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  • #1,421
  • Aug 26, 2010 4:03am Aug 26, 2010 4:03am
Hi Graeme, Hi all,

I would like to participate in the assignment, but I need your opinion on these 2 issues :
1- Am I allowed to trade on a non MT4/Oanda platform? I might take me more than a few days to familiarize with a new platform.

2- Am I obliged to enter on a 5' time frame, my preference being for a stop entry on higher time frames? I will also need time to understand the advantage of entering the markets in shorter times rather than longer, let alone mastering the process of piggybacking the stampede just in time.

Now for the quiz, Chart B is the weekly IMHO, as it shows the biggest candles and less smaller ones.

A big thank you for the great job done so far and going on here. True I haven't read all the thread but I will do my best before monday.

All the best,
Muntu
Patience is magic
  • #1,422
  • Edited 4:23am Aug 26, 2010 4:09am | Edited 4:23am
Quoting TradeStar
Few positions put in exactly on the lines of PA notes from Graeme
Only problem I have is, I am not comfortable to move the SL to BE, since they could cause the position to close.

Anyone having similar challenge?

Thanks
TS
Good evening, TS

Apologies but Im assuming the little arrows are entries. Please do not take any offence but your entries are little overexposure.

Im currently trading eur/usd from one hour before uk session open.

I have 3 sell positions. Very very similar areas to where you took them.

Im glad to see that you are interpreting price action accurately.

I have no stop loss set. No need to yet.

Price has stalled currently and im watching very carefully.

I was anticipating this week for eur/usd to be another down weekly candle. If this happens it will be tonight and tomorrow with huge momentum down and we are participating correctly to the hindsight from higher timeframe.

However even if weekly chart is indicating a down trend I see 3 daily candles ascending wicks.

I give myself 50:50 chance for a big profit or zero loss.

Please space out your entries as much as possible and sometimes purposefully miss few out. You will still have similar profits but much less drawdown or losses when things dont turn out to your plan.

I see triple upper wick bounce on 5min chart.

Its either a freefall down or a huge push up breaking the tips of those upper wicks.

Get ready to defend.

Sincerely,

Graeme
  • #1,423
  • Aug 26, 2010 4:11am Aug 26, 2010 4:11am
eur/usd OUT.

Clear volatile breakout upwards.
  • #1,424
  • Aug 26, 2010 4:19am Aug 26, 2010 4:19am
I just moved stop loss of all remaining positions on eur/usd to BE.

1 loss @ -5 pips.

Thats enough for me.

Before I step back to prepare the material to present to all for tomorrow may I request all readers to read the price action posts that I have posted today.

What I have explained today is what I only do in the markets. It is that simple to interpret pure price action.

It will be required knowledge for the next step tomorrow.

Sincerely,

Graeme

P.S I added a buy position on eur/usd after the flying buddha. This respects the hindsight from daily candles (we will touch this topic tomorrow). Lets see what this leg can do for me. Never be biased with one direction. Keep moving.
  • #1,425
  • Aug 26, 2010 4:27am Aug 26, 2010 4:27am
Hello Graeme,

Thank you very much for the information you kindly provided, this kind of close-up candle interpretation is invaluable.

I... can't tell which of the two charts is weekly and which is 5m, in time I might grow to have the skill to do it but for now, they are just charts to me, I would treat them in the same way.

