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  • #8,941
  • Nov 5, 2010 6:45am Nov 5, 2010 6:45am
Quoting shiko
Custos, I wonder, where you usually consider moving stop to BE position? 40,50-60 pips in profit?
between 150 and 200 pips in profit on normal pairs, if they are higher volatility then obviously I wait longer.
  • #8,942
  • Nov 5, 2010 6:51am Nov 5, 2010 6:51am
I see, you give some breathing space. But last time you did set stop to BE on USD/CHF while it was about 60 pips in profit. was that because entry happened after news release?
I am changing a lot of things mentally now. In No Brainer method it was moving stop to BE once at 30-40 pips, but the difference is that No Brainer method always goes against price action, here we only go with major flow.
  • #8,943
  • Nov 5, 2010 7:00am Nov 5, 2010 7:00am
Quoting shiko
I see, you give some breathing space. But last time you did set stop to BE on USD/CHF while it was about 60 pips in profit. was that because entry happened after news release?
I am changing a lot of things mentally now. In No Brainer method it was moving stop to BE once at 30-40 pips, but the difference is that No Brainer method always goes against price action, here we only go with major flow.
well, you gotta look at which method you use.
If it's danuk's method, I use 150 to 200 pips approximately as my b/e point.
If it's hector's method, I tend to move stop to b/e earlier. cause price already moved far when we enter and it tends to retrace very often.

Another reason why I like to enter on candles, cause you enter at the beginning of the move. Not likely that a random retrace will take you out.
  • #8,944
  • Nov 5, 2010 7:08am Nov 5, 2010 7:08am
Quoting Custos
well, you gotta look at which method you use.
If it's danuk's method, I use 150 to 200 pips approximately as my b/e point.
If it's hector's method, I tend to move stop to b/e earlier. cause price already moved far when we enter and it tends to retrace very often.

Another reason why I like to enter on candles, cause you enter at the beginning of the move. Not likely that a random retrace will take you out.

I use both now.
They moved pending house sales news release 150 min...
  • #8,945
  • Nov 5, 2010 7:12am Nov 5, 2010 7:12am
I am not longer trade No Brainer Method as it was really stressful for me. It helped me to learn well about various set ups and s/r. This long would be base spike base set according to this method, but I was entering according to Dan., Set up obviously was one more confirmation. according to No Brainer method entry should have been at 1.4059
  • #8,946
  • Nov 5, 2010 7:59am Nov 5, 2010 7:59am
Attached Image (click to enlarge)
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a close look at PA @ supply
  • #8,947
  • Nov 5, 2010 8:41am Nov 5, 2010 8:41am
Attached Image (click to enlarge)
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  • #8,948
  • Nov 5, 2010 8:52am Nov 5, 2010 8:52am
Quoting redsword11
Attachment

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  • #8,949
  • Nov 5, 2010 8:57am Nov 5, 2010 8:57am
Quoting shiko
You need to check weekly and daily to see why.
I went short Eur/Aud but extremely small size. total risk is 0.25%. shorted with limit order at 139.63. stop loss 80 pips and first take profit same. the rest is far. let's see how this thing plays out. I am under water right now.
reason for entry:
the pair is in down trend on weekly. range was broken and when price tried to get back into the range daily candle closed as shooting star down.
SMAs are in order on 4H and weekly. It is the break of retracement trend line, pull back and continuation...
Good work on the eur/aud, you are obviously getting good at this. impressive. what now? +136 pips already? sweet!
  • #8,950
  • Nov 5, 2010 8:58am Nov 5, 2010 8:58am
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  • #8,951
  • Nov 5, 2010 9:05am Nov 5, 2010 9:05am
Quoting shiko
I guess we entered around same price. 1.4060-1.4080. It is pure DanUk simple not advanced strategy He used to have another thread there. Was entering when there was some rejection around round number with other confluencies.
s/r, round number, fibs, highs lows, we have all of this in the area.
But no bullish candle formation has formed yet in that 1.4050 or 1.4000 area for eur/usd. no pinbars or engulfing bars or inside bars. certainly, no 1,2,3 formation or bpc
  • #8,952
  • Nov 5, 2010 9:38am Nov 5, 2010 9:38am
Quoting Mortician.
Did you take the BPC on H4? Highlighted in chart below. For EUR/AUD, that is.

