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Nairaland Forum / Nairaland / General / Business / Forex Trade Alerts: Season 19 (359827 Views)
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Re: Forex Trade Alerts: Season 19 by meshpips(m): 11:24am On Dec 17, 2019 |
A quick question to all traders in the house. The FOREX market runs for 5 days each week switching from market center to market center during this 5 - day period. Traders use different time frames for their analysis. Which time frame can we then say is the SUPREME time frame on which analysis should be done? |
Re: Forex Trade Alerts: Season 19 by Nobody: 11:37am On Dec 17, 2019 |
PipMarshall: We move. 60 pips up. I am still holding. Lowest entry about 100 pips up. ![]() ![]() 1 Like |
Re: Forex Trade Alerts: Season 19 by Nobody: 11:38am On Dec 17, 2019 |
meshpips: Week 1 Like |
Re: Forex Trade Alerts: Season 19 by MrUnder: 11:41am On Dec 17, 2019 |
meshpips: Monthly timeframe is King 1 Like |
Re: Forex Trade Alerts: Season 19 by infofirst(m): 11:45am On Dec 17, 2019 |
meshpips: Most professional traders recommend daily Tf. But weekly & 4h usually help too. More than one Tf is required to get the best result in my opinion. 2 Likes |
Re: Forex Trade Alerts: Season 19 by meshpips(m): 12:14pm On Dec 17, 2019 |
walexy100: MrUnder: infofirst: Thanks everyone for your answers. I have thought long and hard about this and decided that the WEEKLY time frame ought to be the SUPREME time frame. Reason: This is when the market CLOSES. This is the only time you will see GAPS in the market. For stocks, DAILY time frame would be just fine. Let's take as an example, Nigeria playing a match against Ghana. Half time score line NIG (1) - GHA (0) Has Nigeria won the match? No !!! But if at the CLOSE of the match (at full time) the scoreline is still NIG (1) - GHA (0) Now Nigeria has won the match even though the score line is not different from what we had at half time. The CLOSE of the trading period is of utmost importance. Smaller time frames as compared to the weekly, only show us a SEGMENT of the continuum. 9 Likes |
Re: Forex Trade Alerts: Season 19 by Nobody: 12:25pm On Dec 17, 2019 |
meshpips: What's the significance of weekly GAPS? 1 Like |
Re: Forex Trade Alerts: Season 19 by infofirst(m): 12:32pm On Dec 17, 2019 |
meshpips: Brilliant description and it does make meaning. I usually respect that Tf as well. Your explanation does make it more meaningful. Will take note. |
Re: Forex Trade Alerts: Season 19 by VeeVeeMyLuv(m): 12:44pm On Dec 17, 2019 |
@Meshpips so true, traders will still be forcing the trade when price has already reach weekly range. |
Re: Forex Trade Alerts: Season 19 by meshpips(m): 1:01pm On Dec 17, 2019 |
VeeVeeMyLuv: When the ATR indicator is applied on the weekly time frame, it will show us the Average Weekly Range. The default 14 period setting might not give us a statistically significant reading though (I usually recommend using 52 periods or a multiple of this value as there are 52 weeks in one year). Now, Range is simply HIGH - LOW. It is a measure of DISPERSION. As such, once the Average Weekly Range has been done or exceeded, it becomes logical to seek opportunities for a MEAN REVERSION trade (where we expect price to trade back to the AVERAGE price for that week). It is note worthy to state that BOLLINGER BANDS (standard deviation) can also be used as a measure of dispersion. In this case one can seek opportunities to trade back to the MIDDLE BAND (average price) AFTER price closes either ABOVE the upper band or BELOW the lower band. 3 Likes |
Re: Forex Trade Alerts: Season 19 by meshpips(m): 1:11pm On Dec 17, 2019 |
infofirst: Many thanks sir. walexy100: It depends on whose side you are standing. For the Broker, gaps constitute RISK because the price points between the interval of the gap doesn't have orders point by point. Stocks that are not liquid usually have gaps this makes them risky to trade and hold overnight. Oftentimes, gaps are also seen during weekends where we have OPTIONS EXPIRATION. As everyone's position is closed "mandatorily". For those interested in taking advantage of weekend gaps, you can check out a Professional Trader called Joel Rensink. He has a strategy that takes advantage of weekend gaps called the One Night Stand. 2 Likes |
Re: Forex Trade Alerts: Season 19 by djwalata(m): 1:18pm On Dec 17, 2019 |
meshpips:Well said. This is y I prefer daily tf to others. Look at these 2examples on charts, 4hrs tf will certainly tell u that 1.3340( resistance) has been brooken on 2trading days, where as , it hasn't, it kept on closing below it on a daily tf( note, this is where brokers who use new York closing time for its candle is important) comes in. We all know (except newbies, now u know,) that new York is d biggest of all d 4trading sessions. Look at usdcad as well, it went downward beyond d channel and support (4tf would as well tell u that d support has been broken but it hasn't) it closed back upward inside d channel and above d support 1.3144 Don't b deceived, 90% of well respected/successful traders will tell u "u ve over traded once u open as many as 10positions in a day(good set up's r hardly come by in forex, ) newbies should leean these instead of waiting for who to give u signals.
