Best Thread Everything you always wanted to know about trading...but were afraid to ask!

Oh and don't start trying to improve it or add indicators. It won't be better.
Ultimately trading is about understanding price action through support and resistance/price patterns but thats one of two strategies i've come across that actually work just using indicators. (MA and MACD)
Its as easy as it gets, and still requires a lot of work :D
 
Not sure where else to post this so I thought I'd post this here :)

Following KillPhil's advice (I think) I have recently added MT4 to my stable of charting providers as I suddenly realised that all my SB acounts are linked to Prorealtime (IG, iii, FS) and, as happened last week, when PRT goes down I am suddenly without access to charts. Earlier this week I signed up to a free demo of Fxpro's MT4 platform. All fine except I am looking at / trading the H4 timeframe more and more. This morning I thought I'd have a quick compare of IG and Fxpro's prices and realised that, on the H4 timeframe, IG closes its next candle at 12pm BST whilst the MT4 H4 candle closed at 10am BST.

Why is this? Is there a global / industry time when H4 candles should close?
 
Hello, i was wondering what brokers you use Dante to trade futures - I see you trade soybeans and i've been studying them recently but cannot find a good broker to trade them.

Your advice would be very appreciated.

Thanks
-Halo
 
I have less than 2 yrs experience but for another (minor) variation of TD's thread have a look Clockwork's thread.

Silent Service Method - Forex Factory

The granddaddy thread would appear to be james16 Chart Thread - Forex Factory

If the S/R lines jump out at you then put them in - more people will be watching them. Higher timeframes are obviously more significant.

Understanding how to trade is easy. Developing the correct psychology and discipline to wait for only the best setups and ride out retracements takes time and practice.
 
Last edited by a moderator:
MACD.... or RSI..... or stocastics.......say one thing on weekly chart.......and another thing on daily chart.....

i dont fully get that........
 
jonboy123 said:
what? please someone help me.......
Click to expand...

This is a ridiculous question. Of course they will say one thing on one TF and another thing on a higher one.

Look at price itself. One single snapshot of the market looked at on all TF's could show a trend up on a weekly. A trend sideways on a daily. A trend down on on an hourly, a precipitious drop on the 30m that looks like the gates of hell just opened and a parabolic rally up on the 5m.

If you really want to be certain, wait for the signals to line up on both TFs.

Oh and lose all the indicators if you want to actually help your trading.
 
trader_dante said:
This is a ridiculous question. Of course they will say one thing on one TF and another thing on a higher one.

Look at price itself. One single snapshot of the market looked at on all TF's could show a trend up on a weekly. A trend sideways on a daily. A trend down on on an hourly, a precipitious drop on the 30m that looks like the gates of hell just opened and a parabolic rally up on the 5m.

If you really want to be certain, wait for the signals to line up on both TFs.

Oh and lose all the indicators if you want to actually help your trading.
Click to expand...

im honoured, the mighty traderdante answered me. Thankyou.

TF? time frame?

But price high on a weekly....is a definate figure.... that same figure will be there on a daily....

If weekly chart MACD shows bullish bars...... but daily MACD is bearish bars.....
does that mean.... overall its bullish.......but....... (this is not making sense) sorry.

Is it like zooming in and zooming out? zooming out is the bigger overall picture...but when you zoom in.... its more ....... i need to think and re-read ....

i think i know what youre saying.... but its not 100% there in my head yet....
 
I think its sinking in, the diff with daily and 10min charts...
The weekly chart shows a truer picture of the situation, right?
And the daily chart shows a more reliable picture compared to 10min chart,
right? although its not 100% in my head yet.
eg overbought on daily...but oversold on 5min chart.....

its like a fight... if you just look at one punch (2 sec time frame), you would say the guy who threw the punch is winning...but if you watch the whole fight, its a completely diff story.
IS THIS CORRECT ANALOGY OF A DAILY CHART COMPARED TO A 10MIN CHART?????? eg oversold on 10min chart and oversold on daily.......
 
jonboy123 said:
I think its sinking in, the diff with daily and 10min charts...
The weekly chart shows a truer picture of the situation, right?
And the daily chart shows a more reliable picture compared to 10min chart,
right? although its not 100% in my head yet.
eg overbought on daily...but oversold on 5min chart.....

its like a fight... if you just look at one punch (2 sec time frame), you would say the guy who threw the punch is winning...but if you watch the whole fight, its a completely diff story.
IS THIS CORRECT ANALOGY OF A DAILY CHART COMPARED TO A 10MIN CHART?????? eg oversold on 10min chart and oversold on daily.......
Click to expand...

Yes.
 
TimeFrame

Hi TD,

Just a quick question: can you find some success at trading on the lower TFs or should you stick to higher TFs for a while? Reason I ask is I am not having much success on higher TFs as per J16 methodology, but know a couple of newish traders who are having success on lower TFs like 1hr and 15m.

berti
 
bertie123 said:
Hi TD,

Just a quick question: can you find some success at trading on the lower TFs or should you stick to higher TFs for a while? Reason I ask is I am not having much success on higher TFs as per J16 methodology, but know a couple of newish traders who are having success on lower TFs like 1hr and 15m.

berti
Click to expand...


