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  • #2,821
  • Nov 3, 2010 1:34pm Nov 3, 2010 1:34pm
Quoting lovejoy80
Took profit at FTA on oil at 85.

Still in EAUD and it's starting to slowly move.

2 more trades for today:

- EG - 1st time back to broekn resistance with fib confluence
- GJ - daily PPZ, 61 fib and TL + RN.

I'm at BE on GJ.
Hi Mark,
Why u didn't plot fib from prior swing high?(trade G/J)
And when u do touch trading do u try put tight Sl and leave it or little be bigger and try to get out early if you see price is going too much against to you.I mean often in this areas we can see spikes which can takes our SL with only a few pips.
  • #2,822
  • Nov 3, 2010 1:52pm Nov 3, 2010 1:52pm
Well that was fun lol!

Okay trades for today:

1. GJ touch trade - exited at 130.55 minro support before FOMC +1.57R
2. NU touch trade - exited at 1HR double top prior to FOMC +1.2
3. Oil - breakout + pullback and 15min PA +2.7R
4. EG touch trade exited @ 0.8750 during FOMC +2R
5. EAUD - my TP got hit @1.4150 (damn FOMC spread!) on both trades +10.98R

TOTAL +18.45R
  • #2,823
  • Nov 3, 2010 1:57pm Nov 3, 2010 1:57pm
Quoting ingmarforex
Hi Lovejoy nice to see you back in the journal again.

I was wondering according the touch trading you enter right away(agressive)?

And where you consider best place for the stops?

According moneymanagement do you risk for example on every positions 1% let's say thats your maximium don't know what it is for you.
Or do you also have some you risk 0.3 or 0.5%.

Oke last question according targets you specify targets if so what points next ppz? or do you scale out and move stop and if broken scale in? or do you use trailing stop?

Thanks mate...
Hi Ingmar - hope you're welll

Okay answers as follows:

1. I use a set % for nearly all my trades, currently 1% but will likely increase soon.

2. I base my stops at a level where I think on average if price gets there the setup would be proven to have not worked out. I base this on either an obvious PPZ / bar highs/low or a discretionary figure depending on the pair's volatility. Normally it's around 25-35 pips. There will be times I get spiked out but the setup works but with this figureit will mean over the long term I will maximise my %R.

3. The same methods I use to enter trades I use to exit trades so PPZ, PA confluenced areas etc. I don't use trailing stops but sometimes do take partial profit and move to BE and leave the rest to see if it will run etc.
  • #2,824
  • Nov 3, 2010 2:00pm Nov 3, 2010 2:00pm
Quoting Fxfighter
Hi Mark,
Why u didn't plot fib from prior swing high?(trade G/J)
And when u do touch trading do u try put tight Sl and leave it or little be bigger and try to get out early if you see price is going too much against to you.I mean often in this areas we can see spikes which can takes our SL with only a few pips.
I've pretty much answred the SL question in my previous post...I try not to be discretionary when in a trade i.e. use a large Sl then exit early as there is too much of a danger that I'll cut it for the wrong reasons (tradng with the emotions etc), thus once I set a trade I will leave it to hit SL or get to my FTA unless something has changed within the reasons I took the trade in the first place.

With regards GJ there was 3 swings that fibs could have been drawn from IMO...I already had the TL and PPZ marked then put the fibs on when price got near...this was the only swing where the fibs lined up with these areas...thus it was supporting confluence at this area. I would have taken the trade without the fibs as the fibs were the weakest confluence (as there were three viable swings you could draw them from etc.)
  • #2,825
  • Nov 4, 2010 1:27am Nov 4, 2010 1:27am
Took a touch trade on UCHf last night @ 0.9700 sL @ BE now...based on this chart.

I had to get out of my NU,EG, GJ touch trades yesterday before FOMC (to avoid spikes / slippage) which was a tad annoying considering where pirces are now on these.

