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DeMark TDST Trading

  • #181
  • Nov 26, 2009 4:19am Nov 26, 2009 4:19am
Quoting FXSnipe
GBP sales coming out will have this monitor this position carefully
I don't worry about news, you shouldn’t let it influence your trading decisions. The majority of the time you can make rash decisions just after or before a news release only to find that an hour or two or maybe a day or two later the price moves in your original direction. I just set my alerts and leave the screen checking back every 15 minutes or so to see if there are any new TDST levels that are of interest to me.

Personally, I have some slabs that need laying in the garden so I'm off to get on with that. Sound's like the wrong time year to do that in Scotland I know as it is gale force winds and very cold but if I don't get it finished soon the dog will be in a mud bath all winter... The joys


Cheers
Foggytrader
  • #182
  • Nov 26, 2009 4:23am Nov 26, 2009 4:23am
strong support 1.6500
Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 24 KB
  • #183
  • Nov 26, 2009 4:23am Nov 26, 2009 4:23am
Quoting fxtaiko
worth to hold
Personally, I am taking partial profits at the 141.60 level on GBPJPY and hold the rest for a move lower over the next few months. As you will know I am still bullish on the GBPUSD on both weekly and daily so I would likely trail that one on the daily high of bearish thrusts.

Nice trades!

Cheers
Foggytrader
  • #184
  • Nov 26, 2009 4:30am Nov 26, 2009 4:30am
Attached Image


EURJPY

EURJPY closed below the 160.65 TDST support level mentioned a few minutes ago so the setup is now void. I will wait to see if any further TDST support levels show up today and look for a bounce from these levels to initiate small longs.

Attached Image (click to enlarge)
Click to Enlarge Name: 26.11.09-DeMark2.jpg Size: 184 KB


Cheers
Foggytrader
  • #185
  • Nov 26, 2009 4:35am Nov 26, 2009 4:35am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
I was going to reply something like that about the news but thought I might be over-stepping it a bit...

Oh, if it's gravestone slabs you're laying then do one for me Foggy... think I might need it..



Quoting foggyTrader
I don't worry about news, you shouldn’t let it influence your trading decisions. The majority of the time you can make rash decisions just after or before a news release only to find that an hour or two or maybe a day or two later the price moves in your original direction. I just set my alerts and leave the screen checking back every 15 minutes or so to see if there are any new TDST levels that are of interest to me.

[font=Verdana][size=2]Personally, I have some slabs that need laying in the garden so I'm off...
  • #186
  • Nov 26, 2009 5:13am Nov 26, 2009 5:13am
It can be a bit tricky as surprise news can really shake one out of a good position or losing the bulk of it back. But yes I agree with what you are saying foggytrader that one should trade price and not news
  • #187
  • Nov 26, 2009 5:15am Nov 26, 2009 5:15am
Quoting Yuppie
I was going to reply something like that about the news but thought I might be over-stepping it a bit...

Oh, if it's gravestone slabs you're laying then do one for me Foggy... think I might need it..
Haha... Don't worry mate, your one was already laid on the other side of the garden last week... lol....

Cheers
Foggytrader
  • #188
  • Nov 26, 2009 5:20am Nov 26, 2009 5:20am
Quoting FXSnipe
It can be a bit tricky as surprise news can really shake one out of a good position or losing the bulk of it back. But yes I agree with what you are saying foggytrader that one should trade price and not news
Yes, well I think it is important to remember that markets are continuously changing so you have been prepared for both scenarios. My GBPJPY trades are finished, I am at breakeven, the targets are set and I forget about them, it is up to the market now. If I get a reason to go long but still in the short I will take it, then I am covering both outcomes. Just remember, until it is showing up in your balance it is not your money, tough to do but must be accepted.

