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  1. #1
    Veteran Member Ronnel's Avatar

    Trading Tips for Edo. !!!

    This thread is for Edo but newbies and traders who are having a bad day are also welcome to join us. I will try to give trading tips based on what I've learned from my short trading experience (total of 3 to 4 months only..) and from the stuffs that I got from my mentors in hope to increase Edo's win rate. Edo knows that I'm a newbie but since he is crazy enough to listen to me, I will also warn other newbies to take what I share with a grain of salt. What I will share is not systematic, not written in stone, and are only based on my personal experience and from the stuffs that I studied, learned, and stole from my mentors.

    To Edo: first read my diary again and try to sift out all my BS and get what you think is helpful (http://forums.binaryoptionsthatsuck....Trading-Ronnel), then study again my thread on "Trading Tips: Naked and Semi-Naked charting J-style" at (http://forums.binaryoptionsthatsuck....arting-J-style). Please study "Zoom in, Zoom out", #87 at page 9 (http://forums.binaryoptionsthatsuck....g-Ronnel/page9). And also study how I plot trend lines which are everywhere in my diary.

    Now let's start this

    You said that I'm lucky to have pro mentor (or mentors...) but the sad thing about them is that they suck teaching and most of them keeps their best techniques hidden. I asked for tips and and get answers like "stare at the charts", "feel the movement" or "listen to your instinct"... I asked for what indicators to use and his answer is "study candlesticks", then again I asked for a specific indicator ex. MACD and his answer is "use it on your chart and see for yourself"... Only after I have spent days studying that specific indicator when I get comments like "seems you did your research and you have successfully spotted the divergence". It's always like this and I only get good comments after I spent some time learning and applying what I learned, and that is the only time I will get good advice like setting, timing, etc. Then he'll tell me to go back again studying candlesticks with MACD... WTF, I'm still studying MACD and he's bugging me to study candlesticks??? Sound like he is not making any sense but slowly I began to notice that I can also predict how MACD will move by looking how the candles are forming. Ex. the MACD histogram is going upward but the last few candles are showing divergence (bulls and bears having long upward wicks and on an uptrend), usually a novice will think that the MACD will continue going upward but since I know how to read the candles, I know that MACD will go down. Knowing how to read candlesticks will make you anticipate how the indicators future movements will be but this is not always the case since the market is a reflection of buyers and sellers emotion so be prepared for anything. This is why good money management is important because sh@t do happen. This also applies with most indicators... The lesson here is to study and study more. No shortcuts OK!

    You may think that naked charting is my secret because you have mentioned about it but the truth is that me and my mentors loves naked charting but when we trade, we always use indicators because they give a second or third confirmation that we are on the right path. Ex: we analyze the candles and and they are showing that they are following an upward trend. The last candles is just 30% from support line and still showing an upward push, Moving Average strongly bullish, MACD is bullish, stochastic is bullish, CCI is bullish, candles are strongly hugging the top line of the Bollinger Band, etc. Meaning that if looks like a duck, walks like a duck and sounds like a duck, then it might be a duck This is why using indicators are important. The candles may look like a duck but we need the extra confirmation from the indicators and we want them to say "quack-quack". Yes we can trade only by looking at the duck but that extra quack-quack makes our strategy a little bit stronger.

    One thing I found out that as your candlestick studies become more and more efficient, you will slowly find yourself not following indicator signals. You will slowly see yourself using indicators for confirmation only and will not be putting trades because your indicator lines have crossed. You will start to see these indicator crossovers as confirmation to your analysis that you are probably doing the right thing. It is hard to say how it's done but you'll notice it yourself.

    One thing I strongly follow is what willyw advised me before.
    Ronnel, in trading currencies, be it in forex or BO timing is important. There are times when we enter a trade either too early or too late. After you analyze and you hesitiate you will miss the trend. I pass to you 3 words in trading;
    [1]Be swift - (swift is faster than fast) Once you make a decision act fast; do not hesitate
    [2]Accuracy - Be swift but try maximize your accuracy
    [3]Aggressive - this applies especially in forex, cut your losses short.
    And don't start chasing trades if you have missed the opportunity or it will bite you hard!

    More to come Edo
    Last edited by Ronnel; 07-20-2015 at 12:45 PM.

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  3. #2
    Veteran Member Ronnel's Avatar
    Same indicators...

