Focused C4

I missed this one but this is an ideal entry for me. There is a double bottom shown by the white arrows, 2nd the TL is broken by two succesive candles

What stop loss and take profit are you guys using??

Anyone ?

These short term periods deal with short current trends. When I got up the area highlighted with the red box could have had a TL illustrated by the white arrow but it was broken by the time I got to the charts. So I looked to the next area that had a good channel already set which I reminded my self of by the yellow TL. I look for areas that seem to hold up to price once an area is defined by bounces or closes than I look for breaks and sometimes Ill look for bounces. It all depends on what Price is doing. Silent Service deals heavily with S/R it is worth the read.

I use a stop that is determined by the swing high or low. if the swing is to big say over 30 pips I will use a static stop of 30 but I usually do no let it get to the SL. Watch the price look for something that says it is time to get out of it. Say you have a TL and it gets broken you enter and price gets right back above it and closes and holds, this could be a sign that this trade is gonna fail. So at this point (theoretically)your -10 you can take the loss and move on and make it back on the next 1-2 trades, or you can let it run to your TP or SL

My TP's change from trade to trade but my initial setting is at 15. Again price dictates what I do. If it looks like it will run I will move my TP ahead in case of a spike. Now I make the decision of closing or running at +5 area. For example if price is dropping 3 pips over a few seconds and then only coming back 1 pip over the next couple then dropping again. It should go.

Good Job Kodflakes.

I like your resistance lines, but the problem I have with them is that
I do not find a good rule to drawn them consistently. I would like to have a good rule that shows how to draw good lines.

Ive been drawing lines for a long time. For me it was something I had to play with for a little while reading everything I can find on them. One thing that may help is that thinking of them as zones instead of lines may help the idea get through. Now in this TF to "the pip" may happen quite bit but dont always expect it. My best advice is to read as much as you can on S/R and TL. Like I said earlier putting words to what is in my head can be tough. So Ill keep posting charts to illustrate my ideas.

maxwell, I'm demoing with 15 SL and 5 TP. Entering manually (spreadbetting) so doesn't always work out that way when PA is moving fast. Might get more, or less. If a trade turns against me I might exit early. Each trade risks 2% of account.

Todays trades attached. Last GU was more hairy with AU and EJ turning against the correlation after I entered, but GU was either still or slow so I stuck with it.

Kodflakes, thanks for starting this thread. It would be a shame to see C4 disappear. Do you have any recommended reading for S/R and TL, as a starting point?

Looks like the trend is going to hold should have taken some of these bounces

Took this trade on my futures account..

Good job rebel I had very similar watch on it as well as the euro but I got up to make some coffe and missed it.

This is something that I have been eyeing for awhile. Now finding these areas of small consolidation in my opinion. Takes some time of being a watcher of these little people I call currencies. They have tells much like people in poker. Notice the double bottoms at the bottom of the blue box. This is a minor area of support. Inside we get a bull candle that shoots through the box but loses strength and falls well back inside of it. It also breaks the upper TL for a moment. Again the important thing here is that it cannot hold the high levels. Bear look to be taking control. Later Bulls try to take it back to the levels but just cannot hold ground. a pinch later we get a candle that breaks the box and holds ground also there is two succesive bear candles leading to this. Enter at the close of that candle and bam you have an automatic five plus. in my opinion this and the previous one by rebel are the A++ trades. If you take only two of these a day you can make great profits. Now depending on your risk these may not be huge gains right now. But at the end of the week they can be. The biggest problem that any scalper faces is overtrading.

Kod very hard to pick that last set up out on a live chart.. You would need a lot of screen time, If you notice any more please put up a screen shoot.. A picture paints a 1000 words.. Your gona have to lay off the coffee Im watching that 1.6675 level on G/U for a double top and if things line up a break to the down side.

Now these are a little out of range but this is what I am calling research now. im looking for certain patterns that confirm my ideas. This is the AU the blue highlighted areas show places where there is a fight and eventually one side will give in. We are looking for the give. In the red boxes show the give. Closes and I mean closes below the areas of fight. Now if you get a candle that completely runs away from the box be careful. You will need a big stop. Look at the first one. Now the second one is a normal bull run slow but steady You have two solid closes above the blue box, either of those could have been great to get. No joy for me on the short term stuff didnt take a trade at all today, couldnt seem to be in front of the computer at the right time.

Good stuff Kod, just watch out because if you keep posting stuff like this somebody might give you a vouch!

A break of this box and we could be in buisness again..

Rebel this is the box I was looking at the red arrows show where I got my heights for the box and I just kept continuing them on. This may be one of those fridays. I took one trade because I started predicting like a moron. You can see it on the AU here I entered short on the doji at the TL. To the say the least I broke the rules and got smacked for it.

This is one of those threads which contains a gem but is hardly famous. Good work.

More pips.

My entry this morning with a variation of C4 plus basic candle patterns and trendlines:-

This is possibly where I plan on taking this. Now this box idea I learned from someone else very talented but a long term trader. Now I feel that for all the things that do work in FX work in all TF, perhaps some better than others in regards to TF. One of the pictures shows a zoomed out pic. It will show you two boxes highlighted in blue. Another symbol of S/R. Notice that once they break out of these areas they go for a little bit. The other shows the trade I took. The green arrows show the stop, TP and the area the TP was hit not including the spread. The red arrows show the trade itself. Im not a fan of trading on sunday the volume doesnt seem to support runs normally. However this trade was timed well, it went into profit right away and went to the TP. It took longer than expected but this is where my patience needs improvement. Now the reason for me at least that these two areas are important are the bounce and then the break, signs of S/R, and then change of polarity.

Nice trades kod, The box is a good job, do you have any tips on drawing it..? when your watching price live its very hard to stop yourself from making the box bigger, or thinking the box is correct to only watch price leave it and renter a few candles later.. hope that makes sence

Rebel