I want it to clear the 1.4053 and bpc under that RN, either on the H4 or DAILY time frame, then enter.
i think i get it now. this is what shiko did. a bpc on h4 under that round number for entry at 1.3966. cool.

man, if i have taken that i would have been +133 pips in profit.
  • #8,953
  • Nov 5, 2010 10:02am Nov 5, 2010 10:02am
Quoting Bandit
But no bullish candle formation has formed yet in that 1.4050 or 1.4000 area for eur/usd. no pinbars or engulfing bars or inside bars. certainly, no 1,2,3 formation or bpc


I think on this one I should have waited especially with all these delays and guys talking. It will be good lesson for the future. nevertheless, will be waiting how things turn
  • #8,954
  • Nov 5, 2010 10:09am Nov 5, 2010 10:09am
I think that price did not go to 1.4300 for nothing and 1.400 was pretty hard to break resistance and no amount of fake data going to simply reverse such a trend. We all know and market too about sub prime problems which get bigger and bigger and US debt. It does not mean that i do not have stop though. It is there. But this time I am not going to close this trade manually at 30 pips loss like I did with Australian.
  • #8,955
  • Nov 5, 2010 10:18am Nov 5, 2010 10:18am
anybody took nzd/jpy long? i was reveiwing mortician post when i caught it

scroll down to #3 chart

http://www.forexfactory.com/showpost...8&postcount=63

#3 chart

it broke from those red lines to the upside. i will hopefully enter on pullbacks.


Quoting shiko
I think that price did not go to 1.4300 for nothing and 1.400 was pretty hard to break resistance and no amount of fake data going to simply reverse such a trend. We all know and market too about sub prime problems which get bigger and bigger and US debt. It does not mean that i do not have stop though. It is there. But this time I am not going to close this trade manually at 30 pips loss like I did with Australian.
you make sense but still wait for 1,2,3 or bpc or engulfing bar or hammer or inside bar at 1.4050 or preferably, 1.4000.
  • #8,956
  • Nov 5, 2010 10:22am Nov 5, 2010 10:22am
Quoting Bandit
anybody took nzd/jpy long? i was reveiwing mortician post when i caught it

# 3 chart

http://www.forexfactory.com/showpost...8&postcount=63

# 3 chart

it broke from those red lines to the upside. i will hopefully enter on pullbacks.
for me nzdjpy is kind of unattractive. Ranging around between two S/R levels on the weekly for a whole year. Not very high probability for a continuation move. Or longer-term profits. But if you are shooting for a quick buck, then nothing wrong with that.
Attached Image (click to enlarge)
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  • #8,957
  • Nov 5, 2010 10:26am Nov 5, 2010 10:26am
Quoting Bandit
anybody took nzd/jpy long? i was reveiwing mortician post when i caught it

scroll down to #3 chart

http://www.forexfactory.com/showpost...8&postcount=63

#3 chart

it broke from those red lines to the upside. i will hopefully enter on pullbacks.




you make sense but still wait for 1,2,3 or bpc or engulfing bar or hammer or inside bar at 1.4050 or preferably, 1.4000.

I agree. Sorry guys
This will be a lesson. since now it is either bpc or Dan's candlestick bullish/ bearish formation
  • #8,958
  • Nov 5, 2010 10:28am Nov 5, 2010 10:28am
Quoting Custos
for me nzdjpy is kind of unattractive. Ranging around between two S/R levels on the weekly for a whole year. Not very high probability for a continuation move. Or longer-term profits. But if you are shooting for a quick buck, then nothing wrong with that.
hhmmm...it is up by +280 pips from where mortician drew those red lines though.....maybe i am just being greedy. maybe it is too late to do anything. i will go with your judgment here. but darn, +280 pips is a nice amount though.

checking more mortician charts. i noticed USD/CAD too. on the short side for daily and h4 setup. i also missed it. any ideas on how to trade it here custos?
  • #8,959
  • Nov 5, 2010 10:29am Nov 5, 2010 10:29am
No, I have one rule, that if I am in trade with 1% risk or more, I do not take another one until I am moves stop to BE. it is for safety reason...
  • #8,960
  • Nov 5, 2010 10:33am Nov 5, 2010 10:33am
Quoting shiko
No, I have one rule, that if I am in trade with 1% risk or more, I do not take another one until I am moves stop to BE. it is for safety reason...
but you and custos made money on the eur/aud short. down by +147 pips or so
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