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actual trend
referring to the ebook, I don't see a good trend for trading EUR/USD
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henkknot
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September 7, 2015 - 06:49
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HI, Referring to the ebook, I don't see a good trend for trading EUR/USD at this moment. What do I have to do, wait until a good trend comes up? The trend continuation wave is over since 20150825 and now...

20150907-EURUSD-1.JPG

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WeeMee
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September 7, 2015 - 09:28
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hi Henkknot,

 

welcome to electrofx, it almost looks like we have a 3 point turn forming to turn it around. didnt fire off yet, but looks close. of course a further wave to the down side is the higher probability trade as it's in a down trend and didnt reach the probably turning points yet. thats my take as a student, not sure what the teacher would say.

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hey you! remember to follow your bloody rules!

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Theo Patsios
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September 8, 2015 - 00:43
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Hi Henkknot,

Firstly, Trend is of course relative to the chart/s you are watching, if you are willing/capable of keeping your eye on multiple timeframes then there is nearly always a Trend for you to trade, yesterday morning, as a quick extreme example, down on the M5 sort of scale there was a 4 wave mini up Trend for the first few hours after European open. If we focus on this chart that you have posted though then you can see that we are in the midst of a pullback to the big surge up that was had prior, within this pullback to that move has been a small Trend of it's own, much easier to see on my chart vs the one you posted but it is still visible even on yours.

The most important thing though is 'when in doubt stay out'. Not taking a trade is better than losing and you can only trade what you are able to see. What you are able to see is something that you increase as time goes by and knowledge and experiences increases.

Best,
Theo

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Rob S
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September 8, 2015 - 02:59
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Hey guys:

I am working on a trade probability calculator where you input factors such as daily trend, mid-range trend, waves of movement etc...and the spread sheet give you a probability of a winning long/short trade.  

Doing this on excel.  Will share when done.

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henkknot
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September 14, 2015 - 12:11
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Hi Theo,

What a lot of information in your course, very useful! Now, for me it's time to practice. As you said in the video course go back in the charts and try to see when the trend will turn. The only thing that I can't see the support and resistence but I try.

On the chart of today I see a turningpoint from the indicision candle (end of the green line) but will this be a turning point? There is no serious resistance. And if the trend will come down no we passed already the entry point don't we? 

 

Do I understand well?

 

thank you for your advice.

I'm sorry for my "Hollandisch" English 🙂

 

kind regards,

 

Henk.

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September 14, 2015 - 21:35
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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

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henkknot
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October 13, 2015 - 12:13
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Good evening,

 

What´s going on now? Market will not take a decision? Yesterday Columbusday in the USA. Last 14 candles are most indecision. I took a trade (down) after the third red candle but that trade failed. Was this a bad trade? Is trading on holidays a bad idea? What's your vision on the actual trend?

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October 19, 2015 - 23:16
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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.

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henkknot
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July 12, 2016 - 04:27
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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,

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Theo Patsios
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July 12, 2016 - 05:03
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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.

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henkknot
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July 12, 2016 - 07:34
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Thanks Theo for your opinion, it's clear. My problem with the SL is that I see a SL point (after and resistance for example). When the SL point is reached, most of the times the rate will return (temporary) and I see that I have maximized my loss. I understand your opinion but really hates losses who are unnecessary afterwards (when I look 1 week later back).

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Theo Patsios
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July 12, 2016 - 09:36
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until you get 2 mistakes that go too far and wipe out half your account it all sounds great wink

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WeeMee
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July 17, 2016 - 06:31
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i tried the no stop loss thing for a few months and it's very dangerous. can work well for a while, but it only takes 1 unexpected event to screw things up badly. i prefer to take my time learning how to trade with SL.

hey you! remember to follow your bloody rules!

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