Menu

Options

Bookmark Thread

First Page First Unread Last Page Last Post

Print Thread

Similar Threads

HYBRID: trading system within a trading system 31 replies

Please suggest a simple & effective Method/System of "Trading System" Forum to newbie 180 replies

WatchMyZone trading system - WMZ system 7 replies

Day Trading system - Simple system to make money 51 replies

Trapping System: Way to Fully-Automated Trading System 47 replies

Attachments: No Indicator Trading System
Exit Attachments

No Indicator Trading System

Quoting Detto
Ok here comes my stupid question, why do we need to mark off monthly weekly daily H4 etc S/R levels when we just waiting for these simple little S/R levels to be broken and retested ? {image}
are you going to trade all the sr you can find during the whole day. sure you can do that. but what are your chances of winning?
big brother said trade at the red and blue zone. then you go down to m30. 2 trades are all you need.
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 26 KB
ITB - Seeing Orderliness amongst 'Randomness'
Quoting Inthebox
{quote} didn't listen to big brother? {image}
so we buy on gold?
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot_20240214-190230_MetaTrader 5.jpg Size: 488 KB
Quoting majidmas
{quote} so we buy on gold? {image}
you are the one pulling your own trigger.
you do your own ltf confirmation ok.
ITB - Seeing Orderliness amongst 'Randomness'
  • Post #844
  • Quote
  • Edited 11:02am Feb 14, 2024 10:51am | Edited 11:02am
Quoting Detto
Ok here comes my stupid question, why do we need to mark off monthly weekly daily H4 etc S/R levels when we just waiting for these simple little S/R levels to be broken and retested ? {image}
We welcome stupid questions because everyone learns from it, let's play out your assumption and see if it holds.

Assume you did not mark off your weekly daily H4 etc S/R levels and you fired your charts up and waited for "simple little S/R levels to be broken and retested", now you have entered a trade. We do not know what the markets will do, nobody does.

You have these questions to consider:
What is my SL if the trade goes against me?
Where do I TP if the trade goes in my direction?
If it does go in my direction, how far can I push my trade out? 2R? 3R? 4R? (insert some)R?

If you do not have answers to these questions, where do you look for them?

Not having any clear and defined answers to the above questions before entering a trade is akin to treating the market like a casino, you are effectively gambling and we know what happens to all gamblers in the long run.

Say if you were profitable with this approach, how much of your profit would be eaten away by fees? Will you still be profitable after accounting for the cost of doing business? Even if you are profitable, even a $0.01 over a day, a week, a month, a year is profitable, did this endeavour suggest a good use of your time?


This is not a spray and pray, but rather a take aim, account for wind/elevation, hold your breath, before shooting your shot at your target.
Would you hunt for deers in bad weather/ when it is moving/ in a place where you cannot properly take aim? Or would you find a good spot with a good vantage point, in clear weather, when the deer is drinking water from a lake and is stationary?

Compare the two scenarios and consider how many rounds would you expect to use trying to hunt for one, remember that your ammo is also a cost that you have to factor in when you are hunting.

Doing the higher timeframe drill down to lower timeframes is very necessary as it gives you a clear idea on what your answers will be for the questions stated above. Prep work exists for a reason, and initially it seems like a lot of work but trust me it gets easier over time if you do it often and do it with focus.

This thread "teaches you how to be a successful hunter (in the markets), from when to pull the trigger (entries) and where are the best spots to find deer (price level)", and is written by one who spent large amounts of time figuring out what works and what doesn't. If it is included as part of the teachings then it is there for a reason.

"Your trade order needs to be in the right place at the right time." -Rob

Skip steps at your own risk.
in case people get it wrong. big brother is not me.
they are the higher time frames that support the direction.
sure sometimes they themselves have conflicts and arguments.
when they are all in alignment, all systems go.
h4 = big brother
d1 = father
w1 = grand father
mn = great grand father
ITB - Seeing Orderliness amongst 'Randomness'
Quoting Inthebox
{quote} you are the one pulling your own trigger. you do your own ltf confirmation ok.
gold buy with support from h4 big brother.
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 8 KB
ITB - Seeing Orderliness amongst 'Randomness'
islandfx
with a saddened heart, i value and will remember the short little precious moments we share here.
ITB - Seeing Orderliness amongst 'Randomness'
it's right?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Screenshot_20240214-231235_MetaTrader 5.jpg Size: 468 KB
Click to Enlarge Name: Screenshot_20240214-231324_MetaTrader 5.jpg Size: 482 KB
Quoting Detto
Ok here comes my stupid question, why do we need to mark off monthly weekly daily H4 etc S/R levels when we just waiting for these simple little S/R levels to be broken and retested ? {image}
Hi Detto,

just my 2 cents, from reading posts from this thread and my way of trading. I only analyse charts at entry timeframe.

The strategy starts with marking S/R levels from higher time frame to entry timeframe, adding and adjusting levels when scaling down.

so if picking levels only at entry timeframe, just go with the end points of swings (HH /LL), and strong S/R. Most likely these levels are seen on other timeframes.

Here are charts with the pending limit order entry method.