    These are popular indicators CCI, Stochastic, MACD and RSI. They have strong similarities and function. The yellow vertical lines shows possible trade entries. All of them are reliable but it's up to you to chose your weapon. You can all use them together to give extra confirmation and I have tried doing this many times but this f@cks up the mind. If you are still not confident to use only one or two indies, then probably you need to study more on candlestick analysis, S/R and trend line plotting. Indicators though have similarities, they sometimes tend to give weird or lagging signals and too much of them will overwhelm you. Before I tried my best to study as many indies as I can only to clutter my chart and to mess up my brain but still continued doing this because I was instructed by my mentor to do this. Then I slowly noticed that when I get overwhelmed, I always put my focus on the candles ONLY and I'm back in track. My mentor told me to do this for me to sift out which indicator I usually look at and trust and then I slowly realized the specific indicator that I really like best and it is CCI. Please find the best indicator for yourself. Learn it like the back of your hands and stick with it. If you like 2 or more indies, then go for it. There is no wrong or right and the only thing that matter is that you win.


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    Notice that I don't use Moving Average anymore. Playing with too many candlesticks and trend lines made me give it up because I notice that it clutters my brain. Studying candlesticks may also make you see imaginary trend lines and S/R in the future. Next time I will try to share with you how to use long and short trend lines. I found out that short trend lines works well for me when the market is trending and on short TF.

    These are the 3 main charts that I use for live trading. Ichimoku, Ichimoku with Heikin Ashi, and Semi-Naked but I use Semi-Naked the most because I hate Ichimoku's Tenkan Sen and Kijun Sen. They act like Moving Average and I hate the clutter, so often I remove them but they are really good guides especially for seeing the trend and using them as S/R. You said that you also use Ichimoku and if you have questions, please ask ok. We use Ichimoku a bit different unlike how many foreign traders use it. Many say that it is not reliable for short TF which it is. The big problem with them, is that they focus more on the Ichimoku's indies and signals itself but my J-pro mentors use candlesticks and only use Ichimoku as a secondary guide. I use it for scalping M10 and on a ranging market. Many say that it's not good for ranging market... BS! they just don't know how to use it, lol! Same with Heikin Ashi.
    I'll try to show this to you in the future ok

    Notice that use CCI as my main indie but I also have some indies hidden away because there are times I need those extra confirmation coming from the other indies that I trust. One is MACD and Stochastic and one is TDI. I also pull them out when there are ladies beside me so that my chart will look more geekish, HAHAHA!!!


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    More coming
    Last edited by Ronnel; 07-20-2015 at 12:12 PM.

  4. #3
    Legendry Member Okane's Avatar
    I just read your first post and well said!
    Like you said, there are no shortcuts.
    Often newbies look for shortcuts, so did I because
    I didn't understand trading was more than just mechanically
    following indicators.
    Yeah I know you didn't always get the best answers from us pros here
    but think of us as Mr Miyagi, first wax on and wax off, then you can start
    punching and kicking haha . Which you already know by the way.

    Anyway, I have some videos on my Youtube channel that could help because
    here you can actually hear me explain my thought process!
    https://www.youtube.com/channel/UCvs...81_bfnA/videos
    Live Webinar: Hidden Content
    Join My Skype Group: Hidden Content

  5. #4
    Veteran Member Ronnel's Avatar
    Quote Originally Posted by Okane View Post
    I just read your first post and well said!
    Like you said, there are no shortcuts.
    Often newbies look for shortcuts, so did I because
    I didn't understand trading was more than just mechanically
    following indicators.
    Yeah I know you didn't always get the best answers from us pros here
    but think of us as Mr Miyagi, first wax on and wax off, then you can start
    punching and kicking haha . Which you already know by the way.

    Anyway, I have some videos on my Youtube channel that could help because
    here you can actually hear me explain my thought process!
    https://www.youtube.com/channel/UCvs...81_bfnA/videos

    You are my first teacher who really pointed me that I should study and there are no shortcuts. Yes your teaching style is like Mr. Miyagi who just gave me the pointers and let me discover and learn trading for myself. Just like my other mentors, you all don't like to spoon feed your students and I'm really thankful that this is how you all teach. If I was spoon fed, maybe I may have not pushed to my studies and probably still looking for some automatic EAs to do the trading for me or worst is that I may be following some sleazy wannabe trading guru and paying big money for their signals.

