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

[4xpipcounter]

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I am going to make this seem a lot easier than it really is, but it comes from 7 years of staring at charts. After the experience, you tend to spot things on the fly.

I'm using the 200SMA on the 5-min (To show it does not matter the TF.), your RSI, and the EUR/USD which was the pair that put a scare into you.

The event to the left in the brown oval shows how the SMA acted as initial R.

The next one in the oval shows how price action went sideways then broke loose in the same direction it approached it, so it broke the R. What's important is the confluence of events. The RSI stayed above the 50 mark, while price action went sideways. Also, you have been paying attention to chart S&R's. The previous peak would have been an additional indication to go long.

The 3rd to the right was contained as S. Notice the RSI went sideways at the OS indication the same time price action hit the SMA. That is your indication to go long.

This is something you need to experiment with rather than taking my word for it. These principles need to be proven to yourself through hands on practice. You will have questions through your findings, so that is when you post them.

 

[4xpipcounter]

My previous post should answer in part that question. Again, you do need a confluence of indications, which would also include looking at additional TF's.

As a general rule, when price action wanders too far away from a larger SMA, when it returns, it usually acts as a pretty solid S or R.
That is where your homework comes in to see how those things evolve for yourself.

ok thank you sir . i have stupid doubt now

''As far as entry points are concerned, as explained would be it. As an example if you have a 200 MA, and use a confluence of other indications, then once the 200 MA is touched, it could make for an ideal entry. '''

SIR like if the candles touch the 200 sma then how to indicate it is a buy or sell?

 

[Piratetrader]

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I am going to make this seem a lot easier than it really is, but it comes from 7 years of staring at charts. After the experience, you tend to spot things on the fly.

I'm using the 200SMA on the 5-min (To show it does not matter the TF.), your RSI, and the EUR/USD which was the pair that put a scare into you.

The event to the left in the brown oval shows how the SMA acted as initial R.

The next one in the oval shows how price action went sideways then broke loose in the same direction it approached it, so it broke the R. What's important is the confluence of events. The RSI stayed above the 50 mark, while price action went sideways. Also, you have been paying attention to chart S&R's. The previous peak would have been an additional indication to go long.

The 3rd to the right was contained as S. Notice the RSI went sideways at the OS indication the same time price action hit the SMA. That is your indication to go long.

This is something you need to experiment with rather than taking my word for it. These principles need to be proven to yourself through hands on practice. You will have questions through your findings, so that is when you post them.

THANK YOU AGAIN AND AGAIN .FIRST THE YELLOW LINE BELOW IS THE SMA! OK I THINK I WOULD NEED TO CLOSELY READ UR POSTs 3-4 TIMES and understand it clearly then post doubts but i promise i will limit now i know i ask to many questions !! MY FIRST DOUBT - AT THE FIRST OVAL SHAPE THERE WAS NO CLEAR INDICATION BECAUSE CANDLES WERE GOING SIDEWAYS first it touches the resistance or sma(yellow line) but again went down. and finally JUST THEN IT went up and BROKE THE RESISTANCE OR SMA . AT THIS MOMENT THE RSI WAS NOT ABOVE 70 BUT IT WAS ABOVE 50 WHICH INDICATED A SHORT TERM BUY UNTIL IT TOUCHES 70! ? but if i would have bought earlier on the 1st oval when it touched the resistance and went down i would completely loose the trade right?FOR WORKING SMA AND RSI TOGETHER I WOULD NEED TO HAVE A CLOSE LOOK AT THE 30-70 POINT ON RISE IF IT BREAKS OR TOUCHES THE 30 AND AT THE SAME TIME CANDLE BREAKS THE SMA OR SUPPORT IT IS AN INDICATION TO BUY! AND VICE VERSA !! again i am 6 month only so i would have so many doubts on T.A but i promise i will limit now! just saying generally !! i do this around 12-14 ours on a single day! my mom enters my room and shouts on me whenever she see;s these charts. she thinks its just a type of stupid game or something and i will get over it soon.she say's that I should do something like studying butas i am very young i am taking this seriously and i want to take it as a profession in my whole life P whenever i become unpatient and irritated doing this because it requires great deal of mental setup and dedication (which i am not able to pay and i enter trades at wrong time) i look at your previous post of about running the filed at 5.2 seconds and not doing it at the age of 6 months it really inspires me remember this threat and especially YOU are helping several newbie's to gain exp and knowledge

 

[Piratetrader]

Sir should i keep the rsi on 14 candles or should i raise it recommended by you?

