when you draw weekly H/L , you drawing curent weekend or las weekend???
Hey Doom,
its nice to see another touch trader. i am also following this trading approach, but i am still a beginner, thats why my equity is bouncing up and down. its not very easy to pick only the best ones, but maybe i can learn from you
keep on posting
sentinel
its nice to see another touch trader. i am also following this trading approach, but i am still a beginner, thats why my equity is bouncing up and down. its not very easy to pick only the best ones, but maybe i can learn from you
keep on posting
sentinel
Hey Doom,
its nice to see another touch trader. i am also following this trading approach, but i am still a beginner, thats why my equity is bouncing up and down. its not very easy to pick only the best ones, but maybe i can learn from you
keep on posting
sentinel
And call me Taz it is fine.
Biggest subject in touch trading is what is the difference between a touch trade and a normal PA trade.
A Touch trade:
In a touch trade the underlying mechanism is a single point confluence and
S/R or PPZ play,what i mean to say is when the price is moving up and down in a fast market it is leaving trails behind itself to follow.
The trails are order flows story and the future orderflows prediction.
A touch trade is a trade where price reverses on a dime,ie a touch and go in your direction,while in a PA trade the price has some reactions along an area and the afterwards price validates the phenomenon in that region.
My thoughts are best explained by the fact that a pin bar as used by J16 people, including myself also, and outside bars and other PA trades like DBHLC and DBLHC,etc etc,can be used to describe the diffesrence between a touch trade and a PA trade.
A Pinbar: a Pin bar is never a touch trade unless you buy at the tip of the exhaustion.And i call it exhaustion hunt(i will elaborate that later),a pin bar is actually a rejection of a certain level when buying or selling is taking place an a rather vast 30-60 pip zone,ie why we see a long wick on top of it.
A DBLHC or DBHLC: Not many people would have observed this that DBLHc and DBHLC actally are touch and go,touch trades, price hits a level and then bounces right from there and does not go even by a pip below a single PPZ line.
A Hanging man Candle and Inverted Hammer are touch trades.
Evening Star and Morning Stars are touch trades.
Why i say touch trades,i don't think i need to explain this.
What is the benefit of being touch trader and having that mentality?
I will surely answer this,because you are in the boat before anyone else could think the pattern was going to form.
People would be surprised if i say that where a pin bar can form.
It is easy for me to tell this because,I first had the sense to classify the trades as touch and PA trades.
What are the observations obtained from the above facts?
A touch trade only happens at single point confluence area with defined location and great orderflow and well defined story behind its existence.
Single point means Cluttering of Major levels in 4-8 pip range.
A PA trade like exhaustion occurs in zonal Confluence area,ie why mbqb11 and other traders at J 16 always say a pin bar forming off 61.8 and XXX MA and strong PPZ.
I have tried to define touch trade in simplest of form,a deep understanding will only develop after going through charts as market action develops and i lay down my views and you lay down yours and we develop a good understanding.
As per specific answer to your fluctuating equity sentinel let me ask you something,did you define your drawdown in advance,if not you cannot blame your beginner level as a reason for fluctuation.
If i risk uneven amounts on not so good trades i will lead to big bites in my account.
Just like a PA trade is considered a trade a touch trade also is a trade,has its type,and i believe is the most deepest subjects in PA trading,because wthout touch traders knowledge a PA trader can never win.
But touch trader can play Pa trade like a kid.
Do you understand what i mean.
Regards
Taz
I will elaborate as time presents itself,any questions and criticism is welcome.
Hello Doom
http://img696.imageshack.us/img696/2304/audusde.gif
What are your thoughts on this. Please tell me if i am missing something.
By the way excellent thread. keep up your good thread useful for both newbies and oldies.
Regards
Dan
http://img696.imageshack.us/img696/2304/audusde.gif
What are your thoughts on this. Please tell me if i am missing something.
By the way excellent thread. keep up your good thread useful for both newbies and oldies.
Regards
Dan
- #29
- Nov 19, 2010 7:41pm Nov 19, 2010 7:41pm
- Joined Nov 2010 | Status: Pips... or GTFO! | 1,023 Posts
These systems definitely work great but require a lot of patience.. I use resistance points and will trade them but the price is usually far from these points or near them when Im not watching since its 24 hour market.. so I like to have a system and then use these in conjunction as warning or possible side trades..
do you plan on trading this alone with not other systems?
do you plan on trading this alone with not other systems?
Hello Doom
http://img696.imageshack.us/img696/2304/audusde.gif
What are your thoughts on this. Please tell me if i am missing something.
By the way excellent thread. keep up your good thread useful for both newbies and oldies.
Regards
Dan
You nailed it bro.
This is one of my favorite trades,we have a cause.
A trend(mini) on 4 hr,price retraces and we have confuence.
That was 50 % retrace and PPZ and some TLs too.
And the kabboom what was your profit.
A Quick one or to the pip potential of the trade.
Regards
Taz
http://img502.imageshack.us/img502/7900/audusdo.gif
These systems definitely work great but require a lot of patience.. I use resistance points and will trade them but the price is usually far from these points or near them when Im not watching since its 24 hour market.. so I like to have a system and then use these in conjunction as warning or possible side trades..
do you plan on trading this alone with not other systems?
Welcome to my thread.
Any strong PPZ is a strong PPZ and will make a price bounce.
As i already said a touch trade is a touch trade where you place your order and there is no pullback in towards your stop loss.
So i don't think we touch traders need to finnesse our trades.
