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Trading with Deadly Accuracy

  • #181
  • Nov 25, 2009 3:52am Nov 25, 2009 3:52am
Quoting wmd
I'm pleasantly surprised at the huge response this thread is having. Great threads are the result of those who contribute. So its all down to you folks.

Thanks to Porkpie, 007 and others for keeping the fire burning.

For newbies on the thread, dont be shy. Search your charts, find your levels and post them here for confirmation. Its the best way to learn.

Sharing is caring.
Hello WMD, Porkpie, 007 & Seniors

I enjoy reading your postings. They enlighten me.

Kindly recommend newbies some good ereading/ebooks on fx trading methods?
Which is the TF you would recommend for trading?

Thank you for your time.
  • #182
  • Nov 25, 2009 4:02am Nov 25, 2009 4:02am
Looking at cable - my thinking is the green highlighted area is a potential buy zone...from my understanding we are looking for 'Failed' tests i.e where price has made an attempt to pullback back but not actually tested that area - so orders are still waiting...

What do others think?



Quoting doubletop
Im now in as I seem to of spotted a better level????

Stop placed at the previously posted level.

Waiting game....

Cheers,

DT
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  • #183
  • Nov 25, 2009 4:15am Nov 25, 2009 4:15am
Quoting redart007
Looking at cable - my thinking is the green highlighted area is a potential buy zone...from my understanding we are looking for 'Failed' tests i.e where price has made an attempt to pullback back but not actually tested that area - so orders are still waiting...

What do others think?
Hello redart007.

Honestly not too sure myself as I am still trying out this style of trading.

I try to choose "cleaner swings" if that makes sense as they seem to offer more reliable entry points.

Currently Im just trying to find a very simple way to trade.

Yesterday I used just 4 hourly charts and gained 210 pips.

Still in demo mode at the mo

Cheers,

DT
Attached Image (click to enlarge)
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  • #184
  • Nov 25, 2009 4:17am Nov 25, 2009 4:17am
Quoting pipimo88
New pattern I've learned on this thread. Here it is ("steps") on 5M G/U at London open. WMD... three questions:


1) Is the "1st step" in the yellow box? or the 1st step counts once it breaks out of range?
yellow box is the first step.

the closer the steps are together, the stronger the formation is.

if you get a step, break out, step, type formation, take a little care.

if in the 2nd step, you get a spike candle in to the first, and in the 3rd step you get a spike candle in to the second; this is the strongest formation. usually it triggers a long reversal and price does not return there for a long time (depending on tf).




Quote
2) Is this something common to a certain pair, like G/U... or one pair will do it one time and another at another time?

You will see it on every pair and in every time frame. It is more common in the smaller time frames 5-15m


Quote
3) (Just confirming) And it's only valid just pre- and at London open.Correct? Thanks.

Its valid at all times.


Quote
Shall i post it here next time i see it?

Next time you see it, post it!
  • #185
  • Nov 25, 2009 4:21am Nov 25, 2009 4:21am
Quoting redart007
What do others think?
Boy, this thread is a nice one! Thanks to all contributors and, of course, WMD.

To my understanding the best setup is one in which a level got blown through leaving many wishing that they would have gotten on the train but, were left at the station. Then, the next touch on that level would pick up those orders.
A good example of that on your chart is the long pin on the next to last candle.
That pin was formed because the pullback fell upon just such a level that got recently blown through. The pullback hit a big bank of resting buy orders and...off like a rocket!

Just my take on it...I have excellent hindsight. LOL!

Thanks again people,
Brent
  • #186
  • Nov 25, 2009 4:33am Nov 25, 2009 4:33am
My take on Cable. Short.... lol... I guess this is why the market moves. 2 traders look at the same chart and see different things.

Took cable short for +35. Then for +30 and now short again. Will look to buy at 1.6615 if and when it gets there (this is where it originally broke from).

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  • #187
  • Nov 25, 2009 4:36am Nov 25, 2009 4:36am
For the purpose of pullback, 007's level is stronger and is unlikely to be breached.

Bear in mind that we are looking for parabolic pullbacks which are formed over time.

