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  • #61
  • Oct 20, 2009 1:51am Oct 20, 2009 1:51am
Quoting paidperpip
Been away from the PC for a few days, and swamped with work when I have been able to be in front of it, thus I still catching up on the recent posts. Big thanks to everyone for the stimulating discussion. Hope everyone has a good session today.
Good you are back!
  • #62
  • Oct 20, 2009 4:33am Oct 20, 2009 4:33am
Perfect example of what not to do. PA flopping around like a dead fish--its obvious the indy will not give a good signal--but because I had red lights all the way through I thought what the hell---- minus 30 pips
Attached Image (click to enlarge)
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We are all One. Be present. Be the Observer
  • #63
  • Oct 20, 2009 4:47am Oct 20, 2009 4:47am
Quoting studbiol
Hi Glen,

do you use the attached indicator? And if so ... does "Room up = -48" mean that the daily range is exhausted (as you wrote)

And a further question: The indicator is set to RR 3.0 and shows max. SL numbers for long/short trades ... do you use these suggestions or do you calculate yourself? And if you calculate them yourself ... how do you do that? I have no experience with H4 trading, but on demo I would like to try it out ... perhaps I can learn to like it.

Best regards

Respecting the daily trading range or being aware of the range is important for any intraday trading method. There are lots of excellent posts on the forum and plenty articles/ contributions about ADR. On the other thread, it was discussed in numerous posts....it is on the checklist...don`t trade at long at the top or short at the bottom if the daily range is within 70-80% of the 5/10 day average?????

Google the topic and make sure you understand the concept.

I use xADR which gives me all the information I require.

I use the settings from 60 15 5 for 240 15 5 and just double up as a guideline, or use ATR (20) on 240M as a stop value.

The comment I posted about the GBPUSD...daily range....pull up a chart, draw a line at the high and low for yesterday.
The range was around 200 , the 5 day average 201.
What is the probability that late during the US session, a significant new high will form? I did not fancy my chances for a long.
" Never let the past hold the future to ransom "
  • #64
  • Oct 20, 2009 4:49am Oct 20, 2009 4:49am
Quoting Iamfx
Perfect example of what not to do. PA flopping around like a dead fish--its obvious the indy will not give a good signal--but because I had red lights all the way through I thought what the hell---- minus 30 pips
Plus decent support from S1?
Bounced about 10 times looking at 5M chart.
" Never let the past hold the future to ransom "
  • #65
  • Oct 20, 2009 6:24am Oct 20, 2009 6:24am
Quoting Gleneagles
New trades opened today + AUDUSD not on screenshot

Current open positions

NZDUSD +50 +75 +100 TS 50
AUDJPY +50
AUDUSD +50 +75 TS 50

The trend is slowing down/getting a bit tired.
Attached Image (click to enlarge)
Click to Enlarge Name: ScreenHunter_07 Oct. 20 13.13.gif Size: 52 KB
" Never let the past hold the future to ransom "
  • #66
  • Oct 20, 2009 1:38pm Oct 20, 2009 1:38pm
Quoting Gleneagles
Current open positions

NZDUSD +50 +75 +100 TS 50
AUDJPY +50
AUDUSD +50 +75 TS 50

The trend is slowing down/getting a bit tired.
Stops were hit on USD recovery.

NZDUSD +51 TS hit
AUDUSD +44 TS hit
AUDJPY +2 BE stop hit

I have no open positions at present, I will take a view before LDN opens (1-2 hours before)
" Never let the past hold the future to ransom "
  • #67
  • Oct 20, 2009 9:17pm Oct 20, 2009 9:17pm
Quoting Gleneagles
Stops were hit on USD recovery.

NZDUSD +51 TS hit
AUDUSD +44 TS hit
AUDJPY +2 BE stop hit

I have no open positions at present, I will take a view before LDN opens (1-2 hours before)
Thanks so much for 240-15-5 charts and TP & SL & TS details for the various currencies.

I am updating manual for v1.5 with new information.

