Forex Strategies Forum

by **simpleforex** » Sat May 14, 2011 9:04 pm

These setups can happen or may not happen, nothing is guaranteed in this market. notice also that some setups are in the 1hr and others in 4hrs and others in daily.

If you focus only on say 1hr timeframe you may not see that setups that may occur in the 4hr, daily, wkly or monthly. that is why it is always important to step back and take a look. you will be surprised what you will or can see...when you think that there is no setup, you will have a setup that may be from the weekly right there. You get what I mean? Multi-timeframe analysis. Thats what I mean. Why is this so important?

#1: it allows you to have a BIG PICTURE view as well as the SMALL picture view. You need to know what is happening in the larger time frames as well in the smaller timeframes. You see what is happening in the bigger timeframe and time your entries in the smaller timeframes like the 1hr. What happens in the larger timeframes have a great influence on what happens in the the smaller timeframes. That does not mean that smaller tiemframes trends or trendlines always obey what happens happens in the larger trends. They are trends or trendlines within a trend. they can be going in the same direction or completely opposite to the major trends/trendlines.

#2:Multi-timeframe analysis,allows you to know where know where all the opposing trendlines are and if you are in a profitable trade and price comes to them...what do you do? Move stop loss tighter or take some profits off the table.

#3: Multi-timeframe analysis allows you to also know where the horizontal support and resistance levels are and when you view from a much larger timeframe, it is much easier to see these levels if you were focused only on a smaller timeframe. These levels can work for you as well as against you and that depends on which side your trade is on.

#4: Multi-timeframe analysis will also keep you out from entering a trade say...in a area of major opposing trendline if you are trying to enter your trade based on a smaller timeframe trendline which is opposing the major trendline. If it is too close, avoid entry.

by **azshah** » Sat May 14, 2011 10:11 pm

Thank you for all the analysis simpleforex and other experienced traders they do help newbies like myself understanding this complex market. We really appreciate it.

by **il brigante** » Mon May 16, 2011 12:25 am

Hi Simpleforex,welcome back.

'A successful man is one who can lay a firm foundation with the bricks others have thrown at him"
David Brinkley

Went short audusd, gained my risk, moved my SL TO BE.

by **il brigante** » Mon May 16, 2011 12:29 am

"Action is the foundational key to all success+
Pablo Picasso

Went long usdcad, gained my risk, moved my SL to BE.

I like my BE trades.

by **il brigante** » Wed May 18, 2011 4:56 pm

Is anybody making any pips lately? Seems like you all vanished.

Cheers

by **simpleforex** » Wed May 18, 2011 5:56 pm

Setup #5, i posted was USDCAD...

Here is how it turned out or is turning out.

by **simpleforex** » Wed May 18, 2011 6:33 pm

il brigante wrote:Is anybody making any pips lately? Seems like you all vanished.

Cheers

Hello Il Brigante, hows it going?

Hey guys, just to show you something that I hope will MOTIVATE you all to be patient and do the RIGHT THING SINGLE EVERYTIME.

Has anybody trading live here every learn't to pay yourself after trading and making a profit? Or do you just imagine the $millions$ that you could make and then bust your trading account in just a couple of months because your expectations are UNREALISTIC? Lets say, you have a $5,000 trading account and in a month, you made $3,000 in profits. Why not pay yourself $1500 and leave the other half for trading with the original capital? It does not matter if you need that money or not, the important issue is "you are in it to make money, not lose money" so how can you make money when it is still a "number" in your trading account? Got it? If it is still there, you can lose it for good.

The only time you make money (which I believe) is to get some of that "positive number" out of your trading account into your bank account and it becomes real usable cash in your bank account so you can buy your wife or girlfriend a lingerie or something...

Paying yourself does this thing to your mind:
(1) it gives your satisfaction knowing that your work has paid off, you are now reaping the rewards.
(2) it makes you avoid unrealistic expectations...don't say, I will wait until my profit is $20,000 then i will pay myself $10,000...GUESS WHAT? YOU NEVER WILL!
(3)it allows you to break down GREED in your thoughts. HOW? simple? lets say you your profit now is $3,000, Greed says " wait until your your profit goes to $6,000 then you withdraw", but good plain simple common sense says "Get $1,500out now and pay yourself, you deserve it." Lets say that you started with $5,000 trading account and with the $3,000 profit you have brings your account up to $8,000. Greed can't accept the fact that you are decreasing your account by $1,500, even though it is a PROFIT! It just wants more! more! more! It is not satisfied, it is not content. removing money out from your account when you make some profit and paying yourself counter this negative thing called greed.