Level in Level out

its right you got it... on HH or peaks you use sell limit and on LL or valleys you use buy limits.
you are basically counter trading when taking action on bounces so when price is going up you sell and going down you buy.

GL

I appreciate your attention to the thread I hope it is serving you well which is the main goal of my activity here to help a few.
Have fun trading.

GL

I wanna show you guys something, just my humble take...
Since the Trend issue has arisen which was a given, very common one and an important one, so I address it with example, so you all know where I am coming from.

Look at the first chart which is the weekly chart. We had one of the longest lasting bear trends in E/U in recent times. It lasted 15 months, that's 60 weeks for total of 27Cents or 2700 pips. The overall trend has been bearish (dollar strong) since 2008... leg down in 2008 another leg down 2014 and this last one as I just pointed out.
now back to the example... if I had a crystal ball, I would have made one sell trade and keep it for 2700 pips! one clean position stress free paying less fees less to none screen time letting that baby ride to make banks right at the end of it for 2700pips, just beautiful... but I don't, nor will I need it or want it to be honest with you... bcz I can make more through Peaks and Valleys without the complications of trends and duration of it... not to mention trading is my passion and I want to be more engaged. I love getting up in the morning be excited to check my charts making adjustment reading articles etc before heading to real life work and business.
I should also mention that position trading is very profitable, but it is for big institutions, and we are just little retail traders with much much smaller accounts. That is a different ball game.
okey, as I was saying that trend lasted for 60 weeks... even if I make 50pips a week I can beat 2700 pips and had to never worry or stress about what overall trend was is or doing. Spotting a trend beforehand and lasting in it is very difficult, stressful, unpredictable and you name it.
Now look at the next chart. I mentioned in the initial first post the expectation and goal are to make 100pips a week, some weeks you will some don't but in the end, it all averages out if you stick to the plan and stay the course. So, in the 2nd chart you see how simply you will make way more than 100 pips in any given week to make up for loss weeks or no gain weeks. If you scroll though the past you will see good solid weeks where in 200 pips overall weeks of movement you have managed to make 200 or even 300 pips just bouncing up and down or catch a nice little runner on the jammed space when it breaks out with your target at a next level to be... in feature we will see those live, I hope.
60 weeks' time times 100 pips are 6000 pips, and I could care or less about market trend. I rather bank on the obvious... historically market sideways 2/3 of times than it trends and pullbacks are given, price cannot not go straight up or down, period. Those are facts that I can rely and bank on.

I hope it makes sense and if it does not, I can understand... this is just my humble way of thinking and trading the market... hence I don't downplay or eliminate trend completely out of my trading its just not priority if I fall into it great if not it is not the core of what i do.

Now, the trend advocates, please don't beat me down, I don't want any part of it you win, and I respect your opinions, market knowledge hands down.

In trading you should know YOU, that's your real edge. I know me that I am incapable of Predicting the market... incapable of complications... but capable of simplicity, structures. I try to do my best to follow my plan as I have learned to earn from this market, and I should say, humbly for now... this is a beast that we are dealing with, never doubt that.

GL

great post!

You have yellow/pink lines or your chart.
Do they just mean sell/buy or something else?

They mean nothing, I am just lazy to switch colors lol.

what tool are you using to mark the lines and boxes?

The toolbar on mt4.

thank you for your reply

The buy limit at 9947 LV was hit a bit ago, got a good initial bounce let's see if it forms into a real one.. tp is up top around 90 pips.

Hello Nadi!
I understand your method and targets, but right in this situation - why 9947? There is no extremum at this price, so could you please show the logic of making this level significant?
Thank you!

Do you use horizontal price alerts so you know that price is close to an area of intrest, pre-marked level, to place your pending orders? If so, would you share how you do that. I'm assuming that you just don't place pending orders at every level that you identify.

Objective reached.

1- SL (-30 pips)
2- TP (+95 pips)

Nadi-fx you said that it moves BE when it goes 30 pips in its favor, but in case you see that it is close to 1:3 and it turns against you in a significant way, act in some way if you are in front of the screen or let it develops alone without acting?

Just woke up i get your questions shortly.

This is a rare good thread, thank you nadi.
The system is beautiful. Much simpler SMC (Smart Money Concept) system

Current situation is not looking too bad... the 9947-level stop was hit by a pip or two kinds of unfortunate but got a nice bounce on the next level-9709 which is at +70 close to hitting the target around 100 with stops at BE.

How do you know there is extremum on this level or any level anyways.
This a mediocre Level that I have already explained in previous posts. You got a clear bottom with a nice wick where price was rejected, I take that all day long. That trade almost worked; my stop was hit by a pip otherwise at this very moment i would have been in two long positions heading north with heat.

I hope it helps

GL

If I understood you correctly you are talking about profit taking.
As I have said I don't trail my stops although way... it's just a one-time initial trail to BE.. I don't want to lose on a position that it was in some favorable gain like 40 pips or so, I am okey to BE on those if it turns on me instead of giving up 30 on top.. and its 30-40 nothing concrete. you see a trade going in your favor and giving you some room, so you want to set stops at BE, zero risk seeing where it leads.
About profits... I mentioned 3R as initial goal and beyond if you are getting 100 pips and price is hitting a solid Level and reacting to it, you want to bank there. Like I did on last buy trade, banked 85 at 10655ish level or like you banked on your sell trade at 9693ish level for a cool 100pips, solid trade buddy.. I got sting with the stop hit as by two pips as you all watched.

I hope it helps.

GL

I see a level that is qualified enough I set my limit order, stops.

Do you keep positions open over the weekend?