Hey berti, you have to play around with it a bit. I tried weekly and daily and got the concept but I moved quickly to 1hr and that's where I found my comfort zone.

All I can say with any degree of accuracy is that the lower TF you go, the harder it becomes. If you can't make money on the daily TF, why should it be any easier on the 15m? lol

If someone tells you they are successful on the 15m, make sure they haven't graduated on down from the higher TFs (which is the proper way to do it).
 
yes im gonna stick with daily....and tease the hourly to see and learn....but essentially use daily and weekly for main meat.

yes the lower you go, the more crazy and unreliable it is. This is day trading territory. The big boys.

If you wanna be swing trading, daily and weekly is ok, isnt it dante?
I havnet got the time or lifestyle to be awake at 8am to 4.30 to trade like that.

But i did a dummy trade today.
FTSE, bad day, so did a BUY based on looking at hourly chart, which was showing short term recovery and buy signals..... so i used daily bar to see the level of drop and range etc.... and made buy entry by lookinga at hourly.................does this sound failrly normal and sensible method?
 
jonboy123 said:
yes im gonna stick with daily....and tease the hourly to see and learn....but essentially use daily and weekly for main meat.

yes the lower you go, the more crazy and unreliable it is. This is day trading territory. The big boys.

If you wanna be swing trading, daily and weekly is ok, isnt it dante?
I havnet got the time or lifestyle to be awake at 8am to 4.30 to trade like that.

But i did a dummy trade today.
FTSE, bad day, so did a BUY based on looking at hourly chart, which was showing short term recovery and buy signals..... so i used daily bar to see the level of drop and range etc.... and made buy entry by lookinga at hourly.................does this sound failrly normal and sensible method?
Click to expand...

I can't really say what is a sensible and normal method...I have my own way of trading and it works for me. As far as the FTSE goes right now, I am looking for short signals only. On a day like this when it's fallen a long way in a quick time, I am looking to sell a retracement not buy it.
 
trader_dante said:
Hey berti, you have to play around with it a bit. I tried weekly and daily and got the concept but I moved quickly to 1hr and that's where I found my comfort zone.

All I can say with any degree of accuracy is that the lower TF you go, the harder it becomes. If you can't make money on the daily TF, why should it be any easier on the 15m? lol

If someone tells you they are successful on the 15m, make sure they haven't graduated on down from the higher TFs (which is the proper way to do it).
Click to expand...

Hi Bertie,
If it's me you're referring to (and I know I said I was avoiding forums but saw this on my hotmail!!) I did all my learning about price, support and resistance etc. on the weekly, daily and hourly but for me anyway, the trading plan has to 'fit' the individual trader and that's why I trade what I trade, the way I trade. Whilst I have full respect for trading the higher tf's it just didn't work for me psychologically.

Also I wouldn't put me in the 'successful' group yet - just winning more than I'm losing at the moment and time will tell if this can become consistent.
All the best
KJ
 
What trading the higher timreframes did teach me, and I definitely have Trader Dante to thank for this, is patience and discipline. Even if you are trading M15 you still have to know when to sit on the sidelines. Have a look at cable today and you'll see what I mean!!
 
kitejedi said:
Hi Bertie,
If it's me you're referring to (and I know I said I was avoiding forums but saw this on my hotmail!!) I did all my learning about price, support and resistance etc. on the weekly, daily and hourly but for me anyway, the trading plan has to 'fit' the individual trader and that's why I trade what I trade, the way I trade. Whilst I have full respect for trading the higher tf's it just didn't work for me psychologically.

Also I wouldn't put me in the 'successful' group yet - just winning more than I'm losing at the moment and time will tell if this can become consistent.
All the best
KJ
Click to expand...

Good post. Sounds like KJ is going the way I did. Watched and learnt about price and the way it moves on the higher TFs and then found one he was comfortable with. If that ends up being the 1m, then so be it - BUT, you should not start out on the 1m trying to apply the concepts you've seen people applying on the daily. It's just not as easy as that. You don't have the time to analyse and make rational decisions. You need to be very, very familiar with things before you graduate on down to that TF. I wouldn't even drop down to the 30m and I've been trading this method now for about 3 years successfully.
 
trader_dante said:
I can't really say what is a sensible and normal method...I have my own way of trading and it works for me. As far as the FTSE goes right now, I am looking for short signals only. On a day like this when it's fallen a long way in a quick time, I am looking to sell a retracement not buy it.
Click to expand...

yeah i hear ya.... but it sounds reasonable and logical doesnt it?
Making a buy/sell decision with weekly/daily........and then inspecting hourly to tweak an entry point....

FTSE, my slightly longer term thinking, is like its trading in that range of 4.3 and 4.5...
 
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