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GBP/USD M5 Trading

  • #221
  • Jun 16, 2022 2:55am Jun 16, 2022 2:55am
Quoting senjamerah
{quote} Dear Steve IMO, price action in that circle is very strong bear signal. {image}
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Dive...well done @stevepatt
  • #222
  • Jun 16, 2022 8:15am Jun 16, 2022 8:15am
Hi, Steve

Could you do me a favor? The following is Natural Gas chart. Could you please interpret the last 5M spike in your way? Actually I got it right before and I had reasons I took it. I just wanted to know how you view it.

By the way, it looks your style resembles Sam Seiden's..... Do you trade GBPUSD only now? I myself trade nat gas only now.

Thanks,

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(D, H1 and M5 charts)

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Simplicity is the ultimate sophistication - Leonardo da Vinci
  • #223
  • Jun 16, 2022 10:34am Jun 16, 2022 10:34am
US 500 M5 Short Trade
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  • #224
  • Jun 16, 2022 11:58am Jun 16, 2022 11:58am
Quoting stevepatt
US 500 M5 Short Trade {image}
I'm out of this Short Trade at BE Plus a Few

it wasn't the best setup and Price has run down a long way today

We could be seeing a Switch in Bias have to wait and see
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  • #225
  • Jun 16, 2022 12:39pm Jun 16, 2022 12:39pm
Quoting heispark
Hi, Steve Could you do me a favor? The following is Natural Gas chart. Could you please interpret the last 5M spike in your way? Actually I got it right before and I had reasons I took it. I just wanted to know how you view it. By the way, it looks your style resembles Sam Seiden's..... Do you trade GBPUSD only now? I myself trade nat gas only now. Thanks, {image}{image}{image} (D, H1 and M5 charts) {image}
Hi Heispark,

I've never really got on with Sam Seiden's style but I guess it might have had an influence along the line

I Trade mostly GBP/USD these days, it's the pair I know the best

I've started Trading S&P 500 a bit I like the way it is mostly active during the New York Session which gives me more chances to Trade

The Chart below shows my interpretations of Natural Gas don't know if it makes sense

Anyway good hearing from you
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  • #226
  • Jun 16, 2022 12:55pm Jun 16, 2022 12:55pm
Quoting stevepatt
{quote} Hi Heispark, I've never really got on with Sam Seiden's style but I guess it might have had an influence along the line I Trade mostly GBP/USD these days, it's the pair I know the best I've started Trading S&P 500 a bit I like the way it is mostly active during the New York Session which gives me more chances to Trade The Chart below shows my interpretations of Natural Gas don't know if it makes sense Anyway good hearing from you {image}
Hi, Steve

Thank you for sharing your view. It's interesting and I really appreciate it.
I think I better watch several Youtube videos of Chris Lori to better understand your trading mindset.

By the way, try nat gas although its spread got much widen theses days. It's less algo polluted and I think it's easier to trade because it's based on real demand/supply.

Cheers,
Simplicity is the ultimate sophistication - Leonardo da Vinci
  • #227
  • Jun 16, 2022 10:57pm Jun 16, 2022 10:57pm
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stay calm n focus
  • #228
  • Jun 17, 2022 6:54am Jun 17, 2022 6:54am
By the way Steve, do you watch only 5M? IMHO, if you don't watch lower TFs, you miss some critical information and your entry can be unnecessarily late. I even watch 30 and 20 seconds chart. I also watch a lot of offline non-standard TF charts. I think MT's standard TFs are not enough.
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Simplicity is the ultimate sophistication - Leonardo da Vinci
  • #229
  • Jun 17, 2022 12:19pm Jun 17, 2022 12:19pm
For what it's worth here are my Observations for GBP/USD M5

There would have been some great Trade Setups today pity I was on a roof sweating my arse off
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  • #230
  • Jun 18, 2022 1:37am Jun 18, 2022 1:37am
Quoting heispark
By the way Steve, do you watch only 5M? IMHO, if you don't watch lower TFs, you miss some critical information and your entry can be unnecessarily late. I even watch 30 and 20 seconds chart. I also watch a lot of offline non-standard TF charts. I think MT's standard TFs are not enough. {image}{image}
Hi Heispark,

Yes, 90% is done on the M5 TF I will occasionally look at M1 if I want more detail

I get all the information I need from M5 I don't really need the non-standard Charts to refine my Entry

A lot of Traders tell me I need to know where HTF Supply and Demand is located to be able to Trade

I used to do this by Highlighting HTF Zones of Interest and watching M5 M1 when Price returned to these Zones

