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  • #11,001
  • Sep 1, 2017 10:47am Sep 1, 2017 10:47am
eurusd +5

Trend sh, under dragon M1, M5, M15
Green candle not follow up and don'break up ema 200
I entered on red candle that break down down dragon
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  • #11,002
  • Sep 1, 2017 10:51am Sep 1, 2017 10:51am
USDCAD +5

TREND very short
double top under @00 level
entered on red candle that break down dragon
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  • #11,003
  • Sep 1, 2017 5:17pm Sep 1, 2017 5:17pm
Quoting rizsa
Hi Traders! I attached another picture. It seemd also a good setup: stron support level at key level (1.247) then PA touched the 200 EMA and came back with high volume and green candle. But the PA went down and I lost. That is it. {image}
With this trade you can see price bounce a lot off the upper level 3 times or more...so maybe think about where you hope to take profit before you enter. Entering where you did really only gives opportunity for small scalp to where price bounced before or not as far as that level as the highs are not as high each time it rejects......if I can see by your chart...or if you are thinking of a break past this level its safer to wait till the level is broken first....another thing is the wicks on those candles not long after you entered.... Can signify price being rejected and good place to sell right there...4 candles with wicks there.... Easy to say after its happened...i know..... But we keep trying.
  • #11,004
  • Sep 2, 2017 1:44am Sep 2, 2017 1:44am
Quoting rizsa
Hi Traders! I attached another picture. It seemd also a good setup: stron support level at key level (1.247) then PA touched the 200 EMA and came back with high volume and green candle. But the PA went down and I lost. That is it. {image}
Hi, at this point I'm probably beating a dead horse, but I wanted to share a visual to really bring home the point. You identified a key support level and price's direction over a longer duration (price did go up after a false breakdown). However, you forgot to identify key resistance levels. It also looks like you didn't confirm price action before entering because you didn't enter on a false breakout, but instead in an area of consolidation. The image below also includes some potential setups, but don't think you need to take them all and overtrade (it's also very difficult to identify them all in real-time). One or two of these a day to start and you'll do nicely. In my opinion, it's good to trade before or after the London open, but not at the open because you have new market makers entering the market and it looks like they ran a stop hunt.

(Also, data will look different from broker to broker so my charts will look a little different.)

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  • #11,005
  • Sep 2, 2017 9:40am Sep 2, 2017 9:40am
Quoting Tremulous
{quote} Hi, at this point I'm probably beating a dead horse, but I wanted to share a visual to really bring home the point. You identified a key support level and price's direction over a longer duration (price did go up after a false breakdown). However, you forgot to identify key resistance levels. It also looks like you didn't confirm price action before entering because you didn't enter on a false breakout, but instead in an area of consolidation. The image below also includes some potential setups, but don't think you need to take them all...
Keep It Simple
  • #11,006
  • Sep 2, 2017 9:43am Sep 2, 2017 9:43am
Quoting Tremulous
{quote} Hi, at this point I'm probably beating a dead horse, but I wanted to share a visual to really bring home the point. You identified a key support level and price's direction over a longer duration (price did go up after a false breakdown). However, you forgot to identify key resistance levels. It also looks like you didn't confirm price action before entering because you didn't enter on a false breakout, but instead in an area of consolidation. The image below also includes some potential setups, but don't think you need to take them all...
Very Helpful Chart Tremulous! Thank you for posting it.
True Grit!
  • #11,007
  • Sep 2, 2017 10:54am Sep 2, 2017 10:54am
Quoting Tremulous
{quote} Hi, at this point I'm probably beating a dead horse, but I wanted to share a visual to really bring home the point. You identified a key support level and price's direction over a longer duration (price did go up after a false breakdown). However, you forgot to identify key resistance levels. It also looks like you didn't confirm price action before entering because you didn't enter on a false breakout, but instead in an area of consolidation. The image below also includes some potential setups, but don't think you need to take them all...