 

[4xpipcounter]

THANK YOU AGAIN AND AGAIN .FIRST THE YELLOW LINE BELOW IS THE SMA! OK I THINK I WOULD NEED TO CLOSELY READ UR POSTs 3-4 TIMES and understand it clearly then post doubts but i promise i will limit now i know i ask to many questions !!
Don't worry about asking too many questions. You need to learn, and I enjoy talking about it.
You probably are already doing it, but you do need to practice the principles we are talking about. That way you don't do something just because I said so. These concepts become validated when they become a part of you.

MY FIRST DOUBT - AT THE FIRST OVAL SHAPE THERE WAS NO CLEAR INDICATION BECAUSE CANDLES WERE GOING SIDEWAYS first it touches the resistance or sma(yellow line) but again went down.
I was not very clear here. The oval should have covered a few more candles. The consolidation I was referring to was actually above the SMA.

and finally JUST THEN IT went up and BROKE THE RESISTANCE OR SMA . AT THIS MOMENT THE RSI WAS NOT ABOVE 70 BUT IT WAS ABOVE 50 WHICH INDICATED A SHORT TERM BUY UNTIL IT TOUCHES 70! ? but if i would have bought earlier on the 1st oval when it touched the resistance and went down i would completely loose the trade right?

If the first oval you are referring to is the brown one on the left, then that is just showing how the MA acts as R on the first hit. On that one you definitely do not want to go long. There was no indication to suggest it was going higher.
If it is the 2nd oval, then that is where you would have entered during that consolidation period above the SMA. Even 1 pip above the previous peak would have been fine.

FOR WORKING SMA AND RSI TOGETHER I WOULD NEED TO HAVE A CLOSE LOOK AT THE 30-70 POINT ON RISE IF IT BREAKS OR TOUCHES THE 30 AND AT THE SAME TIME CANDLE BREAKS THE SMA OR SUPPORT IT IS AN INDICATION TO BUY! AND VICE VERSA !!
This is what we mean by a confluence. The RSI and the SMA need to be in agreement before you take an entry. Look for chart S&R's also would help.

again i am 6 month only so i would have so many doubts on T.A but i promise i will limit now! just saying generally !! i do this around 12-14 ours on a single day! my mom enters my room and shouts on me whenever she see;s these charts. she thinks its just a type of stupid game or something and i will get over it soon.she say's that I should do something like studying butas i am very young i am taking this seriously and i want to take it as a profession in my whole life P
It sounds like you have a caring mom, which is good. Try to make it clear with her that you are studying.
It's good you have the dedication. You don't want to burn yourself out, and you are gong to need to get your exercise. Maybe your mom will feel better if she knows you got a job somewhere. This way you can go to work on your job, then when you are home you can take the time to learn and study the charts and indicators.

whenever i become unpatient and irritated doing this because it requires great deal of mental setup and dedication (which i am not able to pay and i enter trades at wrong time) i look at your previous post of about running the filed at 5.2 seconds and not doing it at the age of 6 months it really inspires me remember this threat and especially YOU are helping several newbie's to gain exp and knowledge

I'm glad I can be of some assistance.
Here's something for your mom:
Hi Mom. Kind of be patient with your son. He is learning a profession that does have an awesome amount of potential to it. If you have any doubt, then let your son show you my thread and forecasts. This may help in your understanding of the dream he is pursuing.
Of course, if he is spending 12-14 hours per day behind the computer, then I agree with you. Kick him out of the house for awhile and make sure he takes care of his health first, even if it means getting a job somewhere (lol).
You'll hate me or love me for the above comment.