Also I've been meaning to ask, if you think it would add value to the readers, in one of the presentations would you be so kind to provide a few details on how you decide which support/resistance/trend lines to draw ? I am asking because sometimes you seem to be drawing them near the body of the candle(s), and other times near the wick.
  • #1,426
  • Aug 26, 2010 4:34am Aug 26, 2010 4:34am
Quoting cameron1st
I would treat them in the same way.
Me too ...
  • #1,427
  • Aug 26, 2010 4:35am Aug 26, 2010 4:35am
Hi Graeme,

i happened to opened this thread last sunday and had read all through - unknowingly undoubtedly a goldmine

i tried using it last monday and continue experimenting with it and slowly it sheds light... and now i find a newer freedom. don't get me wrong, i've been trading forex for a while now and i can say i'm doing fairly well the reason that i don't bother reading other peoples success stories of their own system or methodology.

i am a bit excited because the longer i'm looking and more focus... the clearer i see the direction of the price and for me that is more than enough to call my trades. since last tuesday i have been using your method and i had big winners compared to few small lossers (which cut immediately).

here's my current trade EU

regards and thanks for new idea... it works wonders mate!

dongsky


the chart:

red arrows my entries - short

first entry x 1 position and after it breaks the trend line after minor pullback i entered short x 2 position and x 3 on the last position... still waiting for sign of reversal...

i'm still doing 5 minutes, and hopefully i can work it to a higher tt
Attached Image (click to enlarge)
Click to Enlarge Name: thur.jpg Size: 114 KB
Success consists of going from failure to failure without loss of enthusiam
  • #1,428
  • Aug 26, 2010 4:39am Aug 26, 2010 4:39am
I keep forgetting to address some of the important issues on hand before hitting the submit button.

I see few traders who has grasped the correct mentality as a trader.

They can interpret action sensibly and it is looking well.

However, do you feel like its all still more luck than skill?

You still feel that your trades are not improving?

I have sensed a great excitement last few days from traders about their growth. I understand why its slightly died down as the whole market across the board is ranging.

On a lighter tone, from what I can see from your charts/questions, I can assure most of the participants are at least top 30% percentile of the mass traders. Unfortunately, most of the top 30% percentile do not make money in the long run. Im planning to push all willing learners into the top 10% percentile very soon. There is an intended flow of explanation in the next few days.

I see great potential in all the readers from the questions asked and I have genuine interest in everyone's trading success.

I assure all traders that it will soon be clearer. Im planning this weekend to be the cornerstone of such endeavour.

Just answering cameron1st, everything in the market is all relative. Different traders can draw different s/r lines at body of candle, wicks and still achieve same purpose. I shift from wicks to body without any second thoughts. Just what I see on the charts. You will fully understand this very shortly from the intended explanation im preparing.

Sincerely,

Graeme
  • #1,429
  • Aug 26, 2010 4:45am Aug 26, 2010 4:45am
Quoting pipEASY
Good evening, TS

Apologies but Im assuming the little arrows are entries. Please do not take any offence but your entries are little overexposure.

Im currently trading eur/usd from one hour before uk session open.

I have 3 sell positions. Very very similar areas to where you took them.

Im glad to see that you are interpreting price action accurately.

I have no stop loss set. No need to yet.

Price has stalled currently and im watching very carefully.

[u]I was anticipating this week for eur/usd to be another down weekly...
Hi Graeme,

Please don't apologize. To me its a honor to get corrected by someone of your caliber and look forward to your continued guidance.

I will reduce number of entries going forward;
Now I have moved my SL to break evens; will see.

Thanks and warmest Regards,
TS
Haste not to Enter AND Haste not to Exit !-TradeStar
  • #1,430
  • Aug 26, 2010 4:53am Aug 26, 2010 4:53am
Quoting dongsky
Hi Graeme,

i happened to opened this thread last sunday and had read all through - unknowingly undoubtedly a goldmine

i tried using it last monday and continue experimenting with it and slowly it sheds light... and now i find a newer freedom. don't get me wrong, i've been trading forex for a while now and i can say i'm doing fairly well the reason that i don't bother reading other peoples success stories of their own system or methodology.

i am a bit excited because the longer i'm looking and more focus... the clearer i see the...
Good evening, Dongsky

Good to see a trader using line graph (1ema).

Thank you for the compliments.

Tradestar - Thank you. Alot of traders believe moving stop loss to breakeven is fruitless and leaving the random fluctuation to close the position when it could be a winner in the long run with some breathing space. Unfortunately not.

