Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,149,033 members, 7,803,469 topics. Date: Saturday, 20 April 2024 at 05:18 PM

Geedot's Posts

Nairaland Forum / Geedot's Profile / Geedot's Posts

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (of 29 pages)

Business / Re: Forex Trade Alerts / Discussions: Season 24 by geedot: 12:16am On Apr 05
Lanshile:

😁😁
Crazy game
I know fx is hard but some of us here have paid our dues but fx still wan collect more
I'm highly confident in my skills and I always put money where my mouth is
My eyes are wide open
Let me ask u a question
Will u say Charly20 that ghosted us did not do the right thing in fx
The fact that we all approach the market differently suppose to bring ease in the game as per say we can all decide to sell with different formula and method
Na dat time the trade go buy
The complexity in fx is high
That's why it's extremely rewarding when and most importantly if you eventually unravel it. It's not as hard as it seem my bro. A blind man clicking a random buy and sell with a 1:1rr in the long run will break-even on the average.

Forex is 50:50, that's where strategy tilts the odds in our favor. Any strategy that wins 6trades out of 10 with a 1:1rr will make you profitable in the long run.

Any strategy that can't win 6trades out of every 10trades with a 1:1rr, it's not meant to be called a strategy yet. Like I said earlier, I hope your eyes gets opened soon so you can unravel that what you call this complexity may not be as complex as you think.

1 Like

Business / Re: Forex Trade Alerts / Discussions: Season 24 by geedot: 10:30pm On Apr 04
Lanshile:
I swear I don tire
After my Nzdusd trade I picked yesterday reversed and hit sl after picking my sell limit order

I actually learnt my lesson yesterday and I learnt a new thing and yeah loss is part of the game but the Nigerian system did not program us to accept loss that much
50 dollar is more than the minimum wages now tell me how much u are willing to lose before milk and honey start to flow
Oloribu Chelsea whey I dey support that suppose to make me happy whey I dey bad mood still dey lose
Things dey for this life I swear
I don't even know how to pacify you my bro, but use Chelsea as case study. If they'd given up this night, they wouldn't have made the come back to turn the game around and eventually won.

Forex is not meant to be easy, it's meant to be extremely hard. However, 5years is quite on the high side. I hope your eyes gets opened eventually soon, and you would only look back and laugh at this comment of yours.

1 Like

Business / Re: Forex Trade Alerts / Discussions: Season 24 by geedot: 10:34pm On Mar 18
@Nzechu, If there's one thing I admire about you, it's the discipline to stick to your style of trading. Anytime I glance through this thread, once I see "sell to 423", I needn't look the username, I already know it's you.

1 Like 1 Share

Business / Re: Forex Trade Alerts / Discussions: Season 24 by geedot: 9:45pm On Mar 01
peteregwu:


Market has been fair to me. Welcome!
Wasn't talking about fairness my bro. But all the same, it was nice hearing from you!
Business / Re: Forex Trade Alerts / Discussions: Season 24 by geedot: 8:31pm On Mar 01
Ibrahimlagosian:
Good afternoon everyone here.

It's been a long time I made a post on this thread.My studies choked up when I proceeded to 200lv grin grin, medicine isn't easy but yet, never stopped me from actively engaging in my trading activities.Money must be made in this current era.
I'm also noticing new monikers here.Indeed this shows that the thread is growing as I see 5k pages before the end of the year.gabsonfx,Davigle,samfelly,donsheddy,geedot,lanshile and co, how's the biz going on your side cool??
Ibro makanaki, I'm doing my gambling as usual. #TeamS&R. @Peteregwu, how have you been coping with swing these past weeks. The reversal is crazy, I had to start daytrading for the main time.

1 Like

Business / Re: Forex Trade Alerts / Discussions: Season 24 by geedot: 5:47pm On Feb 25
I strolled here today and just imagine trading advice and method flying around. Any newbie still looking up to this thread to learn more might even come out worse than they were before joining this thread if care is not taken.

I keep repeating that trading is not hard, you are just not disciplined enough to follow whoever your mentor is 100%. All popular strategies online work, the thing is after encountering few losses, people tend to leave the strategy in search of another, and the cycle continues.

This thing is not hard! If you are ready to go bet9ja style, follow all those gibberish plastered here for the past 24hours, but if you really wanna learn and turn it to a living. Reduce your activity here, go back to your drawing board and pick just one strategy and master it on a demo.

