Hey BO.net forum, my name is David and I'm a university student studying marketing.
You may have seen me post here recently, I am the epitome of a newbie!
I thought id share this since it has helped me in the past when I played poker, speaking your mind and getting various points of view on your actions/decisions/thoughts have proved so useful. Hence my spamming of the forum trying to get information. Truly grateful I've found this place.
Anyway I am using a demo account at the moment, and I hope to use this to ground fundamentals relatively cheap when starting out a new trade. I was brought into binary options through a potential scam that Okane managed to make me aware of before I made any decisions. Who isn't scamming it seems?
I will post probably 1/2 currency pairs and analyse each day on different time frames and post my analysis, it will be very patchy and I will not consider all factors so please forgive some shoddy analysis on charts etc. I need all the critics I can get!
I will place trades on the analysis each morning and then justify or reason why it went wrong or ended ITM. I think posting ITM options is even more important as the reasoning behind your decision may be hidden under result bias.
If you would like to share your progress or trades or just discuss please comment, and wish me luck!
I have already found conflicting information which I never knew how to process. On Weekly time frame you will see both MAs indicating a downward trend, with the last chunk coming above, possibly a breakout.
However I went into daily and made support resistance bars, with an example shown in picture!
When I move to h4, the MAs now say it is in an uptrend, which I agree on compared to the chart, and I can see that's because of that attempt to break the MAs, but given the whole picture id say this is a trial at the moment. God knows how I would trade this with a 15 minute strategy as that chart looks so different. Hope you guys can help as this is where I get stuck.
FWIW I would probably put a call option looking at the 5 minute chart as it seems to be on a support line whilst in a short term uptrend. However I think the short term uptrend is purely a trial and will meet resistance shown in my weekly chart.
Thanks for any feedback!
I wrote on the charts (the explanations). This is an example of the things/techniques I teach during private lessons.
So here is a taste - analysis from weekly charts down to M5 (skipped Monthly, M30 and M15 this time)!
From left, Weekly, daily, H4, H1 and M5. (see on the chart frame, the TF is displayed there just FYI)
So a post-forecast analysis:
Price did break our channel and as I mentioned it did go for our second target, the line from hourly charts.
Then it broke that and again, as we concluded, it would be a sign of bullish continuation if it did. As you can see now, it
did indeed move up! Hope now you see how multi-timeframe analysis can help you pick trades. This time we both slept through those
signals but you get the point
I had looked at weekly daily and 4H and just did some SR lines, looked at 5 min chart and saw that it had repeatedly tested this area and saw sellers were in the market
I'm not sure whether i was on the red or the dojo candle, but my question is, am I wrong to trade against the 4 hour and below trend?
I didn't even check the stochastic or RSI, it was a default template I made before trying to learn price action, this was literally me seeing the previous 10 hours trend and then making a decision based on it being a ranging market (seemed to me in this TF) and made a put option on the SR line.
Second trade was far more dubious and was ITM but looking back I shouldn't have taken it. I took it at the end of the engulfing candle near my short term trendlines. My thinking here was that If it touched the flatter trendline it would use it as support and retrace back up to the steeper line. Also it being a call option in a bullish move seemed appealing at first. However after talking through it, the engulfing candle is something of bearish power and the candle had not even touched my resistance trendline. I was kinda hasty as this was my first trade after being given advice.
That's all for today. Will be back tomorrow after learning some more and studying my two currencies a little more.
last one today : http://prntscr.com/dg2aih
Two from earlier: http://prntscr.com/dg1ynp http://prntscr.com/dg1uft
But hey, those losses taught you something and they were only demo.
It was a clear short after the support got broken. It looks like you completely ignored the trend and what goes on in Italy. Happends but try not to commit the same mistake again.
Thanks for feedback guys
Also tried turbo time frames, and I get a little carried away when I lose one trade. Sometimes they go what I think, and when they don't, I try it again just in case it does. Very bad, think ill stay away from 1m expiries. 15 minute minimum expiry I think for now until I really improve.
Some analysis here just using PA and a little Fib, pretty sure I did it correctly, but please tell me I'm wrong and show me what I did wrong so I can correct it!
GBPUSD analysis through timeframes and no trading done these past few days, just studying.
Good Luck all you traders
Is there a way you could help me have it in better, readable quality?
(Great topic and great job from you, thank you very much. Hope there will be something useful I can add sometimes...)