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  • #1,541
  • Jul 7, 2010 5:53pm Jul 7, 2010 5:53pm
Quoting bparks
Thanks Mike.
Does the 4H trend guide your lower timeframe entries as well?
For the most part, yeah it does. On times when it doesn't, it's only because I have a decent justification for the trade.
I dream, therefore I become.
  • #1,542
  • Jul 7, 2010 8:00pm Jul 7, 2010 8:00pm
Nice looking charts as usual Mike. I was wondering how you decide your take profits on the 4hr chart as far as RR goes. For example if you have a good day trading on the 5min you can make some easy 1:2RR trades and sometimes more and be up 10% for the day, but on the 4hr it seems like most of the trades I look at never make it that far and it would take a lot more movement to make a better RR. Also I was wondering when you take a setup based on the 4hr chart do you always look at a lower time frame to get in or do you trade off the 4hr chart only?

Don't remember if you've addressed these questions before and if so I apologize. Have a good one.

trublu
  • #1,543
  • Jul 8, 2010 6:46am Jul 8, 2010 6:46am
Hi Mike,

Great trades... you make it look as easy as taking candy from a baby!

Have you written in this thread anywhere the general rules you use for your current trading setups? I looked back as far as your recent 2010 posts but didn't see anything. Not sure if your trading methods have changed since you began this thread years ago.

Thanks
  • #1,544
  • Jul 8, 2010 9:00am Jul 8, 2010 9:00am
Quoting Someone
Hi Mike,

Great trades... you make it look as easy as taking candy from a baby!

Have you written in this thread anywhere the general rules you use for your current trading setups? I looked back as far as your recent 2010 posts but didn't see anything. Not sure if your trading methods have changed since you began this thread years ago.

Thanks
Hey how's it goin? And believe me when I say it is that easy! The only complication is what we create in this business and cost of production.

The trades that I post about in here are mostly on the 4 hour timeframe. With that, I only take trending trades (price action at the 28 ema on the charts) and typically exit at the first trouble area considering that price will reach that far more often than it will keep going. I'll hold onto these 4 hour trades for a LOT longer if the dailies are lined up with them as well. If the dailies aren't lined up with them, we're typically in a range.

The other lines on my charts are extensions of the 28 ema at the levels of 89, 144, and 233 a la Vegas and others. If you haven't had the chance to study from those guys, I'd check it out. Do a few searches on the forum and look for "lost in the tunnel" and threads by Diallist.

I've been taking trades in trend for years based on the 24 and 28 ema. You could really go back to my very first post and note that. My charts just look a little cleaner now.

I'll only take C/T trades if they are 100% perfect. I'll take these trades if there is divergence along with price action within 10 bars apart of each other a la Ryanmcd's methods as well as Jankone's.

I do trade the 5 minute charts, but it's really quick for me to post those in here so I don't like the hassle of it. Typically, if I see a 4 hour setup followed by 5 minute price action, I'll stack on positions and lower risk at the same time so that a trade that would have been worth only 2K is then worth 5K.

I also trade daily I4Bs a LOT. I'll post about these when I get a chance. For the most part, with these setups, I wait until the next daily setup. If the next daily setup is a BEOVB or a BUOVB, it's money in the bank time and time again.

All credit from me goes to everyone that I've vouched for and everyone in my buddy list on here. I've learned everything from these guys, especially the crew at the James16 thread.
I dream, therefore I become.
  • #1,545
  • Jul 8, 2010 9:08am Jul 8, 2010 9:08am
Quoting trublu
Nice looking charts as usual Mike. I was wondering how you decide your take profits on the 4hr chart as far as RR goes. For example if you have a good day trading on the 5min you can make some easy 1:2RR trades and sometimes more and be up 10% for the day, but on the 4hr it seems like most of the trades I look at never make it that far and it would take a lot more movement to make a better RR. Also I was wondering when you take a setup based on the 4hr chart do you always look at a lower time frame to get in or do you trade off the 4hr chart only?...
For the most part, I don't worry about R:R on the 4 hour timeframe because I know how often price is likely to hit that first area of T/P. I typically aim for that area and then farther if the daily charts conincide with it. Also, when I enter into 4 hour trades, I am immediately looking for ways to lower my cost of production should anything go sour. I'll be looking at the 5 minute charts constantly from that point, looking for more entries into the trades while lowering my risk. There ARE certain times that I don't do this such as when the market shows the price action but price is still on a pretty even plane. After I do that, these trades become worth a lot more and those 70 to a 100 pips stretch a lot in terms of cash. If a daily is lined up with my 4 hour trading, which lately has been rare, I will hold onto these trades for longer. That's when the real money rolls in and it feels like Vegas. That's when you have to take a few days off to clear your mind and get your feet grounded again.

