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You Already Know How to Trade! (Supermarket Deals)

  • #41
  • Edited Dec 16, 2019 12:44am Dec 15, 2019 2:20am | Edited Dec 16, 2019 12:44am
Quoting Skracor247
{quote} This is good! This is what I mean when I say 'find the deal'. You already know where to look for good bargain basement prices for purchasing your goods. I am sure this came after plenty of time studying. Did someone tell you about this or did you discover it yourself? My trading is 80% others work and 20% my own discovery. The 20% is what I am really proud of.

Hi Skracor,

I learnt about this after watching free videos from Chris Lori.

Like you, I'm incorporating about 80% of other peoples work into my own discoveries.

Never chase Price always wait, like you say, for Price to come to where you are prepared to "Pay the Price Asked"

Personally I Trade using M15 Structure and Enter at "Basement Bargain Prices" on M1
  • #42
  • Dec 15, 2019 8:53am Dec 15, 2019 8:53am
You can overlay these two charts to get an idea of how I see price structure.

Purple = From the Weekly
Red = From the Daily

Consider something. If you can refine your entries with lower timeframes then you can also refine your S/R with lower timeframes... This is possible because of the fractal nature of the market. It is not possible if you treat 'timeframes' too rigidly. The better your information the better your decisions will be.

Attached Image (click to enlarge)
Click to Enlarge Name: USDCAD_D1_pushes.png Size: 67 KB


Attached Image (click to enlarge)
Click to Enlarge Name: USDCAD_D1_Bargains.png Size: 45 KB
  • #43
  • Dec 15, 2019 5:58pm Dec 15, 2019 5:58pm
I am buying GBP pairs now based on the fundamental and the small pullback we had on Friday after the rally (due to Johnson winning) -- Hoping at least the prices will climb back up to the highs hit on Friday
  • #44
  • Dec 15, 2019 7:06pm Dec 15, 2019 7:06pm
Quoting Zakattack
I am buying GBP pairs now based on the fundamental and the small pullback we had on Friday after the rally (due to Johnson winning) -- Hoping at least the prices will climb back up to the highs hit on Friday
Tradingview charts are wonky right now...

I am waiting for the GBP to show me what it wants to do next. From the weekly perspective, I see the three pushes up. The Daily could possibly be showing the end of this leg of the up move. The purple S/R was taken from the Weekly and refined on the Daily. It shows that 1.3310ish should be the best price for those buys IF it is going to turn to go higher here. It could just reach up to retest those highs before turning back down. Time will tell. I am neither a buyer nor a seller at the moment.

For me Fundamentals on the GBP are a mixed bag.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD_D1_pushes.png Size: 64 KB


Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD_D1_level.png Size: 49 KB
  • #45
  • Dec 15, 2019 9:44pm Dec 15, 2019 9:44pm
Hi Skracor,

Do you apply this method to other markets e.g. indices, commodities, etc?

Thanks!
  • #46
  • Dec 16, 2019 5:43am Dec 16, 2019 5:43am
Quoting OldKid
Hi Skracor, Do you apply this method to other markets e.g. indices, commodities, etc? Thanks!
The only other thing I have applied this to is a random sampling of stock charts. I believe the two markets are different enough that should I try a third or fourth market the same principles will apply. An auction market is an auction market.
  • #47
  • Edited 12:29pm Dec 16, 2019 7:28am | Edited 12:29pm
Hi Skracor, I am seeing many pairs, GBP pairs especially, seemingly at their limits, 3 pushes on 3rd or 2nd push, etc. I realize they can continue for a long time. Many pairs are ready to pull back but are unable to due to current news/momentum. Need a news driver to start direction change. LOL.
FYI : I am not trading them short, will wait for a turn, then trade the pullback short if it's right.

I am watching AU, EU, AJ, AC, CJ, AF long, UC, UF short.
Question for you: What is the difference between red and blue lines on your marked up UC chart. Are they S/R or timeframe distinctions as you outlined before with green, blue, and red for 1hr, 4hr and Daily.
  • #48
  • Dec 16, 2019 3:06pm Dec 16, 2019 3:06pm
Quoting newfie4x
Hi Skracor, I am seeing many pairs, GBP pairs especially, seemingly at their limits, 3 pushes on 3rd or 2nd push, etc. I realize they can continue for a long time. Many pairs are ready to pull back but are unable to due to current news/momentum. Need a news driver to start direction change. LOL. FYI : I am not trading them short, will wait for a turn, then trade the pullback short if it's right. I am watching AU, EU, AJ, AC, CJ, AF long, UC, UF short. Question for you: What is the difference between red and blue lines on your marked up UC chart....
Those are my S/R pulled from two different timeframes.

Purple = Weekly
Red = Daily

I will try to keep all my charts color-coded to minimize confusion.
  • #49
  • Dec 16, 2019 7:17pm Dec 16, 2019 7:17pm
AUD/USD

Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSD_D1_levels.png Size: 43 KB
  • #50
  • Edited 9:09pm Dec 16, 2019 8:59pm | Edited 9:09pm
Attached Image (click to enlarge)
Click to Enlarge Name: 2019-12-16 AU.png Size: 17 KB


We have a similar look. I haven't got rid of the need for a few indicators yet, getting there. LOL

I am thinking of eventually placing buy orders at the top of push 1 and at the top of the body of last candle of push 1 pullback. See screen shot.

