BambinoFlex wrote:I trade the wick zones and I'm profitable. I see the charts and it works. I trade the GBP pairs and have a 75% success rate. Unfortunately, like many things in life, some are able to understand certain things and others aren't. My only advice to you, no one owes you anything so the fact that someone was able to share their technique is already enough. I'm completely grateful to TRO for even posting his videos. If it wasn't for him, I would still be breaking my head trying to "find the trend."
Some information that might help:
Open up the chart, no fear, and trade what you see. On the daily chart, you'll see that candles tend to:
1. Have an upper and lower wick
2. The body tends to stay away from wicks.
3. Possibly something else but I don't remember at the moment.
Anyways, to further expand on the points:
1. If MOST daily candles have an upper and lower wick then this means that price RETRACES in the same day. So if you're bullish and in profit but it's getting close to the London close and you notice on the daily chart that there isn't a top wick YET...most likely price will start to retrace. So take your profit. Price will either keep going up or most likely it will break down and reverse. This reversal is known as a "Rat Trade" in this example, it's a "Red Rat" because price will most likely go down to create the top wick you see on most daily candles. Vice versa on bearish trades.
2. (Bullish Example again) If the body of the candle tends to stay away from wicks, and price is breaking the previous candle high or "wick" then MOST LIKELY price will continue to move up and close over the wick. You could be wrong and maybe the high only broke about 5 pips and then crashed down. It happens, that's trading. But most likely, price will move up a good amount before deciding to stay or to come back in. Remember, price tends to stay away from the wicks so if price if moving back down, it will most likely move PAST the wick formation and into the previous candles body and possibly past it. So take your profit if you're in profit and exit if your too confused as to what will happen.
Lastly, Money management is important. I really can't teach you money management, it kinda just comes with experience. I can tell you to put your stops at what you're able to lose but you might only want to lose $100 and if your lot size is too large, then it might be too tight. I can say "Don't trade more than 2% of your account" but if you're putting that whole 2% in ONE trade and one Method then it might not work that one time.
There's more techniques that tell you more stuff. I'm barely learning about the IB trades, the fat finger trades, and another one that was mentioned earlier this week...I believe guzzard trade or something like that.
Hope this information finds you well, again, if it doesn't work, it's most likely your character. You might need to work on yourself more before attempting to trade. How fearful are you? Are you an organized person? Do you tend to change your rules out of emotion? Do you follow blindly? How important is money right now? How bad do you want to be successful?
Also, with me, I would be on my computer for 6 hours or more per day. Just learning about different indicators, learning different methods, staring at charts waiting for a revelation. It's been close to 2 months since I found TRO on the Forex Factory. Since then, I spend less than an hour a day looking at my computer. I sleep more, I watch more netflix, and I'm making more money. I don't post as much anymore, I don't look at anymore trading videos. In other words, the more successful I'm becoming, the less I want to be posting and explaining things. Maybe that's what happens, people find success and they start leaving the forums. Only a few stay behind to answer questions and help when they can.
do you use fixed targets? or how do u take profit only sitting at computer 1h a day? must be a fixed SL and TP? what RR? And how many pips?