No Brainer Trades | Page 248 | Forex Factory

Options

Go to
Permalinks
Print Thread

Related Instruments

GBP/USD, USD/CHF, USD/JPY

Similar Threads

No brainer fundamental trades 55 replies

This time... I'm Keeping MY MONEY (BRV - No Brainer Trades) 3 replies

The Koala System (No brainer) 127 replies

EUR/GBP SHORT for No Brainer 67 replies

Selling USD and YEN is a no brainer. 12 replies

Attachments: No Brainer Trades
Exit Attachments

No Brainer Trades

  • #4,941
  • Oct 29, 2008 6:53am Oct 29, 2008 6:53am
This my one minute chart trade, 10 minutes ago.
I saw EUR in uptrend and sold it at 1.2844 because of the obvious probable retrace.
But the trend was up, then I bought at 1.2775, where there is a bucket and a top that can give support to the price
So far so good!
Good luck
Kudos to BRV
Attached Image (click to enlarge)
Click to Enlarge Name: 111.gif Size: 42 KB
  • #4,942
  • Oct 29, 2008 6:59am Oct 29, 2008 6:59am
Quoting sirmais
easy 150 pips on AUDUSD this morning..
Good trade sirmais!

Also thanks for the reply bird.
  • #4,943
  • Oct 29, 2008 7:03am Oct 29, 2008 7:03am
Thanks, jlmac27!
Now, same action is going on AUDUSD or breakout is coming. I bet for breakout, but not sure. I'm out.
  • #4,944
  • Oct 29, 2008 7:59am Oct 29, 2008 7:59am
Willowgal,

I'm still relatively new to this method (Sam Seiden turned me on to using just S&R and then I also found this thread). I'm having decent success, but one thing that confuses me is how to pick which entry.


I saw the bottom of that Bucket too (Thanks, BVR), but also the support at the 2490 level just 25 pips higher. How do I know which is the better entry?
  • #4,945
  • Oct 29, 2008 8:56am Oct 29, 2008 8:56am

  1. Another way of trading breakouts with a high probability of success - but at the expense of missing some strong breakouts that don't retrace.

When a SR level is broken wait for a retracement to kiss it one last time and then place a stop order to enter @ the mid point of the SR line and the most recent excursion.
If the retracement goes too far (say -20 pips) you can cancel your entry order before it gets filled.
When/If your entry does get filled the breakout will look like continuing.

steve

Don't kill your dreams - execute them.
  • #4,946
  • Edited 9:01am Oct 29, 2008 8:59am | Edited 9:01am
Quoting thewizard
Willowgal,

I'm still relatively new to this method (Sam Seiden turned me on to using just S&R and then I also found this thread). I'm having decent success, but one thing that confuses me is how to pick which entry.


I saw the bottom of that Bucket too (Thanks, BVR), but also the support at the 2490 level just 25 pips higher. How do I know which is the better entry?
The answer is 'you don't know' really. The support you mean (2490-2475) is only 15 pips above and that level looks like consolidation after the initial move up out of the bucket when it was formed (IMO) .... I was just thinking it may make it to the bottom of the bucket before hopefully bouncing.

It's not looking good at the moment .... i think "there is a hole in my bucket" at the moment
  • #4,947
  • Oct 29, 2008 9:14am Oct 29, 2008 9:14am
Quoting Willowgal
The answer is 'you don't know' really. The support you mean (2490-2475) is only 15 pips above and that level looks like consolidation after the initial move up out of the bucket when it was formed (IMO) .... I was just thinking it may make it to the bottom of the bucket before hopefully bouncing.

