₦airaland Forum

abham:
Look at good old 10y bonds on weekly davigle, hopefully it drops to the blue arrow till then I personally will not buy xxxusd or sell usdxxx.

Just my opinion again, I advice you back-test and journal your findings.

Thank you sir. I'll go study that now.

I have same bias on GU as with EU, but I will be paying more attention to GU this coming week as its chart is more diametrically opposed with the DXY than EU at the moment.

cc: @boss kozmicity

Also on EU, I am indecisive on the weekly Chart as to where price would want to go. Price also made a swing low after sweeping the low of Mon 02 Jan 2023, and the bullish market structure shift on the daily chart. price could still push lower to reach the monthly BISI resting before pushing higher.
on the 4h chart, I see SSL resting below the equal lows which has confluence of the FVG below the lows, so I will be expecting price to take that out before moving higher

So here's my market review for the DXY;
I have no bias on the weekly Chart because price made a swing high after rejecting off the weekly SIBI, there's a possibility that price could push down into the previous price range or continue to rally to the consequent encroachment of the monthly SIBI @107.789
On the daily chart, I can see a bearish market structure shift and also Friday's candle was unable to close above the bearish breaker block high which also has confluence of the IFVG. I would be anticipating to see lower prices this coming week...
on the 4h chart I would like to see price push lower to the FVG that coincides with the month open and the bearish breaker block low...

Ibrahimlagosian:
Good morning my fellow traders here on FTA.I want to conduct a research survey here on nairaland.I all need your response to my questions please.Thank you all.

When did you start trading?

(C) About 5 years. because I started learning in 2017. my first lesson to forex was DIY FOREX TRADING LESSON BY SHEVYCHEN and then Babypips. shout out to boss shevychen...

When did you become profitable?

(A) I'm not still profitable yet.

Now I tell you why it's taking me long to find my consistency and become profitable., first I had no mentor and I couldn't afford mentorship which could have shortened my learning curve/time, and also I was in my first year in school (100L 2016) when I started learning. boy it wasn't easy because I was divided, I had a strong desire to succeed in life as fast as possible due to the financial difficulties of my family, my dad especially. and as the firstborn, I wanted to achieve some level of success so that I could help alleviate some of the burden on my dad, but I didn't want to go the wrong way. I was desperate for money but I was determined never to make it through any fraudulent means, as you all know you can't serve two masters at the same time, one will definitely have more priority than the other. and I chose to give more time to forex, because of that my academics suffered, and the painful thing was that I wasn't making head in forex. I've read books, God knows how many, from stocks to investing, watched a lot of YouTube and still doing that but not much like in my earlier years. I've read through FTA as far back as 2011. I quitted forex many times due to frustration and I still ended up crawling back to the markets after a few months or so. It has been a bitter sweet journey for me, but the zeal and passion to succeed wouldn't allow me to give up. I was jumping from indicator to indicator, price action gave me my worst trading experience in my juvenile years, because It looked like total garbage, I didn't understand what I was doing and this went on for years until late 2019, when I began to have some breakthroughs. I started seeing some level of consistency in my trading, I was happy because I got that when I joined no nonsense forex NNFX on YouTube all based on indicators, and from there a friend recommended that I study market structure, and from there I began to understand how markets moved. I had terrible experience with support and resistance, supply and demand, wyckoff theory, Elliott wave, SMC, Harmonic patterns, chart / candlestick patterns, and I have a very deep hatred for trendlines, because they were all too subjective. I suffered greatly while I was learning them. While I was with NNFX I hated anything price action because of my painful ordeal, until I met a trader who combined indicator trading with price action (especially ICT concepts) and was making a killing out of the market. That was when I made a transition to ICT concepts and decided never to look back.
Another thing that also impeded my growth and development as a trader was due to the lack of resources. As traders, there are certain resources that we need to have at all times inorder for us to succeed which are steady electricity, internet connection plus a PC or a smartphone. when I started, I had no android phone or a laptop but I started learning with my itel button fone. all thanks to opera mini and freebasics browsing. I would spend hours reading FTA or babybips with that button fone even though I couldn't practice what I was learning until 2017 when I had my first android phone, I was overjoyed when I discovered mt4 on Android. so I'd say i started practicing or trading in 2017. and then the issue of internet connection and electricity was a big challenge for me all through my learning years, I didn't have access to steady light nor could I afford a power bank, but it never deterred me. All it did was slow me down. Whenever I see newbies, my honest advice to them is to get a genuine mentor that will teach them if they can afford it. I came to this realization when I was in apprenticeship at a barbing salon and I wondered why people never teach themselves barbing, or carpentry or painting or even Mechanic's, why is it hard to get a self taught mechanic. I not saying there aren't or it's impossible to teach yourself certain skills or things like that but if you will go that route, then you should be prepared to go through a lot of pains through trial and error, and a very much longer time to learn from your own personal experience and mistakes. But with mentorship, the ground work has been laid, if you have a genuine mentor, you have the opportunity to learn from the mistakes and experience of your mentor within a shorter period of time, and you also benefit from their guidance and not wander alone because there experience will guide you through the right part and right stuff or knowledge to learn. So here's that from me and cheers to everyone. it is my desire that we all achieve our breakthroughs and success in this business...
Cheers
#the indisciplined trader
#noobs/newbies FTA classrep 😜

