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  • #81
  • Dec 5, 2023 2:20pm Dec 5, 2023 2:20pm
Quoting Islandfx911
Here is my trade from this morning. I was late getting in as I was away from desk. {image} All the best
Would You be so kind to post Me Your trade on 1M chart? The same as You posted on 5M. THX!
  • #82
  • Dec 6, 2023 8:42am Dec 6, 2023 8:42am
I stopped using all indicators a few months back because I wanted to learn more about how the chart worked and where to place the trade without the use of an indicator... i am not always right but using a 75/25 win/loss ratio, it works, but I will be watching to see what you are doing. Good Job!
  • #83
  • Dec 9, 2023 4:46am Dec 9, 2023 4:46am
Hi Traders,
As I have some time over the weekend I am going to post some charts of trades that were available this month. This will give you an idea into what to look for.
On the charts I have put the time as per my terminal and also MT stands for max travel which is the maximum distance price traveled from trade entry. This will give you an idea of how far you can push the TP R out.
I will be posting mainly 30m and 15m Impulse / Pullback Entry Charts. I am posting blue red candles as you will find it easier to identify the rejection candles.
I always start with line chart analysis as it is easy to identify the set ups. This coming week I will make an effort to post my trade selection along with the live trade.

Charts will look something like this.

Attached Image (click to enlarge)
Click to Enlarge Name: AU 04 12 15m 3.15.png Size: 27 KB


Attached Image (click to enlarge)
Click to Enlarge Name: AU 05 12 15m 3.45.png Size: 27 KB
Your trade order needs to be in the right place at the right time.
  • #84
  • Dec 9, 2023 5:10am Dec 9, 2023 5:10am
First thing I will do at over the weekend is Line Chart Analysis. If you are not prepared for Monday, you will likely never be prepared for Tues, Wed, Thu or Fri either.
Lets take a look at some line charts and locate areas to possibly take a trade.

First EA 4hr Chart.

I have plotted support and resistance lines on the peaks and troughs, these represent the candle bodies. I am not saying that the wicks aren't important it's just how my system works.
You will note two levels of resistance at 6382 and 6394. All that I have done is identify two zones that price might reject and head down.
I don't know that price will reject these and give me a short entry. I just want to be prepared. After all the market might gap up and I will have to go to plan B.
If you are prepared you have eliminated doubt.
More to follow....
Attached Image (click to enlarge)
Click to Enlarge Name: EA Sell Resistance.png Size: 14 KB
Your trade order needs to be in the right place at the right time.
  • #85
  • Dec 9, 2023 5:26am Dec 9, 2023 5:26am
Next is the 30m Chart of EA. I have adjusted SR lines to 6383 and 6394. Then plan is now to wait to see where price will open and trade at these levels.
I will then monitor for a 30m, 15m or 5m entry set up.
Attached Image (click to enlarge)
Click to Enlarge Name: EA Sell Resistance 30m Chart.png Size: 13 KB
Your trade order needs to be in the right place at the right time.
  • #86
  • Dec 9, 2023 5:44am Dec 9, 2023 5:44am
I want to introduce you to your new best friend and a new way to enter trades. It is called The Rejection Candle.
On the chart below I have marked it with an arrow.

If we have plotted a known resistance level in advance and the market rejects that level on a bullish candle I will short the market on the close of that candle. I will not wait for a bearish candle like the next red candle.
Attached Image (click to enlarge)
Click to Enlarge Name: Candle of Interest.png Size: 2 KB


Any Questions?
Your trade order needs to be in the right place at the right time.
  • #87
  • Dec 9, 2023 6:17am Dec 9, 2023 6:17am
Quoting Islandfx911
I want to introduce you to your new best friend and a new way to enter trades. It is called The Rejection Candle. On the chart below I have marked it with an arrow. If we have plotted a known resistance level in advance and the market rejects that level on a bullish candle I will short the market on the close of that candle. I will not wait for a bearish candle like the next red candle. {image} Any Questions?
Why you didn't enter on this bullish candle rejecting your same resistance line?
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot_20231209_121556.jpg Size: 222 KB
  • #88
  • Dec 9, 2023 8:07am Dec 9, 2023 8:07am
Quoting Merka
{quote} Why you didn't enter on this bullish candle rejecting your same resistance line? {image}
I imagine it is because your candle didn't break/attack resistance with any force whereas Islands candle broke through with some aggression only to be repelled by bears to below the resistance line ?
every Saint has a past. Every Sinner has a Future
  • #89
  • Dec 9, 2023 8:10am Dec 9, 2023 8:10am
Quoting Islandfx911
I want to introduce you to your new best friend and a new way to enter trades. It is called The Rejection Candle. On the chart below I have marked it with an arrow. If we have plotted a known resistance level in advance and the market rejects that level on a bullish candle I will short the market on the close of that candle. I will not wait for a bearish candle like the next red candle. {image} Any Questions?

