haniam's anti Big Dogs trades

Quoting Bakuli

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PLEASE DO NOT FOLLOW THIS TRADE PLAN AS I AM ONLY POSTING THIS FOR HANI TO COMMENT ON , I AM STILL IN THE LEARNING PROCESS!

Hi Hani

I am posting the following trade plan for EURUSD for your comments to see if its viable.

My daily pivot is 1.4648, S1 is 1.4582 and R1 is 1.4708
Very good

Current price is below PL.
Very good

Plan A
Sell on bounce off PL at 1.4648, targeting 1.4615 (50 % from PL to S1)
Very good
Stop Loss set at 1.4635 (do you think 20 pips stop loss is OK above PL?)
Error: Stop loss should be above te selling price of course! Somewhere between 1.4663-1.4668 (15-20 pips)
Take 75 % profit at 1.4615 and let the rest run with trailing stop
Very good

Plan B
If PL is breached, sell on bounce off 1.4708, targeting 1.4678 level (30 pips)
Possible. You may consider also buying a bounce of PL if it is retested, as the market sentiment is shifting to up.

Also you may consider inthe same logic buying at the support bounce too.


Stop Loss set at 1.4728 and let the rest run with 20 pips trailing stop loss.
Take 75 % profit at 1.4678
Very good

The most important part is consistancy. If you are consistant and you observe a good money management, you will see you balance increase.

Hani,
Please can you give your experienced comments on my trade plans above. I have re-read your thread again to re-learn what I have forgotten.

Thanks

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08018-Lee first daily plan for EU
Quote:
Originally Posted by Bakuli http://www.forexfactory.com/images/buttons/viewpost.gif
PLEASE DO NOT FOLLOW THIS TRADE PLAN AS I AM ONLY POSTING THIS FOR HANI TO COMMENT ON , I AM STILL IN THE LEARNING PROCESS!

Hi Hani

I am posting the following trade plan for EURUSD for your comments to see if its viable.

My daily pivot is 1.4648, S1 is 1.4582 and R1 is 1.4708
Very good

Current price is below PL.
Very good

Plan A
Sell on bounce off PL at 1.4648, targeting 1.4615 (50 % from PL to S1)
Very good
Stop Loss set at 1.4635 (do you think 20 pips stop loss is OK above PL?)
Error: Stop loss should be above te selling price of course! Somewhere between 1.4663-1.4668 (15-20 pips)
Take 75 % profit at 1.4615 and let the rest run with trailing stop
Very good

Plan B
If PL is breached, sell on bounce off 1.4708, targeting 1.4678 level (30 pips)
Possible. You may consider also buying a bounce of PL if it is retested, as the market sentiment is shifting to up.

Also you may consider inthe same logic buying at the support bounce too.


Stop Loss set at 1.4728 and let the rest run with 20 pips trailing stop loss.
Take 75 % profit at 1.4678
Very good

The most important part is consistancy. If you are consistant and you observe a good money management, you will see you balance increase.

Hani,
Please can you give your experienced comments on my trade plans above. I have re-read your thread again to re-learn what I have forgotten.

Thanks

Quoting Bakuli

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Hi Hani,
Thank you for your comments. Thanks for pointing the silly mistake on the stoploss.
Re Plan B, the reason why I didn't think of buying a bounce off the PL if it is breached is because I felt waiting for the bounce off resistancand would be a higher probability set-up. I could be wrong but that was my rationale for not buying the bounce off support.
I will come up with other plans for your comments in the future when I have them. Hope you don't mind me clogging up your journal with my trade plans. Let me know if it is not appropriate and I will post it differently for your comments.
Thanks again Hani. Re-reading your thread over again certainly helps to make me understand things much better.

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You proposed selling on resistance bounce @1.4708
Also you may consider in the same logic buying at the support bounce too.
By support, I am pointing to the one you mentioned 1.4582. We have some main support region between 1.4555 and 1.4580, and the bounce of this region can be an excellent opportunity to buy for 75-150 pips target with 20-35 pips SL.