Swing high/lows can give high probability setups. But trading them requires a lot more discretion on part of the trader ie which side of the line you take, breach or failure.
  • #188
  • Nov 25, 2009 4:50am Nov 25, 2009 4:50am
Quoting pipimo88
My take on Cable. Short.... lol... I guess this is why the market moves. 2 traders look at the same chart and see different things.

Took cable short for +35. Then for +30 and now short again. Will look to buy at 1.6615 if and when it gets there (this is where it originally broke from).

Attachment

Someone buys, someone sells and they both think their really clever for doing it at that price.

Targetting the bop with shorts is not always a sound play though. Dont get caught out. You'll need deep pockets.
  • #189
  • Nov 25, 2009 5:17am Nov 25, 2009 5:17am
Thank you for sharing how you trade WMD. Very much appreciated

Before I went to bed I put on several positions, as I saw the potential for break out downs across all usd pairs. My question is since they are all correlated do you take your one best setup in the mix or trade a reduced position size across the majors? Sorry if my question is simple but I noticed the relative strength or weakness between them tends to vary from day to day.
May the fish in your stream of life always bite.
  • #190
  • Nov 25, 2009 5:19am Nov 25, 2009 5:19am
Levels
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  • #191
  • Nov 25, 2009 6:00am Nov 25, 2009 6:00am
Hello all,

Entered Cable short on the hourly @ 1.6735

Parabolic reversal?

Would like to hear any ones views please.

Cheers DT

Stop now @ break even.
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  • #192
  • Nov 25, 2009 6:34am Nov 25, 2009 6:34am
Quoting aSandman
My question is since they are all correlated do you take your one best setup in the mix or trade a reduced position size across the majors?
I only concentrate on a hand full of pairs and trade every setup i find. I'll give preference to something visible on the hourly against something visible on the 5 min tf.

As far as mm goes, i'm not really in to trading %'s. I'm more of a pip counter, so i take the same lot size everytime and see how far i can go with it.
  • #193
  • Edited 7:31am Nov 25, 2009 7:04am | Edited 7:31am
!euro/usd

looks be turning parabolic. nice nike swoosh. i'll be keeping my eyes on this one. could be an exhaustion rally presenting long awaited opportunity for short.


edit: compare movement to pa on gbp/chf posted earlier in the thread.
  • #194
  • Nov 25, 2009 7:11am Nov 25, 2009 7:11am
Quoting wmd
!euro/usd

looks be turning parabolic. nice nike swoosh. i'll be keeping my eyes on this one. could be an exhaustion rally presenting long awaited opportunity for short.
I was watching a possible C&H setup to enter, waiting for break of 5086.

Terrific thread wmd, thanks a bunch
  • #195
  • Nov 25, 2009 7:13am Nov 25, 2009 7:13am
Quoting wmd
Levels
I've been targeting this 1.6754 level since the move down. Now seeing how it is a deep retracement make it an even better level for me. Cable tends to like deep retracements. It would be nice to see a correlation with a Fib level, but not necessary to trade.
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  • #196
  • Edited 10:18am Nov 25, 2009 7:22am | Edited 10:18am
Quoting deano1292
I was watching a possible C&H setup to enter, waiting for break of 5086.

c&h?


edit: royal doultan. ofcourse.
  • #197
  • Nov 25, 2009 7:29am Nov 25, 2009 7:29am
Quoting finswin56
I've been targeting this 1.6754 level since the move down. Now seeing how it is a deep retracement make it an even better level for me. Cable tends to like deep retracements. It would be nice to see a correlation with a Fib level, but not necessary to trade.
it was only a matter of time. as an experiment try these levels. 33, 50, 66, 75, 80, 90.
  • #198
  • Nov 25, 2009 7:36am Nov 25, 2009 7:36am
Quoting wmd
it was only a matter of time. as an experiment try these levels. 33, 50, 66, 75, 80, 90.
As in 1.6733?
  • #199
  • Nov 25, 2009 7:40am Nov 25, 2009 7:40am
Quoting finswin56
As in 1.6733?
..instead of the regular fib levels.
  • #200
  • Nov 25, 2009 7:58am Nov 25, 2009 7:58am
Quoting wmd
..instead of the regular fib levels.
Very interesting. How/why did you come up with those levels?
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