I am following closely on my charts too!
  • #68
  • Edited Oct 21, 2009 4:07am Oct 20, 2009 10:32pm | Edited Oct 21, 2009 4:07am
Example of :

1. Using TRIX indicator DIVERGENCE property as leading indicator alert for change of trend. D1 chart and H4 chart (ref in manual page 5 and page 6,Q4)

2. How I find fibonacci clusters very powerful (advanced stuff not mandatory). 38% fib retracement + 100% Fib expansion overlap.Ref Neal Hughes/Joe Dinapoli manual page 18, Fibonacci studies) H4 chart.
Another possible fib cluster is a zone of 1.0630-1.0670 fib expansion 161% + 61% fib retracement+ approaching downtrendline)

I use fib clusters for S&R with auto pivots and P/Tconfirmation

3. Showing the PA pattern 123 on H4 for high probability trades. especially after Bullish/bearish divergence H4 chart.

I am using my basic trading skills with TRIX meter for better WIN RATES, possible Profit target.

My three basic rules:
a) trade with higher TF participation
b) respect S& R
b) respect Divergence

Hope I have not confused too many traders
Attached Image(s) (click to enlarge)
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  • #69
  • Oct 21, 2009 12:15am Oct 21, 2009 12:15am
Quoting lrathi
Example of :

1. Using TRIX indicator DIVERGENCE property as leading indicator alert for change of trend. D1 chart and H4 chart (ref in manual page 5 and page 6,Q4)

2. How I find fibonacci clusters very powerful (advanced stuff not mandatory). 38% fib retracement + 100% Fib expansion overlap.Ref Neal Hughes/Joe Dinapoli manual page 18, Fibonacci studies) H4 chart.
[color=blue]Another possible fib cluster is a zone of 1.0630-1.0670 fib expansion 161% + 61% fib retracement+...
From a technical analysis point of view, everything makes sense....but are you sure you actually need everything?
It is confusing me for sure but I will look again in more detail.
The main thing is that it must work for you, I need to make a quick analysis regarding the direction and thrust of the trend across a few currency pairs, looking at different TF`s. I tend to strip my charts down to the bones.
" Never let the past hold the future to ransom "
  • #70
  • Oct 21, 2009 12:29am Oct 21, 2009 12:29am
Quoting Gleneagles
From a technical analysis point of view, everything makes sense....but are you sure you actually need everything?
It is confusing me for sure but I will look again in more detail.
The main thing is that it must work for you, I need to make a quick analysis regarding the direction and thrust of the trend across a few currency pairs, looking at different TF`s. I tend to strip my charts down to the bones.
No I do not need everything.....

My eyes look at divergence and 123 patterns as a matter of habit as well common chart patterns. I do not draw everything in as per example.

Fib studies come automaticaaly as habit too but not always required. Auto pivot is new for me too!

This is where I am changing some old trading habits... using management EA and your guideline for sl,tp and ts.

Entry is TRIX meter as per rules.
  • #71
  • Oct 21, 2009 1:20am Oct 21, 2009 1:20am
Quoting lrathi
No I do not need everything.....

My eyes look at divergence and 123 patterns as a matter of habit as well common chart patterns. I do not draw everything in as per example.

Fib studies come automaticaaly as habit too but not always required. Auto pivot is new for me too!

This is where I am changing some old trading habits... using management EA and your guideline for sl,tp and ts.

Entry is TRIX meter as per rules.
Just checking
" Never let the past hold the future to ransom "
  • #72
  • Oct 21, 2009 1:24am Oct 21, 2009 1:24am
Quoting Gleneagles
From a technical analysis point of view, everything makes sense....but are you sure you actually need everything?
It is confusing me for sure but I will look again in more detail.
The main thing is that it must work for you, I need to make a quick analysis regarding the direction and thrust of the trend across a few currency pairs, looking at different TF`s. I tend to strip my charts down to the bones.
Gleneagles ;

Forgot to ask : When you say I need to make a quick analysis regarding the direction and thrust of the trend across a few currency pairs, looking at different TF`s.
Q1 What exactly do you do?

This is where I look a divergence and chart pattern and TRIX at higher TF's.

Thanks
  • #73
  • Oct 21, 2009 1:26am Oct 21, 2009 1:26am
I have no open positions at present because all the pairs I am looking at are trading in defined range aka consolidation.
I have no idea which way it will go and will wait for a clear break out either side of the range with confirmation from Trix before I consider new positions.