Save aside funds to get a 5k prop account only after doing 10% profit severally strictly following your strategy with proper risk management on a demo account.

Whatever good takes time, but it also shouldn't take too much time either. If it's taking too much time, maybe it's time the person changed method. This is not the early 2000s where there was little or zero resources to learn from. With so many resources on the web at this age, it's a disaster if anyone is still struggling 4years+ and still not getting it. Maybe it's high time the person paid all those JeffBen, and HabbyFX mentorship money to cut short the journey.

Online teachings doesn't work for everyone, as learning alone could be hard. If I was a struggling trader after years of non profitability, God knows I would have found money to go learn offline with those guys I mentioned above and make like-minded friends offline too.

See picture attached below, that was what I used as my guard when in I joined forex 2020 after covid era showed me shege. It was a post by Shevychen back in 2017 or thereabouts. Happy weekend!

7 Likes

Business / Re: Forex Trade Alerts / Discussions: Season 24 by geedot: 5:31am On Feb 16
Geovanni412:


The issue of suicide and emotional trauma

I'd say this, let's not criticise him because you do not know the full story

He only told us part of it, there are probably other challenges he is facing in addition

And if you say suicide should never enter one's mind,

What advice would you give to a terminally ill cancer patient considering suicide?

What advice would you give to a young boy in prison who is being sexually assaulted every night who is contemplating suicide?

There are many other situations like this.
I'm not talking down on him as you can see from the post above. I gave an alternative as to why he should leave this business for sometime to get over whatever it is he's feeling right now.

This is the reality of this business. Go demo and do 10% profit with proper risk 3times in a row before getting a 5k prop account. If you fail. Go back again and trade the demo for 10% profit twice in a row again and get another 5k account. Going through these two phases I mentioned above should take a year already. No one is ever gonna go bankrupt by getting two 5k prop account a year in my opinion.

People are eager to earn in this business, when they haven't properly learned. You have to take your time since you could even lose your money in the attempt of making some. And another point I see people mention here all the time is go through your failed trades during the weekends to see why they failed and work on them.

This is wrong, you will always have failed trades no matter how good the setups or your strategy is. That doesn't make your strategy a bad one or the setups, or you have to analyze why they failed. Before you know it, you start tweaking every weekend to avoid losing. We know how that ends up.

Whatever has happened has happened, I have no control over it. I'm just trying to advise others from going through the same route. I never meant to sound harsh, maybe I just didn't know how well to pass my message across enough.

How are you doing by the way Geo?

2 Likes

Business / Re: Forex Trade Alerts / Discussions: Season 24 by geedot: 1:05am On Feb 16
@James. I'd made up my mind not to ever comment on this thread again, and just read here every few days when I'm less busy mainly because of just two or three good traders left on this thread.

When we preach about learning before earning, some idiot.s would come out to say we are wishing them bad luck, meanwhile it's quite the opposite! For you to even contemplate on suicide shows you are weak to handle trading emotional trauma. So I'm sorry, it's better to just quit and start over and leave forex alone. It's one of the hardest job in the world.

It's not that you won't make money if you don't really understand it, but you would also lose the money you've got because you don't understand it. It's just advanced gambling in a lay man term.

What do you do now? Pick yourself up and leave fx for some time and live your life for the outside world, find and get a real job to get by. I would have loved to put you through in my own little way, but you are too emotionally invested that I doubt any mentorship or advices would work for you currently.

To the newbies out there, this is the reality. Forex money is real, you can see the money, but touching and getting the money is another thing. Know this and know peace!

It took me three months, it took some people years. And it took some people forever and they still didn't get the hang on it. Not everyone will make it. It's just the harsh truth no one is telling you about forex. Look around this thread and see examples for yourself. It's just full of below average and struggling traders.

If you are ready to learn, really learn. Follow Chris Capre, 2ndskiesforexdotcom and learn price action with support and resistance. I don't know how long it will take you, but please follow him like a sheep or Jon Snow that knows nothing, and learn everything from him.

I won't advise you pay for the mentorship program, quite expensive. I didn't pay, and yet I learned everything from him. Forex is majorly about buying and selling, so you should majorly be looking for buying opportunities at demand zones and selling opportunities at support zones. I don't know why this simple reality is hard for the average traders to follow.

Screenshot of just two trades picked up today at the resistance zones with about 30-40pips stoplosses.

