Charts Heads-up for Pro Forex Trading Chat Room
Free Chat Room beginning Monday 7th November 2011 0815am gmt onwards
As Trading from a house office in isolation may be a lonely business I'm starting a totally free voice chat room. Just to be clear I have no plans at all to bill for this anytime - as far as I'm concerned it will remain free. I will see what interest there is in it and wether it's worth continuing, ie wether it satisfies a need for both me and others.
I plan for it to be a constructive, friendly, enjoyable, helpful, and firm like loion and hope that the commentary/chat I and hopefully others supply fulfills those aims. Some may opt to give Buy and Sell calls and if they do I hope they explain why for each one. . .but I prefer to talk about and provide a heads-up about the components given under, so that others may make their own heads up on if to enter the market:
a. Price action (both individual price action candles/candle mixes -and wether bullish or bearish) -and- overall price action - ie if tool is trending or ranging on each respective time frame of interest and if this changes/may be shing.
B. Potential set-ups developing and developed.
c. Potential pre-identified support/resistance - ie: levels to watch for and why.
D. Upcoming fundie data releases and most probably effects
e. Etc.. .
Don't hesitate to explore any instrument/pairing you choose and also please support the chat by posting charts in this thread as I will do and refer to them in the chat space.
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For the ones who don't know - I'm an intraday trader and I mostly trade gbpusd looking for repliing indior/price action predied set-ups @ pre-identified prospective support/resistance/rbs/sbr - those constitute my own trading advantage that I have traded for over 7 decades, refining the advantage as I became more experienced.
I won't reveal every detail of my trading edge-it is proprietary although I'm pleased to discuss the components that it comprises, and also for for the ones that have read my postings in the Cable thread at nigeriaforextrading they will know that it's guiding principle is confluence and that I developed the trading advantage to become hi-probability.
Attached to this post is a truned version of this transcript of a discussion I had been invited to give to the members of this Trade2Win.com community in January of this year and this may be beneficial to a in understanding that the principle of confluence and exactly what a trading advantage is and isn't. Additionally, it discusses the tehnical analysis that makes my own trading advantage and makes the case for a hi-probability trading advantage over that with a lesser probability.
I trade a three t/f methodology, 1min-5min-30min and if this does not set up I seem at 3min-15min-1hr where (and using the 1-5-30min combo for instance) 1min is your shortest cause t/f, 5min is your intermediate t/f and 30min is your longest fad t/f.
I trade with and against some other fashion that may be found on both the intermediate and longest- fashion t/f's. Trading against tendency involves looking for repliing bullish or bearish divergence based set-ups and PA triggers @ pre-identified possible supp/res/sbr/rbs. Trading with tendency involves looking for pullbacks to previous support (possible sbr) in a downtrend, and also previous resistance (possible rbs) in an uptrend and looking for repliing hidden divergence based set-ups and PA triggers to get with fad again after the pullback @ that possible rbs/sbr - ie a higher probability methodology applied to the general ' buy the dip/sell the rally ' method in an up/down fashion respectively.
I also trade purely PA set-ups and combined with everything else said above, you may hear me refer to those in the chat room and provide a heads-up.
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I shall start the chat room using the free Paltalk program. If you don't have it installed you may download it here. ; http://www.paltalk.com/ you are able to join Paltalk and create a username.
The chat area is called Pro Forex Trading and you can access it (whenever the area is available) by logging in to paltalk and loing it through the ' View All ' Chatrooms at the bottom of the welcome screen/app. . .then look in the Business Finance segment gt; Day Traders - Stocks and Bonds and it will be listed there gt; double click on the room name to start it. Instead (if it's available) you can access it through this link: http://express.paltalk.com/index.html?gid=1423217338
The area is text and audio (voice) and my taste is for audio since it's more 'realtime, '' however don't hesitate to use both. You can PM (private message) additional users in the chat area by clicking on their username. There are also a lot of other functions in paltalk.
The area will be available by 0815 am daily London time. To talk simply hold down the CTRL key on your computer and launch it when you have finished talking.
I expect it will prove beneficial for anyone that wishes to take part.
https://www.nigeriaforextrading.com/...2054767467.doc
