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  • #11,061
  • Edited 5:54am Apr 23, 2009 5:18am | Edited 5:54am
Found this on twitter, actually. Just look past the guy doing the interviewing but Mark Douglas is Mark Douglas. Happy Thursday everyone.

http://www.4shared.com/file/96740657...er_Market.html

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  • #11,062
  • Apr 23, 2009 6:56am Apr 23, 2009 6:56am
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy.gif Size: 18 KB


Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.gif Size: 21 KB
Just posting 2 charts. eurusd and eurjpy. It is interesting to see how they are both adhering to lines and following each other pretty closely. Have managed to take advantage of that tonight. But purpose of post is to show how you can verify what is happening with an intended trade this way. I have theory that eurusd will be pushed down because of big option later, but I will not know for sure so using both charts which are working well will help me decide moves. I am preferring to buy from a lower point on both. Not taking sells as there has been more oomph to the upside.
  • #11,063
  • Apr 23, 2009 7:11am Apr 23, 2009 7:11am
Sorry, posted one as one hour and the other as 30 min. but you can see it easily if you look at same time frame. also this gbpusd is a good buy from 524 as my thoughts are that it will go higher later and might go through the579 line up to652. I base this on the usdjpy forming a flag and ready to move through line, and earlier 2 charts looking more uppish. Please bear in mind this is only my opinion and how I am reading my charts tonight. So far it has paid off for me. Before taking it off 524 I will look at other charts to see if they are still dropping down. If so next line down will be good.
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  • #11,064
  • Apr 23, 2009 7:29am Apr 23, 2009 7:29am
Quoting Tori
Sorry, posted one as one hour and the other as 30 min. but you can see it easily if you look at same time frame. also this gbpusd is a good buy from 524 as my thoughts are that it will go higher later and might go through the579 line up to652. I base this on the usdjpy forming a flag and ready to move through line, and earlier 2 charts looking more uppish. Please bear in mind this is only my opinion and how I am reading my charts tonight. So far it has paid off for me. Before taking it off 524 I will look at other charts to see if they are still...
Hi Tori, it is great to know that I have similar SR lines with a more experienced SR trader like you. I had 579 yesterday, but that line seems to get "destroyed" (if you look at yesterday H1 chart of GU, the candles didn't quite respect the line), so I removed it from my chart as I thought that line is already "invalidated". But it worked quite well today, can you tell me why did you keep that line? In what condition would a line be considered as "invalidated"?

Thanks.
  • #11,065
  • Apr 23, 2009 7:32am Apr 23, 2009 7:32am
Quoting BillyRayValentine
Found this on twitter, actually. Just look past the guy doing the interviewing but Mark Douglas is Mark Douglas. Happy Thursday everyone.

http://www.4shared.com/file/96740657...er_Market.html

.
Thanks BRV.

A nice to have the core elements of Trading In The Zone in a video. Shame it has to be on Spoonfeed TV!
  • #11,066
  • Apr 23, 2009 7:39am Apr 23, 2009 7:39am
Quoting dreamtrader
Hi Tori, it is great to know that I have similar SR lines with a more experienced SR trader like you. I had 579 yesterday, but that line seems to get "destroyed" (if you look at yesterday H1 chart of GU, the candles didn't quite respect the line), so I removed it from my chart as I thought that line is already "invalidated". But it worked quite well today, can you tell me why did you keep that line? In what condition would a line be considered as "invalidated"?

Thanks.
Hi Dreamtrader. I keep the lines that are close to where the price is because they have so much action across the chart, and like you said, today it worked. But to save confusion I will use a different colour for daily really big areas, another colour for 4hr pretty strong areas, and another for one hour areas. Now it might not hold if the action on other charts has been strong and pushed and pulled my relevant price action up or down to one of the stronger lines. But today, perhaps all charts are playing in a certain range and it will be adhered to. This is best I can explain. I would not get rid of a line for many days until the price is somewhere else altogether
  • #11,067
  • Apr 23, 2009 7:45am Apr 23, 2009 7:45am
That 1.3006 area is looking possible but because of that option which is supposed to be huge, I wonder if it might not just hang about there for a fair time. If it goes lower which is highly probable I would just love to take a buy from 12952. This cake has 2 hours to cook though so I might look elsewhere for inspiration.
  • #11,068
  • Apr 23, 2009 8:32am Apr 23, 2009 8:32am
Quoting RedCabbage
BRV has twittered 13127 and 13090 which I agree with on both counts.

It is in a triangle in the 1hr so if it doesn't break out south from here we should only see a very short rally up before we hit the levels posted.
Turned out nice again!

These levels were always going to come in to play at some point.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd230409.jpg Size: 168 KB
  • #11,069
  • Apr 23, 2009 8:50am Apr 23, 2009 8:50am
Thanks Tori, I will keep my eyes on the conditions in charts.

Quoting RedCabbage
Turned out nice again!

These levels were always going to come in to play at some point.
Indeed, tough I missed the short entry from the 1.3090 level by a few pips!
  • #11,070
  • Apr 23, 2009 9:12am Apr 23, 2009 9:12am
Quoting dreamtrader
Thanks Tori, I will keep my eyes on the conditions in charts.