There will be trading opportunities within the range on 60 15 5 as well as 30 5 during the day but the exercise caution, the narrow ranges signal a potential break at some stage and with no clear trend direction, settle for smaller TP if you elect to take trades.
" Never let the past hold the future to ransom "
  • #74
  • Oct 21, 2009 1:30am Oct 21, 2009 1:30am
Quoting lrathi
Gleneagles ;

Forgot to ask : When you say I need to make a quick analysis regarding the direction and thrust of the trend across a few currency pairs, looking at different TF`s.
Q1 What exactly do you do?

This is where I look a divergence and chart pattern and TRIX at higher TF's.

Thanks
Switch TF on the 240M chart to 60 30 15 and 5. It will give you a quick view, or use a whole bank of monitors
" Never let the past hold the future to ransom "
  • #75
  • Oct 21, 2009 1:53am Oct 21, 2009 1:53am
Quoting Gleneagles
Switch TF on the 240M chart to 60 30 15 and 5. It will give you a quick view, or use a whole bank of monitors

Got it! TA!
  • #76
  • Oct 21, 2009 4:38am Oct 21, 2009 4:38am
Quoting Gleneagles
I tend to strip my charts down to the bones.
The more I look at your wonderfully simple 240min charts, the more I wonder if you really need that line of blue and red boxes at the bottom ... .

I very much appreciate your posts.

PS. The first golf ball I ever hit was at Gleneagles, as a young boy 50 years ago... my father had an old wooden-shafted niblick cut down for my 7 year old hands...
  • #77
  • Oct 21, 2009 5:51am Oct 21, 2009 5:51am
Quoting jtrade
The more I look at your wonderfully simple 240min charts, the more I wonder if you really need that line of blue and red boxes at the bottom ... .

I very much appreciate your posts.

PS. The first golf ball I ever hit was at Gleneagles, as a young boy 50 years ago... my father had an old wooden-shafted niblick cut down for my 7 year old hands...
Beautiful place to hit your first golf ball, I had to wait a lot longer before I hit my first golf ball
" Never let the past hold the future to ransom "
  • #78
  • Oct 21, 2009 7:02am Oct 21, 2009 7:02am
Hi
I just found this thread. Thank you paidperpip. I am glad to see Lrathi and Gleneagle contributing their generosity and experience, as usual. I like the title of your thread and hope one day i will be able to fly like eagle
regards
  • #79
  • Oct 21, 2009 11:52am Oct 21, 2009 11:52am
Quoting Gleneagles
I have no open positions at present because all the pairs I am looking at are trading in defined range aka consolidation.
I have no idea which way it will go and will wait for a clear break out either side of the range with confirmation from Trix before I consider new positions.

There will be trading opportunities within the range on 60 15 5 as well as 30 5 during the day but the exercise caution, the narrow ranges signal a potential break at some stage and with no clear trend direction, settle for smaller TP if you elect to take trades.

Will post details later

Edit: USDCAD +50
Stopped at BE +2
Trade was short lived and turned out to be a false break.
It managed to hit TP1 with a bit of talking from my side.
Attached Image (click to enlarge)
Click to Enlarge Name: ScreenHunter_04 Oct. 21 18.46.gif Size: 53 KB
" Never let the past hold the future to ransom "
  • #80
  • Edited 12:08pm Oct 21, 2009 11:54am | Edited 12:08pm
Quoting Gleneagles
I have no open positions at present because all the pairs I am looking at are trading in defined range aka consolidation.
I have no idea which way it will go and will wait for a clear break out either side of the range with confirmation from Trix before I consider new positions.

There will be trading opportunities within the range on 60 15 5 as well as 30 5 during the day but the exercise caution, the narrow ranges signal a potential break at some stage and with no clear trend direction, settle for smaller TP if you elect to take trades.
Will post details later.

Edit: NZDUSD broke above range resistance.



Long at 75.78 at present

Because the breakout happened late during the day and lagging the other pairs,
I took 50% of the normal trade size because the daily range is technically exhausted as well.
It was OK to skip the trade as well.
Hope it makes sense?
Attached Image (click to enlarge)
Click to Enlarge Name: ScreenHunter_05 Oct. 21 18.46.gif Size: 58 KB
" Never let the past hold the future to ransom "
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