I need to see real growth in metrics like customer acquisition and trading volume before making a deeper commitment. From what I can tell, the news about EDXM will only be positive for Coinbase if it helps to expand the pie for the crypto industry as a whole. That's right -- they think these 10 stocks are even better buys. Independent nature of EDXM would also restrain the firm from the possibility of conflicts of interest. EDXM needed to prove its utility to stay relevant within the crypto space though. For now, I'm taking a wait-and-see backed crypto exchange with Coinbase. Meanwhile, the EDX exchange would work to accommodate both private and institutional investors.
You see The fact is It is my belief that they're learning about the markets for the wrong reason. Instead of learning a new strategy to add another edge to their tool box, they're learning about technical analysis in order to avoid losses! I believe this is a losing mindset! A professional winning trader must have a completely different mindset in order to succeed consistently.
Once the winning mindset has been ingrained at a functional level, the trader can move forward and take their trading to new heights. Understanding how to think in probabilities by focussing on the larger picture instead of individual trade outcomes is the key to helping you trade without being gripped by the constant fear of losing which affects most traders. Forex trading, while can be learned, is not easily mastered! It takes time and effort to understand what type of person you are which will determine what type of trader you are.
Each and every person can trade, but unlike most professions, trading will test your mental makeup as an individual. The struggle is not with the market but with the trader themselves! Why This Course? I understand the frustration of traders who have been trading for years but yet still unable to make consistent profits. I've been told by many of our students that they like the way I teach trading concepts.
I am often asked to explain how I approach my own trading. Although a live trading room is a great environment to analyse trades together, it is not an ideal format to teach everything I know about trading the Forex. I am often left unsatisfied with my explanation due to time constrain and other factors. After much consideration and requests from those I work with, I decided to organize all my trading knowledge in a single course that will hopefully benefit serious traders.
What This Course Will Offer You If You Are Struggling With Your Trading Having almost nine years experience in the foreign exchange market and having gone through many of the common pitfalls traders face, I have been able to put together some simple concepts to give many traders the aha moment.
I feel once the right pieces of the puzzle have been put together, traders can see that trading can be profitable with the right technical and psychological approach. I am NOT offering an "easy money" strategy or amazing results with an XYZ indicator to suck traders into another false promise of getting rich quickly.
What I am offering is a good solid approach to trading the Forex market that I and other professional traders have been using for years. The Price Action course has taken over a year to put together. The ultimate objective being to help turn around the trading of struggling traders. If you see are bearish spinning top in a support area or in a downtrend, this can be considered a bullish reversal signal when the high of tha bearish spinning top is broken to the upside.
Similarly, a bullish spinning stop in a resistance level or in an uptrend can be considered a bearish signal as soon as the low is broken to the downside. Example below shows what I mean: Spinning tops are fairly short in length compared to other candlesticks and their body length is a few steps wider than that of doji candlesticks which actually have none or very tiny bodies.
Another notable feature of spinning tops is that the wicks on both sides should be almost the same length. When I see spinning tops form on support or resistance levels, all it tells me the bears and bulls do not really know where to push the market and so when a breakout of the low or high of a spinning top by the next candle that forms usually signals the move in that direction of breakout!
So what do you think the candlestick pattern would be in the two minute candlesticks to give you a bullish hammer candlestick pattern in the 1hr timeframe? Or if you see a shooting start bearish candlestick in the 1hr timeframe, what do you think would be the candlestick pattern in the twominute candlesticks that gave that 1hr candlestick a shooting star? Similarly, there is no 2hr timeframe to go with 4hr timeframe and no 8hr timeframe to go with the existing 4hr timeframe.
But unfortunately, no hammer forms in the 1hr timeframe and even though you see a bullish engulfing pattern formed, you did not enter a buy trade. You just watched as price shoots up and you wished you could have bought at the bullish engulfing signal that was given but you are only interested in trading hammers.
Well, if there was a 2hr time frame in metrader4, you could have switched to it and seen a very bullish hammer and you could have taken the trade but because you did not understand the concept of blending candlesticks you missed a very good trade!!! Here are few more examples: Notice also that a piercing line pattern when blended forms a hammer. A Dark cloud cover when blended also forms a shooting star. The trick is to use Fibonacci and combine it with price action by using reversal candlesticks.
This tool is a series or sequence of numbers identified by a guy called Leonardo Fibonacci in the 13th Century. So what actually is a Fibonacci Retracement? In technical analysis Fibonacci retracement is created by taking two extreme points usually a major peak and trough on your forex chart and dividing the vertical distance by the key Fibonacci ratios of Once these levels are identified, horizontal lines are drawn and used to identify possible support and resistance levels.
