Entry Unholy | Page 309 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Scripts for Limit entry, Stop entry, Market entry 47 replies

MTS Vs Random Entry - A Paradox 6 replies

FXCM - No Entry Orders before the... 43 replies

Law of Charts, Traders Trick Entry... 18 replies

short on eur/us..my entry order got blown by 11 replies

Attachments: Entry Unholy
Exit Attachments

Entry Unholy

  • #6,161
  • Apr 4, 2019 5:24am Apr 4, 2019 5:24am
Quoting JayBag
{quote} Well, I find higher TF very easy to stare at and figure out alot,, but with lower TF, I just cannot get above or below whipsaws, fake etc.... main reason I think it's harder than bigger TF
You are right...not easy......but there are certain levels where prices will react intraday.....prices will not necessary turn but they will react......here conventional RR do not apply......but street smart approach does.....when they react and you are quick enought you will lose little o make some (when you are wrong).......and it can happen many times in a day.......

When the reaction becomes a turn and we have pin point our entry then that trade will pay the bills......

I hope I have been articulating my thoughts understandably.
trading is simple but is simple is not easy.
  • #6,162
  • Apr 4, 2019 5:29am Apr 4, 2019 5:29am
Quoting JayBag
The idea is never to trade against each other.. NO.. There's no gain in that. My master was a swinger/investment guy who even hold trades for months.. (Now you know why I will always be found at the high TF) I still know little about small TF even after starting the journey officially since 2010 the same year the world cup was hosted here. Having said the above, I find lower TF a bit more difficult and that I have to learn from you guys here. I am not here to kiss asses or like posts just for the sake of it.. It has to be informative and proven....


I’m not very good at expressing concepts in my head into words but let me try... if I were to apply the same concept of how I’ve been buying and translate that into selling this is what I see:

My targeted next entry would be around 1.1232, gunning for 1.1216. Next possible entry would be the current area around 1.1225 or so, targeting 1.1205 thereabouts. Then one last one from 1.1216 targeting the current week’s low. *of course all subject to change depending on rejections, momentum, spikes etc etc but the rough idea would be like this

When using smaller timeframes to pull trades WITH the trend (I’m largely a counter trend trader but well to each his own), I tend to enter when a swing high approaches a previous swing low hence the marked targeted entry points. Usually I would want to see consecutive swing highs and lows (consecutive lower highs and lower lows forming for shorts to be specific) to take the trade but this past week (and much of last week) on the smaller timeframes its largely been ranging (you see a lot of accumulation before a spike down) so it’s difficult to pick entries from down here.

Smaller timeframes are more suited for catching bounces (for counter trends) and rejections (ie rejections at resistances to continue with the downtrend). The ideal situation in going short off smaller timeframes would be when said swing highs coincide with a marked level but of course things are never textbook perfect.

I like to use momentum as a secondary confirmation for entry. So Stochs, RSI and etc being tapped out when approaching the level would be something I want to see before taking the trade.

Add on:

At the time I was writing this post (chart one) price was at 1.12258. Right now it’s at 1.12310 quite near that marked potential short entry I mentioned, but looking at momentum (second screenshot) it looks like there’s still a little more ‘push’ to it so I hesitate to take one here. I would take a half-sized position here, with the intention of adding the other half as close to the previous bounce’s high around 1.12364.

tl;dr - Momentum and levels to catch counter trend bounces, consecutive swing highs and swing lows (lower highs AND lower lows vs higher highs AND higher lows) for trades with the trend
Attached Image(s) (click to enlarge)
Click to Enlarge Name: B49E00F8-2B52-416C-B109-11441B07B3EF.jpeg Size: 324 KB
Click to Enlarge Name: FB5449F2-A934-4231-8B37-D162FF1AAFC6.jpeg Size: 299 KB
You hesitate, you masturbate.
  • #6,163
  • Apr 4, 2019 5:31am Apr 4, 2019 5:31am
Sorry one more add one - my stop losses would generally between 3 to 7 pips, or roughly where the previous swing high is for a short.
You hesitate, you masturbate.
  • #6,164
  • Apr 4, 2019 5:36am Apr 4, 2019 5:36am
apologies in advance if my little write up was unclear in any way - I ‘see’ concepts visually in my head so it’s a little tough for me to verbalise them. I’ll try to re-explain if anyone has anything to ask about my usage of M5.