As you can see, I've been in this trade during push 1, need to start staying in longer.

Thanks for your sharing, looks great. Nice, simple and duplicatable.
  • #51
  • Dec 16, 2019 10:33pm Dec 16, 2019 10:33pm
Quoting newfie4x
{image} We have a similar look. I haven't got rid of the need for a few indicators yet, getting there. LOL I am thinking of eventually placing buy orders at the top of push 1 and at the top of the body of last candle of push 1 pullback. See screen shot. As you can see, I've been in this trade during push 1, need to start staying in longer. Thanks for your sharing, looks great. Nice, simple and duplicatable.
My pleasure!

Holding on to a winning trade always feels good. As long as it is in your trading plan, keep it until you reach your goal.

As an alternative, you can slide down to the 4H and follow its three pushes to give you a place to get out and wait until the second up move continues. I cannot stand DrawDown on my successful trades.

Attached Image (click to enlarge)
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  • #52
  • Dec 17, 2019 5:04am Dec 17, 2019 5:04am
Quoting Skracor247
{quote} Once you have acquired your desired position the most important thing to do next is wait... {image}
Hi Skracor 247


Thank you for the thread.

Trying to figure out, is the limit order area is the "Fire Sale " zone.

Waiting for limit to get filled.
Thanks in advance for your comment and correction.


Thank You
Attached Image (click to enlarge)
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I come from the future.
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  • #53
  • Dec 17, 2019 5:33am Dec 17, 2019 5:33am
Quoting Pat Chiko
{quote} Hi Skracor 247 Thank you for the thread. Trying to figure out, is the limit order area is the "Fire Sale " zone. Waiting for limit to get filled. Thanks in advance for your comment and correction. Thank You {image}
Looks pretty good to me.
  • #54
  • Dec 17, 2019 4:02pm Dec 17, 2019 4:02pm
Quoting Skracor247
AUD/USD {image}
Update:

Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSD_H4_levels.png Size: 65 KB
  • #55
  • Dec 17, 2019 6:41pm Dec 17, 2019 6:41pm
Another thing to consider in trading is the problem of scaling.

As we all flip through our charts zooming in and out on all the different timeframes there is something odd going on that should cause you to stop and ask some questions. The scale of the chart while zooming is not applied linearly or even logarithmically but almost randomly to fit a certain number of candles onto the frame. If you have ever 'locked' the scale of your charts you immediately removed this feature and probably got lost in the chart as it no longer tracks the candles to frame them perfectly.

What does this mean for charting and technical analysis? This means that certain charting tools will not work in their intended way without taking scaling into consideration. It also means our view of price and its movement can become skewed over time due to changes in volatility.

The best solution I have found for this problem is to set aside any tool that is adversely affected by scaling. This would mean things like Trendline by Angle and other Angle dependent tools and indicators. The angle of a charted line is dependent on the scale of the chart. If you change the scale in any way you change the angle of the line leading to inconsistencies in your charting information. An inconsistency often equals loss instead of profit.
  • #56
  • Dec 17, 2019 7:15pm Dec 17, 2019 7:15pm
nice thread @skacor247,can you explain more about move 1,2,3 in clear pict,and how we indentified it?thank you very much
  • #57
  • Dec 17, 2019 7:26pm Dec 17, 2019 7:26pm
Quoting bocet
nice thread @skacor247,can you explain more about move 1,2,3 in clear pict,and how we indentified it?thank you very much
How about this.

If you mark a chart with the 1,2,3 pushes you see. I will then tell you if that is the same way I see it or I will amend your chart with the way I see pushes. Sound good?

That way you can learn by doing and then being guided.
  • #58
  • Dec 17, 2019 8:11pm Dec 17, 2019 8:11pm
Hi Skracor,
Do you consider weekly charts at all? I see AUDUSD in a protracted downtrend on the weekly, starting from 2011-2012. This seems to keep bullish momentum suppressed. Hence deep retracements, etc.
Thanks!
  • #59
  • Dec 17, 2019 9:09pm Dec 17, 2019 9:09pm
Quoting OldKid
Hi Skracor, Do you consider weekly charts at all? I see AUDUSD in a protracted downtrend on the weekly, starting from 2011-2012. This seems to keep bullish momentum suppressed. Hence deep retracements, etc. Thanks!
I work my way down starting from the Monthly. I don't skip any timeframes even though they don't exist, hehehe. A pullback on the weekly will look like an uptrend on the daily and 4H charts. It is important to know where the 'bargains' are on all the timeframes so that you are not fighting against something larger than yourself. A Daily uptrend will end when it has arrived at the best selling price for the Weekly and so on down to the smallest timeframes possible. Fractals, you see?
  • #60
  • Dec 17, 2019 9:49pm Dec 17, 2019 9:49pm
That's interesting! Not many people look at monthly charts. Perhaps those who want to find out annual cycles and so on.
And after such a full-timeframe-analysis you trade it on 60/240 minute charts?
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