Let me assure you that an entry that grew more than +20 pips to reverse direction and come back is a fail. This reversal (or price against your beliefs) is a sign of bigger things in the market. No need to go against them. If price moves away from danger and stalls and coming back, you do not need to give a 'breathing space' in the stop loss to see if it survives (unless its free. Remember this few posts back?). Its already a worthless leg and your focus should move away.

muntu - No problem, sir. Feel free to start 2 weeks after this weekend when I plan to do it again for the readers who missed out. Obviously biggest kudos to the readers who participate first this weekend leading the class.

Dhaos - Good question, sir. Apologies but I cannot retrace my steps at this moment to answer your question. I ask for your understanding.

Now I will stop here and return tomorrow as I have an intended flow of explanation. This is important for me to get across before the weekend.

I will show many examples of battleplans which will be similar to what is asked from the readers this weekend.

Please dont fret as all of the readers are on the right track at the moment.

Sincerely,

Graeme
  • #1,431
  • Edited 5:39am Aug 26, 2010 5:08am | Edited 5:39am
Quoting pipEASY
I just moved stop loss of all remaining positions on eur/usd to BE.

1 loss @ -5 pips.

Thats enough for me.

Before I step back to prepare the material to present to all for tomorrow may I request all readers to read the price action posts that I have posted today.

What I have explained today is what I only do in the markets. It is that simple to interpret pure price action.

It will be required knowledge for the next step tomorrow.

Sincerely,

Graeme

P.S I added a buy position on eur/usd after the flying buddha. [b]This respects...

Looking forward to the assignment this weekend. Your tutelage is priceless; thank you for your diligence in presenting your insights to us all

Also, I was out as well on EUR until seeing the push build for upward movement. Now, two trades in place only one with risk still on, the other at BE already. E/J following in parallel.

RDWatkins

edit: BE hit, obviously too tight as the pair is now moving in the right direction but still caught in downward channel.
  • #1,432
  • Aug 26, 2010 6:38am Aug 26, 2010 6:38am
Hello everyone seem to have fell behind with reading the posts.
Just got a micro account, so am trying to familiaries myself with the platform on demo.
hope this is last platform i have to learn so i can concentrate on this method.
Regarding the graph puzzle I would say:-
a) Is 5minute the ma's move further apart to me saying price moving sharply. So based on probabilities I'd put money on a= 5minute but with a tight stop loss lol.

Also in recent posts you concentrated on 5 minute for entries quickly stacking and contemplating exiting within hrs from the price action.

Just a little confused I thought you got your entries to break even and left them to there fate.
And were only interested in long term results if they survived.
The recent posts suggest you maybe only leave initial scout in and take off the later ones as they come close to danger?

when you post your positions in past there are only break even, losses, with no small profits reported.
I felt a little guilty taking small profits as everyone seems be focused only on long term.
could you give example please of daily exits eg:-
enter one position , looking good , starts to fall add 2 more, fall again x pips add 2 more price stall get ready to exit last 2 entries starts reversing take last two off small profit .
if its looking like reversal eg starts making higher highs an higher lows would you look at taking some positions off say on a 160 pip leg down or just as i understood previously let them die at break even.
Thats what i struggle with if 100% reverse , letting them all die at break even after price starts reverse.
Price is suppose range for 70% and trend only 30%.
so we gonna see break even trades for 70% of time.
Really appreciate some clarification as this is all i struggle with.
at the moment.
Range since monday on eur/usd = 162pips
If we had soldiers in there at break even good chance they would die.

Sorry for big post.

Paul.
making green pips large and red pips small this is my goal.
  • #1,433
  • Aug 26, 2010 6:49am Aug 26, 2010 6:49am
Hello Guys,

I will attach an indicator that might be off help.

This shows previous HIGH and LOW, it is a MTF indicator, this can help you stack positions and look at good entry points with little risk.