First week of the month is by far my least favourite...too much economoic data released means you get lots of static markets followed by periods of whipsaws
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  • #2,826
  • Nov 4, 2010 5:52am Nov 4, 2010 5:52am
A very quiet morning so far.

Got stopped out at BE on UCHF touchand went in again at the 61 fib. Also short GCHf based on the 1hr BEOB and took an advanced entry at the obvious s/r area on a retrace.

Getting some really high spreads on oanda I noticed this morning on CHF pairs 5 pips on UCHF and ECHF compared to the usual 1-2.5...odd.
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  • #2,827
  • Nov 4, 2010 6:06am Nov 4, 2010 6:06am
Quoting lovejoy80
A very quiet morning so far.

Got stopped out at BE on UCHF touchand went in again at the 61 fib. Also short GCHf based on the 1hr BEOB and took an advanced entry at the obvious s/r area on a retrace.

Getting some really high spreads on oanda I noticed this morning on CHF pairs 5 pips on UCHF and ECHF compared to the usual 1-2.5...odd.
I cut GCHf as it closed above the s/r area and formed a BUOB in the process...as soon as I do price falls back down lol.
  • #2,828
  • Nov 4, 2010 9:02am Nov 4, 2010 9:02am
Quoting lovejoy80
A very quiet morning so far.

Got stopped out at BE on UCHF touchand went in again at the 61 fib. Also short GCHf based on the 1hr BEOB and took an advanced entry at the obvious s/r area on a retrace.

Getting some really high spreads on oanda I noticed this morning on CHF pairs 5 pips on UCHF and ECHF compared to the usual 1-2.5...odd.
Anyway but worked nicely G/Ch.Nice minor resistance there ,with momentum on your side.Really thaks for these examples.I think another nice example how big singnal bar can retrace and can give us good opurtunity for touch trade or enter on that big signal bar with discount price and better SL.
  • #2,829
  • Nov 4, 2010 11:00am Nov 4, 2010 11:00am
Hi Lovejoy,

Thanks for your answers i am doing fine aswell atleast some good consistency in my trading only my win rate is not so good yet 50% so need more accuracy in that with good m&m i make the money at the moment.

Here is a touch trade atkleast i think it is thats why asking you. took it on demo.

Wonder if you will see this 1 as a good 1?
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  • #2,830
  • Nov 4, 2010 11:45am Nov 4, 2010 11:45am
Quoting ingmarforex
Hi Lovejoy,

Thanks for your answers i am doing fine aswell atleast some good consistency in my trading only my win rate is not so good yet 50% so need more accuracy in that with good m&m i make the money at the moment.

Here is a touch trade atkleast i think it is thats why asking you. took it on demo.

Wonder if you will see this 1 as a good 1?
Hi Ingmarforex,
First of all I hope that will work for you!!Second I am newbie.Thrid but I would like to say my opinion lol.
I think good are for touch trade lon is area where fib 62 line up with support is about .8717 so little bit lower I think.
Anyway I hope this will work for you as I can see is realy work @ the moment.
Good luck.
FX
  • #2,831
  • Nov 4, 2010 11:54am Nov 4, 2010 11:54am
Quoting ingmarforex
Hi Lovejoy,

Thanks for your answers i am doing fine aswell atleast some good consistency in my trading only my win rate is not so good yet 50% so need more accuracy in that with good m&m i make the money at the moment.

Here is a touch trade atkleast i think it is thats why asking you. took it on demo.

Wonder if you will see this 1 as a good 1?

I missed an opportunity on EG today...look at the daily chart...I was looking for a touch trade near the 61 fib but it didn't quite get high enough. A 1hr pin then formed which for some reason I completely missed.

Like FxFighter said, the best confluence would have been the daily PPZ and 61 fib...but there is a TL and 50% fib in the way first and this TL looks good as price is in a well defined channel. There is no PPZ as such so I didn't take this as a touch trade (I always need a horizontal PPZ as the basis for a touch trade) but I could see it working out due to how well defined the current channel is.
Attached Image(s) (click to enlarge)
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  • #2,832
  • Nov 4, 2010 12:17pm Nov 4, 2010 12:17pm
A very slow boring day.

