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The System III (Oh no!)

  • #921
  • Oct 7, 2010 7:46am Oct 7, 2010 7:46am
Quoting Precap2
Just came in after a brief recess. Here is where I am now

will somebody explain me the logic of his trading??

I am definitely lost...

Also you said not too long ago something about ADX

what this have to do with price???

I hope you're not waisting your time trading off squiggly lines...
Peace
  • #922
  • Oct 7, 2010 7:54am Oct 7, 2010 7:54am
I got stopped again...

market broke 1400 level.....who knows? the dollar is getting hammered..

I am out of here!!!
Peace
  • #923
  • Oct 7, 2010 10:31am Oct 7, 2010 10:31am
Quoting feb2865
will somebody explain me the logic of his trading??

I am definitely lost...

Also you said not too long ago something about ADX

what this have to do with price???

I hope you're not waisting your time trading off squiggly lines...
Hey Precap, thanks for posting your charts. The problem is this thread is about price and support and resistance at turning points in the market, without the use of a bunch of other indicators. I can't see what you are trading either. Here is a link to one of Feb's charts from earlier in the thread:

http://www.forexfactory.com/showpost...3&postcount=84

I have followed Feb's threads here at Forex Factory for some time. He is a great teacher as well as a gifted trader. I would encourage you to read this entire thread to get the essence of his teaching for this particular trading approach.

Best of trading to you!

Coach
  • #924
  • Oct 7, 2010 10:48am Oct 7, 2010 10:48am
Quoting feb2865
will somebody explain me the logic of his trading??

I am definitely lost...

Also you said not too long ago something about ADX

what this have to do with price???

I hope you're not waisting your time trading off squiggly lines...
Sorry for not being steady today. I never mentioned ADX, or so I believe because I hardly use oscillators or momentum indy or whatever they're called. Though I play with them sometimes.

My first post you questioned was actually meant for an EJ thread, by mistake I posted it in here. The trade played out well as I expected but it wasn't supposed to be posted here.

Finally, the two charts I posted above represent my trading the concept of this thread, or my erroneous version of it. If you notice they're on M1 chart and I'm learning to play M1 with a $300 account I opened for win or lose and it's coming in well for me. If I make a mistake in my concept of this thread, do help me please. I might be believing I'm right when I'm altogether wrong.

Will be fairly steady to trade tomorrow, today had me with some domestic fix-ups.

Peace to all.
Mystery Is The Final Product Of Ignorance. Hey! What's ma chart doin'
  • #925
  • Oct 7, 2010 11:04am Oct 7, 2010 11:04am
Quoting sidefx
I'm short from the revisit of supply, double top, whatever i'm wondering if it can slip down to this morning's demand level c3940..

Edit: -0.25% loss on this. Maybe next time
Sidefx, this was a nice trade idea. I think on another day it may have worked out quite well. There was a lot of momentum to the upside today because of the interest rate announcements for the Euro and the Pound. I am enclosing a chart showing how I approached or would approach that trade. Since I did not call it live, I may or may not have taken the trade, lol. I don't want to live in fantasy land, lol.

The support I was paying attention to was at the white line I drew at 1.3960. Although your support at 3942 may have been very valid, I tend to look at the shorter term support area which was at 3960. As I said, since there was a lot of momentum to the upside, the trade setup for me was short at 3993 with a target of +20 pips at 3973, well above the support line at 3960. This is just my way of looking at it.

Best of trading to you!

Coach
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  • #926
  • Oct 7, 2010 11:19am Oct 7, 2010 11:19am
Quoting feb2865
I got stopped again...

market broke 1400 level.....who knows? the dollar is getting hammered..

I am out of here!!!
Hopefully you didn't miss the dollar hammering the euro! I know, probably nothing more than some profit taking off of the test above the 1.4000 level, but it sure was fun.

Have a great day!

Coach
  • #927
  • Oct 7, 2010 11:23am Oct 7, 2010 11:23am
Many thanks for your take on this, Coach. Really keen to pick up as much as I can from you experienced guys - i'm new and have made the decision to focus on learning price action around S/R first and foremost. Thanks again and good trading
  • #928
  • Oct 8, 2010 12:53am Oct 8, 2010 12:53am
Just a quick trade based on S/R levels
entry - bottom of the freshly formed channel which is in line with previous resistance
exit - bounce of the daily pivot (much earlier than initial target)
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  • #929
  • Oct 8, 2010 1:44am Oct 8, 2010 1:44am
Quoting feb2865
They're basically the same levels. Just the 30 min bar tales longer to fill. I only see 1 min charts...no zooming in and out timeframes for me..

I look at 00 50 levels but I also pay attention to any price that is giving the market some resistance/support.

