Redsox11's Posts

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Business › Re: Forex Trade Alerts: Season 19 by redsox11: 12:39pm On Feb 21, 2019

Nice one again. You're fast learner, well your experience is helping you I suppose.
You're not alone .

BullBearMkt:
...@redsox11, if you don't mind, could you please respond to my message. Thank you boss!

I can't actually as I only remember my username and login to this site. I don't know which email address is register to this site , let alone the password to it.

I'll try get in touch this weekend, we could swap email addy.

1 Like

Business › Re: Forex Trade Alerts: Season 19 by redsox11: 11:29am On Feb 21, 2019

I see GU and GJ and some other coiling , my antenna is telling me, we might be hit by some strong way soon. So I'm going to be careful, as the coiling my spring out surprises. Trade well.

Business › Re: Forex Trade Alerts: Season 19 by redsox11: 10:40am On Feb 21, 2019

redsox11:
GAud , probably go for retest. Missed some good entries already.

Update- Just got into EAud now.

GA kicked me out breakeven after +75pips in profit. I'm planning to re-enter though, waiting to see some weakness before pulling the trigger.

EA chart update, gunning for 60pips.

Business › Re: Forex Trade Alerts: Season 19 by redsox11: 9:09am On Feb 21, 2019

PJAMES1:
Let us assume I wanted to make an entry following that black pinbar in the first picture (not a perfect pinbar, but let's just say it's a pinbar)
I can decide to wait till price breaks the high of the pinbar. Or the last method. A 50% retracement entry.

So I draw fibonacci levels on the pinbar. That specific candle. Like in the 2nd picture. Then put a buy limit order at 50%

I took the bearish engulfing pattern as an entry signal. Then place a sell limit at 50%.

Price may not retrace at all and you miss the trade altogether.

What PJAMES1 is saying/ teaching us, whenever you get your entry signal, could be Bullish , Bearish outside bar or Pin bar "AT THE RIGHT PLACES". Don't enter the trade right away, wait for 50% retrace on the entry candle.

This helps lowering your SL and increasing your TP. You will miss some trades too, the ones that move in your direction without 50% retracement.

Business › Re: Forex Trade Alerts: Season 19 by redsox11: 8:43am On Feb 21, 2019*

GAud , probably go for retest. Missed some good entries already.

Update- Just got into EAud now.

Business › Re: Forex Trade Alerts: Season 19 by redsox11: 10:22pm On Feb 20, 2019

Who here is Night Owl and trades Asian session?

How's your trading going? successful or somewhat? what is the problem, what's your weakness , what do you need to work on, what do you think I can help you with or someone here ?

There's someone I directed somewhere and try to help a little, albeit not much, but I got almost no feedback or vibe from the person.
It might be because I don't have a system / indicator cross system that tells you buy or sell. Well I don't think those work, maybe for short period of time until you blow your account.

Back to any Asian session trader on here?

1 Like

Business › Re: Forex Trade Alerts: Season 19 by redsox11: 10:14pm On Feb 20, 2019

AwesomeDuru:
Yes boss. GBPUSD closed at Break even. I didn't like the candle that was forming so I moved sl to BE and now it has been taken out.

USDCHF is still open though. If sl is taken, I would lose very little (22 pips - $2.20). This is why entries should be fine tunned to ensure good RR.

I still have a bearish bias for USDCHF unless last LH is taken out conviniently. Which other pairs are you looking at?

Keep up the good work.

infofirst:
I have messaged you. Reply and let's interact and I will drop the $100 right away. Please maintain the demo and never compromise money management. It's an unforgivable sin in this business.. I wish you only the best in fx and in life. Cheers.

So which broker will you opt for?

AwesomeDuru:
Hi everyone, infofirst just delivered on his promise. He sent me N37k with enough encouragements and words of wisdom.

You're a gem bro. I am really touched that there are people like you on this planet still. You have a kind heart and I pray life rewards you adequately for this goodwill gesture. You have won my heart and respect forever. Thank you so much.

@infofirst I want to personally thank you again for your kind gesture. You're the man.

6 Likes

Business › Re: Forex Trade Alerts: Season 19 by redsox11: 8:54pm On Feb 20, 2019

Disappointed at the news, I was expecting it to drive price up, to set up a nice sell going into asian/london session.

seyiade26:
I really hope you see the variation I am talking about...

seyiade26:
Update: lower trade just closed for equalizer on yesterday's loss. Also won EU sell I was a bit afraid to post. Upper trade now left as free trade. Since I am using mobile I will manually trail it...