I really do not focus at all on the others. If you are using metetrader4 Trading platform, the Fibonacci tool has an icon as shown on the chart below: Top 3 Reasons Why You Need A Fibonacci Retracement Tool: In a downtrend, after price has been going down for some time, it will move back up upswing…remember?
The Fibonacci retracement tool can help you estimate or predict potential price reversal areas or levels. Similarly, in an uptrend, price will make minor downtrend moves downswings and the Fibonacci retracement tool will help you predict potential reversals areas or price levels. If used in conjunction with support and resistance levels and combined with price action, they do really form a powerful combination and do give highly profitable trading signals.
I will talk more on that later. Step 3b: In an uptrend market, click and drag first on the trough up to the peak and release. You can also see the bearish spinning top candlestick which could have been used as a signal to go short sell. Well, I think that there are traders out there that do that and you can do that.
But personally, I do not like that approach. Very simple trade setups. Your risks are small compared to the profits you potentially can make. Similarly, when the market is in an uptrend, it will form upswings and downswings as it continues to move up. The peaks that are formed by the up swings and the troughs that are formed by the down swings can be used to draw trendlines. And you need a minimum of 2 peaks to draw a downward trendline for a market that is in a downtrend and you need 2 troughs to draw an upward trendline for a market that is in an uptrend.
How To Draw Downtrend Trendlines Now, for a market in a downtrend, you can connect the peaks with a line and that forms you downward trendline. What you are waiting for is for price to come back up and touch that trendline and when it does, this could mean that a down swing will start and it may be the best time to enter a short trade.
The use of bearish reversal candlesticks as trade confirmation is highly recommended with this trading method. How To Draw Upward Trendlines When the the market is in an uptrend, connect 2 troughs and you have an upward trendline. When price comes to touch it later, you have a potential buy setup. As you can see, I was anticipating a move up to the 1. Obviously, this trade was taken based on the setup in the daily timeframe which means it may be a week or two before the profit target is hit if the market makes a nice move up or the opposite can happen, price breaks the trendline and I get stopped out or I can walk away with some profits when my trailing stop gets hit.
But the next day, price broke that upward trendline and I got stopped out with a loss. But think about this…if the price had moved the way I analysed, I would have made a lot more profits than what I lost.
What happens if the trendline gets intersected? There are a couple of things you need to be aware when a trendline gets intersected: 1 The first is that it could mean the trend has now changed. There can be 2 or more downward trendlines or 2 or more upward trendlines at any one time on any chart in any timeframe.
So if price breaks the first trendline, it still has yet to head to the 2ndand the third etc… So if you take a sell trade on the first trendline but price intersects it and you are stopped out with a loss and now price is heading to the 2nd trendline above, you should also look to sell if you get bearish reversal candlestick signal.
See chart below: enlarge if you cannot see clearly. You will notice that I took the first trade on the first downward trendline based on a bearish harami and also a spinning top pattern there but then price intersected that trendline and went up to the 2nd downward trendline. I saw a shooting star so I took another short trade. Obviously, you can see how the price reacted to the trendline by forming a shooting star. That was enough signal for me to short this pair.
You need to be aware of these kinds of trendlines not only on the sell side buy ton the buy side as well. I suggest you check out Trendline Trading System for more information on how to trade it. Well, now we are at it! Many new traders that find it difficult to define the structure of a trending market, therefore they rely on moving averages for trend detection or identification.
The only thing I see useful in moving averages is for dynamic support and resistance levels. I will explain this concept shortly. As a matter of fact moving averages do a terrible job of predicting trends in that they only do that after that trend has already started already and price has moved a great deal already. But notice that the moving averages have not crossed yet. So you have two conflicting signals. And by the time moving average confirms what the price action has indicated, price has already made a great deal of move downward already as shown by this chart on the left.
So which are you really going to pick? Depend on moving average to tell you that a trend has changed or depend on price action? When the market is in a downtrend, you will notice that price moves up to the moving average lines upswing and then bounces back down from them downswing. That is if you put moving average lines on your charts. For those that love moving averages, what you can do is to look reversal candlesticks as price starts to go back to touch the moving average lines and these are used as your confirmation signal to buy or sell.
In a downtrend, you should be looking for bearish reversal candlesticks like the shooting star, bearish harami, spinning tops, dark cloud cover, hanging man etc to go short sell. So you have 3 things lining up for you, here they are again: the overall trend is down you have a resistance level that price is coming to and you notice that the price is also heading up to the fib level is Have a good and close look at it.
