Buk, to draw the supply line you start off by looking at the most recent top, which is at 1.8738 [10.18.06 - 04:00 EST]. Now you have your first reference, then you look for the most recent higher high, which would be at
1.8885 [10.06.06 - 12:00 EST].
so, triggering (at the end of the NY shift) at that level was executing the opportunity available at that specific juncture.......obviously, as price plays out up the ladder, other potential opp's surface........but the point I was trying to make is/was: the initial trade opp initially occured at a pretty key level?....
above a 240m hammer at a week long basing zone....triggering thru a (psychological) round number, aided & abetted by a collection of neutral hourly bars (spinning tops/doji's) printing at that (1.86) RN.......
like most price based strats, the more confluence assistors (should they be available) one can identify, the greater potential success the trade trigger?
I'm not saying the current 'long' enoc2g displayed is out of kilter.....but we've travelled nearly 2 cents since that entry (on a confirmed trigger)........it might just be stretching the trade potential from current levels............
but then, it might not
- #3,749
- Oct 19, 2006 7:18pm Oct 19, 2006 7:18pm
well i guess using the normal moutaki approach with weekly pivots is a good approach.. coz its earning me consistent profits lately
Here is what I am noticing though. I am thinking about what Mr. Trend said on another thread about price projection, and it appears if you use Demark's (I guess but I haven't read Demark) about using the close of the candle instead of the high/low then it appears everytime the target is hit.
Now, what about Stop Loss? Sometimes the pp is like 300 pips, but if you put a 100 pip s/l it gets hit. Usually the 100 pip s/l isn't hit though until after a 100 pip run. So what if you took the 100 pip profit and even though you still project 300 pips to hit, wait to get back in at a better price again, or I guess if you did 2 or 3 lots and took 1 off at 100 that would work too.
Anyway, just looks very interesting. There were a few failed trades too, of course.
- #3,756
- Oct 20, 2006 2:48am Oct 20, 2006 2:48am
Yasir, I just got through looking at the weekly on a lot of currencies and then see your post - LOL. Yes, it appears using this method on weekly works very well.
Here is what I am noticing though. I am thinking about what Mr. Trend said on another thread about price projection, and it appears if you use Demark's (I guess but I haven't read Demark) about using the close of the candle instead of the high/low then it appears everytime the target is hit.
Now, what about Stop Loss? Sometimes the pp is like 300 pips, but if you put a 100 pip s/l it gets hit. Usually the 100 pip s/l isn't hit though until after a 100 pip run. So what if you took the 100 pip profit and even though you still project 300 pips to hit, wait to get back in at a better price again, or I guess if you did 2 or 3 lots and took 1 off at 100 that would work too.
Anyway, just looks very interesting. There were a few failed trades too, of course.
BECAUSE I CAN !
- #3,757
- Oct 20, 2006 4:19am Oct 20, 2006 4:19am
- Joined Jul 2006 | Status: Charts + PA > * | 3,251 Posts
- #3,758
- Oct 20, 2006 4:50am Oct 20, 2006 4:50am
- Joined Jul 2006 | Status: Charts + PA > * | 3,251 Posts
Trust price. Know yourself.