My path to financial freedom | Page 149 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

My path to financial freedom 17 replies

Singapore trader's journal (the road to financial freedom) 8 replies

My Path To Financial Freedom 221 replies

Trade Your Way to Financial Freedom......... 10 replies

Book Wanted - Day Trading To Financial Freedom 0 replies

Attachments: My path to financial freedom
Exit Attachments

My path to financial freedom

  • #2,961
  • Nov 23, 2010 2:44am Nov 23, 2010 2:44am
Quoting ingmarforex
Yeah sorry took the picture when it was noted Do you have tweetdeck?

I took the gbp/chf on demo i saw your feedback later but still made pips but my goal is to work on the entries so i dont count this as a good 1 it whent still 54 pips from my pending order. Mark you normally take those trades on touches and look at the price action or do you wait for candle close?

Thanks mate if you need help to setup tweetdeck let me know?
Ah i see I was looking at the wrong swing...but still the daily setup I showed was a pretty good setup I'll be waiting for.

Referring to your original setup it does shave RN, PPZ 50% confluence but what would have made me nervous about it is the number of times price has come down to this area...thus I would have been looking for some smaller TF PA...and I see the 5min and 15min gave some nice PA setups.

So yeah that was a setup with PA confirmation that I would have taken.

Actually you can see looking at my previous post how you could have miled a fair few pips on GCHF from yesterday with 2 shorts then reversing for a long.

No I dont but I'll look into tweetdeck, thanks.
  • #2,962
  • Nov 23, 2010 3:05am Nov 23, 2010 3:05am
AUDJPY - PinBar, PPZ, TL, RN, Fibo
Attached Image (click to enlarge)
Click to Enlarge Name: 23_audjpy.gif Size: 50 KB
  • #2,963
  • Nov 23, 2010 3:10am Nov 23, 2010 3:10am
Lovejoy80,

Mate. I love the way you trade. I've come to the SAME conclusions as you, but have been simmering my thoughts.

Btw, something I think is VERY useful is inter-market analysis. Not sure if you use this. But I use S&P 500, CRB and Dollar Index as the risk-on assets and when they go really overbought/sold together, we know a reversal or sorts is due.

Then the PA-PPZ approach works like a charm, but with a nice directional bias as well. I find watching the Dollar Index extremely helpful as well.

Thanks for sharing mate. =)
One Mind, Any Market
  • #2,964
  • Nov 23, 2010 3:20am Nov 23, 2010 3:20am
Quoting Cyrus
Lovejoy80,

Mate. I love the way you trade. I've come to the SAME conclusions as you, but have been simmering my thoughts.

Btw, something I think is VERY useful is inter-market analysis. Not sure if you use this. But I use S&P 500, CRB and Dollar Index as the risk-on assets and when they go really overbought/sold together, we know a reversal or sorts is due.

Then the PA-PPZ approach works like a charm, but with a nice directional bias as well. I find watching the Dollar Index extremely helpful as well.

Thanks for sharing mate. =)
Yes I do use inter-market analysis, I mainly focus on EP, YM, Crude Oil and Gold and occasionally the USD Index. For me YM and EP are the best indicators of current risk appetite with Gold and Oil secondary...you can also use the fact that Canada and Australia are big exporters of Oil and Gold as supporting confluence too so for me I use these as confluence in my trades mainly in terms of risk appetite.

For example I took some trades last week when YM was @ 10950 which had daily PPZ and 61fib confluence and there were technical setups on the USD based crosses too to go long...in this case this is great confluence and I'll be going long with the knowledge that it's a very high probability long setup across the board...if that makes sense.

I've used USD index at times and keep meaning to bring it back in.
  • #2,965
  • Nov 23, 2010 3:33am Nov 23, 2010 3:33am
Quoting lovejoy80
Yes I do use inter-market analysis, I mainly focus on EP, YM, Crude Oil and Gold and occasionally the USD Index. For me YM and EP are the best indicators of current risk appetite with Gold and Oil secondary...you can also use the fact that Canada and Australia are big exporters of Oil and Gold as supporting confluence too so for me...
Yes. Makes total sense. I hear where you're coming from.

