M
Mercury Zion
@mercury01
Last seen:
1 week ago
the markets discount everything except fear
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"When they pile into a position heavily, price tends to follow or has already been following" - can you show us how this has worked historically on the charts pls?
okay price leave the box and fall back in, personally I will like to wait till price exit the other part of the box before shorting
So, I guess we can apply to other indices like I trade Chinese Indices so I just look for when the stock exchange opens and map out the first 15 minute candle range, wait for price to breakout of the range then watch the reaction before trading. I will try this
To set a pending order simply right-click on the chart and select buy or sell stop/limit. The pending order line will then appear on your chart visually and once price gets to the line, the pending order will be executed transforming it into a live trade. One of the best trading platforms for order management is not MetaTrader but cTrader.
For those of us who dont understand what I mean by trimming a hedge you can watch this video and some time in the future I will create a thread on how to trim a hedge.
If you do some research you will discover that most brokers offer netting accounts and not hedging accounts and that tels me something- hedging accounts are not in the brokers interest so yea I would rather open a hedging account so I can manage my risk better. Hedging accounts will let you open a buy and sell trade on the same instrument at the same time which means you can manage risk effectively if you know how to "trim the hedge". Netting accounts dont allow you open buy and sell at the same time and they lump all your trades into one big transaction instead of displaying them as separate trades.
FOMO can make you abandon your strategy if you are the type of trader that is greedy. This is why even with the best strategies, traders still struggle to be profitable.
And this is why we must journal our trades so as to be able to go back and study them. The chess grand master in the video clearly has some superpower that enables him jornal trades in his mind. Whenever he sees a similar trade scenario, he just remembers the past trade and applies it. Thats why he is number 1
The initial balance strategy can also be used to determine the direction of the New York session.
I siimply draw a box to mark the range of the 12 pm to 1 pm hour then wait for price to breakout of the range. If the breakout results in a reversal, then i trade the direction of the reversal.
In the attached image they were two breakouts at the upper and lower edges of the blue box and a reversal followed suit.
After price closed outside/below the lower purple line and you spotted the bullish engulfing reversal pattern, it would have been a buy signal for you to go long.
The purple lines indicate the highest and lowest price reached between 6 am and 6:55 am UTC time. So, i simply use the purple lines to mark out the upper and lower range between 6 am and 6:55 am also known as the Pre-Frankfurt hour.
The yellow rectangle is what I used to mark out the Asian trading session from midnight to 5:55 am UTC time.
The Pre-frankfurt hour range (6 am - 6:55am) is our initial balance and is marked by the purple lines. Notice how price broke out of the Pre-franky low (lower purple line) and reversed upward commencing an upward trend.
Your lot size is what determines how much profit you will make from a trade. It also determines how much loss you will make per pip movement. But you cant trade a big lot size if you do not have the required initial margin (meaning the required money) in your trading account. Demo account allows you trade big lot sizes because you are gifted fake money from the broker but once you open a lie account its your little funds you will use to trade. So, when using a demo account, it is better to practice trading with the exact amount you inted to trade with when you open your live account.
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