7 Likes 2 Shares

Sports / Re: What Football Match Gave You The Highest Tension? by geedot: 3:25pm On Feb 11
Germany vs Argentina 2014, and that Gotze goal almost cut my fuse. Argentina style of play that year also didn't help, they were like Athletico Madrid. Defending and looking for counter attacks, against a german team that just devoured Brazil, 7-1 in the semis.

6 Likes

Business / Re: Forex Trade Alerts / Discussions: Season 24 by geedot: 1:08pm On Feb 01
greatcheer:
successfully passed phase 1 and 2 of funding pips.
now the kyc verification is keeping me on hold.
I thought all these whe I could use my NIN.
now I have to go and apply for drivers licence?
The sky is your starting point, wish you all the best.
Business / Re: Forex Trade Alerts / Discussions: Season 24 by geedot: 1:06pm On Feb 01
geedot:
About what I saw and why I'm buying. Since I trade from zone to zone, I believe since market hasn't gotten to my next resistance @1.67Γ—, it's not done yet, it's just resting to pick up momentum before rising again.

See how the market broke the 1.64Γ— and even moved about 200pips above it. It has rendered that resistance useless according to my strategy. So I believe there's nothing stopping it from getting to that 1.67Γ— zone. Even if it will sell, the sell should start from that zone.

That 1.64Γ— zone was a support before it broke it and turned it to resistance, now it's broken again, I believe it should act as support to catapult price to the next resistance. All these are assumptions by the way.
The trendline is the only obstacle I'm spotting that might cause some hindrance, so I set my TP there instead. Once it's about to hit that trend line again, i wanna get out.

It did come to that support truly and respected it and pushed up as I anticipated. So let's keep fingers crossed. This week will tell us whatever plans EA got for us.

I'm currently not at home, would have loved to show you the screenshot on my laptop instead. I hope this mt5 is enough.
EurAud eventually played out after kicking me out on Monday. I entered earlier than usual. The main point is my bias did play out and that's satisfactory enough.

1 Like

Business / Re: Forex Trade Alerts / Discussions: Season 24 by geedot: 11:51am On Feb 01
geedot:
NzdUsd for those interested. Still fresh, it hasn't gone far too much for anyone to still join.
Currently running 60pips in profit. 0 drawdown from point of entry also, so SL has been adjusted due to yesterday's high being just news spike. TP also reduced to 100pips as there's some former resistance that might wanna act as support around that 0.60Γ— zone on the H4 timeframe that might disrupt the bleeding to the downside.
Business / Re: Forex Trade Alerts / Discussions: Season 24 by geedot: 4:56am On Feb 01
NzdUsd for those interested. Still fresh, it hasn't gone far too much for anyone to still join.
Business / Re: Forex Trade Alerts / Discussions: Season 24 by geedot: 5:37pm On Jan 29
dmahn:


Agba trader πŸ˜‚πŸ˜‚πŸ˜‚
Stop acting like a kid my bro, you are still holding onto last time I advised you and you didn't take it well, which I already apologized. Let it slide my brother, only women act this way.

I've been doing this for 3years now and trust me, I have witnessed worse case than this. I got gbcad running on a different account and the profit alone is times two of these two losses combined(EU and EA trades) I talked about here.

I won't roll in the mud with you. To even think someone even liked the post speaks a lot about people here. I wish you all the best my bro.

1 Like 1 Share

Business / Re: Forex Trade Alerts / Discussions: Season 24 by geedot: 4:07pm On Jan 29
Euro crashed across board, EA stoploss hit, EU stoploss hit. All last week profit turned to loss first day of a new week. Welcome to FX!

1 Like

Business / Re: Forex Trade Alerts / Discussions: Season 24 by geedot: 8:11pm On Jan 28
Pclemenza:

Still not helpful. There are just 3 links as I joined yesterday. The picture below shows the links.
Just follow this channel on telegram and get unlimited access to premium courses. This is the username: FOREXCOURSES2024.

1 Like

Business / Re: Forex Trade Alerts / Discussions: Season 24 by geedot: 7:24pm On Jan 28
Bimmarlykay:


You mistaking it sire... Am tryna see what he saw cus i wanted to test his strategy, my strategy is diff. ; grin
Same thing I said about learning from Peter, they almost roasted me alive here and saying all stuff about how "profitable traders" don't care about other people's opinions on trades.