    I noticed that Edo has the push and the willingness to study so I guess that it's time for me to pay back my dues to my mentors and share what I have learned in hope to increase Edo's win rate.

    Very good video tutorial, many thanks!
    Edo please watch Okane Sensei's videos.
    Last edited by Ronnel; 07-20-2015 at 12:47 PM.

  6. Thanks Okane thanked this post
  7. #5
    Veteran Member Ronnel's Avatar
    One time my mentor noticed how I got confused because I kept looking at different time frames. He then instructed me to use semi-naked chart because I may be getting overwhelmed by the extra indicators cluttering my chart but the truth is that I wasn't overwhelmed by the extra indies and my problem is that I don't know how to jump and analyze one chart's TF to another. Many traders often tell how they refer to several TF and get good results. The reason why they can do that is because they have learned how to make accurate calculation using different TF. Not many traders teach about this maybe because they have learned it naturally but for many newbies, this is a big hurdle to overcome. If the newbie doesn't know how to properly jump from several TFs, his judgement and analysis may be in jeopardy. Newbies also have a strong tendency to follow what experienced traders are doing but without the proper knowledge on how it's done, the newbie will mostly end up scratching his head not having any idea why his strategy didn't work.

    I don't know how to properly teach this but if you practice plotting, understanding and try how to make sense of all the mess, you will naturally learn what the different TFs is showing and then you can utilize this technique for your advantage. Please try to learn how to be good jumping from TF to TF but you must also master good S/R and trendline plotting and combine them all. Remember that indicators can be overwhelming but so is with jumping from TF to TF. Once you learned how to properly combine them all. Your prediction, calculation or analysis will be boosted up.

    Here are some pics that may be of help...


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  8. #6
    Veteran Member Ronnel's Avatar
    To continue with my post above, granpops told me to pick only one chart for my exercise. He was an old school trader so back then they didn't have the luxury of MT4 and only have one chart drawn on the blackboard and that's it. I chose M5 and then he instructed me to predict M5, M15, M30, M45, H1 and H2 using only my M5 chart. I kept doing this for 2 weeks and slowly I started understanding what he was trying to teach me. First is that because I have only 1 chart to use and can't jump from another TF chart, that I have to UP my candlestick reading skills, Up my trendline plotting and learn to adjust them basing on my target TF expiry, UP how to properly plot S/R basing on the my target TF and UP my skills on how to count candlesticks from present position to target destination. Once I learned this, moving from one chart's TF to another made life easier for me because my lesson taught me how to look, where to look and how to utilize and combine all the messed up data and make them one.

    I'm a huge fan of M1 and I have used M1 to calculate H2 on live trading with good results. You can also use M5, M15, M30, etc. to calculate higher TF expiry. The technique is basically the same. It's not easy to learn but is really worth learning. If you learn this, you can also use it for predicting W1, 1 month, etc. but I'll be using a higher TF chart because my skills are still very limited. I saw gradpops successfully predicted W1 using H1 so I know that it can be done but he said that D1 is a lot more sane than using H1...

    Yes you can use M30 for M30 expiry but the benefit of learning this skill is that you can use it like a ladder and put multiple trades with different TF expiry. I often use this on demo and sometime on live trading. The reason why I don't go putting M5, M10, M15, M30, M40, H1 trades all at once is because I don't have that much money and I'm still a newbie. I've seen several of my pro mates who trades this way. They just wait and wait but when everything are all lined up, they just burst out and put multiple TF trades riding the same trend (trend is your friend). As of now I just feel p@ssed to see all the winning trades that I should have taken because my calculation all went well but since I don't have that much dough, I'll just keep on drooling, lol. Money management mate! Slowly but surely

    More to come
    Last edited by Ronnel; 07-20-2015 at 04:33 PM.

  9. #7
    Veteran Member Ronnel's Avatar
    Because you like very short TF, probably this may be worth studying. I normally use this for all TF but never for M1 since my lowest TF expiry is M10. You can also use Bollinger Bands if you like. There are times that I can give up CCI in exchange for Chikou Span because I find it really easy to use.

    About scalping, once your candlestick analysis gets better, the candles and the indies will give you early warning signs when the candles are about to breakout S/R, do a reversal or continue to move sideways and candles plus Chikou Span works well for this. But be careful because sometimes early signals don't happen so always be on your toes.

