanyiebeneze: My Chat says correction is looming. GU will move upwards to 1.5375 before Friday this week. enter @ 1.5127.i hope at this level 1.5127 the CLOUD must have cleared for the upwards move. But if you have fat account that can take 200pips stop loss you can enter now at 1.5130

FOREXMARTS: Same here. But newbies have to know how we see it.

diagrams with text and arrow directions and descriptions i believe will do better.. nice one all the way...

naijababe: Time to buy US oil and with very low SL too. Put SL at or around 106.40 for target of 110.xx, see you at the top.

Mam, these brokers r funny oh n just becos current month abt to expire over nyt here n they shot oil to 104.xx whereas it is not so in my other broker n i was on short oh but i dont know ow they did it n its back at 107.xx

i got one short frm 107.80 and sl at BE Now

infofirst:

Mam, these brokers r funny oh n just becos current month abt to expire over nyt here n they shot oil to 104.xx whereas it is not so in my other broker n i was on short oh but i dont know ow they did it n its back at 107.xx

i got one short frm 107.80 and sl at BE Now

This is indicative of where oil will be in the next few days or weeks. I've been talking about oil being at an unfairly high price for the past few days on this thread.
Good to know you were even selling.
I suggest others should take proper notice of these ''handwritings on (the)wall (street)''.
Enjoy your day.
Meshach

came to check what the JPy cabinet news did


hmmm EJ stopped out with 25 pips not bad

I see hidden selling from the volume distribution on GU. I suggest taking a sell at market price (1.5373)
Most likely, traders are having a negative sentiment regarding the economic report due later this morning.
Enjoy the sell off.
Meshach

USDJPY: Buy-stop above the resistance at 99.64 first TP will be 40+pips. Target will be 100+ i.e 100.67


Frawzey

fxisreal:

depend on your target bro traders emotions on jpy currency has turn stronger

so becareful of buying any of the jpy pair

last 4hr candle of the day i think is for retracement. i went out with 6pips sha... not too bad