I don't always look at the lower timeframes for 4 hour entries either. If I have things to do that day, be it whatever, I'll just enter and leave. I know my probabilities so that's not a problem in the least for me.
I dream, therefore I become.
  • #1,546
  • Jul 8, 2010 11:56am Jul 8, 2010 11:56am
Quoting Someone
Hi Mike,

Great trades... you make it look as easy as taking candy from a baby!

Have you written in this thread anywhere the general rules you use for your current trading setups? I looked back as far as your recent 2010 posts but didn't see anything. Not sure if your trading methods have changed since you began this thread years ago.

Thanks
Mike W is the man, guy has worked hard to do what he does. I have to get in here to read his journal more

I should visit some of the public side more. Some good journals are here
  • #1,547
  • Jul 8, 2010 3:56pm Jul 8, 2010 3:56pm
Quoting mike w
Hey how's it goin?...

Thanks for the detailed response Mike, I also use 20-50 ema for trend strength and direction and it works great, I wait for price to usually get in between them and look for a setup.

Would you be kind enough to briefly explain how you enter trades on the 5 minute charts?

Thank you
  • #1,548
  • Jul 8, 2010 5:01pm Jul 8, 2010 5:01pm
Quoting Someone
Thanks for the detailed response Mike, I also use 20-50 ema for trend strength and direction and it works great, I wait for price to usually get in between them and look for a setup.

Would you be kind enough to briefly explain how you enter trades on the 5 minute charts?

Thank you
http://www.forexfactory.com/showthread.php?t=163972

That is the 5 minute setup thread that Jankone started in the systems section of the forum. I don't delve into too many systems threads because most are shit, but this one is worth the read a thousand times over IMO. I'll take entries based off the setups described in this thread all day long.

Also, if you're planning on learning those setups, it is absolutely critical that you read Ryanmcd's posts as well. This guy is brilliant and has been through the ropes trading the 5 minute charts for years.

As for playing the trap as you just noted, it's a phenomenal way to make the green. Just wait for the initial setup and note if a reversal pops up as well. For instance, on the nzd/usd pair, if I had been here at the time, I would have been able to catch the reversal bar along with that initial that I took a B/E on.
I dream, therefore I become.
  • #1,549
  • Jul 8, 2010 5:03pm Jul 8, 2010 5:03pm
Quoting mbqb11
Mike W is the man, guy has worked hard to do what he does. I have to get in here to read his journal more

I should visit some of the public side more. Some good journals are here
My man Mike! What's goin on brother?!
I dream, therefore I become.
  • #1,550
  • Jul 8, 2010 7:01pm Jul 8, 2010 7:01pm
Quoting mike w
Yes sir, if you're talking about the 28 ema with extensions of 89, 144, and 233, those are extensions that were brought about by Vegas a few years back. Diallist and a lot of the older guys used variations of this, although I pretty much stick to the basics. Other than that, I use the 21 ema and a 50 sma for the 20-50 trap setups that I like.

How's everything goin my man? I hope everything is good over on your side Josh!