abham:
Good Evening Davigle, there are a lot of parameters that go into journaling my trade and it might not fit your cup of tea but I basically look out for d1 level prior to 9:30 OPR , if there is none, i scale down to the next tf which is h1 and that is the last tf I work with for marking out PDA. This is how my Plan on Indices trades basically looks like but there is more to it which might confuse you.

Attached is a video to help you, PS, you might not understand it at first but watch and practice it, journal too.

https://www.youtube.com/watch?v=vuBRMFhFZAY

A million thanks sir for the video, I actually do have this but I didn't watch it as I felt the 2023 mentorship was an overload of knowledge, but I will go watch it now immediately.
I do actually use the D1 and H4 to pick my intraday PDA, I only look to H1 as confirmation or confluences to the H4. and also I'm not averse to knowledge, confusing or not I am willing to put in the work to learn so pls do not hesitate to share any tip or lesson with me. I'll humbly learn as much as I can.

Hola ma famile, it's the indisciplined trader once again, but I not reporting myself here today 😁, lucky me huh... I just wanted to share my experience and observations which I noticed in my trading this past week. Some of things which I will be pointing out are things that we all know, but by sharing dem, I want ma fellow newbies here to know that this is a confirmation of what our elders here had adviced or what we may have read in trading books and think we may have internalized it but we always ignore it when we are in the heat of the moment.

1. FIRST OF ALL: RISK MANAGEMENT + A FAVOURABLE RISK TO REWARD IS THE HOLY GRAIL OF TRADING. PERIOD. I fully understood it again despite the fact that I've known this for years in my journey but I never paid attention to it. I have been in a deep 5% drawdown in my TFT competition account because I was in a losing streak plus I was also over trading. But what I did differently this time was that, every time I lost a trade, I cut down my risk, I started with a 0.5% risk then I cut it down to 0.3% and then again to 0.2% risk due to the losing streaks I was having. but intriguingly, this week was pretty good for me and I was able to get out of all the drawdown while keeping my risk low, my account is back at breakeven with just a few trades which were not even up to half my losing trades. I noticed it when I was going through my trade history and it really struck me. Hence forth this is one part of my trading that I ain't gonna mess around or compromise it again... After every 2 to 3 losing trades I definitely am going to cut down my risk.
2. This next tip is for all day traders here, always focus on the bigger picture by spending time and incorporating the higher timeframe bias onto the lower timeframe. Shout out to boss VeeVeeMyLuv and a very big thanks to you sir for calling me out last week. A lot of times we get lost in the chaos of the lower timeframes because we spend time there forgetting or ignoring the bigger picture (ie the higher timeframes). my strike rate increased when I was focused on where price was likely to go to on the higher timeframe especially on the H4 and H1 (for day trading) and then I just jump on the 15/5min for enrty and once I have open my positions, I jump back to the higher timeframe and monitor the trades there. This gave me clarity and helped me curtail some of my impulsiveness which would have lead me to over trade, a part of my weakness in trading. So guys pay attention to the higher timeframe and pls don't ignore it else you'll be lost in the lower timeframe chaos.
3. PATIENCE AND CONTENTMENT IN TRADING: this part of me is still a work in progress, honestly I am very impatient and this leads me to trade impulsively, although this week I was able to sit out of trades that didn't meet my trade criterias which used to be unlike me. and then seeing how it ends up after, makes me glad that I didn't take the trade in the first place. I realized that If I could just work on my patience and control the urge to be in a trade every single day would do a whole lot of good to my psychology and trading in general. and lastly I still am struggling with my greed. trading has made me realize how greedy I am. and that's where contentment comes in. I realized that If I capped my targets in the market that is easy to get and repeats consistently, I could do really well even if the market blast beyond my targets, what I should be aiming for is consistency and not a one hit wonder or a huge lucky win of some sort l. that only happens once in a blue moon and it leads to unrealistic expectations. So here's what I have to share for now and I indulge all elders to add more to this, stay blessed pipu annnnnnndddd