This works, but often Price would react before it reached my Zones of Interest

As long as there is enough movement within the M5 Swings, to make a Profit, you can Trade them without referring to HTFs
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  • #231
  • Jun 18, 2022 2:12am Jun 18, 2022 2:12am
Quoting senjamerah
{image}stay calm n focus
Hi Senjamerah,

I admire your ability to Read Gold

I must admit I am struggling to Read it consistently

Please carry on adding your enlightenment it is much appreciated
  • #232
  • Jun 18, 2022 4:45am Jun 18, 2022 4:45am
Hello Steeve I must admit this way of trading made me profitable from a break even.
I trade the same way starting one hour before london open and following market structure , gaps and enter upon confirmation on gap( pin bar or engulfing pattern)
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  • #233
  • Jun 18, 2022 5:11am Jun 18, 2022 5:11am
also i have noticed that sometimes gaps never filled to the point and a wick act as support. To me thats a very bullish sign.Something like this
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  • #234
  • Jun 18, 2022 5:50am Jun 18, 2022 5:50am
Quoting stevepatt
{quote} Hi Heispark, Yes, 90% is done on the M5 TF I will occasionally look at M1 if I want more detail I get all the information I need from M5 I don't really need the non-standard Charts to refine my Entry A lot of Traders tell me I need to know where HTF Supply and Demand is located to be able to Trade I used to do this by Highlighting HTF Zones of Interest and watching M5 M1 when Price returned to these Zones This works, but often Price would react before it reached my Zones of Interest As long as there is enough movement within the M5 Swings,...
Thank you for your input. Nat gas was choppy during early part of regular market session on Friday. I took some loss which was marked in the picture below. In hindsight, there were several more good opportunities to recoup my loss during the afternoon session but I don't like afternoon session especially on Friday.... Your strategy also shouldn't work on choppy markets.
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Simplicity is the ultimate sophistication - Leonardo da Vinci
  • #235
  • Jun 18, 2022 8:50am Jun 18, 2022 8:50am
A successful trader and good Man in this forum advised to not trade choppy charts that looks like a cardiogram with extremely big bars and wicks!
So i believe following this strategy or another at least for scalping u should avoid them
  • #236
  • Jun 18, 2022 9:29am Jun 18, 2022 9:29am
Quoting heispark
{quote} Thank you for your input. Nat gas was choppy during early part of regular market session on Friday. I took some loss which was marked in the picture below. In hindsight, there were several more good opportunities to recoup my loss during the afternoon session but I don't like afternoon session especially on Friday.... Your strategy also shouldn't work on choppy markets. {image}{image} {image}

Hi Heispark,

I agree, Trading in Hindsight is always easy

The closer you can get an Entry to a swing Point the better of course

I look for a Break of Structure and for Structure to be in alignment with the Trade Direction

Often, if an Entry is correct, Price will "Hang" at a Level whilst other Orders get Filled

I'd say, in a lot of cases, I would get a better Entry Price if I waited a little longer for Price to lead the way

Yes, choppy Markets are always difficult to Trade unfortunately you only know you are in "Choppy Waters" after taking a couple of Trades in many cases

They are easy to spot in Hindsight of course
  • #237
  • Jun 18, 2022 10:38am Jun 18, 2022 10:38am
Quoting Startsmall
A successful trader and good Man in this forum advised to not trade choppy charts that looks like a cardiogram with extremely big bars and wicks! So i believe following this strategy or another at least for scalping u should avoid them
How do you know if the market will become choppy BEFORE you enter? If you know the market will be trendy, simple MA crossover strategy can make money.
Simplicity is the ultimate sophistication - Leonardo da Vinci
  • #238
  • Jun 18, 2022 11:26am Jun 18, 2022 11:26am
I simple do not know you are right. Then in my opinion starts the game of propability.
  • #239
  • Jun 19, 2022 12:22pm Jun 19, 2022 12:22pm
I've posted this video, from Chris Lori, several times but it shows the Inspiration for my Trading Style these days

I have adapted it suit me but the essence is there

Inserted Video
  • #240
  • Jun 19, 2022 12:51pm Jun 19, 2022 12:51pm
Quoting stevepatt
I've posted this video, from Chris Lori, several times but it shows the Inspiration for my Trading Style these days I have adapted it suit me but the essence is there https://www.youtube.com/watch?v=knQ_ZqpmzC8
Actually, his strategy doesn't look new to me. Seems it's kinda a subset of Sam Seiden's.......
Simplicity is the ultimate sophistication - Leonardo da Vinci
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