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No Brainer Trades

  • #13,341
  • Oct 25, 2009 3:25am Oct 25, 2009 3:25am
Quoting domino
Im new im having a hard time seeing no brainers... heres what im looking at how should I look at this one.
You're looking for support and resistance, example:

Attached Image (click to enlarge)
Click to Enlarge Name: Chart1.jpg Size: 68 KB


The lines are rough, but it shows the idea. Lines could be taken away, some more could be added, they would likely need adjusting if looking back further or on a faster chart etc.
  • #13,342
  • Oct 25, 2009 8:12am Oct 25, 2009 8:12am
Quoting Mr J
You're looking for support and resistance, example:

Attachment

The lines are rough, but it shows the idea. Lines could be taken away, some more could be added, they would likely need adjusting if looking back further or on a faster chart etc.

Those lines look beautiful. The only thing is what time frame it is?
I would further reduce the chart and look for bigger picture.
  • #13,343
  • Oct 25, 2009 8:14am Oct 25, 2009 8:14am
Quoting RedCabbage
Good topic, trendlines ARE s/r but they are also ambiguous which is why they need to be discussed regularly.

Spookily this week I decided I had been getting lazy and not using these enough so I'll get on to it.
Thanks RC,

Another possible topic is your entry and exit rule. As I understand, you are using a more conservative entry method than NBT, nevertheless, to me it may be a more popular method of entering. You look for pre and post-S/R penetration price action for confirmation. Is that right? It would be nice if you can talk about it in a video. About your exit rules, I don't know much, but it would be nice to know. Great if you can share!

Best Wishes,

kk
  • #13,344
  • Oct 25, 2009 11:15am Oct 25, 2009 11:15am
Quoting shiko
The only thing is what time frame it is?
I would further reduce the chart and look for bigger picture.
I wouldn't have that many lines on anything under a 4h chart. I like my lines spaced so I don't run into one every 20 pips or so!

Quoting RedCabbage
Good topic, trendlines ARE s/r but they are also ambiguous which is why they need to be discussed regularly.
I don't think they're any more subjective than horizontals in identifying them, and probably less subjective when positioning them. Diagonals have precise points before the 3rd touch, while horizontals often don't line up perfectly, and discretion is required.
  • #13,345
  • Oct 25, 2009 11:17pm Oct 25, 2009 11:17pm
Quoting Mr J
I don't think they're any more subjective than horizontals in identifying them.
Agree.
  • #13,346
  • Oct 26, 2009 12:49am Oct 26, 2009 12:49am
Quoting Mr J
I wouldn't have that many lines on anything under a 4h chart. I like my lines spaced so I don't run into one every 20 pips or so!



I don't think they're any more subjective than horizontals in identifying them, and probably less subjective when positioning them. Diagonals have precise points before the 3rd touch, while horizontals often don't line up perfectly, and discretion is required.


well, I prefer horizontals. they work for me. I do use trend lines but only when they are broken.
  • #13,347
  • Oct 26, 2009 1:53am Oct 26, 2009 1:53am
Quoting RedCabbage
I find video tutorials are one of the best ways for me to learn from other traders, also passing on what I have learnt so far helps me focus on what is important.

So in an effort to 'Pay it Forward' can I have suggestions for the subject of my second video tutorial?
Hi RC,

Thank you for the request and I have a few ideas/topics for consideration.

I would like to understand more on how you obtain the sentiment of a currency pair.

I would also like to know when one should use the closing prices for a s/r area and when one should use the tails as this has an effect on choosing an entry level and also on where are how far away to put the stop.

I'd also like to know more about using the london open for trading.

Also, some patterns and s/r areas seem so clear after the fact but seem difficult (at least for me) to pick up the potential setup before they happen. How can we improve our detection of potential patterns and s/r areas.

I'm happy to watch whatever you produce as the first one was terrific.