Took 3 trades today:

1. UCHf - touch trade - BE
2. UCHF - touch trade - BE
3. GCHF - PA -0.77R

TOTAL -0.77R
  • #2,833
  • Nov 4, 2010 5:01pm Nov 4, 2010 5:01pm
Quoting Fxfighter
Hi Ingmarforex,
First of all I hope that will work for you!!Second I am newbie.Thrid but I would like to say my opinion lol.
I think good are for touch trade lon is area where fib 62 line up with support is about .8717 so little bit lower I think.
Anyway I hope this will work for you as I can see is realy work @ the moment.
Good luck.
FX
Hehe its look my turning point almost to the pip works) I loved it.No I am not in this trade .I don't trade in this time but I love thing that price really turns in this point.I don't expect will go too much north b/c on lower TF you can see momentum south is much stronger.(It is look like price is in another turning point south lol).
Thanks Mark.Your posts give me some light in this subject. What I said before I hope I am on the right start line in this level of trading.
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  • #2,834
  • Nov 4, 2010 5:15pm Nov 4, 2010 5:15pm
Quoting Fxfighter
Hehe its look my turning point almost to the pip works) I loved it.No I am not in this trade .I don't trade in this time but I love thing that price really turns in this point.I don't expect will go too much north b/c on lower TF you can see momentum south is much stronger.(It is look like price is in another turning point south lol).
Thanks Mark.Your posts give me some light in this subject. What I said before I hope I am on the right start line in this level of trading.
Yes got the bounce perfectly...and you got 1HR PA after the touch trade :-)

I didn't take this cos of the time as well as I rarely trade after European close.

Also looking at the weekly chart this is why I was annoyed at missing the original touch trade short - weekly BEOB and it potentially offerd an entry at a discount if it breaks and pushes lower (just like the ANZD one did).

Lastly on the 1HR TF the former TL might prie resistance now.

But this is how a good touch trade should work...the confluence should be strong enough to stop and cause a reaction to price in this area...enough to be able to get your SL to BE. Sometimes price will come back dwon in it's original direction...other times it just keep going up up and away and you get a very big winner....like ANZD would have been if I'd held onto it longer.
Attached Image(s) (click to enlarge)
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  • #2,835
  • Nov 5, 2010 2:26am Nov 5, 2010 2:26am
Quoting Fxfighter
Hehe its look my turning point almost to the pip works) I loved it.No I am not in this trade .I don't trade in this time but I love thing that price really turns in this point.I don't expect will go too much north b/c on lower TF you can see momentum south is much stronger.(It is look like price is in another turning point south lol).
Thanks Mark.Your posts give me some light in this subject. What I said before I hope I am on the right start line in this level of trading.
Price is going up nice now. It tested the fromer TL came back a bit and now soared through.

My SL would have been below the bars to the left.

Notice that on every TF from 5min upwards you got some PA confirmation too after the touch trade.

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  • #2,836
  • Nov 5, 2010 7:09am Nov 5, 2010 7:09am
Quoting lovejoy80
Price is going up nice now. It tested the fromer TL came back a bit and now soared through.

My SL would have been below the bars to the left.

Notice that on every TF from 5min upwards you got some PA confirmation too after the touch trade.

Yep was good.
Did you do touch trading short?I think was nice spot.Price come back first time to broken Ppz,line up with Fib.Hm any other conflunces?
I've got bloody flu so I am taking whole day very easy).
Happy trading.
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  • #2,837
  • Nov 5, 2010 8:00am Nov 5, 2010 8:00am
Quoting Fxfighter
Yep was good.
Did you do touch trading short?I think was nice spot.Price come back first time to broken Ppz,line up with Fib.Hm any other conflunces?
I've got bloody flu so I am taking whole day very easy).
Happy trading.
Very nice setup...I actually somehow missed this one.

I took GJ last night (Sl hit at 131). Had to pop out this morning and in that time missed 3 other touch trade setups.