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Re: Forex Trade Alerts: Season 19 by djwalata(m): 1:32pm On Dec 17, 2019 |
This is another example, 4tf will as many times tell u that resistance 0.6595/0.6600 has been broken upward on many occasions from December 13th but it hasn't. Daily tf kept closing below d resistance and inside d downward channel. This pair will only go up when new York daily close is above d level. I'm not saying 4tf is rubbish, I do trade 4tf as well but 90% of my trades r on daily tf while d remaining 10% r on 4 tf 1 Like
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Re: Forex Trade Alerts: Season 19 by meshpips(m): 1:36pm On Dec 17, 2019 |
@djwalata, you have brought up another discussion which causes a whole lot of controversy in the market (among traders). Different Brokers have different terminal time on their MT4. Having underscored the importance of the CLOSE, which trading terminal time should traders use for best result on Daily time frame and higher? |
Re: Forex Trade Alerts: Season 19 by djwalata(m): 1:43pm On Dec 17, 2019 |
meshpips:U r right once again. This is when I use 4tf to trade d mean price of any pair when d opportunity comes. The trend is long on this example for daily tf but we all know that correction will happen at some point, ( coming to d daily mean) , u can see how d price bounced back up on a red colour( 50MA), on a lower tf which is 4tf. For pole criticising FXTM, I can unequivocally say that its MA is d best . U can compare there's to other's and b convinced. 1 Like
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Re: Forex Trade Alerts: Season 19 by MrUnder: 1:56pm On Dec 17, 2019 |
djwalata: That's some heavy analysis going on your chart. It must be a proper price action |
Re: Forex Trade Alerts: Season 19 by djwalata(m): 2:07pm On Dec 17, 2019 |
Concerning nzdusd, my biasness is still sell based on d above analysis on a daily tf but ...... It keeps going long whenever it comes to d mean price, 4 tf confirms this by going long whenever d price touches 50MA. D 50MA on a 4tf has to be broken first( this is because of d EARLIER DISCUSSED MEAN PRICE) b4 d price will b forced downward on a daily tf. But over all, it is going down. |
Re: Forex Trade Alerts: Season 19 by Nobody: 2:21pm On Dec 17, 2019 |
EURCHF Just like EURUSD, EURCHF must of necessity fill the Macron gap. So we expect EURCHF to close the gap below on the weekly timeframe. But at the moment EURCHF is correcting upwards. And it will continue for a while. Therefore, we can take advantage of this correction by looking for opportunities to go short higher up when the correction is over. This idea is invalidated if the gap closes first. That's.. If we continue straight down to close the gap.
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Re: Forex Trade Alerts: Season 19 by Nobody: 2:43pm On Dec 17, 2019 |
NZDUSD Bull or Bear market? I am with the bulls. Looks like we are getting a bounce off a fresh demand zone. However.. There is a concern. The most remarkable demand zone (2007, 2008 area) is still lower down. I seem to think that the present zone may begin a multi-month rally That's why my target for the short term short I am presently holding is also where I have a buy limit order. And I am still holding my short. While bias are from the higher timeframes. We take advantage of the lower timeframes for entry.