I don't know who created dos and don'ts for profitable traders btw, lol.

About what I saw and why I'm buying. Since I trade from zone to zone, I believe since market hasn't gotten to my next resistance @1.67Γ—, it's not done yet, it's just resting to pick up momentum before rising again.

See how the market broke the 1.64Γ— and even moved about 200pips above it. It has rendered that resistance useless according to my strategy. So I believe there's nothing stopping it from getting to that 1.67Γ— zone. Even if it will sell, the sell should start from that zone.

That 1.64Γ— zone was a support before it broke it and turned it to resistance, now it's broken again, I believe it should act as support to catapult price to the next resistance. All these are assumptions by the way.
The trendline is the only obstacle I'm spotting that might cause some hindrance, so I set my TP there instead. Once it's about to hit that trend line again, i wanna get out.

It did come to that support truly and respected it and pushed up as I anticipated. So let's keep fingers crossed. This week will tell us whatever plans EA got for us.

I'm currently not at home, would have loved to show you the screenshot on my laptop instead. I hope this mt5 is enough.

2 Likes

Business / Re: Forex Trade Alerts / Discussions: Season 24 by geedot: 4:52pm On Jan 28
peteregwu:


Bros, I take God beg you, no kill me before my time ooo by comparing me to dapo my mentor. Abeg, dapo is just exceptionally good....show home some respect. Person wey dey manage millions of dollars abroad. Abeg na prayer I dey pray make I reach him level.
You're the one not fully taking advantage of your skillset yet brother. Have you gotten the williscapital prop account btw? I'm getting mine beginning of next month.

4 Likes

Business / Re: Forex Trade Alerts / Discussions: Season 24 by geedot: 10:43pm On Jan 27
Bimmarlykay:


I see...

It's nice with nice risk to reward, will give it a trial...

But what if market ranges,do you stay off,or you buy and sell at support and resistant respectively?
If overall trend in the case of confirming what the weekly/monthly is saying is downtrend, only look for selling when the market gets to resistance level. Don't be tempted to buy around support, don't buy with the hope of it getting to the next resistance. Wait for it if it goes up, if it doesn't, leave it be.
Business / Re: Forex Trade Alerts / Discussions: Season 24 by geedot: 8:41pm On Jan 27
Pclemenza:

I saw the boldened and DAPO WILLIS came to mine. Swing trading is actually a goal. I have his course but not started digesting it.
I wish to trade like him for real, he's so good that I fell in love with him the first time I saw one of his videos on YouTube. That's why I love Peteregwu's style of trading so much too. I even think Peter catches more pips than Dapo. That's how good Peter is.

2 Likes

Business / Re: Forex Trade Alerts / Discussions: Season 24 by geedot: 8:33pm On Jan 27
Bimmarlykay:


You plot support and resistant zone on daily and check weekly for trend,then wait for retest and continue with the weekly trend? Right?
That's just it brother. Watch for the overall move to confirm if the current move is just a retracement that's gonna find support to continue pushing upwards in the case of an overall uptrend.
If it fails, go downward to your next zone to wait at the next support to pick it up again. Trade in a way where only one win cancels out three losses easily.

1 Like

Business / Re: Forex Trade Alerts / Discussions: Season 24 by geedot: 8:29pm On Jan 27
Frank571:

I just need the link to download it
I think it's about 3gb
Most of the links online are fake
A moniker veeveeluv dropped this awhile ago. So many forex courses there. Dapo's course is there also.
FOREXCOURSESTITANS on tgram.
It's an rar file, so you should have an .rar extractor to unzip them after downloading.
Business / Re: Forex Trade Alerts / Discussions: Season 24 by geedot: 5:02pm On Jan 27
GarkiAccessory:

To buttress your point, some zones are by far more powerful than others, I discovered that when price gets to those zones, it reacts aggressively.
That's the best way to trade for someone that wants to be profitable in the long run. Training your eyes to spot the move earlier is key, because once the move has begun and moved about 200pips already, joining at that time is what make people lose money back to back.

The market is going up, but it won't just head up, some head up straight to the intended direction, but most of them don't, it might come down to retest, giving anyone joining in the middle ab200pips+ drawdown. This is why people are stopped out before market going their way.

This thing is not as hard as people make it seem. It's just annoying seeing people being in this for years, still struggling and trading the same way they have been doing that has never worked for them. I've been preaching it here, I hope those wise enough will follow and ditch their conventional way of trading that's not working, and go back to the drawing board to unlearn and relearn.