It's not looking good at the moment .... i think \\"there is a hole in my bucket\\" at the moment
May find support here
Attached Image (click to enlarge)
Click to Enlarge Name: usdcad ex bucket.gif Size: 16 KB
  • #4,948
  • Oct 29, 2008 9:19am Oct 29, 2008 9:19am
Can one of the more experienced/successful Traders with this method explain their mechanics of the entries. I've gone through the blog and perhaps I have a mental block relkative to the word "bounce" or the appropriate price action that gives clues as to whether a S/R level is likely to hold or if I should stand aside. I find that I am entering too early at times or missing trades because of waiting too late. I know that placing "blind" limit orders is not the answer. I have become a student of this thread and the blog. I am absolutely confident about my ability to identify S/R levels. I use the higher timeframes by the book. I typically use a 5min chart to pinpoint my entries. This is not enough because even knowing these levels I am butchering trades. I can't believe that I am the only one struggling with this. Any insights would be greatly appreciated!!!
"Amat Victoria Curam" Victory Loves Preparation
  • #4,949
  • Oct 29, 2008 9:21am Oct 29, 2008 9:21am
80 sweet pips home.
waiting like a hunter for 4th time touch then... 124.60 line broke + 10 pips filter and in.
It was 4 minutes... and out.

I think it is not over yet...

I love s/r.
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy.gif Size: 19 KB
  • #4,950
  • Oct 29, 2008 9:26am Oct 29, 2008 9:26am
Quoting Willowgal
May find support here
Dont try to catch a falling knive. Right now price is sitting on the ascending TL and right here you could have taken profit and leave some to run looks like loonie is on a freefall lol
  • #4,951
  • Oct 29, 2008 9:29am Oct 29, 2008 9:29am
wow so much for the usd/cad long....
it just plowed right thru the support!
Just focus on the pips. The rest is insignificant.
  • #4,952
  • Oct 29, 2008 9:35am Oct 29, 2008 9:35am
it was a valid Bucket play or not, but when I saw how much force it plowed through the bottom of the bucket with, I closed my long and went short. Have some nice Pips in so far, locked some in at 2365 and set my stop there. Put in a TP just about the 2200.
  • #4,953
  • Oct 29, 2008 9:37am Oct 29, 2008 9:37am
Quoting ayaz
wow so much for the usd/cad long....
it just plowed right thru the support!
that is why we have stop losses
  • #4,954
  • Oct 29, 2008 9:39am Oct 29, 2008 9:39am
Quoting belekas
Dont try to catch a falling knive. Right now price is sitting on the ascending TL and right here you could have taken profit and leave some to run looks like loonie is on a freefall lol
lol... yes I will not be trying that for a while :-)
  • #4,955
  • Oct 29, 2008 9:44am Oct 29, 2008 9:44am
Quoting daytrade5
Can one of the more experienced/successful Traders with this method explain their mechanics of the entries. I've gone through the blog and perhaps I have a mental block relkative to the word \"bounce\" or the appropriate price action that gives clues as to whether a S/R level is likely to hold or if I should stand aside. I find that I am entering too early at times or missing trades because of waiting too late. I know that placing \"blind\" limit orders is not the answer. I have become a student of this thread and the blog. I am absolutely confident about my ability to identify S/R levels. I use the higher timeframes by the book. I typically use a 5min chart to pinpoint my entries. This is not enough because even knowing these levels I am butchering trades. I can't believe that I am the only one struggling with this. Any insights would be greatly appreciated!!!
Hello, just read thread, the blog, ironman pdf, etc. No more is needed. And a blind limit order is the answer sometime or best an alarm telling you is time to open the trade.
If you enter too early so how can you say that you can find s/r easily? This is not a 100% proof method by the way, you gonna have losses anyway, don't ever think that my trades are always ok, today I opened 6 trades and 3 where wrong. No problem with it anyway, I'm still up for the day. Is the cost of the business. Maybe you just need to go back to basic, and you'll find yourself ok soon
  • #4,956
  • Oct 29, 2008 10:02am Oct 29, 2008 10:02am
Quoting daytrade5
Can one of the more experienced/successful Traders with this method explain their mechanics of the entries. I've gone through the blog and perhaps I have a mental block relkative to the word \"bounce\" or the appropriate price action that gives clues as to whether a S/R level is likely to hold or if I should stand aside. I find that I am entering too early at times or missing trades because of waiting too late. I know that placing \"blind\" limit orders is not the answer. I have become a student of this thread and the blog. I am absolutely confident about my ability to identify S/R levels. I use the higher timeframes by the book. I typically use a 5min chart to pinpoint my entries. This is not enough because even knowing these levels I am butchering trades. I can't believe that I am the only one struggling with this. Any insights would be greatly appreciated!!!

