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6200trading Method

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  • Edited 7:46am Aug 6, 2019 7:04am | Edited 7:46am
Quoting Scchplendid
{quote} Morning, just reading through your interesting thread, thank you for sharing by the way. With the USDCAD pair, does it matter that the 20 ema is pointing upwards ahead of taking the short? The 50 ema is certainly pointing downwards and, with the 20 pointing upwards, it stopped me taking the short trade initially. Thank you.
I am so glad you asked that question. In fact, I was hoping someone would ask it very soon. The simple answer is no. I use the 200/50/20 SMA's to help me see things more clearly. It speeds things up for me, you might say.

As I mentioned in the first post you are looking for either a pullback or relief rally. Look left on the USDCAD daily chart and it is clearly in a downtrend. This is where you start looking for a nice low risk entry.

Another quick practice is to look for twisting SMA's or having them very close together. If that is the case, go to the next chart.
That helps a lot, thank you.
I just took a very quick glance at the daily charts to get some sort of an idea what might be going on for possible entries tonight.

I'm curious to hear what others might be seeing that may be of interest.

So everyone doesn't get confused try and talk about pullback and relief rally setups.

I am happy to comment on other timeframes but I generally trade the daily charts.
The EURUSD Daily chart keeps yelling at me to sell but the 20 ema is flat and so is the 50 ema. Thoughts?
I am also considering selling the EURCAD (relief rally I think) and GBPAUD (end of pullback)?
Is the GBPNZD a sell opportunity (relief rally)?
thank u for nice thread
Quoting Scchplendid
The EURUSD Daily chart keeps yelling at me to sell but the 20 ema is flat and so is the 50 ema. Thoughts? I am also considering selling the EURCAD (relief rally I think) and GBPAUD (end of pullback)? Is the GBPNZD a sell opportunity (relief rally)?
Lol, you couldn't ask for a more balanced-on-a-tightrope chart that that EU one, could you?! Price is also almost exactly in the middle between Supply and Demand Zones, with the last day's spike just below Supply. My gut is with you in the long run, as I'd say short, however, I'd maybe be looking at a small bounce higher, perhaps to around the 1.12164 /1.12188 level first.

EC, I can also agree on a possible short coming there. Price is butting its head off of the 61.8 fib level drawn on the Daily chart from the top of the last significant Supply Zone. If we get a close above however, there is a lot of room up there for price to move back into. For now, short bias? If price makes a move above 1.49109 however, all bets are off. An intermediate play may well be a retrace back to around 1.48024 - 1.48165 and then another attempt to go higher.

GN could be at the top of a Dead Cat Bounce, with room for another drop to around 1.84209 but in the short term, there could be a Supply Clearout and further bogging down - and the bogging down may come first and put paid to much of anything.

Of course, this is just my opinion - WTH do I know!

Interestingly enough, all of these set-ups are calling out to be bracketed and then stacked into as the momentum takes over...but that's another method entirely!
Quoting Scchplendid
The EURUSD Daily chart keeps yelling at me to sell but the 20 ema is flat and so is the 50 ema. Thoughts? I am also considering selling the EURCAD (relief rally I think) and GBPAUD (end of pullback)? Is the GBPNZD a sell opportunity (relief rally)?
The EURUSD is yelling at you for good reason. There are a couple schools of thought on this one. a) You can short it right now which will give you more size should it turn out to be a runner or b) you can wait for the low for the previous day to be taken out.

Personally, I chose to get short right here. I like to have some nice size on should I catch a runner. Understand, you will tend to have a lower win% but in my experience you will make more money long term. A good example was the short trade I took on the USDCAD yesterday that turned out to be a loser.

The other one I like but have not pulled the trigger yet is the GBPAUD. I'm going to wait until the Asian session opens but I'm leaning towards at least putting a pending short order in.
Quoting 6200trading
I am now short the USDCAD. It looks like the EURCAD is not done with it's relief rally.
If you are following along this trade turned out to be a 1.1% loser. It just blew the spinning top and pin bar reversal candles.

I will me closely watching this pair for another opportunity to get short. I like the way the chart is looking.
Quoting 6200trading
{quote} If you are following along this trade turned out to be a 1.1% loser. It just blew the spinning top and pin bar reversal candles. I will me closely watching this pair for another opportunity to get short. I like the way the chart is looking.
How about posting some charts showing real trades......just an idea.
Quoting edge540
{quote} How about posting some charts showing real trades......just an idea.
Anyone is free to post charts and I will comment on them if you like. If you read the first post, I tell you how I have my charts set up. Also, I have my actual real money account attached to this thread for you to see all my trades.
Quoting edge540
{quote} How about posting some charts showing real trades......just an idea.
scsstnt posted some charts earlier in the thread.
I just shorted GBPAUD with a very small risk (1/2%). A surer way (higher win %) would be to wait until the previous candle low is broken.

