Then I look for the entry on the Daily.
Again look at the candles.
I got an engulfing pattern to the upside and a breakaway candle. Meaning you can visually see the candle breaking away to the upside.
TES to confirm and I'm in the trade.
Here it looks like I entered late but this is actually a re-entry on the 1hr after I took pips off the board from the previous trade.

You can see here that I took the 1hr trade to the upside to re-enter into the Daily.

I usually do this on the 4hr but had the opportunity on the 1hr so I took it.

DRAXILL wrote: Fri Oct 11, 2019 6:16 pm You can see here that I took the 1hr trade to the upside to re-enter into the Daily.

I usually do this on the 4hr but had the opportunity on the 1hr so I took it.

AUDJPYH1.png

thx for all pics & examples................ learning a lot from u

DRAXILL wrote: Fri Oct 11, 2019 6:16 pm You can see here that I took the 1hr trade to the upside to re-enter into the Daily.

I usually do this on the 4hr but had the opportunity on the 1hr so I took it.

AUDJPYH1.png

good good good 1000 times good

I also check the currency meter before any trade.

At the time the JPY was the strongest and it was to the downside. The Jpy was the Leader and I could tell that the JPY was the currency to trade.
I will wait until I get at least two pairs with entries of the same currency before entering a trade.

Meaning. If I want to enter an Aud/jpy buy trade I will first need another valid buy entry for a different JPY pair. This is just one of the little things I do to confirm my choice to trade the JPY. In this case, I had many JPY trades open up for me at around the same time.

Another thing. I know you can get caught up in all the indications. You see the blue trend line or pink-red trend line and think buy or sell.
But I'm telling you right now get to know your candle patterns.
The simple go-to ones. I always like an engulfing pattern with a pullback or slight pullback and a breakaway candle at the end.
That's how I like my trades.
Everyone is different. You will eventually like what you like.

This is the simplest way to trade. There is much more to making money than this but thats all for today.

DRAXILL

DRAXILL wrote: Fri Oct 11, 2019 5:02 pm I had to take the training gloves off for a bit and stretch the old trading muscles.

DRAXILL

I don't want to sound boring, but I took the same instrument (GBPJPY) based on earlier action - went against me for a while, but it didn't come close to my SL, so next day my patience got rewarded, and at well above 200+% ADR I decided to jump off the train (entry and exit are marked with triangles) The only mistake I made was to get back on a profitable DAX trade with half a position (there were very impulsive moves hinting continuation), but it went against me, and as it was repeated position I forgot to repeat setting SL... It went considerably against me, but the main direction remained up according to my analysis. Nevertheless, it caused a bit of a stress, so I closed it in a slight profit (practically zero) asap, and I didn't felt sorry that it even could have gained substantial profit on it yesterday
During this 1st test week of XARD's system I earned 768 EUR on 10kEUR capital on 6 trades (3 of them was split), but it sounds too much, I consider it as beginner's luck, I need to practice more to exactly know what I'm doing (position size, right exit, good SL, etc.)

DRAXILL wrote: Fri Oct 11, 2019 6:28 pm I also check the currency meter before any trade.

DRAXILL

currency meter.png

Its so much to learn from you ... very few people are so humble and giving like you n xard.
I am learning basics like today I searched what is PFO and so difficult to get meaning pip from open.
And now I dont know bidratio and rst and bsr on powerdash... and how these things help in trading.
its so hard but good I found xard and draxill community.
If you can provide some two three basic points for beginner like me which I should practice again n again,
it will be good help and starting point for me.
Thanks,

RplusT wrote: Fri Oct 11, 2019 3:15 pm To solve the "D indicator" mystery. Here we go. Seems to be mLaden's one anyway.
I have added the code to automatically plot "Next, 2x and 3x higher TF" to the current for convenience. It also highlights whether the channel is up or down.

TMA+CG 4C RL AA MTF TT.mq4

I see you have the "D" indicator on the charts. Delete it and download a new one.
He is here: viewtopic.php?p=1295396657#p1295396657

DRAXILL, thank you for the lesson you gave today. This is a great thing for us.

Xard, thank you for everything you do here and for all Murrey Math lessons from the old days of Forex-TSD.

Regards
stond

DRAXILL wrote: Fri Oct 11, 2019 5:57 pm About Xards Christmas New Setup release. Xard always puts out a new setup on Christmas.

The thing about Xard is he is always working and trying to improve his setup.
You guys look and see him change things and post pictures of new indications on his charts.
But don't be confused.

Tremendous post, thank you for the insight. How's that GBPJPY trade going at the moment? Are you still in or did you take profit after that Brexit update? You must be at least +400 pips up if you held onto that pearler!