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  • #7,161
  • Jul 1, 2010 2:04pm Jul 1, 2010 2:04pm
Haha...too quick
  • #7,162
  • Jul 1, 2010 2:04pm Jul 1, 2010 2:04pm
Quoting CharlesSA
Hi Custos. Hope you had a good day


What is your TP on this one?
tp would have been the first light blue line.
  • #7,163
  • Jul 1, 2010 2:42pm Jul 1, 2010 2:42pm
Quoting Custos
tp would have been the first light blue line.
Thanks

Keeping a close eye on EUR/USD. I have level 1.2510 to 1.2515 in mind as a short opportunity but this PA is crazy. What are your thoughts on this pair?
  • #7,164
  • Jul 1, 2010 2:48pm Jul 1, 2010 2:48pm
Ok, scrap that idea. It has blasted straight through that level. Interesting day so far! Wonder what effect NFP will have tomorrow.
  • #7,165
  • Jul 1, 2010 2:54pm Jul 1, 2010 2:54pm
out of curiosity to compare custos, what are you typically monitoring your trades with after entry for the flip and such? personally been used to 3min/5min here, but know some who trade similar style to us who stick to 10-sec or 1min.
  • #7,166
  • Jul 1, 2010 3:00pm Jul 1, 2010 3:00pm
Quoting CharlesSA
Thanks

Keeping a close eye on EUR/USD. I have level 1.2510 to 1.2515 in mind as a short opportunity but this PA is crazy. What are your thoughts on this pair?
that would have been a good entry for eur/usd. But I already closed down my trade station for the day.
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  • #7,167
  • Jul 1, 2010 3:02pm Jul 1, 2010 3:02pm
Quoting randomperson
out of curiosity to compare custos, what are you typically monitoring your trades with after entry for the flip and such? personally been used to 3min/5min here, but know some who trade similar style to us who stick to 10-sec or 1min.
I use the same time-frame from which I identified my level. So if I see a strong level on h1. I will enter on h1 and wait till h1 either gets to my targets or closes on the other side of the level and retests it to get either totally out or reverse position. That all happens on the h1 in this example

How do you do it?
  • #7,168
  • Jul 1, 2010 3:35pm Jul 1, 2010 3:35pm
Quoting Custos
I use the same time-frame from which I identified my level. So if I see a strong level on h1. I will enter on h1 and wait till h1 either gets to my targets or closes on the other side of the level and retests it to get either totally out or reverse position. That all happens on the h1 in this example

How do you do it?
Ahh...I imagine you have quite a a few breakeven's that could have been profitable trades, no? Pivots often bend as orders accumulate, but it seems like you eject if you dont get an immediate reaction right? For example, if price goes through the pivot 15 pips, you'll immediately get out when it gets to your entry?
Personally I zoom in to the 3min or 5min, depending on the type of pivot. I watch momentum when it re-tests the pivot from the other side, and either get out/reverse based on feel or stay in the trade if it continues in my direction. I'll stay in the trade until it hits my first scale or there is sufficient evidence it is or has failed.
However, I love simplicity. Interested in hearing your reply. Currently removing some entry confirmations and will see how my results compare the next few months. The only place i'm inconsistent with touch entries is if I should re-entry after 1-scale and a re-test.
  • #7,169
  • Jul 1, 2010 11:23pm Jul 1, 2010 11:23pm
Looking at W1 major support + bullish divergence + Inner and out down TL for taking profit.
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  • #7,170
  • Jul 2, 2010 1:34am Jul 2, 2010 1:34am
Quoting randomperson
Ahh...I imagine you have quite a a few breakeven's that could have been profitable trades, no? Pivots often bend as orders accumulate, but it seems like you eject if you dont get an immediate reaction right? For example, if price goes through the pivot 15 pips, you'll immediately get out when it gets to your entry?
hm, from my experience, those which get to breakeven would have been losses if I held them longer.

Here is another explanation of how I do it: Price touched a level on the HOURLY and I enter, then I will hold the position as long as price is NOT CLOSING on the other side of the S/R level on the HOURLY. So, if price is spiking through the level but closing on the right side, then I will hold my position.
If price however is then CLOSING on the other side on the HOURLY, then I typically wait for retest to get out at either breakeven or a small loss and reverse position.

Quoting randomperson
Personally I zoom in to the 3min or 5min, depending on the type of pivot. I watch momentum when it re-tests the pivot from the other side, and either get out/reverse based on feel or stay in the trade if it continues in my direction. I'll stay in the trade until it hits my first scale or there is sufficient evidence it is or has failed.
hm, also a good approach. I think there are many ways to get it done. Personally, I like to look for other entries in the mean-time than going into lower timeframes to watch my current trades. So normally, if I trade the hourly time-frame, then I have an hour to search for new entries before the candle closes, then I look if any of the pairs I am in at the moment have closed on the wrong side of the S/R level and then try to reverse position at the retest of the S/R level.