As with the EURUSD trade earlier, I am willing to take a higher loss rate for the much higher reward if it goes my way.

Now is a good time to make a point. My entry method is just one of many methods to trade. How you manage your risk and your trade once it starts going your way is the key to success.

As I said in my opening post, I was obsessed for some time with new systems and methods for many years.

If you continue following along, I promise you will start to see how unimportant, or rather how small or insignificant the entry is to your success.
Quoting 6200trading
I just shorted GBPAUD with a very small risk (1/2%). A surer way (higher win %) would be to wait until the previous candle low is broken. As with the EURUSD trade earlier, I am willing to take a higher loss rate for the much higher reward if it goes my way. Now is a good time to make a point. My entry method is just one of many methods to trade. How you manage your risk and your trade once it starts going your way is the key to success. As I said in my opening post, I was obsessed for some time with new systems and methods for many years. If you...
Fortunately, I only risked 1/2% on the GBPAUD trade. A red report out of New Zealand sent the Aussie reeling.

Remember, always stick to your trading plan. If you keep your risk low, you can sustain a series of losses and it will not phase your account and more importantly, it will not have any effect on you mentally.
Good evening from here in Toronto, Canada. After getting stopped out of the GBPAUD shortly after shorting it last night, I am still short the EURUSD. It is a bit negative as of this writing.

Also, Again I shorted the GBPAUD this evening as the chart looks very good for a sell off. Because the fractal on the daily was so far away, I decided to use the 4H fractal as the stop loss. I am willing, again, to sacrifice win% for higher size. This will be of great benefit should the trade run in my favor. If I am stopped out again, I should be able to find another entry rather quickly.

Finally, I have some pending orders in looking to get long the CAD. The USDCAD, EURCAD and GBPCAD all have nice shorts setting up.
Quoting 6200trading
Good evening from here in Toronto, Canada. After getting stopped out of the GBPAUD shortly after shorting it last night, I am still short the EURUSD. It is a bit negative as of this writing. Also, Again I shorted the GBPAUD this evening as the chart looks very good for a sell off. Because the fractal on the daily was so far away, I decided to use the 4H fractal as the stop loss. I am willing, again, to sacrifice win% for higher size. This will be of great benefit should the trade run in my favor. If I am stopped out again, I should be able to find...
It would be great to see your charts.......please,pretty please.
Quoting edge540
{quote} It would be great to see your charts.......please,pretty please.
As I said earlier, feel free to put up charts. I will comment on them. The charts are simple, 200/50/20 SMA's.

I think people learn more when they are involved. If you are interested in what I am doing, I think that is great.

If you have questions about what I am doing, put your chart(s) up, write notes on them and/or ask questions.

If you read my posts, I am telling you exactly how I am thinking and what actions I am taking. The more people that comment or get involved the better this thread will be.
Quoting 6200trading
{quote} As I said earlier, feel free to put up charts. I will comment on them. The charts are simple, 200/50/20 SMA's. I think people learn more when they are involved. If you are interested in what I am doing, I think that is great. If you have questions about what I am doing, put your chart(s) up, write notes on them and/or ask questions. If you read my posts, I am telling you exactly how I am thinking and what actions I am taking. The more people that comment or get involved the better this thread will be.
Gee thanks,you remind me of "TooSlow" another so called teacher.What is it with you guys?Post charts of your trades both winners and losers.I suppose you will start charging for you knowledge and insight, into the murky world of Forex, eventually.If that is the direction you are headed then you need to post in the commercial section.
Quoting edge540
{quote} Gee thanks,you remind me of "TooSlow" another so called teacher.What is it with you guys?Post charts of your trades both winners and losers.I suppose you will start charging for you knowledge and insight, into the murky world of Forex, eventually.If that is the direction you are headed then you need to post in the commercial section.

Take it easy mate! If you don't like what you see or what the op has to offer, better just to leave him alone. Don't be quick judge anyone.
Quoting edge540
{quote} Gee thanks,you remind me of "TooSlow" another so called teacher.What is it with you guys?Post charts of your trades both winners and losers.I suppose you will start charging for you knowledge and insight, into the murky world of Forex, eventually.If that is the direction you are headed then you need to post in the commercial section.
I didn't know Tooslow was selling stuff, is that for real?
Quoting Ss45
{quote} I didn't know Tooslow was selling stuff, is that for real?
TooSlow doesn't sell his stuff. All free to those who want to learn.
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