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  • #2,861
  • Nov 10, 2010 3:15pm Nov 10, 2010 3:15pm
Quoting lovejoy80
R means x times risk...so 4R is 4x the amount I risked. As it happens I risk 1% for each trade so 4R means 4%.

PPZ means Price Pivot Zone - it's a term from the J16 Price Action thread and basically is an area of support/resistance which has flipped price in the past.

BEOB means Bearish Outside Bar and is a price action setup whereby the high and low of the bar is greater than the high-low of the preceding bar with a bearish close...like the EG and ECAD trades I took today.

Thanks, much appreciated.
  • #2,862
  • Nov 11, 2010 2:13am Nov 11, 2010 2:13am
Hello mate!
Can you describe your trading routine?
How can you monitor so many pairs simultaneously?
Do you draw PPZ for every pair and make some alerts for a specific price levels?
It's fantastic that you can trade so many setups in one day.
Do you still maintain an account at myfxbook?

Thank you for so great thread!
Per aspera ad astra
  • #2,863
  • Nov 11, 2010 2:29am Nov 11, 2010 2:29am
Quoting Ihor
Hello mate!
Can you describe your trading routine?
How can you monitor so many pairs simultaneously?
Do you draw PPZ for every pair and make some alerts for a specific price levels?
It's fantastic that you can trade so many setups in one day.
Do you still maintain an account at myfxbook?

Thank you for so great thread!
Hiya, no I dont keep an account at myfxbook as I dont use MT4 for my trades anymore just for charts.

I have 3 profiles, one has USD, JPY, CHF pairs (12 pairs) and secondary has some minors and third one has gold, EP, YM and UD crude oil. All my PPZ's etc are marked up and I change them as and when price moves then its just a case of watchng all day and waiting for price to come to one of the confluenced areas or form PA etc. Thus I know which pairs / setups I'm looking for in advance i.e. when price is approaching an area of interest...so this wont be on all pairs at same time so in effect I am really only watching few pairs at a time for some trades.
  • #2,864
  • Nov 11, 2010 3:07am Nov 11, 2010 3:07am
Quoting lovejoy80
Todays' trades.

1. ECHF - touch trade @ the TL, fibs, ppz - BE
2. UJ - 4HR BUOB - exited at the PPZ which is a daily one +1.55R
3. ECAD - 4HR BEOB - entered on the retrace to 1.3840( a daily PPZ) and exited at the daily PPZ marked. +4.2R
4. EAUD - 1HR BUOB - BE
5. EG - 4HR BEOB - stop is now above the bar high marked
6. GU - touch trade - PPZ+fibs and RN..came very close to being sotpped out on this...took profit at area marked +1.86R
7. EJ - 15min PA at confluenced area - wasnt comfortable taking touch trade considering the hard move down so scrolled...
Closed my GJ and EJ longs this morning when a 1he BEOB formed on EJ. Gained 2.12R and 2.18R on these (EJ, GJ).

Likely to be quiet today cos of the various public holidays and lack of data release so I'll be cautious on trades today.
  • #2,865
  • Nov 11, 2010 1:54pm Nov 11, 2010 1:54pm
Quoting lovejoy80
Closed my GJ and EJ longs this morning when a 1he BEOB formed on EJ. Gained 2.12R and 2.18R on these (EJ, GJ).

Likely to be quiet today cos of the various public holidays and lack of data release so I'll be cautious on trades today.
Today's trades as follows:

1. NU - touch trade - took profit maybe a bit early at 0.7800 +1.13R
2. EU - 4HR BEOB - I entered on the obvious retrace to broken support - took profit on this and AU trade at FTA (1.3640) cos of where YM is so not expecting any follow through on these just yet. +1.32R
3. AU - 4HR BEOB - again entered on a retrace and exited at FTA - 0.9965 +0.71R
4. YM - touch trade - still in this trade.