It only took me 3months to start becoming profitable and I've never looked back ever since. So when I watch these Instagram reels and those traders make it seem everyone must suffer for years before getting it right makes me wonder if I've been lucky all these while(3 years now).

I advised one dude the other day, he picked offense. I was just angry seeing people struggle for years and they haven't still learned anything all those years. They are still trading the same way they have been doing all these years.

I didn't learn anything too complex, just my support and resistance. There was a time I enter trades with 100pips Stoplosses, but now I've become better as time passed by and sometimes 30pips Stoploss is what I use even though most of my trades last for weeks sometimes.

So when Geovanni was saying yesterday that day traders should not be using 20-30pips SL, I just had to smile. I swing and my max stoploss now is never more than 50pips. The key point is the entry, when are you joining a trade? If I feel like entering a trade now for example when I still make use of 100pips SL, sometimes it will go against me by 80pips+ in drawdowns before it started moving my way. So i stopped entering early, and instead set a buy/sell order 50-60pips away. Still the same method, just advanced entry that I added to my toolkit over the years.

That's why most of my trades always look as if the entries are perfect, because most of the time I miss out on trades, the few ones that comes to me must have been exhausted and they just start rising from where I entered from. I only took 4trades this week and these are the entries. If I want to lose, I lose easily because sometimes market will blast through your stoploss in less than hour sometimes. You just login and see your balance reduced without any trade going on lol.

Over the years I know to adjust my entry point further backward whenever there's an upcoming news on my pair and market is already close to my entry by less than 100pips.
I'm writing too much, I just wish anyone will dissect the message I'm trying to pass and put it to use.

Learn Support and resistance and only draw on the higher time frame. It should very visible enough that it shouldn't take you more than 40secs to a minute to draw. Once drawn, check the weekly to know if market is bullish or bearish, if market is bullish from the weekly time frame, you have to know whenever market hits your support, you should be looking to buy. Set your limit lower than your support, i.e the buy limit should be when market breaks the support, that means you will only be entering the trade when market breaches the support zone. That's why you see wicks beneath support areas and above resistance areas. Market comes there to test and continue it's journey.

You will lose, trust me, but you will win more. One trade for me cover for four losses, and I hardly have four losses. It's easier to pick 250pips up with 50pips SL when the entry below the support for a buy. Sometimes I move it up a bit, it's by years of experience, try setting it below and adjust as time goes by. All the best brother.

These are screenshots of my current running trades entry this week.

6 Likes 2 Shares

Business / Re: Forex Trade Alerts / Discussions: Season 24 by geedot: 7:25pm On Jan 26
geedot:
There's no way to find a fixed RR my brother. Since I'm a staunch R&S follower, the next TP for me is the next support/resistance. Market moves from zone to zone most of the time. For example, in a bullish market, if market successfully breaks a resistance and able to turn it to stay above the broken resistance, you can be rest assured the market is heading to the next resistance. No one knows how long it's gonna take, but most of the time, it's heading there.

So after this knowledge, the next thing is how to draw concrete supports and resistances. I will recommend downloading Forex mastery by Dapo Willis. The guy is a goat!

Trading is so easy, just draw them down and start watching for moves around them, using the weekly to check where market is really heading, and go daily to wait at the next bustop which is the Support and Resistance.

This is how most of my trades look like, when I'm planning on going bullish on a pair based on my weekly bias, I just wait for it to hit my SorR on the daily and bounce, then I join. Look at the Gold, see how it respected the S&R zones? I'm just waiting for it to hit that purple horizontal line before going long, or hitting that pink downwards arrow zone before going short.


I Should have longed gold at that bounce on the support on Thursday, but I don't trust supports that were formed by a resistance as much as I trust the one formed as support in the past. I mean when market is tanking down, it's very easy for them to ignore a newly formed support that was initially a resistance and blast through it. But the good side is that, most time when it does, just wait at a former support that has supported in the past at least once, it's gonna react when it gets to it.
These are daily charts by the way, on EU I'm waiting for a retest of the support so I can join the bus and ride it up to the next zone, should give me about 1:3rr hopefully.
@Geovanni412, did you follow the EU trade up, I got in with 30pips SL, should have gotten out with 100pips yesterday which is even more than my initial 1:3rr, but I was waiting for it to touch my next resistance which is about 250pips(1:8rr) away from me, another name for greed and over confidence. Now I'm only in 30pips profit.