I’ve benefited loads from the larger timeframe charts shared here and yeah as JB said the whole point is to add value to each other so hopefully somebody would find this useful
You hesitate, you masturbate.
  • #6,165
  • Apr 4, 2019 5:45am Apr 4, 2019 5:45am
Quoting ZenNy
{quote} You are right...not easy......but there are certain levels where prices will react intraday.....prices will not necessary turn but they will react......here conventional RR do not apply......but street smart approach does.....when they react and you are quick enought you will lose little o make some (when you are wrong).......and it can happen many times in a day....... When the reaction becomes a turn and we have pin point our entry then that trade will pay the bills...... I hope I have been articulating my thoughts understandably.
I fully understand every word..
doing the interday levels will be scalping and that's fine because there are people who are pro on it..

But what I would like to ask you and everyone here, is there an approach to sport weekly lows and Highs? if yes, then we have our job cut out..
example is I suggest we are falling on the monthly.. We get a tool/method to sport a top and join the free ride down.. this can be tested for a while in a demo then we have something unique..
  • #6,166
  • Apr 4, 2019 5:49am Apr 4, 2019 5:49am
Quoting engweijie
{quote} I’m not very good at expressing concepts in my head into words but let me try... if I were to apply the same concept of how I’ve been buying and translate that into selling this is what I see: My targeted next entry would be around 1.1232, gunning for 1.1216. Next possible entry would be the current area around 1.1225 or so, targeting 1.1205 thereabouts. Then one last one from 1.1216 targeting the current week’s low. *of course all subject to change depending on rejections, momentum, spikes etc etc but the rough idea would be like this When...
Well said Eng,

your levels are more interday.. I agree taking a few here and there can even give 100% in a few days..
just like my response to zenny, are you able to present an approach we can use week in and out to spot potential tops or bottom?
  • #6,167
  • Apr 4, 2019 6:12am Apr 4, 2019 6:12am
Quoting JayBag
{quote} I fully understand every word.. doing the interday levels will be scalping and that's fine because there are people who are pro on it.. But what I would like to ask you and everyone here, is there an approach to sport weekly lows and Highs? if yes, then we have our job cut out.. example is I suggest we are falling on the monthly.. We get a tool/method to sport a top and join the free ride down.. this can be tested for a while in a demo then we have something unique..
What do you mean by "sport" mate? I am not sure if I understand your question....

There are all sort of levels, some will use pivots, some will use fibs, some will use Bbands, some will use conventional support/resistance, some will use pattern like Double top/bottom, 20 bar high/low....all sort
trading is simple but is simple is not easy.
  • #6,168
  • Apr 4, 2019 6:25am Apr 4, 2019 6:25am
Quoting ZenNy
{quote} What do you mean by "sport" mate? I am not sure if I understand your question.... There are all sort of levels, some will use pivots, some will use fibs, some will use Bbands, some will use conventional support/resistance, some will use pattern like Double top/bottom, 20 bar high/low....all sort
I think you have an idea considering your response...

Yes that's what i mean actually.. Like this week, according to PA, we can say the pattern 'Double Top' is in action.
but can we use this DB pattern next week?

I was hoping we can find something or approach to make it a bit easier to identify bottoms or tops for the week
  • #6,169
  • Apr 4, 2019 6:46am Apr 4, 2019 6:46am
Quoting JayBag
{quote} I think you have an idea considering your response... Yes that's what i mean actually.. Like this week, according to PA, we can say the pattern 'Double Top' is in action. but can we use this DB pattern next week? I was hoping we can find something or approach to make it a bit easier to identify bottoms or tops for the week
I understand now my friend.....there is not garantee at any levels and at any pattens.....patterns fail and their failure also fail....but the price action prior to that level can give some hint......Keep in mind market movers need liquidity and they will draw price to their level to unload....