SAY NO TO VAWULENCE
LET PEACE REIGN
CHEERS
🏃🏿‍♂️🏃🏿‍♂️🏃🏿‍♂️🏃🏿‍♂️🏃🏿‍♂️🏃🏿‍♂️🏃🏿‍♂️🏃🏿‍♂️🏃🏿‍♂️🏃🏿‍♂️🏃🏿‍♂️🏃🏿‍♂️🏃🏿‍♂️🏃🏿‍♂️🏃🏿‍♂️🏃🏿‍♂️🏃🏿‍♂️🏃🏿‍♂️🏃🏿‍♂️

karkinase:
With the recent war events today’s FOMC and tomorrow’s USCPI might be too hot to handle. Better safe than sorry

On gawd
will be staying out of the markets tomorrow, so help me God.

Galleryeasy:
SL ticked.. Till NY session tomorrow.

I saw that too boss, but I feel the way markets reversed this evening looks fishy

O boy what's pumping the markets, had to even check forex factory to be sure if there's news and found nothing, but the way markets is moving this evening feels weird, as if some sort of a high impact news is moving it, but what I notice is that price seems to be filling up the gap it made over the weekend on all markets...

LincolnOnyeabor:
Who else is Seeing the Gap in Gold right now??


Omo!!!!

Not only gold
I think all markets, indices, forex and even crude oil

abham:
Nothing much from my end. I'm having devices challenge, would give an update next week. My advice is to start trading on Wednesday prior to CPI if you already have an understanding of htf but if not, wait after CPI as it could be brutal.

davigle, sorry for what you went through, Friday was a clear buy on indices, also my advice is to journal your trades so that the procedures you took for the winning trade would be followed next time you take a trade.

Thank you sir for your kind response. I didn't see that until it was late for me, hence I have decided to focus on indices henceforth because I noticed that price delivery is much better on indices than currencies . and I will make sure I try and journal every day which is one of my biggest week point. I really have not been consistent with journaling. if I may ask sir, do you also journal on paperback (book). so far the only way I've been journaling is by annotating my charts and then screenshot it and keep it in a folder. but if you have better tips or suggestions on journaling, I humbly welcome them.

LincolnOnyeabor:
With the Present War in Israel Vs Palestine, Fundamentally I'm seeing Gold Having a Rally up as Investors will likely Dump the $$$ for it.

Boss GabsonFX2, what do you think??

Gold is starting to look like the Second Pair I'd master. I've being drawn to it in recent times sha.

Any Gold traders here, care to share your Trading Biases with us sirs??

My good sire, might I tender my humble bias on gold too if it may count...

EU

Evening house, I'm saying a big thanks to every one for their kind response. Honestly Fridays price action bleeped my psychology but nevertheless we mueve after every market shege...

So here's my bias for the week

DXY

infofirst:
Lack of trading strategy/plan/system
Poor risk management/Greediness
Impatience
Indiscipline

Which one is stopping you from profiting in the forex market? And what are you doing to overcome it?

Impatience has been hitting me lately.
And dragging me back and forth.

I kept going through short tweets on trading psychology to overcome the impatience of late.

good evening house
once again it is the indisciplined trader here, reporting myself after fuckingup again. honestly I am battling with indiscipline. I found out that I am very impatient and I am also very greedy. I discovered that my analysis are on point on the higher time frame but my lack of impatience always makes me jump into trades with out waiting for confirmation and there are times that the trade moves in my favour and then I keep wanting more. like today I have been bullish on the dxy and I want to see price reach the consequently encroachment of the monthly fair value gap which I posted in my analysis earlier on. I was also anticipating a bullish nfp which should send dxy to the consequent encroachment and as luck will be on my side and it came out bullish so I shorted US30 and nas100 and it went in my favour crazily I was euphoric and I felt like finally I was doing something right. only for some crazy stunt or only God knows some black swan event came and took price into a crazy massive reversal wiping out all my profits and hitting my stoploss and then putting me back into much deeper drawdown. I feel helpless. what do I need to do to instill discipline into myself. secondly, I discovered that I am not honest with myself. I know I had said earlier on that I was going to only stick with EURUSD but I found out that I do not have the patience for EURUSD as it moves slowly as compared to indices. indices has the kind of movement that I seek because I am an intraday trader. I have been trading us30 on demo with low-risk, and I am more interested in us30 than eurusd. pls elders help me out because I really want to be accountable to myself and achieve the success I so desire, I swore to never give up in trading by the truth is I am my bane and doom, my worst enemy is myself....

So far price seems to be heading to that level

#update: I will be looking to short EU during London session if my setup shows, if not then I'll wait for new york open...