Quoting randomperson
However, I love simplicity. Interested in hearing your reply. Currently removing some entry confirmations and will see how my results compare the next few months. The only place i'm inconsistent with touch entries is if I should re-entry after 1-scale and a re-test.
hm, I can just speak from my experience. Confirmation for entries never worked out for me. It sounds logical to wait for confirmation but it is not practical.
And concerning re-entry on S/R levels. I came to the conclusion that really strong and obvious S/R levels are always S/R levels, they will not just go away. The levels I trade normally have been there since a long time, thus it is good to assume that they will stay there for a long time as well.

if you have any further question, please don't hesitate to ask.
  • #7,171
  • Jul 2, 2010 1:37am Jul 2, 2010 1:37am
Quoting lrathi
Looking at W1 major support + bullish divergence + Inner and out down TL for taking profit.
yep, good level, for me personally weekly support is a bit to big, since it's normally a big range. Would require a big stop loss, but anyways, good level.
  • #7,172
  • Jul 2, 2010 1:42am Jul 2, 2010 1:42am
Quoting Custos

So normally, if I trade the hourly time-frame, then I have an hour to search for new entries before the candle closes, then I look if any of the pairs I am in at the moment have closed on the wrong side of the S/R level and then try to reverse position at the retest of the S/R level.
Custos, out of interest, regarding last nights trade on Eur/GBP which you went long on just before the hourly close below S/R and you decided to exit...did you reverse this trade at all...ie go short?
  • #7,173
  • Jul 2, 2010 1:47am Jul 2, 2010 1:47am
Quoting CharlesSA
Custos, out of interest, regarding last nights trade on Eur/GBP which you went long on just before the hourly close below S/R and you decided to exit...did you reverse this trade at all...ie go short?
normally I would have reversed, but it was bed-time for me and I don't want any trade to hit my stoploss, so I didn't reverse.
From what I see currently in the market, that reverse would also have resulted in a breakeven. Right now eur/gbp would not have given / made me lose any pips.
I might go short soon if price closes below the level and retests it.

cheers
  • #7,174
  • Jul 2, 2010 1:54am Jul 2, 2010 1:54am
That was my feelings as well. I see we are on the same timeline.
  • #7,175
  • Jul 2, 2010 1:55am Jul 2, 2010 1:55am
Quoting Custos
yep, good level, for me personally weekly support is a bit to big, since it's normally a big range. Would require a big stop loss, but anyways, good level.
I enter and SL on H4 charts not weekly. I was trying to show the bigger picture of Price action.
  • #7,176
  • Jul 2, 2010 5:44am Jul 2, 2010 5:44am
Quoting Custos

I might go short soon if price closes below the level and retests it.

cheers
looks like it was a good idea to short.
  • #7,177
  • Jul 2, 2010 5:45am Jul 2, 2010 5:45am
Quoting Custos
normally I would have reversed, but it was bed-time for me and I don't want any trade to hit my stoploss, so I didn't reverse.
From what I see currently in the market, that reverse would also have resulted in a breakeven. Right now eur/gbp would not have given / made me lose any pips.
I might go short soon if price closes below the level and retests it.

cheers
Hi custos,

Correct me if im wrong but I seem to get the impression that you pretty much only focus on s/r levels to enter/exit when range trading.

Do you also do this with trending markets aswell or do you look for aditional convergence?


cheers
  • #7,178
  • Jul 2, 2010 5:52am Jul 2, 2010 5:52am
Quoting Pipalicious
Hi custos,

Correct me if im wrong but I seem to get the impression that you pretty much only focus on s/r levels to enter/exit when range trading.
yes exactly, that's how I do that

Quoting Pipalicious
Do you also do this with trending markets aswell or do you look for aditional convergence?
let's say confluence is always better, but the S/R level alone is enough for me to take a trade.
  • #7,179
  • Jul 2, 2010 6:14am Jul 2, 2010 6:14am
Quoting Custos
yes exactly, that's how I do that



let's say confluence is always better, but the S/R level alone is enough for me to take a trade.
Ok cool. Getting there bit by bit.

Would you consider this as a good trade? More of a swing formation?

How about the lines?

Based on 1h charts...

cheers again Custos
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  • #7,180
  • Jul 2, 2010 6:22am Jul 2, 2010 6:22am
Quoting Pipalicious
Ok cool. Getting there bit by bit.

Would you consider this as a good trade? More of a swing formation?

How about the lines?

Based on 1h charts...

cheers again Custos
yep, good lines. Your levels are spot on. Well, only the first level I would adjust by 2 pips. Mine is at 74.42.

Other than that, a good setup. Definitely worth a shot. I will definitely enter at your identified level.
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