The break of this region and even more the break of 1.4520-30 will open the way to much more recovery of USD in a fast way. So sell the break here.

Quoting Bakuli

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Hi Hani

I get it now. LOL. I thought you meant consider a buy from PL bounce.

You mentioned there is some main support in the region between 1.4555 and 1.4580. How did you work that out.?Is it the support off the bottom trendline?

By the way this morning I have had two positive trades off the EURUSD trading this plan with 30 pips each, netting me 60 pips ! I just took all the profit when it reached the 50% level from PL to the support 1 level. I didn't just take 75% profit and let the rest run. Didn't want to complicate matters for now while I am learning to trade this style.
I had a third plan with the GBPJPY (but did not trade this live) which would have netted me 81 pips at the 50 % level.

I got the idea of taking profit at the 50 % level from one of your posts here.

Thanks for your help and expertise

Lee

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You see how patience and discipline pays. A very simple strategy, practically no indicators, and it pay a lot. If you manage to get consistently 50 pips a day, with a conservative approach and having your capital preservation in mind, as I mentioned to you previously, you will still double your account every few weeks! In all cases, don't overtrade.

My advicde: don't get the excitement go to your head! This is a common trap where traders fall lot of time, they tend to get greedy, to trade more and more and they finish by losing much more than they won.

You will have losing trades. You may have losing days. Don't give up.
Patience and discipline is always the key.

Continue the good work,

Hani

Quoting khanderoo

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Dear Hani,
Thanks for the great thread. I have fully re-read it once more + took some notes from it. Now I'm seeing lot of ways to be a BIG winner. Thanks to "HANI" for its great work . If possible I would like to be a part to say my daily plan & get discussed about it. If its okay I would start from this week. I am kind of excited about it

Thanks & Regards,
Mohammad

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Quoting haniam

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The upper ascending trendline has contained the bull move as expected.

The BD strike again, getting the EU down more than 200 pips in less than 2 hours.

More moves like this are to be expected, and the only real thing that is still maintaining the USD as these high levels is the speculation about a possible 75 pts rate cut.

The rate decision announcement will give a decisive turning for the dollar, and unless it manages to break 1.5, the USD may go to low levels very fast.

Can you see how the 'M' pattern under construction looks like the one on the left side of the chart, but in a much bigger size? We may have a double top confirmation in the coming weeks. A final decisive retest of 1.49xx levels is still expected in the coming 2 weeks.

Scenario 2 is still in play.

Attachment

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Quoting khanderoo

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·Trading Plan:
General notes:
Try not to write everything in bold. It makes reading more difficult. Put only words or sentences you want to emphasize in bold. Put more spaces between ideas also.

1. As Mr. Hani said, and I myself have tested before, Today is holiday in US so we could have high volatile market & resistances could be broken easily.
Important factor to take into consideration when taking the decision to trade. IT may affect our risk taking ability and we may want to trade in smaller lots, or just to stay aside of the market.
The Market Volatility will make the decision for me to be in the Sell/Buy Side. If it goes down I will sell and up I will buy.

2.We have two main Supports making a range between 1.4559 (Monthly Pivot) ~ 1.4543 (.382 Fibo from 20/Dec to 15/Jan)
1.4559 was support and now it turned to resistance few hours ago.

3.Also we are seeing a new baby trend line starting to born from H1 Time Frame to complete the Double Top pattern (Could be viewed by weekly time frame)
Hum. Better not to join as far TF as H1 and W1 in a short sentence. This may confuse a lot. hy not to attach a chart in this case? You can download a free excellent screen capture at
http://www.xydownload.com/easycapture/

Plan A: If the trend line could hold & the Supports are broken, I will sell at the coming back to the .382 resistance (Switched from support) down to the S2 pivot at 1.4516 making my S/L at up of trend line + .382 Fibo + S1 pivot @ 1.4556
Plan A? Putting A mean there's plan B. Where is it?
Good plan as thinking, but beware oversold situation of EU. And maybe you have a wrong S2. In fact I have it @1.4527 and 1.4546 on two different brokers. Are you taking Sunday data into your calculation? I don't. Better to make attention on daily pivot lines on Monday. 1.4520 is a strong support so 1.4516 will be difficult to reach. Maybe you would take at leat some partial @1.4530. I would not take a sell in such situations. I would wait for 1.4520 break first. Else I will go long on the bounce as per my previous post with better R:R.