How do you frame support / resistance ?
Higher to lower time frames on line chart, for example?
I scalp on one minute Dax or sp500
every Saint has a past. Every Sinner has a Future
  • #90
  • Dec 9, 2023 9:30am Dec 9, 2023 9:30am
Quoting LaszloTrader
{quote} Would You be so kind to post Me Your trade on 1M chart? The same as You posted on 5M. THX!
It seems on the 1M chart, there was NO possible entry, where You signed it on 5M, because of the news event. Was it a demo acc.?
Would You be so kind to post Me Your trade on 1M chart? The same as You posted on 5M. THX!
  • #91
  • Dec 9, 2023 10:56am Dec 9, 2023 10:56am
Quoting Merka
{quote} Why you didn't enter on this bullish candle rejecting your same resistance line? {image}
Hi Merka, Perhaps it would be a valid trade..as he says he Sells on Close of the Bullish candle.. That next candle looks like a profitable short.
Pips /TP unknown but what if that was a 4hr candle...

Your question is valid but one cant look past Selling on Close was a possible profitable trade with the candle you marked.. As was the next one that
Island marked..

But it very well could be his definition for him what a rejection candle is...Perhaps he needs that wick rather than the close of that bearish candle you
pointed out is very near the high of the candle...

We shall see.. Will say it again... Love the line charts and Islands approach as far as I see it to this point.

Cheers
Markets are Mirrors,,Mastery of craft is mastery of self
  • #92
  • Dec 9, 2023 2:09pm Dec 9, 2023 2:09pm
I like the fact that the second candle takes out the first candle with a wick both at resistance and I take the same trade almost always too

However, it is not just based on the individual candle you posted but both together

The idea being that bears hit the resistance line and then early bears were stopped out and stop-hunted before the main move happened

I feel this is a sign that larger players may be grabbing stops to get the liquidity they need to short with larger size, hence the wick above resistance and the larger move that follows

It is the same theory behind Wyckoff's Spring, Trader Vic's 2B pattern, Shylo's Stophunt Entry, and the recent smart money concepts related to the prior theories

But it'll be interesting to see how it works on its own although I do suspect that on a lower timeframe, there will be a "2B" pattern at play
  • #93
  • Dec 9, 2023 4:15pm Dec 9, 2023 4:15pm
Quoting Merka
{quote} Why you didn't enter on this bullish candle rejecting your same resistance line? {image}
the size of the wick is too small
  • #94
  • Dec 9, 2023 4:58pm Dec 9, 2023 4:58pm
Quoting Merka
{quote} Why you didn't enter on this bullish candle rejecting your same resistance line? {image}
Hi Merka,
There is a vast difference in the two candles, the one you have highlighted is a what I call a thrust candle, it is a very bullish candle and it could be followed by another similar candle in a bullish trend. The candle I have marked up has a decent sized wick and that's what I want to see at resistance. What is interesting here is your candle went up to resistance, mine went through it and rejected it followed by two further attempts by the third and fourth candles having a go at it. In this example the market was overall bearish which adds weight to resistance.
Your trade order needs to be in the right place at the right time.
  • #95
  • Dec 9, 2023 5:16pm Dec 9, 2023 5:16pm
Quoting turnip15
{quote} How do you frame support / resistance ? Higher to lower time frames on line chart, for example? I scalp on one minute Dax or sp500
Hi Turnip,
Can you rephrase your question " How do you frame support / resistance ?" I don't fully understand and I would like to give you an accurate answer.
In regards to scalping using these rejection candles on 1m charts could be financial suicide. My system works well on NAS100 and SP500 using 5m time frame however I have not used on 1m charts. I will look at 1m charts on DAX, NAS and S&P this week and posts some charts and maybe a few live trades.