Laid 2 slabs there, only 10 to go

Cheers
Foggytrader
  • #189
  • Nov 26, 2009 5:29am Nov 26, 2009 5:29am
  •  Yuppie
  • Joined Jun 2007 | Status: ̿ ̿ ̿̿'̿̿\̵͇̿̿\=(•̪●)=/̵͇̿̿/'̿̿ ̿ | 2,727 Posts
Quoting foggyTrader
Haha... Don't worry mate, your one was already laid on the other side of the garden last week... lol....

Cheers
Foggytrader

Great, I'll be along at some point with a basket of fruit...
  • #190
  • Nov 26, 2009 9:17am Nov 26, 2009 9:17am
Quoting foggyTrader
Yes, well I think it is important to remember that markets are continuously changing so you have been prepared for both scenarios. My GBPJPY trades are finished, I am at breakeven, the targets are set and I forget about them, it is up to the market now. If I get a reason to go long but still in the short I will take it, then I am covering both outcomes. Just remember, until it is showing up in your balance it is not your money, tough to do but must be accepted.

Laid 2 slabs there, only 10 to go

Cheers
Foggytrader

Thats the right mindset as thinking what to do in the middle of a trade is a sure way to a poor house
  • #191
  • Nov 26, 2009 9:19am Nov 26, 2009 9:19am
Please can you share with us the indicators & template you are using in this screenshot?Thanks!

Quoting Belieftran
Strategy long time for Spot Gold

Sell 1130 - 1146 {SL = 1172, TP = 1032 - 1035 (target 1), 945 - 960 (target 2)}
- 1032 - 1035 on 7/12/2009
- 945 - 960 on 17/12/2009

Image
http://666kb.com/i/be8qfy93st9j16051.gif

Best Regards,

Belieftran
  • #192
  • Nov 26, 2009 9:32am Nov 26, 2009 9:32am
Foggytrader,what are those green/red lines that are showing on some of your trade examples? Some sort of indicators ,MAs for example?
  • #193
  • Nov 26, 2009 1:16pm Nov 26, 2009 1:16pm
Quoting vladv
Foggytrader,what are those green/red lines that are showing on some of your trade examples? Some sort of indicators ,MAs for example?
Hello Vladv,

The green and red lines on my daily and weekly charts are the BAT indicator. You can find out about it on this thread:

http://www.forexfactory.com/showthre...=95328&page=21

I use it for my long-term analysis, the thing I like about this indicator is the fact that there is no lag involved. Just like the DeMark method, the BAT is as it is, once a bar closes there is no re-painting later and it is what it is. You need to change the settings for different pairs but I have had the same settings on my pairs for over a year now and each break has been spot on. Basically, if we get a upper break this tells me that the bulls are in control and viceversa for a break of the lower level. After that it is up to you to choose what to do. Here are my rules:

Upper break: Small shorts to 61.8% retracement level, then when we close above a bearish thrusts high I look for longs.

Lower break: Small longs to the 61.8% retracement level, then when we close below the low of a bullish thrust I look for shorts.

When I say I look for a certain direction, obviously thats when I turn to the 5 minute chart and look for DeMark entries in my chosen direction.

Hope this helps,

Cheers
Foggytrader
  • #194
  • Nov 26, 2009 3:40pm Nov 26, 2009 3:40pm
Attached Image


AUDUSD

Although the BAT still has the bulls in control here on both the daily and weekly timeframe I suggested looking for selling opportunities at the start of the week following the bearish outside bar formed last week as illustrated in the chart below. I also highlighted the fact that Morgan Stanleys latest currency research report states that the Aussie Dollar is currently 40% over valued versus the USD. With the latest developments in the markets seeing the commodity currencies taking a hit I will hold my view of looking for opportunities to sell this market.

Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSD.Weekly.26.11.09.jpg Size: 222 KB


Cheers
Foggytrader
  • #195
  • Nov 26, 2009 4:32pm Nov 26, 2009 4:32pm
Attached Image


EURGBP

Although the bulls are still in control on the weekly chart, the bears have taken a significant step to recapturing this market following the breach of the lower daily BAT support level of 0.8866. Following this development we have seen a quick move higher making five bullish thrusts on route to the 50% retracement level. At this point I see the speed of the recovery from the lower BAT level and the failure today at the 50% retracement level as a worrying development for the bulls. I now see a close below today’s bullish thrusts low at 0.9037 as a trigger for the bears to come back in and take us down to the trend breakout point at 0.8833 initially. Therefore I will remain on the sidelines until this scenario plays out. This strategy will hold unless we make another bullish thrust at which point a close below its low will be the new trigger point or we get all the way up to the upper daily BAT resistance level of 0.9289.


Attached Image (click to enlarge)
Click to Enlarge Name: EURGBP-Daily-261109.jpg Size: 217 KB


Cheers
Foggytrader
  • #196
  • Edited 5:27pm Nov 26, 2009 5:13pm | Edited 5:27pm
Is there any chance to make this indicator (TD combo) do not delete all the vertical, horizontal lines, channels etc. I have on chart after restarting MT4? Sorry, that both my posts here are about fixing indicator, but belive me putting the same lines/channels on 6 charts few times a day is very annoying. Have a nice trading guys!
  • #197
  • Nov 27, 2009 12:45am Nov 27, 2009 12:45am
Quoting gutek04
Is there any chance to make this indicator (TD combo) do not delete all the vertical, horizontal lines, channels etc. I have on chart after restarting MT4? Sorry, that both my posts here are about fixing indicator, but belive me putting the same lines/channels on 6 charts few times a day is very annoying. Have a nice trading guys!
Sorry Gutek I don't understand, what lines do you have to keep drawing on?

Cheers
Foggytrader
  • #198
  • Nov 27, 2009 12:50am Nov 27, 2009 12:50am
foggytrader, GBPJPY, blew past the target level before reversing, the greedy part of me says: "bollocks I should have stayed all nuight and would have made more pips". Easy to say that in hindsight. Looking forward to seeing your analysis going forward on this pair. Not good news from Dubai
  • #199
  • Nov 27, 2009 1:49am Nov 27, 2009 1:49am
Attached Image


GBPJPY

Since breaching the lower daily BAT support at 144.31 the bears took control of this pair on the daily chart. With bulls having control on the weekly chart it was a question of who was going to come out on top and I believe that has almost been decided with events this week. This has however come as no surprise with the bulls unable to remove the TDST resistance at 152.78 then failing to hold the 60 day SMA. Overnight the bears ran riot removing the TDST support level of 141.53 with ease while also removing the trend breakout point at 139.69. I see these developments as confirmation that the bears have taken full control of this market and have the weekly lower BAT support of 131.96 in their sights. Should this be broken we open up a move to sub-100 levels into 2010.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPY-Daily-27.11.09.jpg Size: 288 KB


Currently we are on the 8th bar of a TD buy setup and although unlikely we could still have a close back above the TDST support at 141.53 tonight which would give the bulls some hope, although faint. Taking these developments into consideration I will remain on the sidelines for now and see how things develop with a view to selling strength at a later date or attempting small longs upon the completion of the 9 count TD buy setup or a close back above the TDST support at 141.53.

Cheers
Foggytrader
  • #200
  • Nov 27, 2009 2:13am Nov 27, 2009 2:13am
Attached Image


AUDUSD

Although the bulls are still in control on the weekly chart the formation of a bearish outside bar last week alerted me to a possible top formation. This looks as though it was the first sign that the bears were finally emerging from their Australian winter hibernation, better late than never. I had been hoping to join the bears on route to firstly the lower daily BAT support level of 0.8890 however the opportunity failed to materialise. Currently the bears are just 71 pips from their first hurdle having left me behind and I won’t be chasing them from here. I will now move to the sidelines here until we remove the lower support of 0.8890 at which point I will attempt small longs with a view to selling from a higher level around the 0.9100 level.



Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSD.Daily.27.11.09.jpg Size: 176 KB


Cheers

Foggytrader
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