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  • #14,121
  • Sep 9, 2010 9:09am Sep 9, 2010 9:09am
Quoting Wallboroff
hmm, i know what you mean but i see it differently. I have the feeling that diagonal trendlines work much better than horizontal trendlines. If you use diagonal trendlines as pure support or resistance the entries are more difficult to choose. But if they are used as sr-levels they work pretty good.

Until know it worked for me just fine, so they must have some relevance. Sometimes i think forex is just pure geometry. Draw some lines and you have your entry and the amazing thing is, it works.

I think what you actually mean is to trade with current momentum. I , for example, completely stopped taking trades which goes against current momentum. Trend Lines here are helpful to see where the price is moving.
I also like to trade when some trend line is broken and it coincides with some S/R
  • #14,122
  • Sep 9, 2010 9:16am Sep 9, 2010 9:16am
Quoting longshot_nl
am short here.
This looks like an excellent set up, kind of no brainer. I do not trade this pair but this looks promising. I have just checked what happened after price touched 1.0470. It looks like it violated resistance by 37 pips on my MT4 broker.
Spread is 3 pips. So, technically speaking it might have been a stop of 40 pips. 40 pips is a standard stop here as I understand. Was you stopped? If not, you got yourself a nice trade.
  • #14,123
  • Sep 9, 2010 9:22am Sep 9, 2010 9:22am
Quoting Wallboroff
i know what you mean. sometimes its really difficult to say if the level will hold or not even if it has historical significance.

Yes, this also bothers me. I used to enter all the time just s/r line without any confirmation. What I noticed is that sometimes market just break through it kills my stop, then comes back. I mean it is nice to do this kind of trades when there is clear up/ down trend and you follow it, like it was Aud/ Usd, very nice reaction on almost all levels.
Now, i am waiting for some confirmation like rejection. I have heard from someone that he actually uses RCI when some level touched and is in overbough/ oversold position, he waits for RCI to move to neutral position and also as confirmation to start looking for entry.
  • #14,124
  • Sep 9, 2010 9:52am Sep 9, 2010 9:52am
Here are the levels I am watching. I do not set limit orders before the price hit them, I need to see price action before I set it.


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  • #14,125
  • Sep 9, 2010 9:53am Sep 9, 2010 9:53am
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  • #14,126
  • Sep 9, 2010 10:00am Sep 9, 2010 10:00am
Quoting shiko
Yes, this also bothers me. I used to enter all the time just s/r line without any confirmation. What I noticed is that sometimes market just break through it kills my stop, then comes back. I mean it is nice to do this kind of trades when there is clear up/ down trend and you follow it, like it was Aud/ Usd, very nice reaction on almost all levels.
Now, i am waiting for some confirmation like rejection. I have heard from someone that he actually uses RCI when some level touched and is in overbough/ oversold position, he waits for RCI to move to...
I know what you are trying to find, but it just doesn't exist, I'm afraid. I should know. I spent 4 years looking for it!
I'd honestly forget all about perfecting entries and constantly re-calibrating them in order to achieve a perfect trade.
The real 'art' of trading is in money management; entries just tilt the odds slightly (which is plenty enough) in your direction.
  • #14,127
  • Sep 9, 2010 10:04am Sep 9, 2010 10:04am
Quoting Interceptor
I know what you are trying to find, but it just doesn't exist, I'm afraid. I should know. I spent 4 years looking for it!
I'd honestly forget all about perfecting entries and constantly re-calibrating them in order to achieve a perfect trade.
The real 'art' of trading is in money management; entries just tilt the odds slightly (which is plenty enough) in your direction.
Yes, I know what you mean too. i actually keep things very simple, just use more price action than before and try to trade only momentum/ trend. Generally it is working nice. Much less losses.
Probability is actually in our favor but I am trying to put more odds on my side.
  • #14,128
  • Sep 9, 2010 10:33am Sep 9, 2010 10:33am
For Naked trade lovers......... EU range of 1 mths 350 pips and chart is as below........
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  • #14,129
  • Sep 9, 2010 10:42am Sep 9, 2010 10:42am
Quoting Munal
For Naked trade lovers......... EU range of 1 mths 350 pips and chart is as below........
The most important E/U is not in down trend. it is a ranging market now. I am waiting to see another reaction at 1.2665-1.2658
  • #14,130
  • Sep 9, 2010 10:44am Sep 9, 2010 10:44am
Quoting shiko
Yes, I know what you mean too. i actually keep things very simple, just use more price action than before and try to trade only momentum/ trend. Generally it is working nice. Much less losses.
Probability is actually in our favor but I am trying to put more odds on my side.
  • #14,131
  • Sep 9, 2010 10:54am Sep 9, 2010 10:54am
I love this thread. it is actually easier to understand for newbies than say James16's thread. both are excellent threads and this one although not as big as James16's but equally good.
  • #14,132
  • Sep 9, 2010 10:56am Sep 9, 2010 10:56am
My trading started turning around after I started following BRV method.
I am sure Steven helped quite a lot of guys by posting this thread.
Best luck to him.
  • #14,133
  • Sep 18, 2010 5:11am Sep 18, 2010 5:11am
Here is my plan for the next week.
From what I see on daily and weekly chart GBP/ USD is in up trend and recent drop was a retracement. I do not want to short but would love to go long.
I actually bought it twice last week, first at 1.5608 breaout and then again at 1.5664. Bought again yesterday at 1.5650, but had to close at -10 pips as it looked like support turned resistance.
I am still bullish on this pair.