Thanks.
Your trade order needs to be in the right place at the right time.
  • #96
  • Dec 9, 2023 5:27pm Dec 9, 2023 5:27pm
Quoting bluesteele
{quote} Hi Merka, Perhaps it would be a valid trade..as he says he Sells on Close of the Bullish candle.. That next candle looks like a profitable short. Pips /TP unknown but what if that was a 4hr candle... Your question is valid but one cant look past Selling on Close was a possible profitable trade with the candle you marked.. As was the next one that Island marked.. But it very well could be his definition for him what a rejection candle is...Perhaps he needs that wick rather than the close of that bearish candle you pointed out is very near...
Hi Bluesteele,
Thanks for contributing to the answer.
Over the next few weeks I will be posting more charts with different time frames showing the entries and explain why I selected that particular trade.
Eventually visitors to this tread will see another way to enter trades that is beneficial to their own trading system.

Thanks again
Your trade order needs to be in the right place at the right time.
  • #97
  • Edited Dec 10, 2023 2:11am Dec 9, 2023 5:55pm | Edited Dec 10, 2023 2:11am
Quoting LaszloTrader
{quote} It seems on the 1M chart, there was NO possible entry, where You signed it on 5M, because of the news event. Was it a demo acc.? Would You be so kind to post Me Your trade on 1M chart? The same as You posted on 5M. THX!
Hi LT,
Let's clear things up. I do not trade 1m charts, I don't really want to discuss them especially when they have been and gone. I will however and I am happy to do so, will post some real time 1m charts this week. They will likely be 5m trades shown on a 1m timeframe. In regards to this being a Demo account. I have been trading for 30 years, full time for the last five. I have traded six figure accounts and taught others how to trade and invest when I worked for a company many years ago. I would not be able to pay the bills on a Demo account. I trade a much smaller account now just to pay the bills and have some fun money. I am mid fifties and found out five years ago that I would not be around forever so I thought if I can help others with their trading it would be rewarding to do so.
I am not here to discuss account types, I am not here to discuss my personal financials. I promise nothing, I am just offering some different ways to look at ways to trade. There is nothing new to this type of trading.

All the Best
Rob
Your trade order needs to be in the right place at the right time.
  • #98
  • Dec 9, 2023 5:58pm Dec 9, 2023 5:58pm
Hi Traders,
Just a quick note to say, due to my location and time difference to yours I may not get to answer your questions straight away. I will answer all question valid to this system as soon as I can.

Regards
Rob
Your trade order needs to be in the right place at the right time.
  • #99
  • Edited Dec 10, 2023 2:12am Dec 9, 2023 11:11pm | Edited Dec 10, 2023 2:12am
Timing the Trade. (Very Important)

The system will give multiple signals throughout the trading day /night however we are only interested in a few of these setups.
Rule 1: Only take trades during market opens.
By adhering to this rule you will eliminate many of the non-required signals that the system will give.

The line chart below I have boxed the sessions and the entry on candle chart at London open.
These type of trade entries can be taken on 4hr, 1hr and 30m timeframe. When you have mastered these you can trade them on lower timeframes.

Attached Image (click to enlarge)
Click to Enlarge Name: AU 6 12 30m Short.png Size: 27 KB
Your trade order needs to be in the right place at the right time.
  • #100
  • Edited Dec 10, 2023 2:14am Dec 9, 2023 11:56pm | Edited Dec 10, 2023 2:14am
Quoting turnip15
{quote} How do you frame support / resistance ? Higher to lower time frames on line chart, for example? I scalp on one minute Dax or sp500
Hi Turnip,
I have taken a look at US500 to see if there were any setups. I found one as soon as I opened charts.
The example is how I would have traded it with my system.
I do not trade the US session as I am usually am asleep for two hours by the time it opens.
I have labelled the SL value and MT value similar to pips just for this example to get the MT R value.
If I feel like a late night I will look for a live trade on NAS / S&P sometime this week.

Attached Image (click to enlarge)
Click to Enlarge Name: US500 8 12 1m Long.png Size: 25 KB


Here is the DAX system trade.
I have not traded DAX for years, back when I was trading futures through IB
Attached Image (click to enlarge)
Click to Enlarge Name: DAX 8 12 Long.png Size: 25 KB
Your trade order needs to be in the right place at the right time.
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