Thanks for the explanation Mike,
I thought that is where I seen it.Still trying to find my way with this business.....Things are going good over here also,thanks for asking.Well got to run,take care!
  • #1,551
  • Jul 11, 2010 6:49pm Jul 11, 2010 6:49pm
I'm waiting to see how the aud/usd and aud/jpy I4Bs on the dailies play out. I'm going to be waiting for an initial fakeout and reverse on the 4 hour and if we get that, I'll be getting in on a trade on these. The location is looking good for a retracement anyway. If nothing comes up on the 4 hour charts, I look for the next day's close as a BEOVB or a BUOVB. Aaannnnddd if neither of those come to fruition, then this post doesn't mean a dizzamn thang lol
I dream, therefore I become.
  • #1,552
  • Jul 11, 2010 8:11pm Jul 11, 2010 8:11pm
Hey Mike.
Do you watch for all daily I4Bs or just the ones that are located at Support or Resistance?
Will you play aud/usd in either direction or only short?
  • #1,553
  • Jul 12, 2010 6:46am Jul 12, 2010 6:46am
Quoting bparks
Hey Mike.
Do you watch for all daily I4Bs or just the ones that are located at Support or Resistance?
Will you play aud/usd in either direction or only short?
I watch for all daily I4Bs. This just shows that price is in consolidation and winding up for a larger move. I'd trade the aussie in either direction although nothing is really coming up as a solid trade yet.
I dream, therefore I become.
  • #1,554
  • Jul 12, 2010 7:08am Jul 12, 2010 7:08am
I actually just hopped on the long train, I don't know how I missed this a couple hours ago lol There's the fakeout that I'm always talking about. We'll see the I4B break in one direction, get price action indicating that it was a fake (build momentum routine), head to the other side completely. Do these ever fail? Yes sir. Do they make gains more so than failures? Yes sir.
Attached Image (click to enlarge)
Click to Enlarge Name: aussie i444444.gif Size: 23 KB
I dream, therefore I become.
  • #1,555
  • Jul 12, 2010 8:59am Jul 12, 2010 8:59am
What are your power questions? Great questions lead to a great life.

What am I grateful for today?
What am I excited about today?
Who do I love today?
What am I happy about today?
What am I going to enjoy today?
What am I proud of today?
I dream, therefore I become.
  • #1,556
  • Jul 12, 2010 9:04am Jul 12, 2010 9:04am
Kaaaablam! Solid setup IMO. I'll be holding onto this bad boy for a while because the daily and weekly timeframes look like they are right in alignment with it. Get to B/E and then just ride.
Attached Image (click to enlarge)
Click to Enlarge Name: kkkeeerrrrblllaaammmm.gif Size: 23 KB
I dream, therefore I become.
  • #1,557
  • Jul 12, 2010 9:30am Jul 12, 2010 9:30am
Quoting mike w
Kaaaablam! Solid setup IMO. I'll be holding onto this bad boy for a while because the daily and weekly timeframes look like they are right in alignment with it. Get to B/E and then just ride.

Good morning Mike!Could you elaborate a bit on what you see on the daily and weekly charts?Thanks.
  • #1,558
  • Jul 12, 2010 11:15am Jul 12, 2010 11:15am
Quoting jlmac27
Good morning Mike!Could you elaborate a bit on what you see on the daily and weekly charts?Thanks.
Sure thing brother! The weekly chart is rockin off that pin bar with divergence and confirming candle. This is just the retracement, IMO, and I really think it's going to revert back up with that. As for the daily, I went with a little forethought after noticing that we moved above 111. I'm really hoping to see today close a bit higher though. Either way, I'm happy with the entries I got on this. Initial entry at 111.40 and another at 111.17. My stop is at 111.11, which came reaaaallllyyy close to getting touched.

The weekly is holding a lot more value in my thoughts on this than the daily as of right now.

How's it goin my man?
Attached Image (click to enlarge)
Click to Enlarge Name: weekly rockin the pin.gif Size: 20 KB
I dream, therefore I become.
  • #1,559
  • Jul 12, 2010 12:45pm Jul 12, 2010 12:45pm
Quoting mike w
Sure thing brother! The weekly chart is rockin off that pin bar with divergence and confirming candle. This is just the retracement, IMO, and I really think it's going to revert back up with that. As for the daily, I went with a little forethought after noticing that we moved above 111. I'm really hoping to see today close a bit higher though. Either way, I'm happy with the entries I got on this. Initial entry at 111.40 and another at 111.17. My stop is at 111.11, which came reaaaallllyyy close to getting touched.

The weekly is holding a lot more...

Thanks again Mike!Yes price got reeeeaaal close.Just wanted to see how you percieved those two charts.Things are going ok over here,just studying charts and trying to put something together involving the weekly open.Have a great afternoon Mike,will be in touch..Josh
  • #1,560
  • Jul 12, 2010 1:02pm Jul 12, 2010 1:02pm
Quoting jlmac27
Thanks again Mike!Yes price got reeeeaaal close.Just wanted to see how you percieved those two charts.Things are going ok over here,just studying charts and trying to put something together involving the weekly open.Have a great afternoon Mike,will be in touch..Josh

Sure thing Josh! Nice, good luck in the testing my man! What are you working on with the open?

Will do for sure, and you have a good one too brother!
I dream, therefore I become.
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