Thanks again.
If you act surprised, then you probably missed something
  • #13,348
  • Oct 26, 2009 2:50am Oct 26, 2009 2:50am
just made a scalp of 1.6327 support turned resistance.
goal was 20 pips with stop of 30 pips. price hit 3 pips away from my target 3 times, so closed it at +15 pips. it hit take profit though in a minute.
wow. it went lower than my take profit. need more patience.
  • #13,349
  • Oct 26, 2009 2:55am Oct 26, 2009 2:55am
target for long scalp for 20 pips at 1.6241-1.6230 G/U
E/J targets : short: 138.53-138.68
E/J long: 137.43-137.39
My heart is bleeding seeing how right I am and how little I pick. 20 pips would ok for me though. I am trading 1:1 leverage. 30 pips daily this way means 5% monthly.
I am working this week on my staying in trade discipline and taking my trades I set except for news times and too wild or slow markets conditions
  • #13,350
  • Oct 26, 2009 2:55am Oct 26, 2009 2:55am
the trade gave 50 pips. I picked 15. target was 20. not good.
  • #13,351
  • Oct 26, 2009 4:51am Oct 26, 2009 4:51am
I think there might be some potential at 1.6365 to go short. may be 20-30 pips.
It looks like price found there near term resistance.
  • #13,352
  • Oct 26, 2009 5:24am Oct 26, 2009 5:24am
  •  Ronin77
  • | Joined Dec 2008 | Status: เงินกินเปล่า | 95 Posts
heres a nice example of some resistance on the usd/cad 1hr chart at 1.0545
Attached Image (click to enlarge)
Click to Enlarge Name: usdcad.jpg Size: 182 KB
Ronin77
  • #13,353
  • Oct 26, 2009 6:31am Oct 26, 2009 6:31am
Quoting shiko
well, I prefer horizontals. they work for me. I do use trend lines but only when they are broken.
Horizontals work for you more, because you've worked on horizontals more. What focused enlarges!
  • #13,354
  • Oct 26, 2009 6:33am Oct 26, 2009 6:33am
Quoting kk007
Horizontals work for you more, because you've worked on horizontals more. What focused enlarges!
Nope. it is because people who place big orders can see in the past horizontals
BTW, horizontals is what this thread is all about
  • #13,355
  • Oct 26, 2009 6:39am Oct 26, 2009 6:39am
Quoting shiko
Nope. it is because people who place big orders can see in the past horizontals
BTW, horizontals is what this thread is all about
Yes. Horizontals do work and they are the main theme here. My previous post is just a general comment about technical methods - any workable method works better, if you work on it more.
  • #13,356
  • Oct 26, 2009 7:08am Oct 26, 2009 7:08am
  •  Ronin77
  • | Joined Dec 2008 | Status: เงินกินเปล่า | 95 Posts
Quoting Ronin77
heres a nice example of some resistance on the usd/cad 1hr chart at 1.0545

just entered long on usd/cad at 1.055, sl 1.055, tp1 1.0600
Ronin77
  • #13,357
  • Oct 26, 2009 7:09am Oct 26, 2009 7:09am
  •  Ronin77
  • | Joined Dec 2008 | Status: เงินกินเปล่า | 95 Posts
Quoting Ronin77
just entered long on usd/cad at 1.055, sl 1.055, tp1 1.0600

sorry sl at 1.0500
Ronin77
  • #13,358
  • Oct 26, 2009 8:15am Oct 26, 2009 8:15am
things going nowhere so far. choppy slow market today.
  • #13,359
  • Oct 26, 2009 11:02am Oct 26, 2009 11:02am
  •  Ronin77
  • | Joined Dec 2008 | Status: เงินกินเปล่า | 95 Posts
Quoting Ronin77
just entered long on usd/cad at 1.055, sl 1.055, tp1 1.0600
tp1 reached, sl now to break even. tp2 1.0650
Ronin77
  • #13,360
  • Oct 26, 2009 11:04am Oct 26, 2009 11:04am
  •  Ronin77
  • | Joined Dec 2008 | Status: เงินกินเปล่า | 95 Posts
Quoting shiko
things going nowhere so far. choppy slow market today.

maybe. but i got the signal and took the trade.
Ronin77
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