Well I’m in the trade right now!!!
Good luck!

Hope the best for all,
Mohammad

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Quoting khanderoo

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Dear Hani,
Excuse me for Bold writing in previous post.
I see you learn quickly and accept critics in an open mind. Nice post down!

Attached is what I first planned & Corrected by your advises. Kindly check.
Nice chart. I guess you mean by triangles for your exits the rectangles you have on the chart.
I see you have a BB drawn, but you do not mention it anywhere in your analyse. If you do not use it, you should remove it. Else, it should be integrated in your analyse.

Some questions:

1. Calculating Pivot Point on Monday's: In some forex books I have read that Sunday price movements should be considered in calculating this point SO for the gap that is usually involved from the end of the week to the new one. Could you kindly inform me on your thoughts about this. Do all of the traders do this?
Well, some traders use sundays data, other's don't. Bear in mind that PL calculation will not be the same depending on brokers candle close. Some broker open on Monday at 00.00 their time and this question will not even be present. You can see an exmple on alpari.com
Using sunday data may give you very close R1-R2-R3 and S1-S2-S3 that will be useless, mainly when the sunday few hours are very calm. So it will depend on your broker and how many hours he is opened on Sunday for you to decide to use these data or not.

2. What do you consider a bounce of a S/R? I mean when do you think it is confirmed to take the trade?
One of the previous post#379 deals with the bounce/break issue.

3. I would also appreciate if your thoughts on how I did? Was my combination of tools to enter & exit ok or not?
Well I think you did fine as per the chart's comments. You may have exited some of your first trade shorts @1.4530
You did buy the bounce of 1.4520 and did take good profit at the resistance. Good trade!

Do yo know that , with a good money management and without risking more than 2% per trade, it is enough that you do 1 trade like this per day to double your account in few weeks? No need to stay all day behind your screen to try to do more trade and only finish by losing the early wins.

4. Do you allow for a second planing in the day while the price is moving BUT you are out of trade?
Well yes I do. NY session has a different 'personality' than 'London' session or 'Asian' session, and often do create a reversal in the market sentiment.

Thanks for your valuable time,
Regards,
Mohammad

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Quoting haniam

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Today is a US holiday and if we observe volatility, pairs can move more than average day, we could witness some erratic price action and lot of SR can drop more easily than usual.

M pattern construction still under way.

1.4580 has already broken very fast.
Prices are now on an important support around 1.4520 and we may consider buy the bounce targeting 1.4580, 1.4640 and 1.4700 with 20-30 pips SL, or sell break targeting 1.4465, 1.4380 and 1.4315 with 20-30 pips SL.

A retest of 1.47 can be seen as an opportunity to go short for a retest of the supports depending on price actions at this level.

Scenario 2 is still in play.

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Quoting haniam

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To determine if prices are bouncing or are breaking, you should see the price action at the determined level, depending on your trading style and the time frames you are using. If you are using intraday strategies, you will be using M5 and M15 to determine bouncing and breaks and would be targeting 20-50 pips

This is effective at Support/Resistance levels were the prices would most probably go higher/lower on a bounce and lower/higher on a break.

You should keep in mind that sometimes you will have false breaks that are intended to trigger some Sell stop/Buy stop orders before going in the opposite direction to trigger the Stop Loss orders and eventually going in the first direction later on. These Bear/Bull traps are common, mainly during high volatility moments following a news announcement.

Let's take today EU example with an illustration and a live setup:

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Quoting john15689

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hi haniam, in what way u have found 14465-14380 as targets, in the last attachment? I'm sorry for any mistakes but i'am italian..

thanks for your attention!

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Quoting howard

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Hi Haniam

Is the site "fxnation" which you mentioned a few posts back still active? I did register but no confirmation email received.

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