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candles and trading lines

  • #21
  • Feb 15, 2008 5:46am Feb 15, 2008 5:46am
Hi one and all

Well it was a great night for our trade.
But now price has been stopped at the "00".
and may stall there today is friday.

I am done for the week.
Markets will be closed before I get home tonight.
I will see you monday.
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the big picture looks really really good

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main chart looks great

John
  • #22
  • Feb 19, 2008 5:26am Feb 19, 2008 5:26am
I Did didn't get to post last night.
But I did see & help myself to the USD holiday sell off.

The trade looks great 1/2 way to our T.P. levels

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See you tonight

John
  • #23
  • Feb 19, 2008 7:36pm Feb 19, 2008 7:36pm
The swing keeps on swinging.
I did nothing this evenning.

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John
  • #24
  • Feb 22, 2008 8:40am Feb 22, 2008 8:40am
Hi One and all

I am not sure anyone is reading this?!
I was away the last few days.

I did add one last time when we had that big tail two days ago.
sorry I didn't post.
we are quickly coming to the end of this trade.

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John
  • #25
  • Feb 22, 2008 11:04am Feb 22, 2008 11:04am
Quoting daytrader
Hi One and all

I am not sure anyone is reading this?!
I was away the last few days.

I did add one last time when we had that big tail two days ago.
sorry I didn't post.
we are quickly coming to the end of this trade.

Attachment

John
Hi John
I am definetley reading your charts as u post them.
Normaly i trade on a day to day basis,hence thats why i am looking into your approach.
It will be good to see another trade open up,and followed by your analysis
regards,keep up the good work
baz
  • #26
  • Feb 23, 2008 8:04am Feb 23, 2008 8:04am
Quoting baz
Hi John
I am definetley reading your charts as u post them.
Normaly i trade on a day to day basis,hence thats why i am looking into your approach.
It will be good to see another trade open up,and followed by your analysis
regards,keep up the good work
baz
Thank you for the feed back.

I normally only have one trade on at a time.
I only have so much money.

& I normally do the Eur.Usd.

And I often only go with the greater trend

so I don't trade a lot .

sorry

John
  • #27
  • Feb 23, 2008 8:16am Feb 23, 2008 8:16am
Hi daytrader.

I just want to let you know that I am reading this thread too. Thanks for it.

Maybe you can explain again how you moved your SL and at which point exactly you added the second positon on your trade. At the close of the candle with the tail?

Best regards
Janson
  • #28
  • Feb 24, 2008 2:26pm Feb 24, 2008 2:26pm
Quoting janson
Hi daytrader.

I just want to let you know that I am reading this thread too. Thanks for it.

Maybe you can explain again how you moved your SL and at which point exactly you added the second positon on your trade. At the close of the candle with the tail?

Best regards
Janson

hi Janson

you got it - in fact.

I normally add when I have the right big tail.

Stop loss-- ie. in an up swing
1st. is the last down swing low before I got in. 2 pips below it
2nd. I move up my stop loss to 0+1 as soon as I can.
If I have a weekness it is this I aften get stopped out
- then a big move happens ... but I hate lossing money
3rd. As with every big tail I add -
I also move up my stop loss to 2 pips below that big tail.
4th. now if we are up up up- with no tails or red candles.
I will start moving up one candle at a time-
I am always about 5 days(5 candles behind) before I start moving up .
5th. it we pass a very importain point on the charts a very strong trading line
or a 100 on the chart I may move it to be my stop.

I hope that helps

John
  • #29
  • Feb 24, 2008 2:28pm Feb 24, 2008 2:28pm
Hi daytrader,
thatīs how I trade (support-resistances, candles and trend lines) but in my case in 1 hour chart, itīs easy to follow the trend and waiting the price to touch the trend line and reverse.
I also use old support-resistances (as you say: strong points) instead fibonacci retracement. I say that itīs easy because you donīt follow lagging indicators and you always follow the trend (thatīs the secret: for example buying on dips). And the best is that you know when your trade was wrong protecting it with a stop loss out of the channel/trend line, in this case if the candle pattern follows then the trend has changed. I also look for 4h and daily to see the general trend (never less than 1h chart).