 

[4xpipcounter]

Saiftauheed,

THANK YOU AGAIN AND AGAIN .FIRST THE YELLOW LINE BELOW IS THE SMA! OK I THINK I WOULD NEED TO CLOSELY READ UR POSTs 3-4 TIMES and understand it clearly then post doubts but i promise i will limit now i know i ask to many questions !!
Don't worry about asking too many questions. You need to learn, and I enjoy talking about it.
You probably are already doing it, but you do need to practice the principles we are talking about. That way you don't do something just because I said so. These concepts become validated when they become a part of you.

MY FIRST DOUBT - AT THE FIRST OVAL SHAPE THERE WAS NO CLEAR INDICATION BECAUSE CANDLES WERE GOING SIDEWAYS first it touches the resistance or sma(yellow line) but again went down.
I was not very clear here. The oval should have covered a few more candles. The consolidation I was referring to was actually above the SMA.

and finally JUST THEN IT went up and BROKE THE RESISTANCE OR SMA . AT THIS MOMENT THE RSI WAS NOT ABOVE 70 BUT IT WAS ABOVE 50 WHICH INDICATED A SHORT TERM BUY UNTIL IT TOUCHES 70! ? but if i would have bought earlier on the 1st oval when it touched the resistance and went down i would completely loose the trade right?

If the first oval you are referring to is the brown one on the left, then that is just showing how the MA acts as R on the first hit. On that one you definitely do not want to go long. There was no indication to suggest it was going higher.
If it is the 2nd oval, then that is where you would have entered during that consolidation period above the SMA. Even 1 pip above the previous peak would have been fine.

FOR WORKING SMA AND RSI TOGETHER I WOULD NEED TO HAVE A CLOSE LOOK AT THE 30-70 POINT ON RISE IF IT BREAKS OR TOUCHES THE 30 AND AT THE SAME TIME CANDLE BREAKS THE SMA OR SUPPORT IT IS AN INDICATION TO BUY! AND VICE VERSA !!
This is what we mean by a confluence. The RSI and the SMA need to be in agreement before you take an entry. Look for chart S&R's also would help.

again i am 6 month only so i would have so many doubts on T.A but i promise i will limit now! just saying generally !! i do this around 12-14 ours on a single day! my mom enters my room and shouts on me whenever she see;s these charts. she thinks its just a type of stupid game or something and i will get over it soon.she say's that I should do something like studying butas i am very young i am taking this seriously and i want to take it as a profession in my whole life P
It sounds like you have a caring mom, which is good. Try to make it clear with her that you are studying.
It's good you have the dedication. You don't want to burn yourself out, and you are gong to need to get your exercise. Maybe your mom will feel better if she knows you got a job somewhere. This way you can go to work on your job, then when you are home you can take the time to learn and study the charts and indicators.

whenever i become unpatient and irritated doing this because it requires great deal of mental setup and dedication (which i am not able to pay and i enter trades at wrong time) i look at your previous post of about running the filed at 5.2 seconds and not doing it at the age of 6 months it really inspires me remember this threat and especially YOU are helping several newbie's to gain exp and knowledge

I'm glad I can be of some assistance.
Here's something for your mom:
Hi Mom. Kind of be patient with your son. He is learning a profession that does have an awesome amount of potential to it. If you have any doubt, then let your son show you my thread and forecasts. This may help in your understanding of the dream he is pursuing.
Of course, if he is spending 12-14 hours per day behind the computer, then I agree with you. Kick him out of the house for awhile and make sure he takes care of his health first, even if it means getting a job somewhere (lol).
You'll hate me or love me for the above comment.

 

[Piratetrader]

thank you sir once again. and yes for your last comment lolzz it has happened 2 times she broke my pc monitor because i had an exam and i was doing charts!
sir tou clarify my question to your answer -
""""""MY FIRST DOUBT - AT THE FIRST OVAL SHAPE THERE WAS NO CLEAR INDICATION BECAUSE CANDLES WERE GOING SIDEWAYS first it touches the resistance or sma(yellow line) but again went down.
I was not very clear here. The oval should have covered a few more candles. The consolidation I was referring to was actually above the SMA.""""""