Right now 3980 area is holding resistance...The market is rejecting that area so my trade should be short..is not a 00/50 area but is holding...

00/50 is just a guide. Yes the market has become sweet to that levels but nothing is written in stone.
Feb & anyone else,

If you draw a resistance level and that level is broken, do you leave it on the chart in case that level acts as support? I'm trying to minimize the number of levels on my chart and I'm not sure if I should take off the old levels.

Here's what I'm doing, I'd love to get some feedback on this.

http://content.screencast.com/users/...10-08_0842.png
  • #930
  • Oct 8, 2010 2:33am Oct 8, 2010 2:33am
Quoting cunparis
Feb & anyone else,
If you draw a resistance level and that level is broken, do you leave it on the chart in case that level acts as support? I'm trying to minimize the number of levels on my chart and I'm not sure if I should take off the old levels.
... if you gonna keep all S/R lines on the chart than very soon it stops to make any sense and will clog-up entire view of price action
  • #931
  • Oct 8, 2010 2:52am Oct 8, 2010 2:52am
Entries for now
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ready or not her we go
  • #932
  • Oct 8, 2010 3:07am Oct 8, 2010 3:07am
Morning, traders!

Here is my chart, my view about today's market...
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  • #933
  • Edited 8:33am Oct 8, 2010 3:33am | Edited 8:33am
... another short and another interesting level (1.3900'0) about to approach
trade close (limited-out on target)
... and another couple of trades ... NFP ... that's it for me today and for this week.
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  • #934
  • Oct 8, 2010 4:21am Oct 8, 2010 4:21am
Trade from yesterday on aud/usd.Price broke above july 2008 alltime high@ blue line.Price bracketed for a few hours then broke back down below the line.This morning price came back to the line and back down again.Now just waiting for price to come back and test 0.9850 or not.If it does next stop 1.0000?
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  • #935
  • Oct 8, 2010 5:19am Oct 8, 2010 5:19am
Quoting nimonas
Entries for now
Attachment
Target @3860 for both entries reached
ready or not her we go
  • #936
  • Oct 8, 2010 4:40pm Oct 8, 2010 4:40pm
Quoting cunparis
Feb & anyone else,

If you draw a resistance level and that level is broken, do you leave it on the chart in case that level acts as support? I'm trying to minimize the number of levels on my chart and I'm not sure if I should take off the old levels.

Here's what I'm doing, I'd love to get some feedback on this.
Hi Cunparis,

I am far from an expert on this subject. The following charts I am posting will show how I approach a day like Friday. These are the exact levels I was watching today. The red lines are drawn from a 4 hour chart to give me kind of an outside range potential for price. The blue lines are drawn based on what I considered to be stronger interday levels. Finally, the orange line is drawn on what I considered to be a key level in the middle, also drawn from the 30 minute chart. Although lines can be drawn at the tip of the pins to show a change in direction, I prefer to pay attention to the candle body's opening and closing areas. You will see that on the chart charts.

This is only an example for you to study. If you find value in the examples, that is great. If not, that's okay too. Sorry these were not posted earlier. I find it difficult to focus on trading plus get charts ready to post here.

Best of trading to you!

Coach
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  • #937
  • Oct 11, 2010 5:36am Oct 11, 2010 5:36am
GM guys.

Market has been banging on 3950 resistance for quite a while now. I thought about going short looking for 3905 but I am not so sure. Too many test on 50...will sit on my hands for now...
Peace
  • #938
  • Oct 11, 2010 6:58am Oct 11, 2010 6:58am
Quoting feb2865
GM guys.

Market has been banging on 3950 resistance for quite a while now. I thought about going short looking for 3905 but I am not so sure. Too many test on 50...will sit on my hands for now...
Good morning, Feb!

Yes... 3950 resistance is testing about 5 times for now from down side, and it looks like market does not want to go more than last support (3923)...

May be it is due to holiday... ???
  • #939
  • Oct 11, 2010 7:01am Oct 11, 2010 7:01am
Quoting dim4ik42
Good morning, Feb!

Yes... 3950 resistance is testing about 5 times for now from down side, and it looks like market does not want to go more than last support (3923)...

May be it is due to holiday... ???
Probably - I really don't see any push for either side...yes 23 is been holding support..
Peace
  • #940
  • Oct 11, 2010 7:09am Oct 11, 2010 7:09am
Play 40 to look for 25-27 is not a good play in my opinion - too narrow. Still you just can opt to ignore support and protect your position once the market gets there. Still is too narrow to get cover. I will sit on my hands. If the market breaks 50 and you see a pullback against that price then a long could be a nice play ala system II.
Peace
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