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  • #2,981
  • Sep 27, 2010 10:02am Sep 27, 2010 10:02am
Quoting paul1
as long as you stick with red or green you have got try pretty hard to be wrong more than 50 %
And has been proved you can be very profitable being right 2% .
Golden rule : whatever you do dont change your mind.
Enjoy being wrong but only for 10 pips.

Sorry for long post.
This is what Joe did and why I said he was a "red #$%" because he always traded short.
  • #2,982
  • Sep 27, 2010 10:11am Sep 27, 2010 10:11am
Veefx - Got the number of pages changed. Thanks. Do not understand what you mean by Load each page in Internet Explorer Browser. Please elaborate. The balance I understand.
  • #2,983
  • Edited 11:02am Sep 27, 2010 10:12am | Edited 11:02am
Good Morning Vee.

May I ask why the brown line is placed at this particular price ? I assume you marked highest close price in this area, am I right?
If the latest is true, then you've entered according to your 'lessons learnt' [LL for future] - so far so good - but the time frame of your entry is different, I'm affraid.

Definitelly not 1hr TF as the project's rules say.

If you were to follow LL, then most likely your entry would be at open of the bar prior your entry - please correct me here ...

If the brown line was placed at the high of the bar that formed 10hrs before then you would not enter this position probably, but this does not matter - all is relative

Just my 2 cents ...


Quoting VEEFX
Good Morning everyone,

Here's my updated chart from last night. Could you all please comment whether I waited for confirmation in the 'right manner' or should I have waited for another H4 candle to close above the line?

Attachment
  • #2,984
  • Sep 27, 2010 10:23am Sep 27, 2010 10:23am
Quoting VEEFX
Good Morning everyone,

Here's my updated chart from last night. Could you all please comment whether I waited for confirmation in the 'right manner' or should I have waited for another H4 candle to close above the line?

Attachment
Hello vee,
in your post you mention the green 1 hour candle as an engulfing candle.
In your interpretation when that candle closed what was it engulfing.

my interpretation for that green bar to be engulfing the previous red would have needed to have its high low inside the green high low.
Or for the red bar you traded high low to be inside the green high low.
that would set you up for a trade of a break of the inside bar.

if the red you traded had no lower pin, it could be classed as inside bar,you could trade a break of the high low of it.

If i have misunderstood i apologies but thats my interpretation so far.
could you help me with your thought process please.

Your brown line is that refering to a 4 hr candle?

Todays price action on my pair has not moved much from london open not much chance for a trending strategy today.
making green pips large and red pips small this is my goal.
  • #2,985
  • Sep 27, 2010 12:06pm Sep 27, 2010 12:06pm
Quoting johnsund
Veefx - Got the number of pages changed. Thanks. Do not understand what you mean by Load each page in Internet Explorer Browser. Please elaborate. The balance I understand.
Sorry John for not being clear in my instructions. Use IE browser to browse all the pages in this thread one at a time. For each page, it will show 40 posts. Once the page finishes loading (as it takes a bit longer to load all 40 posts), do the steps that I mentioned in my post.

If these steps are too cumbersome for some, you could alternatively do a 'Page > save as' as save it as a .mht archive file. This will save the entire page for offline browsing along with all the images into a single file on your computer.
Staying in my lane...
  • #2,986
  • Sep 27, 2010 12:31pm Sep 27, 2010 12:31pm
Quoting paul1
Hello vee,
in your post you mention the green 1 hour candle as an engulfing candle.
In your interpretation when that candle closed what was it engulfing.

my interpretation for that green bar to be engulfing the previous red would have needed to have its high low inside the green high low.
Or for the red bar you traded high low to be inside the green high low.
that would set you up for a trade of a break of the inside bar.

if the red you traded had no lower pin, it could be classed as inside bar,you could trade a break of the high low...
Hi Paul,

The brown line was on H4 candle.. the level I choose as my confirmation point when looking for entries on H1. By definition as mentioned in post 2159 by graeme.... "Engulf pattern is when a bold candle forms opposite to the previous candle with the close price above the open of the previous down candle or below the open of the previous up candle. ". So engulf green candle has to only cover the body of the previous red candle and not the entire candle (high/low).

My 'tentative' action plan for audchf pair.

Attached Image
Staying in my lane...
  • #2,987
  • Sep 27, 2010 12:48pm Sep 27, 2010 12:48pm
Quoting wszymilo
Good Morning Vee.

May I ask why the brown line is placed at this particular price ? I assume you marked highest close price in this area, am I right?
If the latest is true, then you've entered according to your 'lessons learnt' [LL for future] - so far so good - but the time frame of your entry is different, I'm affraid.

Definitelly not 1hr TF as the project's rules say.

If you were to follow LL, then most likely your entry would be at open of the bar prior your entry - please correct me here ...