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  • #14,134
  • Sep 18, 2010 5:12am Sep 18, 2010 5:12am
Eur/ Jpy and GBP/JPy are still in downtrend as I see it But I am not that sure. here is my plan for these 2 pairs for next week.

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  • #14,135
  • Sep 18, 2010 5:13am Sep 18, 2010 5:13am
And here is my Eur/ USD plan

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  • #14,136
  • Sep 18, 2010 6:59am Sep 18, 2010 6:59am
Quoting shiko
And here is my Eur/ USD plan

Attachment
hi shiko, thanks for sharing, just to ask, so normally u see the higher timeframe to decide which to trade? as in, you arent gg to short GBPUSD the coming week from the larger timeframe? correct me if i m wrong
  • #14,137
  • Sep 18, 2010 5:48pm Sep 18, 2010 5:48pm
Quoting yuan83
hi shiko, thanks for sharing, just to ask, so normally u see the higher timeframe to decide which to trade? as in, you arent gg to short GBPUSD the coming week from the larger timeframe? correct me if i m wrong

Yes, I usually watch 4-1H charts. Anyway, even reliable set ups fails. I entered on retracement to 1.5650 just broken level. It broke below and started using it as resistance again.
From what i see on daily time frame I interpret that G/U is in uptrend.
It has been in lengthy retracement which failed to break any lower and momentum has changed. i expect it to test former highs at the very least.I am waiting for opportunity to go long.
  • #14,138
  • Sep 18, 2010 8:35pm Sep 18, 2010 8:35pm
Quoting shiko
Yes, I usually watch 4-1H charts. Anyway, even reliable set ups fails. I entered on retracement to 1.5650 just broken level. It broke below and started using it as resistance again.
From what i see on daily time frame I interpret that G/U is in uptrend.
It has been in lengthy retracement which failed to break any lower and momentum has changed. i expect it to test former highs at the very least.I am waiting for opportunity to go long.
do you use a fixed SL or u normally place at the next S/R? hmm do you find this S/R discretionary? or you can strictly follow a set of rules?
  • #14,139
  • Sep 19, 2010 5:46am Sep 19, 2010 5:46am
Quoting yuan83
do you use a fixed SL or u normally place at the next S/R? hmm do you find this S/R discretionary? or you can strictly follow a set of rules?
You can check page 1, I am following those principles to find s/r areas. At the moment i am working on trade management. Used to close all trades completely but now I am trying to let my trades run and close profits in increments.
  • #14,140
  • Sep 19, 2010 5:56am Sep 19, 2010 5:56am
On the higher time frames GU is trending up and EU has turned downward this past week.

I have been watching EG and have been looking for and expecting a short entry but just have not seen one. Do not really understand why this pair is not going down.
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