Sir the first brown circle if you see at first when it touched the resistance the yellow line or the 200 sma it broke a little above at the same time the RSI was above 60 maybe it was 65 , at that time i thought at first that if it would have been a live chart going on i would have definitely bought the pair and commited a mistake, as it crossed the resistance it could not hold above and a retracement occurred and the pair went down(the resistance became the support ) i understand now that it should not have been bought because the rsi was almost 65 indicating an overbought condition. now on the second oval shaped you have marked the first thing that came to my mind is that again it have touched the resistance and at the same moment the RSI was indicating little above 50! so i got a MINOR indication to buy . and when the RSI touched 70 it gave me a clear indication to close my trade! sir after closing at 70 normally people would have opened a sell trade until it touched 30 right?? again at the last oval shape circle The RSI was clearly at 30 and SMA or support was touched which indicated a buy for 20 pips. normally looking at the chart i could say that the buying point was 1.4200 and the selling point was 1.4250-40 as it is a 5 min chart!! i hope i was right secondly sir to my question - Sir should i keep the rsi on 14 candles or should i raise it recommended by you?

 

[4xpipcounter]

Saiftauheed

thank you sir once again. and yes for your last comment lolzz it has happened 2 times she broke my pc monitor because i had an exam and i was doing charts!
That's why I said that you may want to go get a job while learning to trade, then she won't have a gripe, and then you can also save on your computer monitors.

sir tou clarify my question to your answer -
""""""MY FIRST DOUBT - AT THE FIRST OVAL SHAPE THERE WAS NO CLEAR INDICATION BECAUSE CANDLES WERE GOING SIDEWAYS first it touches the resistance or sma(yellow line) but again went down.
There was no consolidation under the brown oval. Candles hit the SMA, then reversed.

I was not very clear here. The oval should have covered a few more candles. The consolidation I was referring to was actually above the SMA.""""""

That was under the 2nd oval from the left, where I drew the line down to the RSI to show the confluence.

Sir the first brown circle if you see at first when it touched the resistance the yellow line or the 200 sma it broke a little above at the same time the RSI was above 60 maybe it was 65 , at that time i thought at first that if it would have been a live chart going on i would have definitely bought the pair and commited a mistake, as it crossed the resistance it could not hold above and a retracement occurred and the pair went down(the resistance became the support )
There is only one brown oval, which is the oval on the far left. There was no entry. The pair just reversed.

i understand now that it should not have been bought because the rsi was almost 65 indicating an overbought condition. now on the second oval shaped you have marked the first thing that came to my mind is that again it have touched the resistance and at the same moment the RSI was indicating little above 50! so i got a MINOR indication to buy . and when the RSI touched 70 it gave me a clear indication to close my trade! sir after closing at 70 normally people would have opened a sell trade until it touched 30 right??
You don't want to enter the trade just because the RSI hits 70. Again, you want to make sure that other indications agree with that entry. It could just as easily move over 70 and really go against you. This is why you need to go over the chart and look at the RSI. You will see several times it broke above 70 and price went with it.

again at the last oval shape circle The RSI was clearly at 30 and SMA or support was touched which indicated a buy for 20 pips. normally looking at the chart i could say that the buying point was 1.4200 and the selling point was 1.4250-40 as it is a 5 min chart!! i hope i was right
Basically, yes.
I used the 5-min to show that this scenario will work on any TF. The catch is it looks better on the charts than actually expedited. This is because doing it live is another story, especially in lieu of the TF, it would be considered a scalp. It is also very good to be aware of what the other TF's are indicating, as well as being aware of what time of the day it is.

secondly sir to my question - Sir should i keep the rsi on 14 candles or should i raise it recommended by you?
14 for the RSI is pretty much standard. The people at Action Forex (Of whom I endorse.) use the RSI set at 14.I found 14 to be the most effective. But, keep in mind the RSI is not my indicator of choice. I am just aware of how it and copious other indicators work because of all the screen time over 7 years.