If the brown line was placed at the...
Hi wszymilo,

Sorry, I missed your post before responding to Paul's post. Please refer to my recent post to Paul. In continuation to that post....

From my H4 chart illustration.. ."Price from past two H4 candles still not closed below the open of last green candle. This suggests further upward movement.". I drew the brown line on H4 as a level of interest on H4 timeframe. H4 is my Hindsight and profiting ground as per our 1st lessons learnt "Respect the hindsight of the higher timeframes. 4hr hindsight is our profiting grounds" . Now, I need to take entries on H1 timeframe that is agreeable with the H4 hindsight/anticipation. That is what I understood from Graeme's review of my past trades.

Also, that same brown line also fits very well on the PA of H1 timeframe at that time (please refer to my H1 chart illustration). Based on that determination, I applied my 3rd lesson... wait for confirmation i.e "Price moving in my anticipated direction. I am long for confirmation and will only go long if current H1 candle closes above this line" as mentioned in my H1 chart illustration.

Hope this helps clarify my thought process a bit further. This is fun :-
Staying in my lane...
  • #2,988
  • Sep 27, 2010 1:05pm Sep 27, 2010 1:05pm
Quoting kcravey
Thanks for sharing that - very interesting.

And awesome new perspective: "ENJOY being wrong but ONLY for 10 pips"
ha ha! Love that!

I will now work on "enjoying" being wrong but ONLY for 10 pips!
This might be a little off topic but perhaps associated with what we are discussing here. Wondering if anyone explored the benefit (if any?) of using a ECN broker instead of a fixed spread broker with this strategy. Since our entries are based on price action and moving stops to BE and ECNs have a very tight spread 0.5 pip on E/U, we might be way better off doing this on an ECN market structure. We might be able to move SL to BE much quicker (say after 5pips in profit on E/U) and factor commissions into our BE. As most of you all know, I trade live with interactive brokers ( and I hope I don't come across as their 'agent' trying to sell their platform as it really sucks to trade FX with IBKR!!!). They are quite known for their tight spreads though. Here's an example to gain some insight into this.
Attached Image


I will take your thoughts via PM if you feel this topic would become a distraction to this thread.
Staying in my lane...
  • #2,989
  • Sep 27, 2010 1:12pm Sep 27, 2010 1:12pm
Oh man... I missed the fierce audchf breakout while typing some posts here. will get in on the next retrace.
Staying in my lane...
  • #2,990
  • Edited 1:20pm Sep 27, 2010 1:18pm | Edited 1:20pm
This is my last attempt for aUDCHF pair as I have already reached 3:4 R:R for this opportunity from last week.

Just placed an entry order on M15.
Attached Image


Very nice and clean breakout on M5. Let's hope it retraces a bit to take in my order.
Attached Image
Staying in my lane...
  • #2,991
  • Edited 1:45pm Sep 27, 2010 1:43pm | Edited 1:45pm
Quoting VEEFX
This is my last attempt for aUDCHF pair as I have already reached 3:4 R:R for this opportunity from last week.

Just placed an entry order on M15.
Attachment

Very nice and clean breakout on M5. Let's hope it retraces a bit to take in my order.
Attachment
Looks like I disobeyed the rule "You are never late but always too early" for this entry. I entered on M15 but should have waited for price to retrace at 50% on H1. Let's see if works out....

One Long position @ 0.9495 currently at -5 pips.

EDIT: Actually, I have a buy limit order placed at 50% retrace on H1 candle. I entered on M15 thinking price would move quickly towards 0.95'00' level and upwards as there was some strong momentum when I took the market order entry (and yes, there was a 7 pip slippage !!!)
Staying in my lane...
  • #2,992
  • Sep 27, 2010 1:59pm Sep 27, 2010 1:59pm
Quoting VEEFX
Hi Paul,

The brown line was on H4 candle.. the level I choose as my confirmation point when looking for entries on H1. By definition as mentioned in post 2159 by graeme.... "Engulf pattern is when a bold candle forms opposite to the previous candle with the close price above the open of the previous down candle or below the open of the previous up candle. ". So engulf green candle has to only cover the body of the previous red candle and not the entire candle (high/low).

My 'tentative' action plan for audchf pair.

Attachment ...
I understand now vee thankyou,

I think on another day you would have had a good trade but today has been a tight range day for most pairs, I know mine has not moved 40 pips from open today.Got couple dead 10 pippers.
still want get in around the same price to target weekly range though.
Maybe see movement tomorrow.

lesson for me i feel is if price keeps coming back to open during london session wait till tomorrow .
My goal minimum entries per goal of one daily survivor.
To achieve less fataly injured 10 pippers , its just not fair to keep killing these nice soldiers.For my selfish goal of training a couple of veteran military muscle bound heros. keep telling them no pain no gain for me, go go go. lol.
making green pips large and red pips small this is my goal.
  • #2,993
  • Sep 27, 2010 2:18pm Sep 27, 2010 2:18pm
http://s4.postimage.org/HZgXJ-36bde7ac.gif
T
  • #2,994
  • Sep 27, 2010 2:20pm Sep 27, 2010 2:20pm
Ok folks,

just want to post another thought process I am dealing with at the moment. I knew going in that I must ignore (or not put too much weight on) S/R levels. It was one of the lesson we learnt from last week.