    And since you also use Ichimoku, you can also study about "FRACTAL STRATEGY". Ichimoku's Kijun Sen and Tenkan Sen easily shows "Candles Fractal Formation". Tenkan Sen and Kijun Sen narrows then widens their distances, plus the turns and curves they make often shows fractal formation but you just have to learn how to detect them. Chikou Span can easily give quick good visual confirmation when the fractal formation are broken. These 3 Ichimoku Indies can also show you points of candle retracing without adding extra indicators. You can also use fractals with naked charting or plain candlestick analysis. If you incorporate fractal plus proper candlestick reading, this will be another good technique to go into your trading arsenal. And also don't forget about Candlestick Engulfing Strategy plus pattern detection and how to use them. What I'm saying may be overwhelming to study but maybe these can help with your trading too

    For newbies who can't understand what I'm talking about, Chikou Span (violet wobbly-wobbly line thingy, lol) is a part of Ichimoku Kinko Hyo (Tenkan Sen and Kijun Sen not shown). It has many uses like a trend direction pointer, a histogram of support and resistance, as a trend guide and can also predict the candle's future destination. It is an awesome tool but you have to study Ichimoku Kinko Hyo first to really put it in good use.

    Here are some pics Edo...


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    PS: I was the only one who used Chikou Span as a stand alone tool but have seen 2 of my mentors using it now I don't use Tenkan Sen and Kijun Sen to help me detect Fractals anymore because spending too many hours staring at the candles will make you see fractal formation even without trying, lol.

    And because they stole my strategy, probably I'm doing something right. Give it a test run and see if it can help you.
    Last edited by Ronnel; 07-21-2015 at 12:19 AM.

  10. #8
    edo
    edo is offline
    Solid Member edo's Avatar
    Hi,Ron.

    Sorry for my absence,but things were a bit crazy at work for the past two weeks...now i am on my summer holidays,so hopefully i will have more time for binaries.

    So,i have read your diary,and read your thread on naked charting,as well as the thread made for me.

    Drawing my own trend lines and s/r lines,combined with stochastic and osma/macd oscillators is the way i would like to adopt and perfect to become a better trader.
    Sometimes i take a peak at Ichimoku,but only to look at Kumo and its positioning.

    I havent been live trading for couple of weeks now,only doing demo trades to practice my skills.
    Soon ill be funding my account with Binary (again ),and that is when i plan to start a diary here on BOTS.

    I thank you greatly for your time and energy,your tips on candle reading are priceless,as well as Sensei Okanes insight on trading is.
    I will be posting my trades here,with some explanations of how i took the trade and why.

    More to come.

  11. #9
    edo
    edo is offline
    Solid Member edo's Avatar
    For the past few weeks all i was doing was reading and studying,with some demo trading.
    I am trying to discard all needless strategies,indies and pointers from my head,and focus on what really matters....2 - 3 strategies with as many indicators and fine tune those to improve my win rate.

    Starting tomorrow,i should be funding my Binary account and start writing my own trading diary here in Members War Room.

    Please follow and advise.

  12. #10
    Veteran Member Ronnel's Avatar
    Quote Originally Posted by edo View Post
    Hi,Ron.

    Sorry for my absence,but things were a bit crazy at work for the past two weeks...now i am on my summer holidays,so hopefully i will have more time for binaries.

    So,i have read your diary,and read your thread on naked charting,as well as the thread made for me.

    Drawing my own trend lines and s/r lines,combined with stochastic and osma/macd oscillators is the way i would like to adopt and perfect to become a better trader.
    Sometimes i take a peak at Ichimoku,but only to look at Kumo and its positioning.

    I havent been live trading for couple of weeks now,only doing demo trades to practice my skills.
    Soon ill be funding my account with Binary (again ),and that is when i plan to start a diary here on BOTS.

    I thank you greatly for your time and energy,your tips on candle reading are priceless,as well as Sensei Okanes insight on trading is.
    I will be posting my trades here,with some explanations of how i took the trade and why.

    More to come.
    Welcome back Edo!

    Yes drawing trendlines and S/R makes order from the chaos. Just like you, I sometime use Ichimoku to see the clouds especially when I have doubts and it does really help.

    Wishing you good trades!

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