redsox11:
Trading towards mean reversion

mhisbliss:
Very much appreciated but you're telling me what i already know the problems, then making it seem bigger and impossible, not the solution or something helpful.

coolvibes:

thanks for the chart, but how exactly can newbies determine the mean price of gbpnzd or any other pairs?

redsox11:


I pulled the chart image from google to give you an idea... As market usually don't go in a straight line, more like zig-zag.

Ps: Trading mean reversion requires some finesse that you get from staring at the chart for a long time. It's far easier to trade with the direction of the trend.

redsox11:


You don't know the problem, that's a fact, unless you have been trading for more than 3 months you mentioned. Even going by 6 months, you still don't know the problem.

I can sugarcoat all for you but that's not the reality. This is not about scaring you but the fact. You have to be doggedness, you will smile thinking you are there but to get kicked in the teeth, despair and all. But if you want it hard enough, YOU CAN MAKE IT.

Let me tell you a lie right now, you are going to crash and burn your first live account. Please try to prove me wrong with this.

infofirst:

Closed out at +65pips.
I sight some retest down. Will look out to rebuy lower as I still maintain a bullish thing ahead.

redsox11:
Intra-day:
Today- I'd love to see GJ go take out last week high for a good sell area.

infofirst:

The truth is bitter. Fx is if possible even tougher than you have described for a beginner. Despite some people level of brilliance. After years, they are still lost in the complexity of the market. Time definitely will tell. Good luck to all em beginners. You can do it but it's not going to be an easy task. Be prepared.

redsox11:
Trading towards mean reversion

coolvibes:

thanks man

infofirst:

Doing it in style.

The bullish power of the GBP this month requires you sell with caution. I know you Sabi your onions. But watch your back each time you do atleast for this month.
Am team Gj bullish till 149**. I am looking at this present bull taking us to 146** then relax and refire to 149.
Bull will eat, bear will eat only pigs will be slaughtered.

redsox11:
Intra-day:
Today- I'd love to see GJ go take out last week high for a good sell area.

redsox11:
For some encouragement or which ever way you want to take it. There's a guy that turned $50,000 into $14,000,000.. Yes you heard me right, 14 bleeping mullion. Within 3 years I suppose.

BUT he burnt almost all of it during the FLASH CRASH this January. Account balance now stand as $500,000 still a lot though.

Thanks mate, I'll keep that in mind.

redsox11:


You don't know the problem, that's a fact, unless you have been trading for more than 3 months you mentioned. Even going by 6 months, you still don't know the problem.

I can sugarcoat all for you but that's not the reality. This is not about scaring you but the fact. You have to be doggedness, you will smile thinking you are there but to get kicked in the teeth, despair and all. But if you want it hard enough, YOU CAN MAKE IT.

Let me tell you a lie right now, you are going to crash and burn your first live account. Please try to prove me wrong with this.

infofirst:
So to encourage the beginners, if you are a beginner here and have been contributing here. Show me your demo performance for the last three months. If it's one month, show me and I will follow your demo progress for another two months. If you can successfully trade the demo for three months. I will give you $100 to go live. With promise that you will not trade more than 0.01 lot and no more than two trades at a time.

Even with all my improvement and understanding, I still play with a demo account. I took my January demo to around 17k from 10k. Then lost it. This February 1,,i started again and the result is attached.
Am playing with 10k demo because am on the mission to take my two live accounts to $10k this year like I have always stated here. So I want to see what I can do next when they get there.

AwesomeDuru:
Wow, this is very nice and generous of you. I'm jumping on board please. Where do I post my last month's performance to you? I only just started a new $100 account last week Monday and its doing very well at the moment - $162 (I'm still on my Gbpusd buy. I trade daily and sometimes 4hour time frames so I hold open positions for days.)
I normally open new demo accounts when I get a 100% ROI, should I rather let it run?

infofirst:

infofirst:

Great. I love that. Let the demo run up to 3months.
Post it here.
I will be more than glad.

mhisbliss:
Thanks for the pep talk, its very useful and liberating.

AwesomeDuru:
Honestly, looking at this chart, I wouldn't have found myself in a buy position in this set up. Instead I would have started selling at the break of the last low. It's how I trade. I enter the break of the last high or low and sometimes I wait for pullback before entering (note that the low or high that is being broken must be very significant zone before the break is considered a buy or sell signal). It works better on higher time frames with less noise.

Wrap your head around this and you'll notice a pattern. Remember to acknowledge strong Support and Resistance, that way you don't jump in when the trend is already worn out.

This is mostly what Currentprice does. Other times he just discovers strong S&R and then buys or sells at their breaks or retests.

seyiade26:


Great work and sorry for quoting you again. But I try to use the lower time-frame so to see the results of many trades quickly. If I want to research daily (research not trade) I just use code to backtest. How do you determine last high or low among the many on the chart??

AwesomeDuru:
How to determine last swing high or swing low? It will be there for you to see. Or you could use the indicator called Fractals it's there on Metatrader. Post one of your charts on a 4hour time frame let's see. Let the candles not be too big

seyiade26:


Okay you were referring to swing and not S&R. I was remembering your previous statement about only trading at S&R. Don't worry I got you now. Go kick a**es. Cheers and let's be better friends man...