Do you trade the indices directly as well or do you just use them as risk indicators?
One Mind, Any Market
  • #2,966
  • Nov 23, 2010 3:34am Nov 23, 2010 3:34am
Tribute to lovejoy80. Thanks for sharing.
Attached File(s)
File Type: zip lovejoy80; 1 to 198.zip   500 KB | 719 downloads
One Mind, Any Market
  • #2,967
  • Nov 23, 2010 4:58am Nov 23, 2010 4:58am
Quoting esbatu
But now as price manage to break the TL, do you think there will be second leg to this USD play?
Hi LJ, as I told you in my previous post above, I believe that we might have second leg on USD play (I am still holding to Gold and expect TP around 1373) and most of those USD pairs are at their support/resistance level, thus I expect GU to break those TL. Really should not let my bias mess up with what I see
(although sometimes I believe this bias needed to hold on to longer term trades).

On your post, you and Cyrus were talking about inter-market analysis. Would you care to go more detail on this topic or maybe point me to a thread that discuss about it?
  • #2,968
  • Nov 23, 2010 5:10am Nov 23, 2010 5:10am
Quoting esbatu
Hi LJ, as I told you in my previous post above, I believe that we might have second leg on USD play (I am still holding to Gold and expect TP around 1373) and most of those USD pairs are at their support/resistance level, thus I expect GU to break those TL. Really should not let my bias mess up with what I see
(although sometimes I believe this bias needed to hold on to longer term trades).

On your post, you and Cyrus were talking about inter-market analysis. Would you care to go more detail on this topic or maybe point me to a thread that...
http://www.youtube.com/watch?v=jRR49...eature=related

http://www.investopedia.com/articles.../04/012104.asp
  • #2,969
  • Nov 23, 2010 5:12am Nov 23, 2010 5:12am
http://www.xtranormal.com/watch/7652119/
  • #2,970
  • Nov 23, 2010 9:18am Nov 23, 2010 9:18am
Quoting Cyrus
Yes. Makes total sense. I hear where you're coming from.

Do you trade the indices directly as well or do you just use them as risk indicators?
If I see a decent setup on YM, EP, oil or gold then I'd happily take it.
  • #2,971
  • Nov 23, 2010 9:20am Nov 23, 2010 9:20am
Quoting makron
AUDJPY - PinBar, PPZ, TL, RN, Fibo
I looked at this but passed on it as the market is just so bearish and what with the Korean exchange of fire etc. this morning I wasn't comfortbale going long a JPY pair (or USD) unless I got a good PA setup.
  • #2,972
  • Nov 23, 2010 12:01pm Nov 23, 2010 12:01pm
Quoting esbatu
Hi LJ, as I told you in my previous post above, I believe that we might have second leg on USD play (I am still holding to Gold and expect TP around 1373) and most of those USD pairs are at their support/resistance level, thus I expect GU to break those TL. Really should not let my bias mess up with what I see
(although sometimes I believe this bias needed to hold on to longer term trades).

On your post, you and Cyrus were talking about inter-market analysis. Would you care to go more detail on this topic or maybe point me to a thread that discuss...
I learnt all I use about intermarket just by general reasing on the internet, reading all of raczekfx's posts (you will need to study them intensely) and general chart watching.

In short I just use YM, EP and Oil to measure current risk sentiment and when YM in particular lines up at strong support with usd / jpy crosses then that can signal a very high probability trading opportunity. Generally speaking when risk appetite is increasing investors buy stocks ans buy higher yielding assets so the USD and JPY go down and YM goes up and vice versa. That's the very simplisitic way I look at things.
  • #2,973
  • Nov 23, 2010 12:04pm Nov 23, 2010 12:04pm
I really don't like markets like this, I prefer slower moving markets than fast / risk aversion type markets. But, having said that there was some nice easy setups today again.

Note that I'm very cautious on taking touch trades in markets like this I prefer trading with the trend only and PA confirmation.

