If you look above and to the left of price you will see some very minor supply/demand areas and a reason as it to why it has started to try and turn from there. Very counter-trend to take as a trade but very useful to use as information. Now you can see that there is activity there, so if price returns to that new box that was just created (or just below it) and gives off a new entry trigger (indecision candle) then you will have an entry trigger that is part of a 3-Point Turn or Double tap structure at that very small scale of wave movement that is much faster than the green scale of wave movement which is mapped out for you

Sorry for the delay, I have been on the road and am just back in to office mode now.

Firstly; when in doubt stay out is a good policy to stick to.

In this image you posted the longer term is looking a bit messy so trying to read the shorter term situation and play that is reasonable. There was a sideways movement consisting of several relative scale waves that went on for a while and can be placed in a box.

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The pullback buy is a wise choice after these areas are broken.

henkknot said
Good afternoon all,

I'm a few months further and practicing with real money. I read about a trading without stop loss (Koert) and that is what I do too but only forex (to avoid the risk of automatically closed trades). I look at the longer term trend (daily) and place orders on the H1 or H4 scale in the direction of the daily trend. I made 2 mistakes on the EURJPY and GPBCHF which costs me my half account. I'm on my way back and think I will have my account back in 3 weeks.

I read about EA's this weekend and will learn this. To many times I close orders with a too small profits because I'm afraid to loose it. With automatically trading this will be much less, if you understand what I mean.

On the internet I found much information about EA builders and many opinions but I'm looking for quality advise on "electroFX-level". Can someone tell me where do I have to start, what is a good tool, and what is the best way to learn?

 

thanks,  

I actually never trade without a stop loss and do not advise or teach anyone to do that either. There is no point, you can't set your risk reward without a stop loss and that is an important part of this for me. Each trade will either win or lose and you then move on knowing exactly what you are risking and what reward you are after on each one.

Another point I would make is that you should never lose half of your account on 2 mistakes. If you were using a stop loss and limiting your losses to 1-3% of your account on each trade then this would never happen. I can assure you that myself and every other trader has been down the no stop loss road, it is a dead end.

As for the EA's; I have had my own developed by working with professional programmers and am very happy with them. I am not an MQL programmer though so I can't comment on where to learn. Your best tool is your brain and you should learn C++ programming if you want to dive in to MQL as it is based off of it.

until you get 2 mistakes that go too far and wipe out half your account it all sounds great