Your not alone my friend,
I just did the same thing with the gbp/jpy breakout.I jumped out of a very profitable trade.My problem was fear and not planning my trade correctly.I have been studying for about 13 months now,and I find the most important thing out of anything is just experience,(screentime)So hang in there man.People warned me of the learning curve,but to accomplish trading as a career,will make it all worth it.Persistance is the key!
  • #4,957
  • Oct 29, 2008 10:10am Oct 29, 2008 10:10am
Quoting daytrade5
Can one of the more experienced/successful Traders with this method explain their mechanics of the entries. I've gone through the blog and perhaps I have a mental block relkative to the word \\"bounce\\" or the appropriate price action that gives clues as to whether a S/R level is likely to hold or if I should stand aside. I find that I am entering too early at times or missing trades because of waiting too late. I know that placing \\"blind\\" limit orders is not the answer. I have become a student of this thread and the blog. I am absolutely confident about my ability to identify S/R levels. I use the higher timeframes by the book. I typically use a 5min chart to pinpoint my entries. This is not enough because even knowing these levels I am butchering trades. I can't believe that I am the only one struggling with this. Any insights would be greatly appreciated!!!
No, you're not alone struggling with this. I too find it difficult to get things right. For example, I've been eyeing up a sell on eur/usd at 1.3006, but given the 00 level I set an order at 1.3000. Watching it just now it looks like it's started to come down about 20+ pips below where I had my order. Have I missed it? Will it come back to my level? Even if it does, should I take it or is the current retracement too close (so indicating it's about to break to the upside if it does turn back up)?

Here's the way I'm dealing with my problem:

I've read every post, the blog and the pdf. I make notes. I'm now going through the blog again and looking at every chart posted. I'm then looking to see if I can replicate the levels on the same chart so I can understand where people are getting them from. Sometimes I see it, sometimes not. So I try to work out why.

At the same time I'm trading each day and trying to learn from each trade. I completely re-do my charts every day and I keep up with the news/fundamentals just as BRV advises.

I'm also sticking to just one pair (eur/usd) when it comes to my own trading. It means I can focus more and I have to be more disciplined and more patient (key attributes) in order to wait for the right trades.

Not sure if that helps, but I suppose the conclusion is, keep learning, keep going. We'll get there sooner than we think.
  • #4,958
  • Oct 29, 2008 10:36am Oct 29, 2008 10:36am
Quoting SABTrader

  1. Another way of trading breakouts with a high probability of success - but at the expense of missing some strong breakouts that don't retrace.

When a SR level is broken wait for a retracement to kiss it one last time and then place a stop order to enter @ the mid point of the SR line and the most recent excursion.
If the retracement goes too far (say -20 pips) you can cancel your entry order before it gets filled.
When/If your entry does get filled the breakout will look like continuing.

steve

steve, could you elaborate on the above, preferably with a chart.

Earlier when the GBPJPY hit my buy signal level alarm at 156.8, i watched it go past 157, but failed to pull the trigger to go long. There was another pullback from 158.1 to 157.45, before it took off again.
  • #4,959
  • Oct 29, 2008 11:05am Oct 29, 2008 11:05am
appreciate if someone can giv me comments on whr shud my TP be around? im thinkin at 1.1428... but thats jus my 'guess'...
Attached Image (click to enlarge)
Click to Enlarge Name: uc.gif Size: 9 KB
  • #4,960
  • Oct 29, 2008 11:23am Oct 29, 2008 11:23am
Quoting Knightz
appreciate if someone can giv me comments on whr shud my TP be around? im thinkin at 1.1428... but thats jus my 'guess'...
I made the same trade and got out with 20 pips.... it looked to be stalling and I dont think the level is going to hold.
11 traders viewing now