Great thread
  • #30
  • Feb 24, 2008 2:34pm Feb 24, 2008 2:34pm
I forgot to mention that I only risk 2% of my account and if I see that I am in good pips I also move the SL to break even and later I move it again to be in profit because the price could go against me due to very important news. So I am always gaining some good pips. This way you never lose your account and when you are in break even you can risk another position according to your money management rules.

I see in this Forum many people following indicators but they give many whipsaws...., itīs great to see a thread following the old school.
  • #31
  • Feb 24, 2008 2:40pm Feb 24, 2008 2:40pm
Quoting joselb
I forgot to mention that I only risk 2% of my account and if I see that I am in good pips I also move the SL to break even and later I move it again to be in profit because the price could go against me due to very important news. So I am always gaining some good pips. This way you never lose your account and when you are in break even you can risk another position according to your money management rules.

I see in this Forum many people following indicators but they give many whipsaws...., itīs great to see a thread following the old school.
Thanks for adding your insight,but is your starting point the daily chart as is Johns?
thanks
baz
  • #32
  • Feb 24, 2008 2:49pm Feb 24, 2008 2:49pm
Yes, the daily chart gives me the trend and then I wait in 1 hour to enter my trade if the price is in a channel/trend line in the same direction.
  • #33
  • Feb 24, 2008 2:55pm Feb 24, 2008 2:55pm
Quoting joselb
Yes, the daily chart gives me the trend and then I wait in 1 hour to enter my trade if the price is in a channel/trend line in the same direction.
Thank you,perhaphs you may share a trade you take,so we can follow?
kind regards
baz
  • #34
  • Feb 24, 2008 3:48pm Feb 24, 2008 3:48pm
thanks for sharing... I notice you always draw your trend/support OR resistance lines through at least 3 points.... Is this a rule to follow? or just coincidence on the charts you have so far posted....

also, do you stop and reverse the trade if the support/resistance fails (ie the channel breaks down) and a breakout occurs?

thanks in advance...
  • #35
  • Feb 24, 2008 5:32pm Feb 24, 2008 5:32pm
Quoting dagoods
thanks for sharing... I notice you always draw your trend/support OR resistance lines through at least 3 points.... Is this a rule to follow? or just coincidence on the charts you have so far posted....

also, do you stop and reverse the trade if the support/resistance fails (ie the channel breaks down) and a breakout occurs?

thanks in advance...
1. The 3 strong points .... yes always..
2. Stop and reverse.. yes sometimes
- other times I wait for the trend to restart.
- I wouldn't go in the 1st time it happens.
but once I start to see a swings (or a channel)
I will go with them
but I normally add less in if I am not going with the maim trend.

john
  • #36
  • Feb 25, 2008 7:08am Feb 25, 2008 7:08am
Hi daytrader
I like your method, nice and straight forward, I also work fulltime and like the fact that you only spend a few minutes a day trading, I spend far too much of my spare time trading and I think I'm going to simplyfy things a bit. I shall follow this thread as long you keep posting since it suits my trading style, I've been trying to complicate things with indicators etc. My problem is that I have not been patient in waiting for the right trade to come along and so I have been searching for more active trading systems but I shall keep it simple from now on.
I am also in on the EUR/USD and am waiting for my TP to be hit soon.
  • #37
  • Feb 25, 2008 8:31am Feb 25, 2008 8:31am
Daytrader, will you short this once it reaches the support and your TP?
  • #38
  • Feb 25, 2008 6:17pm Feb 25, 2008 6:17pm
Quoting Mantorp
Daytrader, will you short this once it reaches the support and your TP?
likely...
unless I can find a trade with the trend
eur.jpy looks very good
  • #39
  • Feb 25, 2008 6:24pm Feb 25, 2008 6:24pm
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we are likely coming to an end of this trade soon.
- We will hit our take profit
- or if we blow through the trading line (white circle)

John
  • #40
  • Feb 26, 2008 7:00am Feb 26, 2008 7:00am
hi John

I also am watching your trading.
I also mostly do the EUR/USD.
It looks great the way you are trading.

I was just woundering what you use the 2 -200mas for

thanks

TEB
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