You did and put in all the work. Nice trade man, great job. Nice entry too.

1 Like

Business › Re: Forex Trade Alerts: Season 19 by redsox11: 4:59pm On Feb 20, 2019

BullBearMkt:
...@redsox11, I really like your reversal trading strategy. Could you pls help provide me with any learning platform/docs to study the mean reversion trading?
Thanks a lot

I'm not sure there's documents or learning platform, as I've got all this in my head only, hehe. Mainly experience and intuition, although I've got indicator that I use to help with area to look for entry, but it's still me that will make the decision, not the indicator.

Example of experience ; Say when GBP was flying all over the place yesterday, I know not to touch it later, I know not to try counter trade, I know to go wait around 9-11 pm Nigeria time, that all the strength would have dried off by then, for a good possible reversal trade entry.

Example of experience ; Say GBPUSD OR GBPJPY move up 180-240 pips in a day (STRONG TRENDING DAY like yesterday), I know that it's very likely asian session will try trend towards to previous day direction say 20-35 pips (those are fake buy signal). The fake buy at the asian session gave them away that I have to look for SELL instead.

Ps: Check GJ yesterday move and today asian session for illustration.

3 Likes

Business › Re: Forex Trade Alerts: Season 19 by redsox11: 1:21pm On Feb 20, 2019

seyiade26:
I really appreciate this. Much thanks. The fact is I knew the second entry was very bad discipline because it was entry in no man's land. I initially set a limit order but it started to turn before arriving. So I just jumped in. I would not normally do that. The failure of the first one was completely explainable for me as it used a different support to what I was counting on.

Obviously I don't only trade that way and I have used two other promising manual methods (one pro trend and the other counter trend). Once again I prefer the one that counter trends simply because it is more decisive. When you are having pullback you have almost no idea where it will stop. It can even become a reversal.

I'm like you, BUT we are both wrong , the same way we jump into counter trade , some people find it easier to jump into trend trading. You have to re-condition your mind like I did. Of course I still have my demons as counter trade jump at me... but you will just have to train your mind.

The counter trend trade you want to enter , why don't you think the same way that it will continue going and not reverse. You need re-condition, it's hard but you've got to do what you go to do, find balance.

Some of the GBP pairs start coiling and shooting up.

1 Like

Business › Re: Forex Trade Alerts: Season 19 by redsox11: 12:32pm On Feb 20, 2019

Now I'm all flat, that's some good catch, 90pips +
If I see good surge upward on GBP, I'm going to SELL it back down, cause I can tell it's running on fumes.

If its going to continue the up trend , market will need to COIL before that can happen.

Waiting for FOMC

2 Likes

Business › Re: Forex Trade Alerts: Season 19 by redsox11: 9:19am On Feb 20, 2019

Some of the GBP pairs done 50% correction already, rather fast than I expected.
Looking forward to FOMC later in the day.
Trade well guys.

coolvibes:
Good luck man but why fxtm? Their spread no be here and they are a 'market maker' meaning they often take the opposite side of all your trades

He should look at brokers review, personally I'll go with good broker with low instead of high spreads.

1 Like

Business › Re: Forex Trade Alerts: Season 19 by redsox11: 8:54am On Feb 20, 2019

Some charts update from yesterday.

2 Likes

Business › Re: Forex Trade Alerts: Season 19 by redsox11: 8:48am On Feb 20, 2019*

AwesomeDuru:
1:200

He's trading 0.01, that's the lowest you can get I suppose and that's wonderful management. Keep it up and don't let greed get in the way, because you will start feeling you're not making enough and want to increase your size before you are ready.

Good job man, I'm impressed.

seyiade26:
Update: SL hit. False start

seyiade26:
Another entry. I am impatient like that...

First you have to remember I mentioned you need finesse to trade that way (have to be advanced), it's far easier to trade with the flow of the market. I don't go out seeking for it most times except I miss initial entry to go with the flow of the market.

Tips;
-Don't do it if the market just start UP or DOWN trend, for you, wait minimum of 3 days trend to think of entering that way, those will be the easiest entries you can get.

-SL is 20-25 pips minimum above the high, you start counting from the high, not from your entry.

-As you're trading against the flow, you ain't going to get a lot of pips, take what you can get and protect yourself.

-Say GU daily move averagely 120pips/daily, wait for it to do 120-150 pips before looking for entry, better if you get W/M formation before entering.

-Most often than not, it's not going to be a change of trend, sometimes it can fall 100-150 pips but those are rare.