Even the EA trade I quoted Dman about that I think it's coming down to gain momentum and find support at the 1.64Γ— zone to continue the bullish move to the next resistance is also currently running 70pips in profit.

AUDCAD doing nice too, missed Nzdcad, gbpchf cadjpy by just few pips to my entry point.
All trades are with 40pips max SLs.

The GBPSGD went 70pips my way before talking me out for 20pips loss when I adjusted the initial SL from 40. Reason why I don't like adjusting SLs sometimes, it's SL or TP for me once I enter trades. If I had adjusted my EU SL, it would have stopped me out also because it came back to my entry after a 100pips move to the upside. I didn't bother entering the GbpSgd again because the swap fees were just too much for me.

Still staying put on gold, it's not going up and it's not coming down. Well, I will be waiting whenever he made up his mind. Never rush to join trade in the middle, they reverse a lot, it will be bad entering in the middle and it reversed back to where the move initially started from. Instead set a buy/sell limit at the spot the move initially started, if it reverses, good, if it doesn't, fine also.

No trade is better than many trades with losing trades cancelling out winning ones.
Pull up your charts and check how often trades comes to retest the initial spot reversals start from. Patience to wait is important.

1 Like

Business / Re: Forex Trade Alerts / Discussions: Season 24 by geedot: 3:01pm On Jan 23
infofirst:
Forex market is not the problem. The market makers are not the problem. The brokers nor the prop firms are not the problem.


YOU ARE THE PROBLEM

The forex market is easy. You are the one making it Hard.
For those of us coming from the programming world, forex is like a blessing in disguise. Imagine planning to learn programming for 2years minimum without expectations of making one naira during that duration because we know the money will come after the knowledge. Even the money is in form of seeking employment where you can be sacked every now and then. No true freedom really, just employability sake.

As a programmer, our plan was to get a freelance job of just $1k at least per month and we would be fine. Imagine someone that's got the patience to learn something for 2years without plans of making money during the learning phase, and his expectations was even to make around $1k per month. Coming into forex with same mindset, tell me why he won't succeed?


To the people just coming in, there's too much money in FX for it to be easy for everyone. If you've been in this for years and still unprofitable, it's time you re-strategized. Whatever you've been doing is not working, tear it all down and start again. This time it will be easier as you've gained so much insights all these years.
By now you should know your best trading style, be it Scapling, Day-trading or Swinging.
Follow only those that trade like your intended method judiciously until it becomes second nature to you. It may take time, but it's definitely gonna worth it.

The plan is to become a trader, a profitable trader and not a chart architect.

7 Likes

Business / Re: Forex Trade Alerts / Discussions: Season 24 by geedot: 7:30am On Jan 23
peteregwu:


I closed because on the weekly time frame, I just realised that there is a resistance at 1.69972 that has already being broken and the market closed above it on weekly close. So, there is tendency that the market could still rise to the 1.71528 level and I don't want to experience that. It may happen and it may not happen but I have seen market do that many times.
Thanks so much for your input. I'm just gonna see the trade through since I got in at a good price and I'm risking very little as this is my first time trading the pair. My SL is slightly above last week high. If the SL does hit, i will be waiting next at that 1.73Γ— zone instead hoping price gets there so I can sell it down. I think that 1.715Γ— zone you mentioned may not be strong enough to send it downwards for the massive impending bearish move.

Thanks for your reply brother, I really appreciate.

1 Like

Business / Re: Forex Trade Alerts / Discussions: Season 24 by geedot: 7:09pm On Jan 22
peteregwu:


Closed GBPSGD with 30p loss
Hello Peter, may I know why you're closing? I don't trade the SGD at all, but when I saw your chart, I pulled it up and think the resistance is strong enough to drop it to the next support at least, if not deep down below.
I entered with just 40pips SL, enough to prove to me it's a failed trade if breached and the risk-reward to the next support is an almost massive 1:10, so it's worth the risk as I would have entered still even if it was a 1:3rr trade or even 1:2rr because it met my trading criteria.

Would love to hear your input brother, thanks.
This is a daily chart showing the strength of the resistance according to my own pattern, so would love to hear your input too.
Business / Re: Forex Trade Alerts / Discussions: Season 24 by geedot: 8:56pm On Jan 21
Geovanni412:


Looking at swing trading setups, I have a question...