Buy setup at previous Lower Low rejection area
Attached Image (click to enlarge)
Click to Enlarge Name: BE62CB3C-8BA9-4340-90C0-A9D5BC75B448.jpeg Size: 667 KB



Sell setup at persistent S/R, note that the same level can be plotted on higher time frame.
Attached Image (click to enlarge)
Click to Enlarge Name: F53C6858-8994-40DB-A461-033911AAC5C3.jpeg Size: 669 KB


Attached Image (click to enlarge)
Click to Enlarge Name: 3CFB2B00-D465-4A0C-802A-4E82FCE40AF3.jpeg Size: 768 KB
Watching EURAUD....
Attached Image (click to enlarge)
Click to Enlarge Name: Ashampoo_Snap_2024.02.15_01.11.44_0000.png Size: 41 KB
Quoting lolxhaha
{quote} We welcome stupid questions because everyone learns from it, let's play out your assumption and see if it holds. Assume you did not mark off your weekly daily H4 etc S/R levels and you fired your charts up and waited for "simple little S/R levels to be broken and retested", now you have entered a trade. We do not know what the markets will do, nobody does. You have these questions to consider: What is my SL if the trade goes against me? Where do I TP if the trade goes in my direction? If it does go in my direction, how far can I push my...
Wow, thank you for taking the time to explain I greatly appreciate it , and to you too Tommy
Currently, these are the support and resistance levels. Should I wait for a breakout and retracement? One interesting question arises: which lines have more prominence, the M30 or the H4? When there are numerous lines, which one will the price react to?
Attached Image (click to enlarge)
Click to Enlarge Name: XAUUSDcM15.jpg Size: 119 KB
Quoting tommydoginti
{quote} Hi Detto, just my 2 cents, from reading posts from this thread and my way of trading. I only analyse charts at entry timeframe. The strategy starts with marking S/R levels from higher time frame to entry timeframe, adding and adjusting levels when scaling down. so if picking levels only at entry timeframe, just go with the end points of swings (HH /LL), and strong S/R. Most likely these levels are seen on other timeframes. Here are charts with the pending limit order entry method. Buy setup at previous Lower Low rejection area {image} Sell...

It is much simpler what the OP Islandfx911 explained in his posts.

GU H4 zoom down from Weekly to Daily and to H4

then on the H1 trading timeframe see the rejection candle with small SL and the 7.5R trade

Attached Image (click to enlarge)
Click to Enlarge Name: GU Feb14 H4 SnR 14-2-2024 6-12-45 pm.png Size: 25 KB


H1

Attached Image (click to enlarge)
Click to Enlarge Name: GU Feb14 H4 SnR H1 setup 14-2-2024 6-05-56 pm.png Size: 19 KB


for those trading the M30,

Attached Image (click to enlarge)
Click to Enlarge Name: GU Feb14 M30 H4 SnR trade 14-2-2024 6-08-36 pm.png Size: 18 KB



...
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
Quoting emmanuel7788
{quote} It is much simpler what the OP Islandfx911 explained in his posts. GU H4 zoom down from Weekly to Daily and to H4 then on the H1 trading timeframe see the rejection candle with small SL and the 7.5R trade {image} H1 {image} for those trading the M30, {image} ...
Where was your SL?
That wick above the shaded rectangle should have stopped you out.
Isn't it?
Took a EU Short. Convictions for the trade annotated on the chart.

P.S: Had to amend the colour for the short position box and the position of the 1-2-3 due to the wicks / colour on the line chart

Update: Trade got stopped out, will come back to review if we got stopped due to a stop hunt
Attached Image(s) (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 26 KB
Click to Enlarge Name: screenshot.png Size: 29 KB
Quoting Merka
{quote} Where was your SL? That wick above the shaded rectangle should have stopped you out. Isn't it?
wait for the rejection pull-back candle to close than enter on the next candle open

Attached Image (click to enlarge)
Click to Enlarge Name: GU Feb14 H4 SnR H1 setup 14-2-2024 6-05-56 pm.png Size: 20 KB




...
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
Quoting emmanuel7788
{quote} wait for the rejection pull-back candle to close than enter on the next candle open {image} ...
Only problem is the UK market wasn't open yet.
Don't we wait for UK market to open first before trading the GBP?
Quoting emmanuel7788
{quote} {quote} BTC at psychological level 50,000 Market sentiments still bullish and it will hit 50791 {image} ...


BTC Feb15 UPDATE:

- the rally continues

- the next MN swing level is far away



Attached Image (click to enlarge)
Click to Enlarge Name: BTC Feb15 Mn UPDATE 15-2-2024 7-13-02 pm.png Size: 23 KB




...
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
Quoting Detto
{quote} Only problem is the UK market wasn't open yet. Don't we wait for UK market to open first before trading the GBP?
as a trader, you should know what gbp event drove gu to drop.
it is also the europe/frankfurt open.
some traders only trade those moments.
while most avoid it totally.
so do not be surprised if you do not see any real trades been shown here for the GDP news.
ITB - Seeing Orderliness amongst 'Randomness'
EUR/USD
Attached Image (click to enlarge)
Click to Enlarge Name: Снимок экрана 2024-02-15 161928.jpg Size: 238 KB
0 traders viewing now