i have funded 500$ , what amount should i aim for everyday?

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Piratetrader

Piratetrader

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#161
#161
Sir i am posting a chart please have a look i sold eur/usd when the price got below the lowest bolligner band, rsi under 50 showing weak trend,stoch in between also the black line is 100 sma, the price also got below that indicating a sell, and it also broke the blue line in ichimkou and also broke the bottom clud, red line showing downtrend sir pleasee see and tell me have i entered right?
 
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4xpipcounter

Well-Known Member
#162
#162
Saif, I like the way you thought this out and in using other indicators for a confluence. The only part I didn't was concluding that the bottom of the Bollinger Band indicates or is a signal for a sell. That is not what that indicates. All this says is that price is not guaranteed to reverse.

The next thing to look for is a pullback to the cloud. It just had a nice break through and beyond the cloud, and now the cloud should ask as R. If you move to the 4-hour it indicates there is a possible short-term limitation on just how low it will drop. It ranged a ways above the cloud, so on the first hit back down the S should be quite firm. The only thing that leaves to doubt its ability to support the fall is the fact the move UP, and then the move back DOWN happened quite quickly.


saiftauheed said:
Sir i am posting a chart please have a look i sold eur/usd when the price got below the lowest bolligner band, rsi under 50 showing weak trend,stoch in between also the black line is 100 sma, the price also got below that indicating a sell, and it also broke the blue line in ichimkou and also broke the bottom clud, red line showing downtrend sir pleasee see and tell me have i entered right?
Click to expand...
 
Piratetrader

Piratetrader

Active Member
#163
#163
4xpipcounter said:
Saif, I like the way you thought this out and in using other indicators for a confluence. The only part I didn't was concluding that the bottom of the Bollinger Band indicates or is a signal for a sell. That is not what that indicates. All this says is that price is not guaranteed to reverse.

The next thing to look for is a pullback to the cloud. It just had a nice break through and beyond the cloud, and now the cloud should ask as R. If you move to the 4-hour it indicates there is a possible short-term limitation on just how low it will drop. It ranged a ways above the cloud, so on the first hit back down the S should be quite firm. The only thing that leaves to doubt its ability to support the fall is the fact the move UP, and then the move back DOWN happened quite quickly.
Click to expand...
thank you for your reply sir , sir i didn't conclude that the bottom of the Bollinger Band indicates or is a signal for a sell like you said yesterDAY IFTHE BOLLINGER BAND HITS THE TOP/BOTTOM it does not indicate a sell or a buy!!i was just looking for a short retracement !the main reason for the selling was the sharp drop in 1 hour candle due to the major release of worse consumers price index in euro zone! the candle for 1 hour was very sharply down! and crossed the bottom BB at the same time rsi was below 50 which indicated me that a weak trend is in place.as well as it crossed the 100 sma so it gave me a confidencethat price will stay below the sma for maybe a short time !! stoch was almost a little below the middle. at the same time i saw the price breaks the bottom of the cloud ! so i indicated that it could be a short term sell ! i do not know if i pointed this right please correct me!:(
 
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4xpipcounter

Well-Known Member
#166
#166
There is no need to correct you. You should pat yourself on the back for an excellent call.
Don't let this next comment discourage you, but it will give you an idea of what lies ahead, "If you do that about 100 more times, you might be ready to go live."
In developing your methodology, we will also need to work on some money management skills for you. Once we conquer that, we move on to working on the mental or emotional part of trading.

I tell some college students that I work with that in learning to trade, school is always in. There are no degrees. You just make more money than what you are currently going to school for.

Keep up the good work!


saiftauheed said:
thank you for your reply sir , sir i didn't conclude that the bottom of the Bollinger Band indicates or is a signal for a sell like you said yesterDAY IFTHE BOLLINGER BAND HITS THE TOP/BOTTOM it does not indicate a sell or a buy!!i was just looking for a short retracement !the main reason for the selling was the sharp drop in 1 hour candle due to the major release of worse consumers price index in euro zone! the candle for 1 hour was very sharply down! and crossed the bottom BB at the same time rsi was below 50 which indicated me that a weak trend is in place.as well as it crossed the 100 sma so it gave me a confidencethat price will stay below the sma for maybe a short time !! stoch was almost a little below the middle. at the same time i saw the price breaks the bottom of the cloud ! so i indicated that it could be a short term sell ! i do not know if i pointed this right please correct me!:(
Click to expand...
 
Piratetrader

Piratetrader

Active Member
#167
#167
4xpipcounter said:
There is no need to correct you. You should pat yourself on the back for an excellent call.
Don't let this next comment discourage you, but it will give you an idea of what lies ahead, "If you do that about 100 more times, you might be ready to go live."
In developing your methodology, we will also need to work on some money management skills for you. Once we conquer that, we move on to working on the mental or emotional part of trading.

I tell some college students that I work with that in learning to trade, school is always in. There are no degrees. You just make more money than what you are currently going to school for.

Keep up the good work!
Click to expand...
THANK YOU SIR! but doyou think my reasoning was some what right?i just want to know from you?
 
Piratetrader

Piratetrader

Active Member
#168
#168
Hello sir, i am posting a chart in which the blue rectangle indicates my entry point i bought eur/usd at that level because there was a sharp move of the candle upside and stoch(above between) and rsi got above 50 indicating a warning for a move higher . although i closed the trade in 55 pips profit when it went to 1.4400 (currently at 1.4415!! unable to break R of 1.4417) !! but i feel like i shouldn't have opened the trade, i was not sure about it !! because it broke the upper within a couple of seconds and RSI just jumped above 50. this indicated me that the price could move higher for a short period of time and it did! looking at the 15 min chart gave me more confidence that the pair could move much higher! but still i was not sure that i should have opened the trade! i had this doubt that what if the pair got back down from my EP. just because it broke above the BB it didn't mean a buy! i had this thing in my head! but it was up like a rocket and rsi just jumped above 50 so i opened it!! (although i gained pips) i am very unhappy because i was not sure!! Sir COULD YOU PLEASE CLEAR THIS DOUBT!!? :)
!!

currently i am waiting for 3 candles to clear if it it unable to hold above the R, i would sell it ! :)


now at 1.4428
 
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