Is it more profitable to look for bullish swing setups than bearish setups?

I ask this because I notice that bearish setups on eurusd tend to become range trends with deep retracements before getting to their targets whereas bullish markets do not have very deep retracements.

I also noticed that getting the low of the bullish market is slightly more predictable compared to finding the high of the bearish market

What do you think?

It's just easier for the human eye to read and understand a bullish market better than a bearish one. Even if you want to make example for instance of a trend, it's natural to use bullish as the example.

It's the same for me, I draw my zones every January 1st that guides my trading decisions throughout the year. And I trade about 30currency pairs, so you should know some will be bearish while some bullish, but most of them yield almost same failure and success %.
Business / Re: Forex Trade Alerts / Discussions: Season 24 by geedot: 8:48pm On Jan 21
Geovanni412:


What is the best way to consistently find risk:reward ratios of 1:4?

I am thinking one needs to wait till first 10 days of the month to do so.

Is that correct?
There's no way to find a fixed RR my brother. Since I'm a staunch R&S follower, the next TP for me is the next support/resistance. Market moves from zone to zone most of the time. For example, in a bullish market, if market successfully breaks a resistance and able to turn it to stay above the broken resistance, you can be rest assured the market is heading to the next resistance. No one knows how long it's gonna take, but most of the time, it's heading there.

So after this knowledge, the next thing is how to draw concrete supports and resistances. I will recommend downloading Forex mastery by Dapo Willis. The guy is a goat!

Trading is so easy, just draw them down and start watching for moves around them, using the weekly to check where market is really heading, and go daily to wait at the next bustop which is the Support and Resistance.

This is how most of my trades look like, when I'm planning on going bullish on a pair based on my weekly bias, I just wait for it to hit my SorR on the daily and bounce, then I join. Look at the Gold, see how it respected the S&R zones? I'm just waiting for it to hit that purple horizontal line before going long, or hitting that pink downwards arrow zone before going short.


I Should have longed gold at that bounce on the support on Thursday, but I don't trust supports that were formed by a resistance as much as I trust the one formed as support in the past. I mean when market is tanking down, it's very easy for them to ignore a newly formed support that was initially a resistance and blast through it. But the good side is that, most time when it does, just wait at a former support that has supported in the past at least once, it's gonna react when it gets to it.
These are daily charts by the way, on EU I'm waiting for a retest of the support so I can join the bus and ride it up to the next zone, should give me about 1:3rr hopefully.
Business / Re: Forex Trade Alerts / Discussions: Season 24 by geedot: 5:56pm On Jan 21
dmahn:
Going into next week.

On EurAud, Im looking to short at market price, An agressive SL is slightly above thursdays high, it comes with 1:3 RR , conservatively the SL goes above the swing high. Im selling because the daily TL is still down.

On Eurgbp, i will instant sell for a small profit at the low, however the real plan is to see market fails to make a new low and reverses to the supply zone for a new bearish move.

On Gbpcad, Its ready for an instant buy, i will wait for price to tap into the megaphone trendline and close above it. No touch of the Tl No entry

I wish us all a beautiful and profitable week. All constructive criticism and contrary opinions are welcome kiss
On your EA, selling EA immediately market opens seems a risky one to me, a more better selling position should be around that 1.68x resistance zone as it's pretty strong and market blowing past it without first dropping some bearish move to the next support is very unlikely.

I think the current drop is just a retracement to gain some momentum to find support at the 1.64Γ— area before continuing the bullish move to retest that 1.68x resistance.
The first rr setup is higher but if market does decide to head up, it will blow past it easily as the trendline resistance to me is not strong enough.
Your second setup of rr is better as it will handle whatever drawdowns and avoiding SL hitting if EU final destination is heading downward. But if the market does as I predicted(i.e finding support before heading up to the next resistance), you are going to be tying funds down for weeks for a megre about 1:1.5rr with lot of swap fees inclusive.

With all these being said, is it not better to just wait for market to decide where it wants to go first, and you at the corner watching and ready to pull the trigger because you'd been waiting all along. This should give you easy 1:4rr with less stress of market fluctuations all over the place, since you'd be joining at the beginning of the downward move.

