USD/CHF Up pattern form
refer attached chart USD/CHF Up pattern form. observe further price dynamics.
are you the same Ramdas that coded some indics for the Russian forums quite ago or it's just the same nick?
I have not coded any indicators.
But i understand programing.
Ramdas from Russian Forum is different one.
But i have membership with Alpari Russian form.
What a beautifull green candle ?
I would like to address Most difficult part of the trading.
Mental part is most difficult part in trading.
New trader: When price form green candle on say 15min .. new trader goes long..price goes up further.
he see position going in profit...then mind start playing game.. More More little More $$$$.
then price reaches to some resistance where smart trader are ready to short or start to book profit..and price drop sudden.
Profit start going down. then new trader thinks... wait slight more... price will again go up. atlest i will get some more $$
Then Shittttt.... what happen price drop and pos is in loss.... Now fear start...100pips fall start dancing front of eye. since yesterday he saw 100pips fall. he exit with fear...exit with loss.... price drop further 10pips and touch support or some figure like 50 where smart traders start taking long pos again. now trader see price again going up...This time only watch with frustration. price goes above entry point and rise further..and trader keep looking... this time no pos...since already slaped.
This is what happens during learning... and once you know exactly where to enter and how to handle fear and greed then you have control over mind.
These are little words from my side... you can add more in this.
I express this mental part... since with the setup i shown.... you have to enter at exact point which may reside at top of the green candle to sell... or Buy at Bottom of Red Candle.. and it is most difficult to click buy or sell at those point's and we may wait for more conformation till that... price had already moved 20pips. and we may enter late with keeping more SL and increase rise.
Refer attached chart USD/CHF it is continued chart of post 42 where Up pattern form.
You can see price is not performing well...this shows price do not have good strength to go up.
What to Do? If you are long at 1.2123 to 25 then better to exit. market has already given you oprtunity to get atlest 10 to 20pips. at 1.2145 two times.
So it is better to wait for next oprtunity.
Are you alone ?
This is for trader who are new and in learning process.
After three BAD hit you will start thinking...Whole world is against me .
They are there to steal my money.. i am alone..
Is this True ??????????
No... You are trading along with best profestional around the world.
You are trading along with Biggest Banks..around world.
You are trading in Biggest market in the world.
You are looking at price on chart...along with every currency trader around the world who are looking at same price as you.
Physically you me be alone....But mentally are you alone ??????
You have to trade with your peak mental state.
You are profestional Forex trader.
So Learn to read Market and price action along with Currency traders around the world..You are NOT alone.
No one has time to trade against you and steal your money.
Be proud of yourself.
Learn to read what price is Saying.
USD/CHF 1min and 5min chart price dynamics
Look at attached chart.
USD/CHF 1min and 5min chart price dynamics.
you can see very simple price dynamics.
there are chart displayed 1Min and second 5min.
this is example of 1min chart
Pl Post your comments. if you wonder !!!!!!
Attched chart shows co-relation of GBP/USD, USD/JPY, USD/CHF, and EUR/USD..... when GBP/USD and EUR/USD finish it's movement till sma600 touch than USD/CHF and USD/JPY stop rising. note how USD/CHF rise above sma600 till EUR/USD reach sma600 support.
It is important to view main pairs co-relation movement so that proper exit can be taken.
With Suggested setup in post 1 it is easy to monitor 4 to 6 pairs with 5min chart with all mention SMA so that clear price map is visible.
Importance of the system is How you look at price map as a whole.
Keep it simple is the key.
Pl give youu good and bad comments
If you find system usefull or interesting pl give feedback, ask Query,
that encourage me to keep posting additional information.
My intention to post setup on this thread is to share knowledge.
I have no intention to make any system and sell it.. Forex trading is more than enough for me to make money.
Forex forum's teach me most of the thing. and that encourage me to teach others so that others can improve their learning curve.
Initialy before learning how to trade, i had gone through complex indicator and complex stratergy, with lot of indicators on chart where i could not able to see price properly. i had already spend lot of energy and time in search of Holy Grail and finaly realise Trader itself is holly grail. and only simple setup with clear understanding of price action is the key.
Price is the main indicator and reading Price map with simple system is the simple way of trading.
your setup is very interesting.
Do you use any other indicators to enter and exit?