This was my markup for the week on the DXY which I wanted to post here on Sunday night b4 NL bot ban me but nevertheless I still feel like posting it and the update after...
I am still bullish on DXY until price gets to 107.715

VeeVeeMyLuv:
Last 3 months of the year USD Bears?

Definitely sir, I think NFP on Friday may set the bears in motion

RKTexpert:
Gbpusd is a very forgiving pair to me, buh you see euro usd, I dey find am hard and hair-pulling when trading it🤦
From my trading history I seem to make some few gains on these pairs below:
Eurgbp
Nas100
Gbpnzd

Tip: review your trading history and mention and focus on the pairs that made you whole💪🏽

Sire if I may, I personally favor EU over GU because, she's a much more forgiving pair than GU, GU has always been a bitch to me, and EU is the mirror opposite of USD index. I find it easy to trade EU because my analysis on the dollar index compliments my analysis on EU. cheers

I am finally back, e no go betta for NL morafoking mods wey ban me since Sunday night ooo, wuna do well, ahh no know when posting charts for NL don turn to crime... o kare...

abham:
Weekly candle closed bearish with long wicks above and below, scary. The EQH on the daily was not traded to as anticipated after price took out 18/09/23 low signifying a bearish sms on the daily after the low failed to create a HH.

Price retraced into the range, formed another EQH on 22&25/09/23. It later took out 21/09/23 low which caused the push up and also failed to create a HH. Price retraced into the range from Thursday and Friday this week. I would be anticipating price to draw to the low of the bearish range for this week.

While barchart is showing a weak sell, Commercials are still net long according to COT report, focus is on the hedging program and IOF on the daily. The hedging program is bullish as it is above the zero line but IOF is bearish after the last sms which was bearish, we wait to see what Monday presents. Also, Open interest dropped while price is in premium of the current dealing range so I am anticipating a drop.

September competition
Return: +2.25%
Hopefully this month will be better as there are signs of improvement striving to be 1% better everyday, also journal your trades guys,

Good luck next week.
Photos attached

Same bias as you boss, but on EURUSD, I'll be posting my charts on the DXY and EU later on...

Vhipa:
Galleryeasy! Please ignore that bald headed looking average dumbass that called himself trader. Shior I just dey here dey observe! You think clicking buy or sell make you a trader?

Die the matter! B4 u disgrace your ancestors

Ah Jesu, anoda wan anoda wan ooo

Bros ahbegh,

LET

PEACE

REIGN


DON'T

SUFFOCATE

US

WITH

VAWULENCE

Immortal99:
Get behind me satan

Nigbo, walai talai peace must reign for here ooo, we dey here gidibam
#SAY NO TO VAWULENCE #LET PEACE REIGN SO THAT NEWBIES CAN BREATHE IN PEACE

Donsheddy:
Keep the vawulence coming pleaseeeeeeeeeee

Ahhhh iro oooo, coming for where, lailai no be for here,


Edakun oooo, let peace reign ooo

LET PEACE REIGN OOOOOOOO

why everybody just dey vex anyhow for here naw, wuna be vespa ni, walai talai, there is a need for FTA to have a mod just as boss jameselias suggested

VeeVeeMyLuv:
Ozeba... Nawao

Eleyi gidigan...

We need to use oraimo cable to wipe some people here

On gawd, some pipu need beating walai, abi you go start am oga vee, ah dey your back

Nwadaka:
Pls let's mk that night a session, pls ignore that nitwit called Elliottwave , he is broke and hungry.. I would have used his $100 to do offering tomorrow

Egbonnn, yhu sef be calming down naw

@Elliotwaveforec and Galleryeasy. Abeg you bosses should not start anoda war here, pls and pls and pls, let it slide. you both are bigger than all this bickering. Besides this thread has been traumatized by the previous saga involving Boss gabson and meshpips, the mata still no wan finish, if wuna con start una own, na anoda civil war be that ooh, come on, even though I act like a newbie here, I've been around on FTA since 2017 as a bystander. It saddens me to see a lot of bosses here that I respect and idolize behave like kids and be so demeaning. It's here on FTA that I got to know about forex and how my journey began, shout to boss shevychen. So as the ambassador of all FTA newbies or neophyte traders, I humbly beg all elders to LET PEACE REIGN...

#SAY NO TO VAWULENCE
#LET PEACE REIGN....

Elliotwaveforec:
Omo yahooboys don full this thread o, see format. Fundamental analyst wey dey say BOJ dey tackle inflation, chai!

Boss abeg naw, dis vawulence neva taya yhu, abeg be calming down naw...