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The Touch Trader Method

  • #81
  • Nov 24, 2010 1:08am Nov 24, 2010 1:08am
Quoting tradpat
Hi 666D & Dan

Thanks for your replies. I am picking up day after day n fighting for more time after work n kids go to bed

I am practicing preferred Daily with no problem for 150-200 pips stop loss per trade with Ri:Rw 1:2 or 1:3 (seldom).

Apart from the above, I now like what you said "awaiting" the right set ups / confluences for entries.

Oh by the way my target is only 400 pips a month because if one day when ALL things go right with my trading method I see I can multiply 400 pips with USD10 or even USD100 that...

Hey there TP
Just practice drawing these zones.
If you get good at drawing them and price is reacting in them as you expected your future is bright.
Use Confluence of 38 and 61 at best extent,they are tools of great traders.
Trade with trend.
Use my regional approach of PPZ drawing to get places of great trades,why because i think you have other liabilities just find a place to trade and set an order and walk away.
Or just find a place to trade wait for it to go there and see sign and enter there at will.
throw in a Chart or two so we may know how you draw PPZ or S/R.
Always remember.

Any Regional PPZ approach PPZ if in Confluence with a monthly high/low will lead to a best trade.
Regards
Taz
  • #82
  • Nov 24, 2010 1:19am Nov 24, 2010 1:19am
Quoting sentinel777
i think this is a good opportunity, what do you think guys?
Looks good Sentinel.
132.84 has 4 monthlies coupling at single place.
Be Safe.
I am trading Usd/Sek.
I had a pending order at 6990 with stop behind 7000 let me see what happens.
That shity head price got a touch at 0.6850,missed by just 50 pips,that happens.
Regards
Taz
  • #83
  • Nov 24, 2010 1:22am Nov 24, 2010 1:22am
Quoting mkashifk
So it should be done like this?

kind regards
kashif
Looks good Kashif.
Just wait for the price to hit that monthly and 61 fib we will get a long.
Check the monthlies again,we need 3 months atleast,i want double confirmation.
Be Safe.
regards
Taz
  • #84
  • Nov 24, 2010 1:25am Nov 24, 2010 1:25am
Quoting jmag
Good spot. I'm looking for a bounce short off of the 100 & 200 ema's, and the 50% fib.
Great Jmag.
Try to find a PPZ also trade will be enhanced.
As i dont trade without PPZ so i can give you one tip.
Keep stops tight.
Euro is dropping like a rock we have bearish outside bar on Weekly,people will definitely short it next week, look for shorts people.
Regards
Taz
  • #85
  • Nov 24, 2010 4:38am Nov 24, 2010 4:38am
Quoting 666Doom
Great Works DAN,
Words of my mouth.
General Message to all:
Just keep MM tight and stop loss tight.
Remember any trade which ripped an S/R apart was never meant to be traded.
Which means if i have to place a 100 pip stop to be safe i was never a touch trade.
If you are loosing money trading this you have loose Money Management,this has great accuracy i can bet on that,throw a challenge i will complete.
Regards
Taz
First of all thanks of the appreciation Taz.

Secondly about money management and stop loss thing you are absolutely right. Even if a great trader passes on his complete method onto other guys, it can still not be profitable for them because one system may work for me and may be crap for others. This is how goes and i am sure Taz will agree with on this and so would many other people on this brilliant thread. Loose or improper MM can turn a winner into a loser. I can remember the times when my stop losses were hit to the points before turning around and i used to say OH Man, what wrong would have happened if i had placed the stop 1 pip behind. This is how it goes. You need to learn to hide your stops behind major levels so that you don't regret when you lose because if you will then this work was never for you. I still remember getting upset at my family when I made a loss. Its a different thing that I earned the loss not them. So you need to differentiate and keep both these parts of life limited to their boundaries. I hope you understand.

Now i think its time to stop this spiritual talk and i know may be getting bored. Charts will soon be coming from my side
Dan
  • #86
  • Nov 24, 2010 5:03am Nov 24, 2010 5:03am
Chart for thread buddies.
I am going to select a few charts to post here for potential trades.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: chart3543.gif Size: 12 KB
  • #87
  • Nov 24, 2010 5:10am Nov 24, 2010 5:10am
Quoting daniel13
First of all thanks of the appreciation Taz.

Secondly about money management and stop loss thing you are absolutely right. Even if a great trader passes on his complete method onto other guys, it can still not be profitable for them because one system may work for me and may be crap for others. This is how goes and i am sure Taz will agree with on this and so would many other people on this brilliant thread. Loose or improper MM can turn a winner into a loser. I can remember the times when my stop losses were hit to the points before turning...
Great Words of Wisdom.

