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Level in Level out

  • #321
  • May 18, 2023 9:46pm May 18, 2023 9:46pm
Quoting nadi-fx
This should answer all your current questions about LV. The first image; price halt and continuation... that halt is just a part of the price continuation... not large enough, not long enough... translates to; not enough bull money inserted in order to be taken seriously. so, the LL is not level, but the peak of that small move is a Level... bcz new money did insert there to push it down further... that point is to be taken seriously. 2nd image... the pullback and the resume both are fine for levels, the is price take off on both pullback and resumes....
ok, I understand the pattern(s) you have drawn. The interpretation of whether a level is formed at the lower low (in your diagram) appears to be the magnitude of the retracement, or as you call it “the take off”. My question remains… is the determination of the magnitude of the retracement from the low a discretionary decision? Or, is there a repeatable quantitative method to confirm the take off has a high probability of creating a new level? As an example, if the takeoff from the low was greater than xx% (50%, 61.8% etc) of the downward move. Thanks.
  • #322
  • Edited May 19, 2023 12:22am May 18, 2023 11:37pm | Edited May 19, 2023 12:22am
Quoting pakeha
{quote} ok, I understand the pattern(s) you have drawn. The interpretation of whether a level is formed at the lower low (in your diagram) appears to be the magnitude of the retracement, or as you call it “the take off”. My question remains… is the determination of the magnitude of the retracement from the low a discretionary decision? Or, is there a repeatable quantitative method to confirm the take off has a high probability of creating a new level? As an example, if the takeoff from the low was greater than xx% (50%, 61.8% etc) of the downward...
The reason I hesitate to use the name Retracements is because quickly gets related to Fib levels and that is not what I want here.
I use the Take-Off bcz after the point of price halt and bounce I like to see a significant take-off and the continuation of it for some time. So, within next a few candles I need to see at least one striking one. A slow pullback means it just profit taking is taking place... a sharper pullback means profit taking + new money is coming in, now that's something I can bank on when it revisits that area again. It's like a solid wall in place and price on the revisit if not as strong will bounce off of it.
So, No there is no discretionary decision... however as an experience trader I could tell based on strength of this current bear move that little retrace was not the highest probability level to go long from, by just looking at it. Therefore, I have come to conclusion as to how to separate/distinguish retracements... initial take off or speed or bounce or etc needs to be visible to me to validate any level... I need to see that somewhere in the first wall of the retracements.
I don't use fib, I don't use any indicator, I don't use set of number of pips, I don't make decisions off the cuff either.

I hope it helps.
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  • #323
  • May 19, 2023 11:32am May 19, 2023 11:32am
Quoting nadi-fx
{quote} The reason I hesitate to use the name Retracements is because quickly gets related to Fib levels and that is not what I want here. I use the Take-Off bcz after the point of price halt and bounce I like to see a significant take-off and the continuation of it for some time. So, within next a few candles I need to see at least one striking one. A slow pullback means it just profit taking is taking place... a sharper pullback means profit taking + new money is coming in, now that's something I can bank on when it revisits that area again. It's...
ok, I get it… however, the description you use… need to see a “significant” takeoff and a continuation of it for “some time” means it is discretionary… in other words, the determination of what is “significant” and “some time” will differ among traders. I am not saying that is a bad thing… it is what it is… discretionary, based on a trader’s personal understanding and experience in the market. The opposite of discretionary is rules-based (which can usually be coded), however for this portion of your system, rules-based doesn’t apply. Not an issue for me, but needed the clarification. Cheers.
  • #324
  • Edited 1:23pm May 19, 2023 12:48pm | Edited 1:23pm
Quoting pakeha
{quote} ok, I get it… however, the description you use… need to see a “significant” takeoff and a continuation of it for “some time” means it is discretionary… in other words, the determination of what is “significant” and “some time” will differ among traders. I am not saying that is a bad thing… it is what it is… discretionary, based on a trader’s personal understanding and experience in the market. The opposite of discretionary is rules-based (which can usually be coded), however for this portion of your system, rules-based doesn’t apply. Not...
Of course, can't code it... but it does not mean it's discretionary.
The day you can code something for 100% perfection is your end in this market, so forget coding talks here lol.

A pullback consists of a few candles on the initial leg... on those you need to see at least one of them to show strength and hold etc, (that is speed and time) ... there is nothing discretionary about that, it's very visible in the chart unless one wants to make it complicated.
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  • #325
  • May 19, 2023 1:31pm May 19, 2023 1:31pm
Using your description I would now place a buy limit at around the 1.0761 level.... do you agree?
  • #326
  • May 19, 2023 1:57pm May 19, 2023 1:57pm
The current tradable levels on my chart:

1.10024
1.09314
1.08970
1.08440
1.07650

this being a trend week, we expect to see a tradable range next week. I may be wrong
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDH4.png Size: 9 KB
  • #327
  • May 19, 2023 2:20pm May 19, 2023 2:20pm
Quoting pakeha
Using your description I would now place a buy limit at around the 1.0761 level.... do you agree?
don't get too fixated on the exact number bcz every broker is off a bit here and there... There is hardly any wick on this one, so you just go inward 5-10 pips... as long as you leave 20 pips from LL to the stop.
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  • #328
  • May 19, 2023 2:22pm May 19, 2023 2:22pm
Quoting Jewel1996
The current tradable levels on my chart: 1.10024 1.09314 1.08970 1.08440 1.07650 this being a trend week, we expect to see a tradable range next week. I may be wrong {image}
The levels are all correct.
The next week assumption I don't know about...
I just go by what is at hand...
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  • #329
  • May 21, 2023 5:26am May 21, 2023 5:26am
Quoting nadi-fx
{quote} The MacD has nothing to do with my trading bcz is super lagging like every other indicator... it's just a visual for after the fact that there was a peak or valley after i have already taken action on it. When you trade with limit orders you are ahead of all indicators! meaning you are not waiting for confirmations to do xyz. That is why you see zero indicators on my chart. About drawing the lines i have explained it in first a few posts I think please refer there. But in short no Zones... need to draw the line precise and trade right at...