If there is anyone else that can help modify this indie so we can get:

1. Open and Close to it, would be great.
2. Bar shift option - i.e previous 2 bars ago, its high and low, or previous 3 bars high and low

Regards,
Vip
Attached Image (click to enlarge)
Click to Enlarge Name: pic.gif Size: 15 KB
Attached File(s)
File Type: ex4 MTF_Prev_High_Low.ex4   2 KB | 678 downloads
  • #1,434
  • Edited 7:21am Aug 26, 2010 6:59am | Edited 7:21am
Quoting paul1
Hello everyone seem to have fell behind with reading the posts.
Just got a micro account, so am trying to familiaries myself with the platform on demo.
hope this is last platform i have to learn so i can concentrate on this method.
Regarding the graph puzzle I would say:-
a) Is 5minute the ma's move further apart to me saying price moving sharply. So based on probabilities I'd put money on a= 5minute but with a tight stop loss lol.

Also in recent posts you concentrated on 5 minute for entries quickly stacking and contemplating exiting within hrs...
Good evening, Paul

Thank you for the post.

I just had to reply to this one.

At the moment, you are not the only one with that type of question.

There is a valid reason why I closed few of the legs last night. The answer for now (and tomorrow I will go into very deep detail why to this question) is that the 5 min chart I was analysing could have been a weekly chart in a sense (I wouldnt know if I randomly chose and covered up the label on top left). Many candles happened after my entries and even though each candle only represented 5 min timeframe, it was mature enough to diversify. Imagine the exact same chart but it was weekly. Those positions would have been matured for a diversification. The only difference (and I hope some readers can connect the meaning) is the scale. Scale is different but its the same Paul.

One candle on weekly chart represent a week.
One candle on 5min chart represent 5min.

The principal and purpose of diversification remains the same and has no regard to the difference of the timeframes. And this applies to everything else as well.

Market is universal and neutral.

Price reversing? When your ready you will be able to profit on both side of the coin.

For now, may I request all readers to perhaps re-read (if needs be) some of the material I have presented over the last few weeks.

I have contributed earnestly for everyone and all I ask in return is their devotion just for this weekend. Allow me the opportunity to show you all on a tailored personal level that you are ready and if not, the areas you need to improve.

My next set of topics will connect everything into one smooth flow.

Please take a look tonight at eur/usd weekly chart. Look at the current shape of this week candle. That is a pitiful looking candle at the moment. Not many can make profit from that kind of looking candle.

It would be a completely different tune from traders if the weekly candle is either a bold up or bold down.

eur/usd market is taking all traders money at the moment. So let it take a position or two until its willing to give again.

Sincerely,

Graeme
  • #1,435
  • Aug 26, 2010 7:21am Aug 26, 2010 7:21am
Quoting ozziedave
Hi Graeme,

The only problem with this chart is that no one would have taken a short trade in the area that you have indicated. Most traders would be seeing this as a pullback and would place long positions. What would prompt any trader to take a short position in the area you have indicated? I believe this is a major hurdle for most traders, how do I know when it's time to diversify my position?

I understand what you are trying to convey here but I'm not sure how to apply this is real trading. The entries you show seem so picture perfect and I'm...
6 months of failure to close higher and you'd be thinking long?

G.
  • #1,436
  • Aug 26, 2010 7:46am Aug 26, 2010 7:46am
Hi Graeme,
One thing that you have not mentioned is the effect of any known news releases. e.g. if you are looking at a good entry say 10-20 minutes before there is a major release that might affect that pair would you ignore the trade or how far before news might you enter? I presume you might use tight hard stops if you did enter close to a release.

Thanks

Ray
  • #1,437
  • Aug 26, 2010 10:34am Aug 26, 2010 10:34am
Hi Graeme,

Thanks so much on your explanations on price action!