Indeed, tough I missed the short entry from the 1.3090 level by a few pips!
I go +/-10, sometimes up to 15 on more ambiguous levels to allow for price turning early and my brokers spread. Be aware of how this shortens your stop loss though and make the adjustment within your RR and MM.
  • #11,071
  • Apr 23, 2009 9:12am Apr 23, 2009 9:12am
Quoting Tori
Sorry, posted one as one hour and the other as 30 min. but you can see it easily if you look at same time frame. also this gbpusd is a good buy from 524 as my thoughts are that it will go higher later and might go through the579 line up to652. I base this on the usdjpy forming a flag and ready to move through line, and earlier 2 charts looking more uppish. Please bear in mind this is only my opinion and how I am reading my charts tonight. So far it has paid off for me. Before taking it off 524 I will look at other charts to see if they are still...
Tori
Firstly, hello. I've been following the BRV thread for several months, and am subsequently having more success in my trading.
I wonder if you could answer a question which I've been mulling over?
When price is dropping down towards a significant level, but, instead of reacting at that level just blows through it, you will often get a chance to withdraw gracefully as price returns from the other direction to take a sniff at the rear end of the level it went through in a hurry.
In your opinion is this a dangerous tactic, and would a hard stop at a 'lower' level be a better method, rather than waiting for the revisit?
  • #11,072
  • Apr 23, 2009 9:27am Apr 23, 2009 9:27am
Quoting Interceptor
Tori
Firstly, hello. I've been following the BRV thread for several months, and am subsequently having more success in my trading.
I wonder if you could answer a question which I've been mulling over?
When price is dropping down towards a significant level, but, instead of reacting at that level just blows through it, you will often get a chance to withdraw gracefully as price returns from the other direction to take a sniff at the rear end of the level it went through in a hurry.
In your opinion is this a dangerous tactic, and would a hard stop...
Hi. Will do my best to answer if I have read correctly. Sometimes price just blows through a line and does not come back. You may not get a revisit at all. That could be for many reasons. Perhaps it has been held in check for something like an announcement or option, and then it just lets go. The best you can do is look at how other charts are reacting as well. If they are all being held at one level for what seems like ages, then when they move it might be big across the board with no coming back. If you are talking about trying to find the end of the spike and riding it back down, forget it, because often it just breathes and then keeps going. That is indeed risky. Best to wait for the revisit which will happen if it is some announcement that has just made everything move. I think the best you can do is be as precise as possible with lines, and then put stop loss beyond the next level. If it goes through there you are out. BRV has that scenario in his notes. And look at the feel of the movement. Hope some of this helps
  • #11,073
  • Apr 23, 2009 9:41am Apr 23, 2009 9:41am
Quoting Tori
Hi. Will do my best to answer if I have read correctly. Sometimes price just blows through a line and does not come back. You may not get a revisit at all. That could be for many reasons. Perhaps it has been held in check for something like an announcement or option, and then it just lets go. The best you can do is look at how other charts are reacting as well. If they are all being held at one level for what seems like ages, then when they move it might be big across the board with no coming back. If you are talking about trying to find the end...
Yes, very helpful.
Thank you for this.
  • #11,074
  • Apr 23, 2009 9:48am Apr 23, 2009 9:48am
Quoting RedCabbage
I go +/-10, sometimes up to 15 on more ambiguous levels to allow for price turning early and my brokers spread. Be aware of how this shortens your stop loss though and make the adjustment within your RR and MM.
Yes RC, good advice, thanks. I am trying to figure out the "buffer area" for entry around a level, can't let it shorten my stop loss too much - yesterday I had a good trade stopped out just because I entered too early so my stop loss was shortened too much and today I couldn't take some of the good trades because I place my order too "conservatively" without enough buffer area.

Another tough decision is whether to or not to use PA to enter a SR trade. If I wait for PA confirmation (for example, candlestick patterns) after the price approached and rejected by a SR level, the price could have already moved 15-20 pips away from the level. PA can filter some bad trades but hurt potential profit and shorten SL.

Maybe if I have enough confidence in my levels, limit orders would be the best choice?

Would appreciate any comments or thoughts.
  • #11,075
  • Apr 23, 2009 10:17am Apr 23, 2009 10:17am
hi guys. i am sort of new here. just wondering what does PA stand for?
  • #11,076
  • Apr 23, 2009 10:18am Apr 23, 2009 10:18am
Hit on the dime and came right off - this is how we like them.
Attached Image (click to enlarge)
Click to Enlarge Name: eur.gif Size: 17 KB
  • #11,077
  • Apr 23, 2009 10:23am Apr 23, 2009 10:23am
Quoting xanru
hi guys. i am sort of new here. just wondering what does PA stand for?
Hi, PA stands for price action.
  • #11,078
  • Apr 23, 2009 10:55am Apr 23, 2009 10:55am
Yep, Yep...pretty picture indeed...
What's the general thoughts here as we near London close ina few minutes...
Think this has more legs to it or London boys taking profits, maybe?
Thanks for feed back and a great thread...
Cliff

Quoting BillyRayValentine
Hit on the dime and came right off - this is how we like them.
I get exercise just pushing my luck
  • #11,079
  • Apr 23, 2009 10:57am Apr 23, 2009 10:57am
Quoting dreamtrader
Hi, PA stands for price action.
thanks dream. cant believe i did not realise that.
  • #11,080
  • Apr 23, 2009 11:14am Apr 23, 2009 11:14am
BRV Thanks for posting that video. Even though it is the middle of the morning here have watched it and I urge everyone to watch it and then probably watch it again in a few days. This is a very important video, which is basically his book, so that should be a reference at hand also.
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