Always look at day/weekly/monthly high/low.....how does the price get there....is it too strong? then wait, we might need a double top before we enter......Is it making wide swing also in the direction of our future trade before prices gets to our level? Then it is much safer to short without a reversal pattern.........still, nothing for sure...that is why you have to play street smart....mostly they do react.....this is how Digzs plays.....quickly moves his protection stop at BE.......you can also take some and move the SL at BE with the rest....

Also round numbers especially when they are combined with day/weekly/monthly high/low.....do not forget to draw the intraday High/low before LO....

Today is a classic example of what I am talking about, made 4 trade all against the intraday trend from LO, I was wrong in all my 4 trades but I made some, little but some....which is important...
Attached Image
trading is simple but is simple is not easy.
  • #6,170
  • Apr 4, 2019 7:05am Apr 4, 2019 7:05am
Quoting ZenNy
{quote} I understand now my friend.....there is not garantee at any levels and at any pattens.....patterns fail and their failure also fail....but the price action prior to that level can give some hint......Keep in mind market movers need liquidity and they will draw price to their level to unload.... Always look at day/weekly/monthly high/low.....how does the price get there....is it too strong? then wait, we might need a double top before we enter......Is it making wide swing also in the direction of our future trade before prices gets to our...
I agree with you about nothing being sure.. that's a fact even life it's self is not certain..

It takes experience to archive that and yes it's way better than -1
Since nothing is for sure, then I think we can find what is close

if we can combine ideas to spot the TOP or close for the week, I think it can help everyone really good
I am insisting on that because I know it's possible.. only a matter of time.
  • #6,171
  • Apr 4, 2019 7:17am Apr 4, 2019 7:17am
Judging by PA, I don't see any more stops till the joyful break of 1.117 lol.. I can't take that handle off my big head
anyway, let's give it time
  • #6,172
  • Apr 4, 2019 7:21am Apr 4, 2019 7:21am
Quoting engweijie
{quote} I’m not very good at expressing concepts in my head into words but let me try... if I were to apply the same concept of how I’ve been buying and translate that into selling this is what I see: My targeted next entry would be around 1.1232, gunning for 1.1216. Next possible entry would be the current area around 1.1225 or so, targeting 1.1205 thereabouts. Then one last one from 1.1216 targeting the current week’s low. *of course all subject to change depending on rejections, momentum, spikes etc etc but the rough idea would be like this When...
Agreed.

You and I trade the same way.
And often times we move in more or less the same direction.

Looking at the larger time frame does help in terms of caution regarding S and R. But dropping onto lower timeframe and trading with intra day moment helps with two things.
In and out of a position quickly.
Reduced drawdown.
Simply selling or buying because of the larger time frame can result in one holding a looser for some time will it yield profits yes. But I want to make my money now or loose it now and move onto the next trade. By trading slightly larger volumes and taking profits quickly and adjusting to BE you may end up placing 20 trades in a day but all those sheckles collectively add up to a healthy sum at the end of the day and you don't really end up carrying positions for too long.
Think it's all about what's most convenient and comfortable from trader to trader.
So guys wannacheck in on charts once in a while as such this approach won't work for em.
Look at EU chart since LO. Hourly shows what? London sold...... subsequently you can use 15min chart and 5 Min chart to place entries and ride the trend as it progresses lower. If it reverses we get stopped out and look to buy and the saga continues ....
Just an add on: of those twenty or so trades placed daily you may get stopped out on loses on 3 or 4 but the others yield profits so realistically given your RR you will still make buck......
Just my 2cents worth
4&1 All Time Profit: $37,496
  • #6,173
  • Apr 4, 2019 7:37am Apr 4, 2019 7:37am
Quoting engweijie
apologies in advance if my little write up was unclear in any way - I ‘see’ concepts visually in my head so it’s a little tough for me to verbalise them. I’ll try to re-explain if anyone has anything to ask about my usage of M5. I’ve benefited loads from the larger timeframe charts shared here and yeah as JB said the whole point is to add value to each other so hopefully somebody would find this useful