I can honestly say that by finding this thread i stumbled across a golden opportunity. I took me over two years but hey I got it now...and now along with the rest of the traders from this thread we are patiently waiting to catch that golden opportunity in the market!

Looking forward to your next posts

Regards
Slazo
  • #1,438
  • Aug 26, 2010 10:39am Aug 26, 2010 10:39am
Quoting paul1
Hello everyone seem to have fell behind with reading the posts.
Just got a micro account, so am trying to familiaries myself with the platform on demo.
hope this is last platform i have to learn so i can concentrate on this method.
Regarding the graph puzzle I would say:-
a) Is 5minute the ma's move further apart to me saying price moving sharply. So based on probabilities I'd put money on a= 5minute but with a tight stop loss lol.

Also in recent posts...
Hi Paul,

I felt like adding to Graeme's response.

Graeme pardon my intrusion and correct me if I am misleading.

Actually, when you do take the trades with the intention of making 1000 pips, you are still taking it on a 5 min time frame with a very efficient stop. right?

So, the idea is, it has to survive (not just survive but survive very well in order to be a potential candidate for a long term runner. )

If the 5 min graph reading, kind of tells that its going no where or reversing big time, it is better to nail it and take what you get and look for next chance rather than watching it die.

This is what determines closing of some of the legs in the context of 5 min graph, which I think he calls mini diversifying.

However, I don't think you make a diversification decision on already existing huge positions, based on some 5 min chart action.

Does this make sense?


Regards,
TS
Haste not to Enter AND Haste not to Exit !-TradeStar
  • #1,439
  • Edited 5:58pm Aug 26, 2010 11:29am | Edited 5:58pm
Here is a short trade I just took a while ago on EURUSD.

One of the things that I've been doing is to scan the 1 hr chart to see if I can find area with several wicks that end about the same place in either the long or short direction. Once I find these wick areas I draw a rectangle to identify the area. I drop down to the 5min chart and wait to see if price comes back to test that area and when it does I look for FBs, and descending or ascending wicks.

ok, with that said, we have an FB within the range of a master candle. Price starts to fall and it breaks the bottom of the master candle and I enter a short position (top golden line). Price continues down and starts to stall out but I notice at the stall we have 2 smallish candles with nice size wicks to the top side so I decide if price breaks the lows of those candles I'll enter another position. Price breaks the lows and I'm in again. On the break I took some profit from the first position and move it to BE. Now I can set a reasonable SL for my second position and it's covered by my first position's profits. So I have 2 free trades running. I see a strong retrace candle forming so I moved my 2nd position SL to BE and got stopped out. The first position is still alive and I don't have to monitor it. It either stops out at BE or it goes further into profit.

Update: Price popped back up just enough to take me out at BE. Even though I'm out of this trade the entry was text book.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd 5m short entry 26.08.10.gif Size: 23 KB
  • #1,440
  • Aug 26, 2010 11:54am Aug 26, 2010 11:54am
Quoting TradeStar
Hi Paul,

I felt like adding to Graeme's response.

Graeme pardon my intrusion and correct me if I am misleading.

Actually, when you do take the trades with the intention of making 1000 pips, you are still taking it on a 5 min time frame with a very efficient stop. right?

So, the idea is, it has to survive (not just survive but survive very well in order to be a potential candidate for a long term runner. )

If the 5 min graph reading, kind of tells that its going no where or reversing big time, it is better to nail it and take what you...
Yes thankyou,
Just wanted graemes take on it to make sure am on right track.
And i realise on pairs such as eur/usd (the main per up to now until i check out the others this weekend)
That with the volatile range, there has been limited chance to implement long term soldiers.
But i certainly can see the benefits when i can get some entries a safe distance from the action.
Graeme has changed me since i read the thread.
Much better intraday and because he shown me the long term approach.
its improved my ability to hold positions past the first retrace which i really struggled with, but no more.

I now see light at the end of tunnel now.
making green pips large and red pips small this is my goal.
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