Tremulous,
1.) Do you trade the potential retest trades and how do you know to take them?

2.) What is the Manager Ea in upper right corner and the number below it?

3.) Are you watching other time frames along side the M1?

4.) On the chart you posted...did you take any actual trades?

6.) When you trade a chart setup open and close the trade...do you take another on the same chart later on?

Take care man! Great chart and a lot of help.
True Grit!
  • #11,008
  • Sep 2, 2017 3:04pm Sep 2, 2017 3:04pm
Quoting hards
{quote} Tremulous, 1.) Do you trade the potential retest trades and how do you know to take them? 2.) What is the Manager Ea in upper right corner and the number below it? 3.) Are you watching other time frames along side the M1? 4.) On the chart you posted...did you take any actual trades? 6.) When you trade a chart setup open and close the trade...do you take another on the same chart later on? Take care man! Great chart and a lot of help.
1) Retest trades are good in a trending market. The market maker is taking a breather and you jump on the band wagon. You also get to see how "weak" the market maker has become because you get to see how big the retest is before entering. Trading a retest can also protect you in a ranging market because you inadvertently trade on the right side. A retest trade should usually be taken when there is an identified support, whether it be an EMA, a RN, or maybe something you drew in. Of course a retest can end up becoming a change of trend. Then it would have had to break through support and should give some warning cues.

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2) The EA I use is "StopLoss and TakeProfit Manager", but I renamed it because it was taking up too much space. All it does is set a 20 pip TP and a 10 pip SL so that if my psychology fails (I get greedy, or I get scared) I have a hard limit where I close the trade and take a breather. However, the EA is only for a hard stop and I still manually manage my trades. The number below the EA is the current spread. When the spread is low it's green, but when the spread is high it turns to red. It lets me know when the MM doesn't want me trading. This is true usually during some market opens and high impact news.

3) During market opens (London/USA), I only trade the 1 minute. During slower periods a couple hours after the opens, I start looking at higher timeframes. However, I like to trade quickly, so sometimes I only trade the opens and news. I generally don't try to trade the news, but instead trade around it and use it as momentum.

4) Nope, I was out of town and decided to skip trading on Friday. I was pointing out some potential trades near that time.

5) I don't see why not. But if it's on the same trend, I curb my expectations and have tighter stops. Eventually all trends run out of steam.
  • #11,009
  • Sep 2, 2017 5:15pm Sep 2, 2017 5:15pm
Quoting Tremulous
{quote} 1) Retest trades are good in a trending market. The market maker is taking a breather and you jump on the band wagon. You also get to see how "weak" the market maker has become because you get to see how big the retest is before entering. Trading a retest can also protect you in a ranging market because you inadvertently trade on the right side. A retest trade should usually be taken when there is an identified support, whether it be an EMA, a RN, or maybe something you drew in. Of course a retest can end up becoming a change of trend. Then...

Extremely helpful Tremulous, I appreciate you a lot. Very helpful. In regards to # 3 I have been using TW's Quick Deal and for me I see no reason to believe that MM's are hunting hard SL set on small accounts.....Would any of them have time for that? If I have a stop hit is because of PA and price would have gone there whether or not my SL was in the way.

You post great charts and your willingness to help is remarkable.

Mahalo
True Grit!
  • #11,010
  • Sep 3, 2017 12:31am Sep 3, 2017 12:31am
Good Morning!