I did that for this entry and narrowed my focal interpretation just to several H4 candles last night during my hindsight/anticipation... and now looks like price is stalling/retracing from that strong resistance level.

How do you all deal with this situation? I would have a hard time going long knowing that is strong resistance that will stall the upward breakout momentum. Please advise.

Chart expanded to highlight what I am referring to.

Attached Image (click to enlarge)
Click to Enlarge Name: 9-27-2010 12-14-13 PM.png Size: 39 KB
Staying in my lane...
  • #2,995
  • Sep 27, 2010 2:22pm Sep 27, 2010 2:22pm
Quoting tmanbone
http://s4.postimage.org/HZgXJ-36bde7ac.gif
Hey tmanbone,

I wouldn't consider this H1 FB and go short until price closes below the open of the previous green candle.... this is one of my mantras I am religiously following :-

EDIT: Better to wait for confirmation before going short
Staying in my lane...
  • #2,996
  • Sep 27, 2010 2:32pm Sep 27, 2010 2:32pm
Quoting VEEFX
This might be a little off topic but perhaps associated with what we are discussing here....
I want to add one more consideration related to this topic. Most brokers, specifically MT4 enforce stop/limit levels in their platform (i.e. it will only allow stops 4-5 pips away from current price). This is another benefit of going with ECNs, you can place entry orders in-between the spreads thus enforcing tighter entries and reducing risk with newly opened positions... am i correct?

Also, I ran into another MM broker last night that offers zero spreads (believe it or not)... perfect to go live with this strategy.. LOL.
disclaimer: There are all kinds of crooks out there...choose a broker at your own risk. I am doing my own due diligence to find a better broker to go live with this strategy soon.
Staying in my lane...
  • #2,997
  • Sep 27, 2010 2:44pm Sep 27, 2010 2:44pm
Vee,

IMHO strong resistance/support lines exists because majority of traders think they exist exactly in THIS area ... if so, then Price Action shall reflect that fact and we, milipeders , should not be caught by others.

Either : follow PA closely and pay special attention in S/R area (require more confirmation from PA) or set your orders below/above S/R area and wait patiently. That's my version ...


Quoting VEEFX
Ok folks,

just want to post another thought process I am dealing with at the moment....
  • #2,998
  • Sep 27, 2010 2:48pm Sep 27, 2010 2:48pm
Quoting VEEFX
Ok folks,

just want to post another thought process I am dealing with at the moment. I knew going in that I must ignore (or not put too much weight on) S/R levels. It was one of the lesson we learnt from last week.

I did that for this entry and narrowed my focal interpretation just to several H4 candles last night during my hindsight/anticipation... and now looks like price is stalling/retracing from that strong resistance level.

How do you all deal with this situation? I would have a hard time going long knowing that is strong...
Based on greames teachings draw your lines of s/r but price will react to any randomly drawn line including the ones in the green circle.

At moment price spent over a day moving up consolidated and broke to the upside.
Whats it gonna do now ? not a clue no one has.
enter with minimal risk in direction of price .(participate). get to b.e.
This is what i have interpreted so far.

Or follow the professional analyst.typically "if it goes higher to this level its likely to go higher". But hey if it goes lower to this level we could see it go lower"
I want to be an analyst lol.

I can enter in middle of spread put my stop were ever i want at mbtrading.
making green pips large and red pips small this is my goal.
  • #2,999
  • Sep 27, 2010 2:54pm Sep 27, 2010 2:54pm
Quoting TradeStar
Hi Vee,

Are you in touch with Graeme through Im / email ? Would you by chance know how Graeme is doing?

Hope he is keeping good health.

Regards,
TS
Sorry Tradestar. My apologies for not replying to your post. I was on IM with Graeme and he was feeling quite 'under the weather' when he typed his last post on the 22nd. He stayed up late that night just to support me during my trades.

Let us all and hope for his speedy recovery.
Staying in my lane...
  • #3,000
  • Sep 27, 2010 2:57pm Sep 27, 2010 2:57pm
Quoting VEEFX
Ok folks,

just want to post another thought process I am dealing with at the moment....

Looks like my SL is going to hit any minute....
Attached Image (click to enlarge)
Click to Enlarge Name: 9-27-2010 12-55-30 PM.png Size: 32 KB
Staying in my lane...
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