WaveRider - Back to Basics - S/R, Price Action, MM, Smart Exits, One Indicator, and patience...

[WaveRider]

Did pretty good that last couple of weeks. Lots of base hits and a couple of home runs. I live in California now and I can pretty easily trade London open at midnight my time and then trade London close at about 7-8am my time.

 

[WaveRider]

USDCAD had very big drop Friday. I'd expect Monday and Tuesday to come back to the WPP and 386 retr of this drop, then continue down. We look like we're ending a minor retr in a larger Daily sell trend. Next week looking for sells and will be placing pending stops around 1.2750-60ish. I'll wait for the new PP to paint before I place. 1.28 is a major resistance area that will make a safe spot for stops to hide. I bet there will be a gap up Sunday night for all the profits taken after the drop down. The current down thrust is the end of a 222 sell pattern. I'd like price to clear the old lows at 1.2662 to show a real shift in market structure down. Price is at 1.2681

 

[scott11]

You have to start your training from basics and fundamentals of the Forex market. The successful and experienced trader has a very good habit that they use the basic tools of the market in a best way as they are the most influencing factors of the market. I would suggest you to work on your emotions and patience as well.

 

[WaveRider]

You have to start your training from basics and fundamentals of the Forex market. The successful and experienced trader has a very good habit that they use the basic tools of the market in a best way as they are the most influencing factors of the market. I would suggest you to work on your emotions and patience as well.

Hey there. Thanks for the input. Not sure about the fundamentals portion of your comment but as for emotional control... AHHHH! ROAR! I LOVE TRADING ITS SO EXCITING NO WAIT IT SUCKS AND I HATE IT NOW! GO TO HELL MARKETS! No come back i love you markets.

I guess I got more to work on haha. Thanks for visiting my thread.

 

[WaveRider]

Descending wedge in EURCAD. Usually would be a continuation up but the EUR is weakening. This is a good sell at 1.5000. I’m in this short already but will sell again at 1.5000 unless PA dictates otherwise

 

[WaveRider]

I’m short on cable and fiber. Should have strong down pressure for another week or so. I’ll post targets later.

 

[Nnn.h]

At first when i opened your thread decided you are just a scalper. you really don't keep a long open trades. as i understand this is part of your strategy. due to small +transactions (some of them $2-5) i think you worry a lot about the losts. had an unpleasant experience before? how much is lost?
i saw in one of your posts ea is bad thing.
ea is not such a bad thing if you created it yourself but not bought it. i agree buying advisers is really a lousy idea. and i urge other traders do not commit nonsense.

 

[WaveRider]

NZDUSD has recently hit a major resistance 0.73100, ran the level for stops and showed strong rejection of the level as shown on the daily, top red line on the first image. It's also broken below a trend line, then came back up to test the trendline but hasn't gone above it, daily MACD showing down trend. Image two is 4h chart showing a big wedge. We're at the halfway point inside this wedge and I'm going to be looking for sells and ride this down. Daily ABCD target is K level 0.6800. 4H ABCD target is 0.7141 and 0.7094. Stops above the 0.7269 top inside the wedge. This is a rarer time to have had a major S/R hit and weakness resulting. I'll take some profit, pull stops to break even and let it run for a few weeks.

 

[WaveRider]

At first when i opened your thread decided you are just a scalper. you really don't keep a long open trades. as i understand this is part of your strategy. due to small +transactions (some of them $2-5) i think you worry a lot about the losts. had an unpleasant experience before? how much is lost?
i saw in one of your posts ea is bad thing.
ea is not such a bad thing if you created it yourself but not bought it. i agree buying advisers is really a lousy idea. and i urge other traders do not commit nonsense.

Not a scalper. I have taken some smaller time trades, like a few minutes but usually hold for a day or two. Right now, I'm trying to capture the weekly range or the body of the weekly candle and to get into longer trends. The smaller profits you saw were me bailing on bad trades and taking a baby win or baby loss. Also, that account was very small and I was keeping my risk low.

 

[WaveRider]

If you're trading Gartley patterns and getting killed it's because you're picking tops and bottoms. They aren't stand alone tools. Smaller TF gartley's get you into higher TF pull backs. They need confirmation. These three pics are 24H, 4H, 1H that all corroborate how to sell in a daily down trend when the hourly is trending up. You thought you were following an hourly trend and the daily chart decides to send your account to the banks.