Thank you the helpful hints and beautiful explanations.
Have a good weekend and get ready for the next week.
I will try to post my loosing trades in order to learn from them and I wish many pips all of you!
  • #11,011
  • Sep 3, 2017 7:02am Sep 3, 2017 7:02am
Quoting Tremulous
{quote} 1) Retest trades are good in a trending market. The market maker is taking a breather and you jump on the band wagon. You also get to see how "weak" the market maker has become because you get to see how big the retest is before entering. Trading a retest can also protect you in a ranging market because you inadvertently trade on the right side. A retest trade should usually be taken when there is an identified support, whether it be an EMA, a RN, or maybe something you drew in. Of course a retest can end up becoming a change of trend. Then...
Excellent....
Keep It Simple
  • #11,012
  • Sep 3, 2017 7:31pm Sep 3, 2017 7:31pm
EURJPY M1 +5PIPS LONG

- Break of what looked like a resistance level with a green candle and notable volume
- I waited until a retrace back to the 25wgt and entered
- Got my target and exited
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  • #11,013
  • Edited Sep 4, 2017 12:53am Sep 3, 2017 8:19pm | Edited Sep 4, 2017 12:53am
UJ +5.5 pips

Rinse and repeat that's what it's all about
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~I'll take 5 pips or whatever I can~
  • #11,014
  • Sep 4, 2017 12:04am Sep 4, 2017 12:04am
Hello everyone,

AUDUSD M1 -4 pips
I had a failed attempt at shorting audusd just now. I was hoping that I could get some pointers from the seniors here about my mistake.
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I noted that AU broke through the dragon, 200 EMA and round number with notable volume. Waited till it broke the low and retraced till 200 EMA.
Formed a double top at the 200 EMA and had red volume again. Shorted after the it broke round number level of 0.7960. But it was a failed attempt. I was hoping that someone could shed some light on my mistake here.

Thank you very much and sorry to take up any of your time
  • #11,015
  • Sep 4, 2017 1:19am Sep 4, 2017 1:19am
Long EURUSD +7.8 pips

I was patiently waiting for hours on this pair hoping that it would break out of the range. Once it did and there weren't any signs of immediate retracement, I entered with an exit at the next round number.

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  • #11,016
  • Sep 4, 2017 1:38am Sep 4, 2017 1:38am
Quoting kbkm
Hello everyone, AUDUSD M1 -4 pips I had a failed attempt at shorting audusd just now. I was hoping that I could get some pointers from the seniors here about my mistake. {image} I noted that AU broke through the dragon, 200 EMA and round number with notable volume. Waited till it broke the low and retraced till 200 EMA. Formed a double top at the 200 EMA and had red volume again. Shorted after the it broke round number level of 0.7960. But it was a failed attempt. I was hoping that someone could shed some light on my mistake here. Thank you very...
Dragon is zigzagging & confined in a range. AUD is relatively strong. Signs to cut losses or breakeven when bearish volume price failed to make new lows and did not retest previous range resistance.

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  • #11,017
  • Sep 4, 2017 1:38am Sep 4, 2017 1:38am
UJ +4 pips quick snipe
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~I'll take 5 pips or whatever I can~
  • #11,018
  • Sep 4, 2017 1:52am Sep 4, 2017 1:52am
Quoting Tremulous
{quote} Dragon is zigzagging & confined in a range. AUD is relatively strong. Signs to cut losses or breakeven when bearish volume price failed to make new lows and did not retest previous range resistance. {image}
Thank you very much for your explanation tremulous
  • #11,019
  • Sep 4, 2017 2:36am Sep 4, 2017 2:36am
Hi everybody!

As you can see at the picture PA broke the dragon and 200 EMA with huge volume and broke previous high level as well.
I entered when PA pulled back the the dragon but I lost some pips.
What do you think about it? What was my mistake?
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  • #11,020
  • Sep 4, 2017 3:04am Sep 4, 2017 3:04am
Quoting rizsa
Hi everybody! As you can see at the picture PA broke the dragon and 200 EMA with huge volume and broke previous high level as well. I entered when PA pulled back the the dragon but I lost some pips. What do you think about it? What was my mistake? {image}
The dragon is only your friend in a trending market: you were trading the top of a range. When trading the 1 minute, you need a way to get the bigger picture. That could be zooming out or using a higher time frame (5-15 minute). Also, price could be waiting for the upcoming high impact news...

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