And I also noticed that the previous support level that was broken could potentially act as a resistance level causing price to reverse. Therefore now I have two things coming together. Next thing I did was to check what the fib retracement level to see if price came and hit that resistance level what the ratio would be. Surprisingly, it was So now I have 3 things coming together. So how did I take the trade then? I switched to the 1hr timeframe and waited for price to come and hit the confluence zone and saw a shooting star, a bearish reversal Candlestick pattern also sometimes called a bearish pin bar.
That was my clue to execute a short trade right there. Update: Good thing as I was stilling writing this guide this trade played out so I can show you what happened: As you can see, I managed to make pips on the first trade. Note also that I also made a 2nd trade which made pips as well. Even though my profit target was not hit, I used trailing stop loss as shown below until I got stopped out when price moved back up.
They have great chance of being profitable. What price action signals that formed there that could have given anybody an indication that this massive move was about to happen? You will be bloody surprised at what type of reversal candlesticks and chart patterns you will find!!!
Then with that knowledge, get back to the present and see if you can see these patterns unfolding in the current market. This short trade setup had 4 factors of confluence supporting it: The doji had confluence with the dominant downtrend, as it formed telling you to sell the market with the trend. The doji showed a clear indecision by the sellers and the buyers therefore the breakout of the low of doji candlestick was what the sellers were waiting for to push the market down.
The doji candlestick also formed between The moving averages providing dynamic resistance. All this information here is providing you the foundation; the basic framework you need to trade price action, the learning comes from observing and doing. So in that case your risk:reward ratio will be But what if you decided that you want to minimize your stop loss distance?
And even though you are trading with a setup in the daily chart, for your trade entry, you are actually switching to the smaller timeframe and watching for a sell signal in the 1hr timeframe? Price has been pushed down twice from this level and when the third time it price reaches this level, it was pushed down again.
Now, you can see the bearish harami reversal candlestick pattern and you could have used this as your sell signal by placing a pending sell stop order just a few pips under the low. And placed your stop loss outside of the resistance line as shown on the chart above. Which means that the risk:reward of the 1hr timeframe trade is a lot better than what you would get in the daily.
Now, you can do this with daily timeframe and 4hrs or even down to the 30 and 15 minute timeframes. Or you can watch trade setups in the 4hr but switch to either the 1hr, 30mins, 15min and 5mins for your trade entries. I often use the 1hr for my trade entries and can even go down to 5min timeframe for my entries. If you are new trader, stick to 1hr or 4hr timeframe for your trade entries. So when you trade in the 1hr timeframe or much smaller timeframe you can actually trade a lot more contracts without risking more because your stop loss distance are very small compared to the larger timeframe trade.
For example, the stop loss for the 1hr timeframe trade is 20 pips but for the daily timeframe trade is 80 pips. This simple example explains why I wait patiently for trade setups to happen in the monthly, weekly, daily, 4hr timeframes and then use smaller timeframes to get good trade entries. This is the beauty of multi-timeframe trading using price action. Two things can happen here: Price is going to hit the resistance level and head back down and I will be waiting for a bearish reversal candlestick there to sell when I see one.
I will be waiting for a pullback to buy, if that happens. Now, not all trading setups you see will become winners. When you are watching the chart for trading setups, you need see andtrade the obvious. What do I mean by that? Things like: Trendlines or channels or bullish pin bar forming on major support level, if you can see that, there are many that will be seeing the same thing.
All these traders will be waiting to see what happens at these levels and say if a bullish hammer forms on a major support level, then guess what will happen next? The most likely outcome of that is that as soon as the high of the hammer candlestick is broken, price will shoot up! Trade the obvious! I should have taken a trade here and look at how the market moved after that bearish shooting star candlestick was formed after hitting the resistance level.
See chart below for this: if you see a support major support level and price is heading down to it and at the same time, that support level is coinciding with an upward trendline… What does this mean? And then you see a bullish Piercing line reversal candlestick form right at the area of confluence.
Are you going to be undecided about this price signal and pull up stochastic or CCI indicator to really make sure give you confidence you need to buy??? NO need for that…Just Trade the obvious! You see, the more a level is tested multiple times, sooner or later it will get broken. From my observations, times is the average, after that, expect a breakout of the level.
They can stuff up your decision making process and cloud your judgement. Later, I check the chart and see that If I had sold, I would have made money. So use your own independent judgment based on what you see on your charts. Find your best timeframe to trade. Your personality, work circumstances etc may dictate what timeframe you can use.
Be patient for the right trading setups to form.
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