Thus including the EJ and GJ trade I closed out earlier today's total is +7.46R
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  • #2,866
  • Nov 11, 2010 3:09pm Nov 11, 2010 3:09pm
Thank you for your thread, Lovejoy...better than 1000 books
  • #2,867
  • Nov 12, 2010 12:12am Nov 12, 2010 12:12am
My SL on YM got hit at BE over night. A bit frustrated about gold, had a pending order to short the 4HR BEOB but when it hadn't triggered 2 bars later I removed it before I went to bed...it triggered overnight and has already hit the FTA.
  • #2,868
  • Nov 12, 2010 12:14am Nov 12, 2010 12:14am
Quoting ale73a
Thank you for your thread, Lovejoy...better than 1000 books
Thanks, glad you find it useful.
  • #2,869
  • Nov 12, 2010 3:16am Nov 12, 2010 3:16am
Quoting lovejoy80
My SL on YM got hit at BE over night. A bit frustrated about gold, had a pending order to short the 4HR BEOB but when it hadn't triggered 2 bars later I removed it before I went to bed...it triggered overnight and has already hit the FTA.
Hi LJ, same here. I short gold @ 1407.5 from daily BEOB expected a big move down to 1365. It moved down to 1383 but quickly retrace (which I expected) back to 1417 then formed 4H BEOB. I close my position when I saw price stalled on the way down and unable to break the BEOB. But today price moves as I expected, damn
  • #2,870
  • Nov 12, 2010 6:07am Nov 12, 2010 6:07am
Quoting esbatu
Hi LJ, same here. I short gold @ 1407.5 from daily BEOB expected a big move down to 1365. It moved down to 1383 but quickly retrace (which I expected) back to 1417 then formed 4H BEOB. I close my position when I saw price stalled on the way down and unable to break the BEOB. But today price moves as I expected, damn
Yes was a bit frustrating...personally I dont like leaving pending trades open over night and dont like it when a PA setup hasnt activated within a couple of bars.

Gold sure is making ahrd work of breaking and holding below the 1383-5 area....though I do think price will head down today on this, there is not setup for me to be able to short it...maybe a breakl below with a retrace to 1383-5 to act as resistance with some smaller TF (5-15min) PA...that would do it for me.

Missed this setup cos I was asleep earlier...was waiting for this to happen and gutted I missed it.

If I were awake I would have taken the touch trade then the pin the formed too. I would have taken half profiut at the resistance area we are at noe and be at BE on the remainder.
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  • #2,871
  • Edited 7:57am Nov 12, 2010 7:47am | Edited 7:57am
Hi, LJ! Great theme! Took a good trade! Reason: PA, PPZ, RN, 50% Fibo.

LJ, when you take touch trade and when waiting for PA confirmation?
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  • #2,872
  • Nov 12, 2010 8:31am Nov 12, 2010 8:31am
Trades for today so far:

1. GJ touch trade - 1st time back to PPZ -1R
2. UJ touych trade - 1st time back to broekn former resistance - came close to getting stoped out, SL @ BE now.
3. AJ - touch trade - exited @ 81.70 PPZ +4.8R
4. GJ - touch trade - exited @ 132.80 +2.53R
5. CJ - touch trade - exited @ 81.60 PPZ area +3.8R
6. EU - 4HR BUOB - SL is not @ 1.3695 and I'm targeting 1.3800 as TP


All the yen pairs were lining up at support and YM was also at support which gave good confleunce for these setups.
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  • #2,873
  • Nov 12, 2010 8:56am Nov 12, 2010 8:56am
Great info, thanks for the charts LJ.
  • #2,874
  • Nov 12, 2010 11:22am Nov 12, 2010 11:22am
Quoting lovejoy80
Trades for today so far:

1. GJ touch trade - 1st time back to PPZ -1R
2. UJ touch trade - 1st time back to broekn former resistance - came close to getting stoped out, SL @ BE now.
3. AJ - touch trade - exited @ 81.70 PPZ +4.8R
4. GJ - touch trade - exited @ 132.80 +2.53R
5. CJ - touch trade - exited @ 81.60 PPZ area +3.8R
6. EU - 4HR BUOB - SL is not @ 1.3695 and I'm targeting 1.3800 as TP


All the yen pairs were lining up at support and YM was also at support which gave good confleunce for these setups.
Decided to take profit @ 1.3700 on EU, also forgot about an EG touch trade I took earlier. So it was +0.51R on EU. On EG I've moved SL down to 0.8505 and will either take profit before market close or leave open over the weekend. With UJ SL is still @ BE (82) and I'll do the same as EG.

Thus (presuming I dont take profit on EG and UJ) todays result is +10.64 and the weekly result is +37.78R
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  • #2,875
  • Nov 12, 2010 11:27am Nov 12, 2010 11:27am
Quoting makron
Hi, LJ! Great theme! Took a good trade! Reason: PA, PPZ, RN, 50% Fibo.

LJ, when you take touch trade and when waiting for PA confirmation?
Nice trade, I would have taken that and the touch trade on this pair as I mentioned.

I take touch trades at areas of confluence...mostly at higher timframes PPZ and fibs confluence (50-61). If it's first time back to a borken PPZ area then thats even better and if it has more confluence eg. TL, divergence confluence with YM, Gold or oil etc then even better.

Whether I take a touch trade also depends on how wide the PPZ is, I mean if there is no obvious place for the SL because the PPZ is so wide then I'll wait for some PA on mostly the 1HR or 4HR TF but sometimes lower.

Another time when I might not take the touch is if the market is fast moving i.e. driven by some news release
  • #2,876
  • Nov 12, 2010 11:28am Nov 12, 2010 11:28am
Quoting lovejoy80
and the weekly result is +37.78R
Incredible
  • #2,877
  • Nov 12, 2010 11:29am Nov 12, 2010 11:29am
Quoting lovejoy80
Yes was a bit frustrating...personally I dont like leaving pending trades open over night and dont like it when a PA setup hasnt activated within a couple of bars.

Gold sure is making ahrd work of breaking and holding below the 1383-5 area....though I do think price will head down today on this, there is not setup for me to be able to short it...maybe a breakl below with a retrace to 1383-5 to act as resistance with some smaller TF (5-15min) PA...that would do it for me.

Missed this setup cos I was asleep earlier...was waiting for this...
It's frustrating to be right but not have any money to show for it!
  • #2,878
  • Nov 12, 2010 1:58pm Nov 12, 2010 1:58pm
Decided I would take profit on EG and UJ afteral

EG - exit @ 0.8482 +1.89R
UJ - exit @ 82.55 +1.1R

Weekly total 30 trades, 29 winners +40.77R

A good week results wise but I should have gained a lot more. I was in and out of EG and ECAD all week when I should have backed my strong convictions of shorts on these pairs and held onto my original postions from earlier on in the week and just added more in.

Also I took profit far too soon on my USD shorts yesterday. Learning when to hold onto trades for the medium term(few days) or give trades some more room / time to materialise is something I need to work on.
  • #2,879
  • Nov 12, 2010 2:40pm Nov 12, 2010 2:40pm
LJ, +40.77R means 40.77*risk? if you risking 1% per trade, you gain 40.77%? am i right?

Seems like good touch trade (see below)
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  • #2,880
  • Nov 12, 2010 3:02pm Nov 12, 2010 3:02pm
Quoting makron
LJ, +40.77R means 40.77*risk? if you risking 1% per trade, you gain 40.77%? am i right?

Seems like good touch trade (see below)
yeah that's right. I do risk roughly 1% per trade too.

Not sure where you have your TL's drawn from but I don't see any TL that I would have on my chart, but yes I would certainly expect a 'reaction' here if we were in a liquid trading market time (i.e. not Friday evening). Though looking at the trend this might just be a pause in the uptrend.
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