I just set a pending order at strong bold PPZ and i sometimes increase leverage and increase lots if i have faith.(i dont advice this)
And when i come back i have got many pips.
It is like :
Trader A.
Rides a single wave from one start point.
Trader B:
Rides every single shock wave,we should ride shock waves.
Our net profit will be more.
If Dave as above had run this trade it was a 96 pip profit do you see it is in a single trade just setting it at right level and then leaving.
In the end, yes you are true S/R work.
You don't need to sit in front of your screen,just set and go.
Keep your Stop loss tight.
I am and was always a PA trader,but when i divulged my self into PPZ and S/R, i found touch trading much better and advanced,so yes i use PA from time to time.
I want touch traders to know that they also wait for special place not just fool around at every corner.
If you want we can discuss every other thing like PA and indicators to couple with touch trades to increase odds in your favor.
Regards
Taz
People why don't you post potential touch trades here.
Lets discuss the best one.
And lets test them in front of all the people of forexfactory and tell them what a well defined trade is.
By testing i mean we people test that trade what you think is best on you demo.
At present i am searching through charts for potential trades.
Hey Sentinel, man throw some charts,i liked you charts i save the template the same of your type.
Regards
Taz
Lets discuss the best one.
And lets test them in front of all the people of forexfactory and tell them what a well defined trade is.
By testing i mean we people test that trade what you think is best on you demo.
At present i am searching through charts for potential trades.
Hey Sentinel, man throw some charts,i liked you charts i save the template the same of your type.
Regards
Taz
[quote=666Doom;4185721]
You have got a very nice blog there. Thanks
As i see your chart i see pure S/R and trendlines.
Another thing i see heroism and lack of patience.
Why would you break even a trade just because you feel a hero,i mean,every trade is not a runner,i know market gurus say that let yous profits run and cut your losses short,but that doesn't mean your let every profit turn into a net break even. I dont quite understand what you mean. I tried letting my profits run earlier this year, but i did not feel comfortable with that, because the trades turned too often for a small profit or breakeven. I dont feel being a hero, i just try to reduce my risk as soon as possible, usually after being 1R in profit. I try to trail my SL according S/R while approaching my TP...so sometimes it causes a BE.
Another thing as i see you said your thinking of Touch trades is the same as mine,but in your charts i see you violating some of those points only like.
In some trades you just used your instinct and pure S/R and not using other factors which are used and prevent negative recoil. Actually i said, that my understanding of the difference between PA and touch trading is the same (i.e. waiting for a kind of PA like pinbar or DBHLC...versus not waiting and just trading the S/R).
By the above i mean they were not purely touch trades. Can you refer to that specific trade please?
Trading is being picky,and being selective,a touch trader will get a lot of opportunities and not just one or two,he just have to be patient. Thats the main issue i am fighting with...but i think i can handle this.
Now one thing i want to ask before proceeding on to commenting on your chart,i want you to plot your PPZ or S/R for me on any single naked chart it should be daily,i want to see somethings you use and your S/R as they are shown,use arrows. What kind of things you want to see? My trades are based just on the analysis presented on my blog. There is no hidden "something"
#############
Thanks for your comments, Taz. I appreciate this very much.
How long are you in the forex business now? Are you trading live?
sentinel
You have got a very nice blog there. Thanks
As i see your chart i see pure S/R and trendlines.
Another thing i see heroism and lack of patience.
Why would you break even a trade just because you feel a hero,i mean,every trade is not a runner,i know market gurus say that let yous profits run and cut your losses short,but that doesn't mean your let every profit turn into a net break even. I dont quite understand what you mean. I tried letting my profits run earlier this year, but i did not feel comfortable with that, because the trades turned too often for a small profit or breakeven. I dont feel being a hero, i just try to reduce my risk as soon as possible, usually after being 1R in profit. I try to trail my SL according S/R while approaching my TP...so sometimes it causes a BE.
Another thing as i see you said your thinking of Touch trades is the same as mine,but in your charts i see you violating some of those points only like.
In some trades you just used your instinct and pure S/R and not using other factors which are used and prevent negative recoil. Actually i said, that my understanding of the difference between PA and touch trading is the same (i.e. waiting for a kind of PA like pinbar or DBHLC...versus not waiting and just trading the S/R).
By the above i mean they were not purely touch trades. Can you refer to that specific trade please?
Trading is being picky,and being selective,a touch trader will get a lot of opportunities and not just one or two,he just have to be patient. Thats the main issue i am fighting with...but i think i can handle this.
Now one thing i want to ask before proceeding on to commenting on your chart,i want you to plot your PPZ or S/R for me on any single naked chart it should be daily,i want to see somethings you use and your S/R as they are shown,use arrows. What kind of things you want to see? My trades are based just on the analysis presented on my blog. There is no hidden "something"
#############
Thanks for your comments, Taz. I appreciate this very much.
How long are you in the forex business now? Are you trading live?
sentinel
- #37
- Nov 20, 2010 12:19pm Nov 20, 2010 12:19pm
- Joined Nov 2010 | Status: Pips... or GTFO! | 1,023 Posts
Great Stuff Dan,
You nailed it bro.
This is one of my favorite trades,we have a cause.
A trend(mini) on 4 hr,price retraces and we have confuence.
That was 50 % retrace and PPZ and some TLs too.
And the kabboom what was your profit.
A Quick one or to the pip potential of the trade.
Regards
Taz
http://img502.imageshack.us/img502/7900/audusdo.gif
Regards
Dan