Good morning nadi-fx,

Just read through your excellent thread and it reads very precise and well thought out.
Also love the idea of sticking to 4hour timeframe and one pair only EUR_USD.

I must also admit I too do not take that much notice of minor news events as I believe most of these events are already built into the charts.

I just have one question answering if you wouldn't mind and that is in relation to the MACD indicator.
This you clearly have on your charts yet from your post above you do not seem to support it's use?

Maybe I have missed something, this is certainly not a criticism just a genuine question if you would be so kind.

Very best regards,

Doubletop.
  • #330
  • May 21, 2023 2:12pm May 21, 2023 2:12pm
Quoting doubletop
{quote} Good morning nadi-fx, Just read through your excellent thread and it reads very precise and well thought out. Also love the idea of sticking to 4hour timeframe and one pair only EUR_USD. I must also admit I too do not take that much notice of minor news events as I believe most of these events are already built into the charts. I just have one question answering if you wouldn't mind and that is in relation to the MACD indicator. This you clearly have on your charts yet from your post above you do not seem to support it's use? Maybe I have...
Hi DT... that post stand correct the Mac D has no roll in what i do what so ever, it is a super lagging indicator of all.
I have just for a quick look to see if the PA is up or down in H4, that's all. For most of my daytime I check the chart on my phone, so this gives me that quick look.

GL
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  • #331
  • May 21, 2023 2:17pm May 21, 2023 2:17pm
Quoting nadi-fx
{quote} Hi DT... that post stand correct the Mac D has no roll in what i do what so ever, it is a super lagging indicator of all. I have just for a quick look to see if the PA is up or down in H4, that's all. For most of my daytime I check the chart on my phone, so this gives me that quick look. GL
Good evening nadi-fx,

Thank you for taking the time to reply

Makes sense, much appreciated.

doubletop.
  • #332
  • May 21, 2023 2:28pm May 21, 2023 2:28pm
Quoting doubletop
{quote} Good evening nadi-fx, Thank you for taking the time to reply Makes sense, much appreciated. doubletop.
You been around a long-time old timer... respect is the least I can do.
Pleasure to have you out here.


Genius explanation of DT/DB...
Attached Image (click to enlarge)
Click to Enlarge Name: Web capture_21-5-2023_123524_www.forexfactory.com.jpeg Size: 29 KB
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  • #333
  • May 21, 2023 11:59pm May 21, 2023 11:59pm
Quoting nadi-fx
{quote} You been around a long-time old timer... respect is the least I can do. Pleasure to have you out here. Genius explanation of DT/DB... {image}
Good morning nadi-fx,

You are very kind and much appreciated.

Best regards, DT
  • #334
  • May 22, 2023 9:22am May 22, 2023 9:22am
Good afternoon all,

Not sure if this will help but keen to share.

Please find attached the alerter4u file and my settings to warn of approaching levels.
Also has the function to send email alerts.

Best regards, DT
Attached Image (click to enlarge)
Click to Enlarge Name: Alerter4U_settings.png Size: 8 KB
Attached File(s)
File Type: ex4 Alerter4U.ex4   8 KB | 229 downloads
  • #335
  • May 23, 2023 9:25am May 23, 2023 9:25am
I missed it, i had not placed a buy limit. Now it is at 30pps trailing stop moved BE+1
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDH4.png Size: 9 KB
  • #336
  • May 23, 2023 9:32am May 23, 2023 9:32am
We are in baby finally for the first trade of the week... buy limit triggered at 7640 LV, looks to be promising.
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDH4.png Size: 23 KB
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  • #337
  • May 23, 2023 9:37am May 23, 2023 9:37am
Quoting nadi-fx
We are in baby finally for the first trade of the week... buy limit triggered at 7640 LV, looks to be promising. {image}
It has done 30+ pips and you did not mention BE. Do you consider it too early to place on BE?
regards
  • #338
  • May 23, 2023 9:43am May 23, 2023 9:43am
Quoting Jewel1996
{quote} It has done 30+ pips and you did not mention BE. Do you consider it too early to place on BE? regards
Yes, too early not out of the woods yet... and we are inside the overlap sessions yankees are in might get volatile and act up before taking off for real.

love the signature PPPP

GL
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  • #339
  • May 23, 2023 9:55am May 23, 2023 9:55am
Quoting nadi-fx
{quote} Yes, too early not out of the woods yet... and we are inside the overlap sessions yankees are in might get volatile and act up before taking off for real. love the signature PPPP GL
Yes, too early not out of the woods yet..
May be if/when we eventually get out of the wood we will be able to get clarification of what the wood looks and feel like

love the signature PPPP
Thank you
  • #340
  • May 23, 2023 10:02am May 23, 2023 10:02am
Quoting Jewel1996
{quote} Yes, too early not out of the woods yet.. May be if/when we eventually get out of the wood we will be able to get clarification of what the wood looks and feel like love the signature PPPP Thank you
No need to wait I tell ya now,
Whipsaw whiplash fake outs... thats not out of Woods
The purpose of BE is to not play scared money... is to not be hit with 30 when price has given you 40+ pips and sometime then loops around and get you.
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