Forst, sorry for OP to intrude here. just want to add some weapon in my arsenals.

and second, Eng, not to be rude, but i already "stalked" you and see how you trade, and it has make me some profit to some point. i see from your trade explorer back then that you focused on levels. and it works great for me, but just now you tell that

"I like to use momentum as a secondary confirmation for entry. So Stochs, RSI and etc being tapped out when approaching the level would be something I want to see before taking the trade."

Care to elaborate more on this ? because catching swing high that coincides with levels net me some profit and some loss, maybe 6:4 or 7:3, and i see you have great filter for this.

Thanks
May the odds be ever in your favor
  • #6,174
  • Apr 4, 2019 7:48am Apr 4, 2019 7:48am
Quoting JayBag
{quote} Well said Eng, your levels are more interday.. I agree taking a few here and there can even give 100% in a few days.. just like my response to zenny, are you able to present an approach we can use week in and out to spot potential tops or bottom?
I am thinking, JB, to apply the same concepts in daily ADR range trading but with an average weekly range on the monthly chart instead.

So there’s that age-old method where, given the average daily range for the EURUSD for the past 10 weeks has been roughly 65 pips, one would typically mark the current high and low, then take 65 minus the current ‘mileage clocked’ and add it to that high/low and that would be the target close area for the day. Maybe add 20 pips for a wild wick/one of those nice 100 pip days.

I cant seem to find a calculator for an ‘average weekly range’ but if someone has one that would be great if not over the weekend I’ll manually calculate it to test this theory out.

But then the question would be how much of an average is ‘enough’ to make this accurate. A 10-week average is 50 trading days. Do we take 50 weeks as our average? That’s roughly a year though, is that accurate enough for such a long-term chart projection or is that too long where because so many events can happen in a year, would there be other macro factors in the economy that would shift the sentiment and make this invalid?

Maybe we can apply this on the longer term charts with an ‘AWR’ (average weekly range) to get a rough 20 pip zone then step down to intraday timeframes to get the best possible entry.

Just an idea that suddenly bounced off my head. Maybe someone else thought of it before but what does everyone think?
You hesitate, you masturbate.
  • #6,175
  • Apr 4, 2019 8:00am Apr 4, 2019 8:00am
Quoting HanHanid
{quote} Forst, sorry for OP to intrude here. just want to add some weapon in my arsenals. and second, Eng, not to be rude, but i already "stalked" you and see how you trade, and it has make me some profit to some point. i see from your trade explorer back then that you focused on levels. and it works great for me, but just now you tell that "I like to use momentum as a secondary confirmation for entry. So Stochs, RSI and etc being tapped out when approaching the level would be something I want to see before taking the trade." Care to elaborate more...
Hi. The momentum indicators I use as a secondary filter when price arrives at a given level that’s all. My levels are usually marked based on slightly higher but still inter-day levels (so H1, sometimes H4), and on small timeframes I’m well aware of ‘noise’ causing mini-spikes and fluctuations. So let’s say price approaches the marked level, on M5 and M1 I like to see momentum being tapped out before I take a counter trend. If the momentum is only halfway through, it gives me reason to believe price can push past a little higher (where I can get in at a better price), or the level might not hold and price just goes right through to the next level (so I’d have avoided a bad trade).

I’ll give an example (numbers are arbitrary and for examples only).

So let’s say the level I have marked is 1.2345

I’ll give it maybe a 5 pip give or take in both directions so a rough range of 1.1235 and 1.1234. When price approaches the lower end of the range and I see momentum on M5 and M1 completely tapped out (you can refer to my past charts where I circle the momentum indis) I’ll take the counter trade. Maybe if I’m particularly cautious I’ll only open with half the usual position size. If I see momentum has some way to go, I’ll let it continue and see if it gets tapped out midway across that range or at the top of the range and if it does I’ll take the trade. If not I won’t take the trade.