- MOST IMPORTANT tip, you've got ONLY 1 "/pair" shot at the entry, if market hit your SL, you MUST not re-enter (So you don't start chasing your tail and start racking up losses coz that's what you'll get if you start re-entering. Just 1 shot and that's it)

*** Best I can tell you is enter with the flow of the market, not counter trade.

4 Likes

Business › Re: Forex Trade Alerts: Season 19 by redsox11: 6:19pm On Feb 19, 2019

Got kicked out GBPNZD trade at breakeven. GBP gained some powerful strength, @infofirst called it earlier.
We should see some minor correction on GBP tomorrow I suppose.

Business › Re: Forex Trade Alerts: Season 19 by redsox11: 2:39pm On Feb 19, 2019

Come on now, move it, will ya... don't stop now wink

. Need to call it a day soon.

Sorry guys, I've spammed this thread a lot today.

1 Like

Business › Re: Forex Trade Alerts: Season 19 by redsox11: 2:27pm On Feb 19, 2019

Be careful with this one, the beast (GJ) got nothing on this pair.

Waiting for SH on GBP pairs. Some fast pop upward.

Business › Re: Forex Trade Alerts: Season 19 by redsox11: 12:49pm On Feb 19, 2019

Trade set to breakeven. Watching the reaction to HL, maybe it will try to act as temp support

Business › Re: Forex Trade Alerts: Season 19 by redsox11: 12:20pm On Feb 19, 2019

Missed the initial entry at the top, this is the best next thing.

Missed this but it never gave me another chance... I'll close out my limit now.

Ps: Manage your trades as you deem fit. I might close , reduce risk, add risk and not update it on here. So don't hold me responsible for your loss BUT YOU CAN FOR YOUR GAINS grin

1 Like

Business › Re: Forex Trade Alerts: Season 19 by redsox11: 11:52am On Feb 19, 2019

coolvibes:
thanks man

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 fu*k million. 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.

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.

Thanks mate, I'll keep that in mind.

2 Likes 1 Share

Business › Re: Forex Trade Alerts: Season 19 by redsox11: 11:47am On Feb 19, 2019

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.

This is the message I'm trying to pass along. It's not impossible , it's very POSSIBLE but it's not easy. We will all be freaking billionaire right away if not.

redsox11:
Trading towards mean reversion

Business › Re: Forex Trade Alerts: Season 19 by redsox11: 11:34am On Feb 19, 2019

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

2 Likes

Business › Re: Forex Trade Alerts: Season 19 by redsox11: 11:30am On Feb 19, 2019

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

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.

2 Likes

Business › Re: Forex Trade Alerts: Season 19 by redsox11: 11:27am On Feb 19, 2019

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.

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.

2 Likes

Business › Re: Forex Trade Alerts: Season 19 by redsox11: 11:37pm On Feb 18, 2019

Trading towards mean reversion

Business › Re: Forex Trade Alerts: Season 19 by redsox11: 11:34pm On Feb 18, 2019

mhisbliss:
The negativity is overwhelming, i had high hopes before i discovered this thread, now everything has evaporated away, those making money from it aren't gods, if I'm not going to get anything useful here I'll just unfollow the thread.

Forex is not easy, you just started 3 months ago, I can't even refer to you as baby yet. You are still in the womb. And you've got to stay grounded and not allow people pull your string/ emotion easily. They are traders with 6-12 years experience with no head way, not profitable. I'm talking about engineers, doctors, scientist and all. So you can't say they're not smart.

The problem is there's no book or university to study forex, and we all have learnt a lot of garbages along those years trying to be a profitable trader, sometimes we have to unlearn a lot of bad habits.

I'm NOT saying it has to take you that long BUT it will take you couple of years, faster if you have someone pointing you in the right direction. That way you don't learn a lot of rubbish like a lot of us.

Forex is difficult, that's the fact, it takes a lot of patience and mental strength BUT it's not impossible, it's very doable.
Winners don't quit anyways.

6 Likes

Business › Re: Forex Trade Alerts: Season 19 by redsox11: 12:04pm On Feb 16, 2019

Holding until market open. Stop at breakeven, so no worries.

Business › Re: Forex Trade Alerts: Season 19 by redsox11: 11:52am On Feb 16, 2019

PIPnator:
Mehn! See as people dey show closed trades and im here agonising about profits lost.
GBPJPY trade from over 170pips reduced to 34pips because I was waiting for just another 85pips to my TP.
CADJPY 94pips reduced to 38pips
CADCHF 73pips reduced to 22pips
And the worst Im still having a lose on my book from last week im trying to recover.
Now that im able to get some good trade to recover some of my loses, I failed to TP!