1. UC 1st time back to broken former support
2. EJ - daily PPZ + fibs
3. ECHF - TL + daily PPZ + fibs
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  • #2,838
  • Edited 10:52pm Nov 5, 2010 10:49pm | Edited 10:52pm
Hi Mark,
What about this one?
Price break my monthly ppz(red line)and come back frist time exactly right to do pip.
So confluences for this trade:
-Monthly Ppz ,price come back first time
-Fib 62 and 50 from dif.swing point line up
-TL's
-momentum down(trend down).

I have question about TL.Which TL you think is valid or have more value in your view?
Black is made with line chart(is pointing axactly @PPz)but this TL Is made from closed price so no any wicks.
Orange TL was broken several times is it still valid?
and second orange one which respect wicks as well but is little bit far .

But I love thing that PPz was respect almost to the pip.Is it just luck?
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  • #2,839
  • Edited 4:18pm Nov 6, 2010 1:27pm | Edited 4:18pm
Quoting Fxfighter
Hi Mark,
What about this one?
Price break my monthly ppz(red line)and come back frist time exactly right to do pip.
So confluences for this trade:
-Monthly Ppz ,price come back first time
-Fib 62 and 50 from dif.swing point line up
-TL's
-momentum down(trend down).

I have question about TL.Which TL you think is valid or have more value in your view?
Black is made with line chart(is pointing axactly @PPz)but this TL Is made from closed price so no any wicks.
Orange TL was broken several times is it still valid?
and second orange one which respect...
For me this was a very good touch trade setup. I would have actually taken this trade without any other supporting confluence to the PPZ.

I've attached some charts showing how I would have analysed the setup (I've removed all S/R areas apart from the one we are talking about) - not sure where you get the monthly PPZ - for me it's a daily PPZ.

'1st time' back to former S/R areas after price has moved away from it having broken it for a while are very good setups in itself...especially if it's a good strong daily PPZ like this one was. The fact you had fib confluence would just make the trade setup even more attractive.

My SL would have been about 5 pips above the 61 fib, although looking at the daily chart the safest place would have probably been above 0.9700...but I would be have been more aggressive with my SL.

My FTA would have been 0.9600 S/R area and the it hit a more minor S/R area before reversing...though with EU showing signs of weakness the warning signs for UCHF reversing back up were there.

With regards TL's these are probably the most discretionary types of S/R levels for traders. I mean anyone who uses S/R zones properly would have marked that daily PPZ but TL's are more discretionary amongst different traders. Personally I use TL's to connect bar highs / closes that closes resemble the direction of price in the current trend, sometimes this will be bar highs like the one on UCHF other times it might connect some bar highs etc. But TL's really are there just to show the direction of price, so if you look at the 4HR chart I woujld quickly draw three TL's to show the trend direction...sometimes price will respect a TL connecting bar highs very well and you can use them as reliable areas to trade off especilally when PA forms but other times a TL might get broken but the trend will still resume...this is why I don't give as much weighting to TL's as I do horizontal S/R zones...unless a TL is being very well respected by price.

Thus when trying to get into a trade in the direction of the trend I'll use a loose TL to define the direction of price and then look for strong S/R areas to take a trade - confluenced areas for touch trades or PA off weaker PPZ's for confirmation.

Hope that makes sense.
Attached Image(s) (click to enlarge)
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  • #2,840
  • Nov 6, 2010 3:29pm Nov 6, 2010 3:29pm
Quoting lovejoy80
For me this was a very good touch trade setup. I would have actually taken this trade without any other supporting confluence to the PPZ.

I've attached some charts showing how I would have analysed the setup (I've removed all S/R areas apart from the one we are talking about) - not sure where you get the monthly PPZ - for me it's a daily PPZ.

'1st time' back to former S/R areas after price has moved away from it having broken it for a while are very good setups initself...espeically if it's a good strong daily PPZ like this one was. The fact you...
Thank you for answear Mark.
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