Not sure if when put in words makes it unclear but if you have trouble visualising this please give me till the weekend I’ll post some charts with examples when I have the time
You hesitate, you masturbate.
  • #6,176
  • Apr 4, 2019 8:08am Apr 4, 2019 8:08am
Quoting engweijie
{quote} I am thinking, JB, to apply the same concepts in daily ADR range trading but with an average weekly range on the monthly chart instead. So there’s that age-old method where, given the average daily range for the EURUSD for the past 10 weeks has been roughly 65 pips, one would typically mark the current high and low, then take 65 minus the current ‘mileage clocked’ and add it to that high/low and that would be the target close area for the day. Maybe add 20 pips for a wild wick/one of those nice 100 pip days. I cant seem to find a calculator...
I have been trying to find the weekly average indicator but none found here in FF..
if you can possibly help with that, it would be appreciated

that can really help suggest extremes on the weekly
  • #6,177
  • Apr 4, 2019 8:17am Apr 4, 2019 8:17am
Quoting JayBag
{quote} I have been trying to find the weekly average indicator but none found here in FF.. if you can possibly help with that, it would be appreciated that can really help suggest extremes on the weekly
Ill work it out over the weekend manually if I can’t find one tonight. In the meantime, if there’s anyone good with EAs (I can’t code for nuts), would you guys reckon it’s possible to adapt an ADR calculator for average weekly by changing some parameters of existing ADR indicators?

Another question I’m open to suggestions for (before we start calculating) is at which point do we add the ‘mileage’ and remaining AWR. Because you know how with ADR you can take any point of the new day, maybe mid London or mid New York session since during Asia it wouldn’t have moved much, the do the whole minus mileage from ADR and add it on to the existing high/low. At which point of the week would it be best to apply this calculation on? Else we’d have to calculate multiple instances of Mondays through to Fridays manually and see which gives a more accurate reading
You hesitate, you masturbate.
  • #6,178
  • Apr 4, 2019 8:27am Apr 4, 2019 8:27am
do not know if this is what you are looking for, but fxstreet has a crude ATR which may help.
NY opens soon, so back to the futures mkt.
good luck,
regards
goma
Attached Image (click to enlarge)
Click to Enlarge Name: EUR_USD.png Size: 37 KB
  • #6,179
  • Apr 4, 2019 8:33am Apr 4, 2019 8:33am
Quoting goma
do not know if this is what you are looking for, but fxstreet has a crude ATR which may help. NY opens soon, so back to the futures mkt. good luck, regards goma {image}
Thanks goma, all the best for your session Many green pips to you
You hesitate, you masturbate.
  • #6,180
  • Apr 4, 2019 8:45am Apr 4, 2019 8:45am
Quoting engweijie
Another question I’m open to suggestions for (before we start calculating) is at which point do we add the ‘mileage’ and remaining AWR. Because you know how with ADR you can take any point of the new day, maybe mid London or mid New York session since during Asia it wouldn’t have moved much, the do the whole minus mileage from ADR and add it on to the existing high/low. At which point of the week would it be best to apply this calculation on? Else we’d have to calculate multiple instances of Mondays through to Fridays manually and see which gives...
The thing about this is that (obviously) the later in the week we calculate this the more accurate it is but bulk of the move would have missed us. If you take a Monday’s opening price and add (an arbitrary, for example’s sake) +/-100 pips in either direction of course you’ll find your weekly high or low within the projection because the week hasn’t started and price has such a huge buffer to play around with. If you do it on a Wednesday or Thursday, you’d probably find the TARGET for the week somewhere but you’d have missed the bulk of the move because the week’s halfway over. So what would be the most profitable in-between? Maybe someone with good experience on weekly reversals/retracement can chime in?
You hesitate, you masturbate.
17 traders viewing now