Ps.. If you are reading, its just me ranting and journaling my experience with trading. Best ignore!
Plus im posting GJ chart, if the area highlighted in blue doesnt break, the sell in still valid.

Well since you are trading on higher time frame , that should be expected, your pips swinging from -ve to +ve, from +ve to -ve until your stop loss or take profit is hit.

It's something you have to get used to and you can also apply taking your profit off the table if the trade is no longer viable.

What I do sometimes "for sell" is wait and see green candle closing above a red candle, then I close the trade "That would be 2nd green candle that closes above the red down candle on your GJ trade".

1 Like

Business › Re: Forex Trade Alerts: Season 19 by redsox11: 10:45pm On Feb 10, 2019

Jagabanbaby:
Good evening, e jor, e dakun! I want to learn how to trade forex, a lady told me about one Imarkets live and harmonic scanner on IG. That I will pay $210 for the training and tools. Please, has anybody had experience with them before?

Don't want to waste my money.

Please don’t buy any scanner from IG or anywhere else. They want to steal your money and sell you worthless tools. Maybe tools you can even get online for free.

Good luck.

2 Likes

Business › Re: Forex Trade Alerts: Season 19 by redsox11: 6:47am On Feb 09, 2019

Bolutumiii:
Thanks for the response, here is my mail: bolutumii@gmail.com

I'll drop you a message later today.

BullBearMkt:
What I understand by mean reversion is counter trending as oppose to how you put it. By using mean reversion strategy, you expect a price to come back to its mean value (which in your case EMA 89). Just a bit curious about how you use mean reversion in a trending market. Could it be you enter your trade when price comes back to the mean?

Cheers.

The (intra-day) 89MA on 15mins chart thingy is just a suggestion for take profit area and that suggestion is not for everybody because I don’t know how everybody charts looks like. I saw couple of Pinbar’s and I could tell from the chart, it could help him.

BullBearMkt:
...@redsox11, it's hard to belief you will have ZERO drawdown when you enter a trade. I don't want to say it's not possible either. Trading is dynamic and it's an art.

I like this your post a lot BullBearMkt. Good attention to details. It seems you are the only one that really understood the bold claim I just made. I don’t think a lot of people actually think about what I said there.

Note this is not a system on its own, it’s more like filter, things you know/learn with experience.

Let me rephrase the claim again, e.g- I mean I can take entry on a 5mins bar and not have drawdown on that particular 5mins bar.
The claim is not as big anymore, right? but how can I still make such claim though?

Business › Re: Forex Trade Alerts: Season 19 by redsox11: 3:54pm On Feb 08, 2019

Bolutumiii:
Oga redsox11 , it's nice to see you around, hope you've not forgotten me sha

Problem is I don't even know where to start from. It's so difficult to teach. Do you know why signals/system/patterns don't work most times? the answer is because no pattern/signal/system will make you money in the long run. It can ONLY work when you combine those with particular "areas of interest" where they appear.

The major problem now is, "area of interest" appears at different places everyday. The market is dynamic and not static. So you can not use static pattern/system to trade it. You have to adapt each day to the prevailing market conditions especially if you're intra day trader.

Bolutumiii:
Pls, I need pdf on technical analysis, advanced ones preferably @boss: bullbearmkt, pinbar, priceaction, currentprice, redsox11 nd another that may ve, Prescriptions re also welcome, a don dey struggle with diz forex for long but am not ready to give up cuz I believe there is always light at the end of the tunnel

Drop your email address, I'll direct you somewhere because I'm not sure I want to teach now. This link will help you learn and gain more ideas about market structure. You will learn about ONLY the structure for now , not entry. If you still want that, then go ahead and drop your email address.

Business › Re: Forex Trade Alerts: Season 19 by redsox11: 3:51pm On Feb 08, 2019

Example why it's difficult to teach.

Say there is new down trend on 1hr chart, you will never see me trying to buy or enter counter trade. The stress is not worth it to me. Before I can even start thinking about doing any buy trade is around 4-6th day, because by then, market would be looking to balance (mean reversion) .

A lot of little tiny tiny ideas that can help you avoid bad trades;

Time of the day,
Momentum;
Market session, NY/London/Asian
How many pips market moved already.

Momentum- E.g say I want to enter SELL on EU 5mins TF right? I can tell with good chance that, on that particular 5mins entry bar, I'll have close to ZERO drawdown. Think about what I just wrote and how can I make such a bold claim.

I'd like to hear people's thought and answer to my last line (my drawdown claim)

1 Like

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