I'm still in all my trades though likely to take some profit very soon as the market is exhausted and showing signs of a retracement ahead of FED meeting minutes.

I'm also still in my AU short from yesterday.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gj4hr.gif Size: 16 KB
Click to Enlarge Name: uj4hr.gif Size: 14 KB
Click to Enlarge Name: eudaily.gif Size: 14 KB
Click to Enlarge Name: ejdaily.gif Size: 15 KB
  • #2,974
  • Nov 23, 2010 12:53pm Nov 23, 2010 12:53pm
Nice trades Mark congrats
  • #2,975
  • Nov 23, 2010 5:25pm Nov 23, 2010 5:25pm
I took bad audjpy trade((
PinBar, PPZ, TL, Fibo... seems like goot setup, but fail
Attached Image (click to enlarge)
Click to Enlarge Name: 23_audjpy.gif Size: 49 KB
  • #2,976
  • Nov 23, 2010 5:53pm Nov 23, 2010 5:53pm
Quoting ingmarforex
Nice trades Mark congrats
Thanks...I took profit on all but EU earlier ...market is due a retrace now but wanna leave one open just in case something else happens to drive more fear selling. Off to bed so will update tomorrow.
  • #2,977
  • Nov 23, 2010 5:59pm Nov 23, 2010 5:59pm
Quoting makron
I took bad audjpy trade((
PinBar, PPZ, TL, Fibo... seems like goot setup, but fail
Where was your entry as the pin bar didnt really break. The location was ok, but think I mentioned earlier that the market was very weak and given the Korean news it was much easier to take short setups rathern than what I perceived to be risky touch trade long given the current market conditions.

The location was ok, but the close on the pin was poor as it was below those former bar lows i.e. it was heading into some resistance straightaway. I passed on it due to the Korean news / strong bearish fear driven market and because the PA setup wasn't good enough for me to want to take it...I decided to wait to see if a 4HR pin formed with a higher close.
  • #2,978
  • Nov 24, 2010 1:54am Nov 24, 2010 1:54am
Quoting lovejoy80
Thanks...I took profit on all but EU earlier ...market is due a retrace now but wanna leave one open just in case something else happens to drive more fear selling. Off to bed so will update tomorrow.
Yesterday's trades:

1. GJ - 4HR BEOB +1.84R
2. UJ - 4HR Pin +0.62R
3. EJ - daily BEOB +1.83R

Total +4.29R

SL moved on EU to 1.3520 and on AU (from Monday) to 0.9845
  • #2,979
  • Nov 24, 2010 2:02am Nov 24, 2010 2:02am
A couple I'm watching...thoughts LJ?

AUD/USD

http://i24.photobucket.com/albums/c2...ker/th_aud.jpg

NZD/USD

http://i24.photobucket.com/albums/c2...r/th_nzd-5.jpg
  • #2,980
  • Nov 24, 2010 2:32am Nov 24, 2010 2:32am
Quoting sam0182
A couple I'm watching...thoughts LJ?

AUD/USD

http://i24.photobucket.com/albums/c2...ker/th_aud.jpg

NZD/USD

http://i24.photobucket.com/albums/c2...r/th_nzd-5.jpg
Yep these are area I'm watching too...that's why my SL on AU is just above this area ;-). A daily PPZ like this is where I pay close attention to....it's a well proven PPZ so it's a case of watching it closely for clues as to where price might go. The obvious direction is down considering price has broken through and the trend is down coupled with the H&S pattern on the daily TF.

If I wasn't in a trade already on AU then I'd be scrolling down the TF's looking for some PA signs to short.

NU I took a trade off that TL and am at BE now

Another one to watch is UCHF, monthly pin with divergence last month and now a daily BUOB...this support area has to hold if price is heading up.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: au daily.gif Size: 14 KB
Click to Enlarge Name: uchf monthly.gif Size: 14 KB
Click to Enlarge Name: uchfdaily.gif Size: 13 KB
Click to Enlarge Name: uchf1hr.gif Size: 17 KB
1 trader viewing now