This EA analysis alone is already long enough, so I will stop here. All in all, I make trading decisions only at support and resistance levels. I usually have my bias as to what will happen whenever market gets there, and once it does(they always do trust me, I don't just know how long it will take them to do so), I watch for reactions around that area telling me my bias is holding(and if not, I wait for a retest of support-become-resistance (SBR/RBS) I'd been watching from and switch my bias to join the new bias formed). Or sometimes just set a buy/sell limit around the area if I don't have time to be monitoring particular market with a reasonable SL to prove to me my bias was wrong if blown past.

Patience to wait for days/weeks without trade because something clean enough hasn't shown on the chart, and eagerness to always be in a trade is what's affecting most traders. Tame it, and you are halfway through. Have a blessed week ahead.

1 Like

Business / Re: Forex Trade Alerts / Discussions: Season 24 by geedot: 12:27pm On Jan 19
dmahn:


This shit must stop guys!!!

I won't ignore this like I did to one @ Davidmalix that dragged me the last time I posted a loss on GA, telling me I have a long way to go coz I took a countertrend trade and ended in a loss.

Every loss is disappointing and embarrassing and the reason why few people post the loss in public is to ease the disappointment, maybe psychologically, the act of verbalising the disappointment puts the problem into an easier perspective. So why would you blame anyone for losing a trade or an account when everyone does? undecided... Is that to ease the pain of the bereaved account or to add to it?

Now back to your 1st paragraph, the bolded is true and I'm sure everyone of us started from indiscipline to discipline back to indiscipline and discipline until we are strong enough with our emotions. It's a normal phase of a beginner trader,even experts loose discipline sometimes. It's all normal and humane. You made close to 7% first one or two weeks in the Situp challenge, how did u end up being disqualified? If I may ask, how many payout certificate have u received before condemning a fellow trader?

2nd paragraph. You are not saying that sh*t to ridicule undecided, what is more ridiculous that you splitting out that kind of statement on a public forum. If its out of love you ll come to my Dm and offer a solution. Successful traders don't condemn the upcoming traders or when last did u see our Top 5 guys here use such word on any trader

3rd paragraph. How would you feel if u wake up to that kind of message that looks like a curse, should I say so shall it be for you so that you ll know how it feels?

4th paragraph. The bolded shows how unprofessional you are, what you are saying in essence is that once you see the reason they are selling, you will just go into sell full margin undecided..Ignoring your own valid Buy setup grin. You ll loose your account that day coz overconfidence will make u forget about good money management. The only thing that ll come to your mind is "This is an opportunity to flip my account"

5th paragraph Successful traders are independent thinkers.

You guys should stop condemning if you are not providing a solution

Everyone will go through his or her own phase of emotional trading, let's go thru that in peace and not add to the pain,

Just like one must suffer muscle and physical pain to build muscles and packs, one must suffer emotional pain to build strong emotions.

#peace

I'm sorry brother if you felt annoyed. Please forgive me.

2 Likes

Business / Re: Forex Trade Alerts / Discussions: Season 24 by geedot: 12:25pm On Jan 19
Skanas:


If one wants to be an independent trader in the long run, then the bolded (notion) above is a no no for me. Both traders you mentioned are excellent traders but their strategies differ from other traders strategises. A trader whose strategy has a good win rate %, don’t need to know what others are doing, all he/she knows is that his/her edge has appeared, pulls the trigger without hesitation or fear and wait for the outcome, be it TP or SL. Using Peteregwu for example, once he calls his trade, he stands by it even if Niel, Habby, Jeffrey, Info, Gabson or any other trade God comes to tell him otherwise, he politely thanks them but sticks to his gun because he has built a solid trust around his edge and knows he always comes out positive on aggregate, after series of trade.

Forget the fact that the game is kinda frustrating for most traders now, I believe things happen over time and not over night...building oneself to be an independent trader will bring favours in the Long run...
You people are not understanding the angle are coming from, what I'm trying to say is even though I know I'm good, I just know a better trader when I spot one. But we are all different sha, there's no one rule rules it all in this business. I never changed my bias based on counter ideas on a trade, but instead rather wait it out if I'm feeling less confident about a trade, and trust me it has been beneficial in the long run.

Even those people I mentioned close trades sometimes at a small loss because they saw something else after initially entering a trade.
Profitability is the major essence of this business, but sticking to your unprofitable strategy because "good traders" don't care other people's opinions on trade calls, will only do more harm than good.

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (of 29 pages)

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 131
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.