 

[Piratetrader]

Saiftauheed

THANK YOU SIR BUT THE RSI IS 14 THAT MEANS FOR THE 14 PREVIOUS CANDLES !!!!BUT IT SURELY DOES EFFECT THE TIME FRAME LIKE IT IS SHOWING LIKE IF I SEE THE RSI ON 1 HOUR CHART IT WILL SHOW ME CANDLES FOR THE PREVIOUS 14 CANDLES WHICH IS EQUIVALENT TO 14 HOURS!! AND WHEN I SWITCH TO 5 MINUTES CHART IT WILL SHOW ME THE CANDLES FOR THE PREVIOUS 70 MINUTES CANDLES BECAUSE ON A 5 MIN TF IT CANDLE IS FOR 5 MIN SO 14 X 5 = 70 MIN CANDLES SO IT REALLY DIFFERS ON THE TIMEFRAME?? 0N A 1 HOUR CHART IT IS SHOWING OVERBOUGHT/OVERSELL CONDITION FOR PREVIOUS 14 HOURS AND ON 5 MIN CHART IT IS SHOWING THE SAME FOR 70 MIN??PLEASE CORRECT ME ALSO U DO NOT USE RSI WHICH INDICATORS EXCEPT FIBO, S & R U USE WHICH WORKS BEST?? I WAS CURRENTLY TESTING STOCH THIS MORNING! HOW DOES IT WORK AND WHAT ARE THE PROPERTIES IT IS SE ON % K = 5 , %D= 3, SLOWING IS SET TO 3, FIXED MIN= 0 FIXED MAX= 100 ,HOW DOES THIS WORK SIR?

 

[4xpipcounter]

I don't use RSI because it is a personal preference. The same can be said for the Fibos. I don't use them because of personal choice. I will share my knowledge on the indicators, as I have looked at and studied 100's (literally). How you use them will be up to you. This why it is imperative to use your own experimentation on the indicators you choose. Watch price action relative to certain readings. Draw your own conclusions based on the settings of each indicator and the indicator itself.

Keep this in mind. I can share with you my personal knowledge and experience. What will make you an outstanding trader will be your experience. In the beginning stages, you gain experience by experimenting. What may also be helpful is to post charts based on your personal observations. Also take your indicators and settings of choice and try and use them on any market to determine future price action. Just make it a game.
Also, do not be concerned with what market it is. I believe that is a lot of hype. When I make a trading decision, it is based solely on what my charts and the indications say. I mentioned my Weekly Forecast and the fact I do it on 11 markets. I chose those 11 markets, because they are the most popular. My Weekly Forecast would be just as accurate if I used any 11 markets. Remember! It is the chart, candles and the indicators you are looking at.

With regards to the 14*5=70, et al. Yes, 1 5-min on a 14-candle setting covers 70 minutes, but on an hourly would cover 14 hours, on a monthly would cover 14 months. It is simply the quantity of candles it is considering.

As far as the stochastics are concerned (It is my oscillator of choice.), plot them on your chart, observe price action, then make some posts on your observations, and then I'll comment.

THANK YOU SIR BUT THE RSI IS 14 THAT MEANS FOR THE 14 PREVIOUS CANDLES !!!!BUT IT SURELY DOES EFFECT THE TIME FRAME LIKE IT IS SHOWING LIKE IF I SEE THE RSI ON 1 HOUR CHART IT WILL SHOW ME CANDLES FOR THE PREVIOUS 14 CANDLES WHICH IS EQUIVALENT TO 14 HOURS!! AND WHEN I SWITCH TO 5 MINUTES CHART IT WILL SHOW ME THE CANDLES FOR THE PREVIOUS 70 MINUTES CANDLES BECAUSE ON A 5 MIN TF IT CANDLE IS FOR 5 MIN SO 14 X 5 = 70 MIN CANDLES SO IT REALLY DIFFERS ON THE TIMEFRAME?? 0N A 1 HOUR CHART IT IS SHOWING OVERBOUGHT/OVERSELL CONDITION FOR PREVIOUS 14 HOURS AND ON 5 MIN CHART IT IS SHOWING THE SAME FOR 70 MIN??PLEASE CORRECT ME ALSO U DO NOT USE RSI WHICH INDICATORS EXCEPT FIBO, S & R U USE WHICH WORKS BEST?? I WAS CURRENTLY TESTING STOCH THIS MORNING! HOW DOES IT WORK AND WHAT ARE THE PROPERTIES IT IS SE ON % K = 5 , %D= 3, SLOWING IS SET TO 3, FIXED MIN= 0 FIXED MAX= 100 ,HOW DOES THIS WORK SIR?