EUR/JPY.
5-min.
5-min.
Attached Image (click to enlarge)
Psych Levels, Pivots, and Trendlines - Resurrected
- #3,721
- Sep 3, 2009 2:02am Sep 3, 2009 2:02am
- Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
- #3,722
- Sep 3, 2009 2:05am Sep 3, 2009 2:05am
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EUR/JPY.
5-min.
Not the best exit. Poor R:R. However, proud to say I've made much worse trades than that before...
- #3,724
- Sep 3, 2009 4:46am Sep 3, 2009 4:46am
- Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
- #3,725
- Sep 3, 2009 5:43am Sep 3, 2009 5:43am
- | Joined Aug 2007 | Status: I keep my eyes open | 1,108 Posts
*digs through trade from last week*...
Here we go...
As you can see, could have taken this trade on 5-min. Working my way towards using 5-min only...
Magnus
If you are into e-mini, buy and study book by Al Brooks (Reading price charts bar by bar). It's the best I've read on PA (not counting Gartley, as well as Island's and EV's charts, of course
) It's a bit hard to read, but once (if) you pass that hurdle, your trading will never be the same. 
EV, those MAs are Guppy rainbow, in fact.
One Chart is Worth Ten Thousand Words.
- #3,726
- Sep 3, 2009 5:44am Sep 3, 2009 5:44am
- | Joined Aug 2007 | Status: I keep my eyes open | 1,108 Posts
Been VERY quiet on here after last week......
I've just completed 2 trades on the 5m cable which I thought I'd post just to see if anybody's out there!
Fairly self-explanatory, with entries and exits clearly marked.
I am still around, but not posting much lately for many reasons. Thank you for keeping the thread alive!
One Chart is Worth Ten Thousand Words.
- #3,727
- Sep 3, 2009 5:48am Sep 3, 2009 5:48am
- | Joined Aug 2007 | Status: I keep my eyes open | 1,108 Posts
One Chart is Worth Ten Thousand Words.
- #3,728
- Sep 3, 2009 5:52am Sep 3, 2009 5:52am
- Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Magnus, the key is to ask yourself what EXACTLY each element on the chart tells you and what can you CONSISTENTLY do on the basis of that. If you have 15 EMAs on the chart and don't have a clue what you will do when the price reaches 13th EMA, why have it there?
If you are into e-mini, buy and study book by Al Brooks (Reading price charts bar by bar). It's the best I've read on PA (not counting Gartley, as well as Island's and EV's charts, of course
If you see my posts in this thread and VSA thread you will see that I am very minimalist.
I use the MAs in a way that gives me a good way of seeing a potential breakout. Hard to explain - but been watching them for a while.
Yep, got Al Brook's book. Still working my way through it. It's a good book so far, but I'm shocked at the fact that the publishers let it be printed in its current state. He talks about trades and trade setups that aren't even explained - I'm assuming they are explained later in the book.
Magnus
- #3,729
- Sep 3, 2009 5:54am Sep 3, 2009 5:54am
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- #3,730
- Sep 3, 2009 6:27am Sep 3, 2009 6:27am
- | Joined Aug 2007 | Status: I keep my eyes open | 1,108 Posts
Cheers Bond, that is more my typical style.
I take anything and everything on board, whatever the concept is, and try it until I accept it or reject it.
The multiple MAs are still on board, but may be on their way out soon.
Magnus
Brooks - it takes a while to get used to his style. But the method is very solid.
One Chart is Worth Ten Thousand Words.
- #3,732
- Sep 3, 2009 7:14am Sep 3, 2009 7:14am
- | Joined Aug 2007 | Status: I keep my eyes open | 1,108 Posts
You have to remember he is a retired doctor. And yes, he needed an editor. But when you get through the book he makes sense in talking about probabilities of price action.
Brooks was an eye surgeon, which is different: he had to be quick, logical in a simple way and consistent to perform his operations. Good qualities for a trader (compare that to testosterone-fueled 20-smth fresh our of some Uni and given a $100m a/c to trade
).He does lack teaching structure and methodology, but of the concept (e.g. micro-TLs, H2 etc) showed re-entry after pullback in a new light.
Anyway, sorry for sidetracking this thread.
One Chart is Worth Ten Thousand Words.
- #3,733
- Sep 3, 2009 7:15am Sep 3, 2009 7:15am
- Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
- #3,734
- Sep 3, 2009 4:46pm Sep 3, 2009 4:46pm
- | Joined Aug 2007 | Status: I keep my eyes open | 1,108 Posts
Since this is definitely not in line with this thread I will only post this kind of chart once.
Here is a trade I took about an hour ago on ES.
Most of the time I get in before the breakout occurs. Definitely an experience thing.
Magnus
One Chart is Worth Ten Thousand Words.
- #3,736
- Sep 4, 2009 12:56am Sep 4, 2009 12:56am
- Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Price action and psyche levels do a great job
Yeah definitely. Although, on a 5-min candle chart I cannot see an entry for this trade - and certainly not before it broke (note: I watch the ladder which I think helps at the moment for [non]entry)
Maybe this is more confidence/experience...
Magnus
- #3,737
- Sep 4, 2009 12:57am Sep 4, 2009 12:57am
- Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
- #3,738
- Sep 4, 2009 6:02am Sep 4, 2009 6:02am
- Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
- #3,739
- Sep 7, 2009 1:31am Sep 7, 2009 1:31am
- Joined Feb 2009 | Status: Borderline yahoo & oh-no! | 6,607 Posts
You're welcome.
Won't be posting any more like that in this thread - but different perspectives are always good.
- #3,740
- Sep 7, 2009 3:03am Sep 7, 2009 3:03am
- Joined Jan 2007 | Status: Trader | 11,838 Posts
Trading Levels with WRBs