Nothing is impossible, with a willing mind!
Point pivot trend line and fibo system (Semafor included) 14 replies
Indicator fix...code included.. WHATS WRONG?!? 4 replies
An interesting read - Daily and 60 Min Strategy - Charts included 3 replies
DislikedHi TV,
I found some documents among one which described the 1 2 3 system.
See http://www.trading-naked.com/Articles_and_Reprints.htm
greets,
FPIgnored
DislikedHi folks,
Ok here is a trade I entered today. It's not picture perfect as far as the example I was speaking of earlier but it is still a good trade nonetheless.
It shows an example of how and why I take a trade opposite the major trend.
On the weekly chart we can see that last wek closd on weakness and at an area of previous resistance. So this to me is a heads up that a trade opportunity could happen.
So I watch the 4H chart. WOW look at all the weakness from the previous weeks highs. Ok clearly something may happen here. Then look at the are in the blue box. This is where I entered. I know I have not got into a lot of detail yet about entries outside of the 1-2-3 formations but this is how I do it. If you look cloesly in the blue box you will see whee there is a 3 bars that form a failed high. This is what I am looking for. but it's not just that this formation appreared it's the fact that this formation occured after breaking back down through previous support and the formation of last wek on th weekly chart.
Right now this trade is up 88 pips my TP zone is the blue line at the bottom of the chart but I will watch closely at the blue line marked Trouble area.
Also I am locked in for profi at the yellow line.
See if you can figure out why I marked it a trouble area.
Let's see how this trade goesIgnored
DislikedHi Trader_V,
Was just going through some of the posts here and the document you posted...great stuff...thanks.
Any comments on attached chart from anyone?Ignored
DislikedHi everyone! I hope you all are having a great holiday season! I know I am
I noticed come questions about trend direction and referencing longer time frames. So I put together this little document to hopefully show how I do some things. It's by no means extremly comprehensive but I hope it will be helpful for some of you.
If you have questions or comments I encourage you to ask. With your help I may be able to clear up some areas of this doc that may be vauge or not well explained so that others can get some use of this.
Cheers,
Trader_VIgnored
DislikedTrader V,
I've been spending some time over in "Skunny"'s thread.
Looking at your EUR/CHF chart I see a couple of things.
after placing a fib on the previous weekly candle I then went down to the 4hr chart and see that the S/R line you have drawn is just above the 38% fib too.
after the candles clean break of the 38% fib there was some interesting things going on there.
1) a "V" formation on the 4hr candles
2) after the clean break of the 38% fib, there were then 5 consecutive 4hr candle attempts at breaking back through the 38% fib but none were successful, some penetrated but none actually closed above the 38% fib.
3) looking at it in hind sight I can see that the 38% fib was a perfect entry point, and your TP level was dead on.
excellentIgnored
DislikedV Trader,
after looking at that EUR/CHF last night I was looking at the EUR/USD this morning too.....
once again I dropped a weekly fib (in red)
then I dropped down to 4hr and dropped a 4rh fib in blue off the hi/low
then it happened again.....almost exactly the same as your EUR/CHF
the 4hr 50% fib (blue) saw a clean break downward, then "5" penetrations but no break.
Then we saw a clean break below the weekly low, the 4hr 38% fib, and a strong support level. then it was BAMMMMM.......go time!!!
Now I'm still learning about all this Price Action stuff but I believe in James16 speak we could call this some major "convergance" couldn't we???
I think that is a perfect example of waiting for a trade to come to you instead of running after one.......aka, be a sniper, don't use a shotgun.Ignored
DislikedYou got it my friend! James calls it confluence. The coming together of multiple signs that price may react in a specified area. Wit for it to happen and this will add value to your trades.
Trust me I am a sniper in real life and patience is a huge piece of the puzzle.
Excellent observations and congrats on the progress.
All the best and Merry Christmas to all here.
TVIgnored