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Re: Forex Trade Alerts: Season 19 by Nobody: 2:48pm On Dec 17, 2019 |
Interesting piece by Meshpips, Mr. DJ and Walexy...... and Pipmarshall. Beautiful write-ups, nice inputs. |
Re: Forex Trade Alerts: Season 19 by djwalata(m): 3:14pm On Dec 17, 2019 |
PipMarshall:U r right based on ur monthly tf but how many of us can trade only on a monthly tf? U can as well look at d weekly tf( some of us can still trade on weekly tf), look at how it is forming higher lows on several occasions, u can as well use trend line to connect d lows and try to deduce something objective from it. I think except d trend line that connect d higher lows on d weekly tf is broken upward, d sell biasness will still b in place. 0.6600/30 will do this for upward move to take place. WEEKLY TF, 2weeks ago candle was massively bullish, whereas, last week candle was a doji one which means buyers and sellers are now 50-50% of dominating this pair. This is y daily tf which is next to d weekly tf in question comes to play. My opinion though! 1 Like |
Re: Forex Trade Alerts: Season 19 by Fxwarrior: 3:41pm On Dec 17, 2019 |
saxy4c: From my own experience Mondays and Fridays are not good trading days. Making use of news will bring wealth on the long run because most big corporations concentrate on such news. Trading only news will also make you disciplined and stick to profitable trades as mastery of news makes you profitable. You can be mechanical by using buystops and sellstops at specific entry points. |
Re: Forex Trade Alerts: Season 19 by Fxwarrior: 3:51pm On Dec 17, 2019 |
meshpips: It depends on the time of news release. Example if USD is expecting a high impact news by 4:30pm Nigerian today, irrespective of what that particular time is around the world, USD pairs will move massively at the point of the news release depending on traders perception of the event or news outcome. 1 Like |
Re: Forex Trade Alerts: Season 19 by omodada1111(m): 4:20pm On Dec 17, 2019 |
djwalata: Hello bro, When you say FXTM has the best MA, do you mean moving average indicator? If yes, what makes FXTM's MA indicator better than the rest? |
Re: Forex Trade Alerts: Season 19 by Nobody: 4:25pm On Dec 17, 2019 |
Fxwarrior: Bros, the first person I ever know to be a forex trader was strictly a fundamental trader. He used to have between 10,000 to 50,000 dollars in different accounts with fxopen and fxcm those days. His account was wiped out despite his strict money management and disciplined approach to the market. What I am saying is that there are times news alone is good enough to move the market like the China and USA trade war news. There are however times when news alone is just not good enough. |
Re: Forex Trade Alerts: Season 19 by Nobody: 4:30pm On Dec 17, 2019 |
omodada1111: I have never hidden my resentment about FXTM. Great customer care no doubt, fast withdrawal and deposit no doubt. But their spread is as big as hell fire. It swallows up whatever enters into it without any hope of second chances. Make them have their best MA or Indicators, their spread can cause untold damage to your shikini money. 1 Like |
Re: Forex Trade Alerts: Season 19 by Fxwarrior: 4:42pm On Dec 17, 2019 |
maryjames9: Read my post again. You are saying the same thing in your own way. Most of the massive pips are as a result of news. News gives direction otherwise its just undecided movements. 1 Like |
Re: Forex Trade Alerts: Season 19 by Fxwarrior: 4:45pm On Dec 17, 2019 |
maryjames9: meshpips: It depends on the time of news release. Example if USD is expecting a high impact news by 4:30pm Nigerian today, irrespective of what that particular time is around the world, USD pairs will move massively at the point of the news release depending on traders perception of the event or news outcome. I am sure you didn't see the above. |
Re: Forex Trade Alerts: Season 19 by Fxwarrior: 4:54pm On Dec 17, 2019 |
maryjames9: Lets see it this way. You don't enter the market before a news release because it could be negative or positive. You use a strategy I called the catapult method to take entry. By God's grace next year, you will see it practically. 1 Like |
Re: Forex Trade Alerts: Season 19 by infofirst(m): 5:04pm On Dec 17, 2019 |
infofirst: Closed the gbps. Oil sell picked at 60.70 eu and ej still in red. Gold moved to BE 2 Likes |
Re: Forex Trade Alerts: Season 19 by Nobody: 5:37pm On Dec 17, 2019 |
Fxwarrior: OK BROS. I am open to learning new stuffs. I pray we dey see the kind news wey missile hit Saudi oil installations regularly o for weekend, or some missile flying in Middle East, Na that kind news sweet and sure pass. That one na sure banker for oyel and Brent. Na overleveraging things. No Tp. Wait for the gap up, Make it big and close market Monday morning. Then spend the money or buy up some cool stuffs. Watch the life film for Al Jazeera. Life is good. ![]() |
Re: Forex Trade Alerts: Season 19 by djwalata(m): 5:47pm On Dec 17, 2019 |
omodada1111:That's y I said u can open fxtm chart and any other chart and compare them in respect to d candles. May b I can't explain this online but I know what I'm saying. |
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