I learn't about MM after loosing money.
Money Management is not a cool word to use in front of your Girlfriends etc.
But is truth of trading.
You have loose money management and fear of having great amount of risk then reduce the risk immediately.
Never risk more then 2-4 % in a single trade.
You will live to trade another day people,the trade that went by or is about to come is not the last trade on this planet.They are there.
Just wait and nail them.
Keep Stops tight.
The NZd/Usd trade i think may exist i will place an order above 38 fib not at my pivot,because people will push it till fib,but there is confluence.
Regards
Taz
  • #88
  • Nov 24, 2010 5:34am Nov 24, 2010 5:34am
Kindly take notice of the thing i write as below.
This may change your trading outlook forever.
The points below can only be used by people who are efficient in using S/R.

1. Spot a Primary trend,write it down,for this open monthly chart.
2. Spot Secondary trend,write it down,use daily for finding secondary trends.
3. Draw S/R lines using regional approach as i said,use swing points,the lines must be for price data where price is headed now.
4. Spot the Secondary trend which is same as primary like bear secondary trend in bear primary and so on.
5. Wait for Secondary trend as above to end.
6. Draw fibs off of this trend,wait for price to reach 50 or 61 fib of this secondary trend.
If 61 fib and 50 is confluent with PPZ and S/R drwan as above you can clearly do as is given below.
7. Short right there or go long there,place a pending order.
8. You will notice price exactly bounces off these points as i said and i have tested this.
9. Aint that simple and profitable method.
Benefits.
You are with the trend.
You could have a runner too.
  • #89
  • Nov 25, 2010 1:21am Nov 25, 2010 1:21am
Hi Doom

Nice summary - still have a couple of questions (dummy ones!)

Do you have a pdf - simple step by step chart ?
  • #90
  • Nov 30, 2010 12:08am Nov 30, 2010 12:08am
Hi Doom, Guess the long holiday has taken it's toll on comments to this thread. As I see it, the information you have made available to us is as important as ANY I have studied in the 5 years I have been interested in 4X.

Thanks Doom, more to come.

"If you love something and stick with it, you will get phenomenal results".
  • #91
  • Nov 30, 2010 5:11am Nov 30, 2010 5:11am
Here's a shot of the e/u as of 10:30 am gmt, 5:30 am eastern.

Precisely @ the intersection of a weekly & 4 hour trend line, price halts it's 150 pip freefall, and begins reversing on cue.

Directly below are a few daily support levels followed by a very strong weekly support @ 1.2885.

Question for Doom; on significant s/r, given that it is a zone, and not a figure etched in stone, how would go about figuring where to enter & place a stop?
Attached Image
  • #92
  • Nov 30, 2010 7:30am Nov 30, 2010 7:30am
Quoting diamonddbw
Here's a shot of the e/u as of 10:30 am gmt, 5:30 am eastern.

Precisely @ the intersection of a weekly & 4 hour trend line, price halts it's 150 pip freefall, and begins reversing on cue.

Directly below are a few daily support levels followed by a very strong weekly support @ 1.2885.

Question for Doom; on significant s/r, given that it is a zone, and not a figure etched in stone, how would go about figuring where to enter & place a stop?
This trade ended up being good for 65 pips. Did not see it in time to trade it. Price stopped short of the 50 figure. Also was half way between the 38 & 50% fib of the most recent swing, which is pretty typical, imho, given the currencies weakness, and the strength of the down move.
  • #93
  • Dec 1, 2010 12:25pm Dec 1, 2010 12:25pm
My Holiday is over buddy.
Will post from tomorrow.
Just forgot to say happy holidays to you. lol
  • #94
  • Dec 1, 2010 1:12pm Dec 1, 2010 1:12pm
Here is heads up for next good trade.
Place Stops at safe distance.
Irrespective of PA my order will go over there.
Regards
Taz
Attached Image (click to enlarge)
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  • #95
  • Dec 1, 2010 3:06pm Dec 1, 2010 3:06pm
Quoting 666Doom
Here is heads up for next good trade.
Place Stops at safe distance.
Irrespective of PA my order will go over there.
Regards
Taz
Hey Taz
Nice to see you come back. I thought you were lost.
Never the less nice chart.
Dan
  • #96
  • Dec 1, 2010 3:23pm Dec 1, 2010 3:23pm
Chart
Attached Image (click to enlarge)
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  • #97
  • Dec 1, 2010 3:27pm Dec 1, 2010 3:27pm
Quoting daniel13
Chart
Target Chart
Attached Image (click to enlarge)
Click to Enlarge Name: explain1.gif Size: 20 KB
  • #98
  • Dec 2, 2010 1:58am Dec 2, 2010 1:58am
Quoting diamonddbw
...
"If you love something and stick with it, you will get phenomenal results".
awesome quote
there are only 2 choices: fail or succeed..
if one does not quit, there is no choice but to succeed


Hey Taz,
nice thread.
glad to have u around, Sir!
  • #99
  • Dec 2, 2010 4:22am Dec 2, 2010 4:22am
Quoting daniel13
Target Chart
Nice catch D-13. I see you go both ways...

"If you want to achieve excellence, you can get there today. As of this second, quit doing less than excellent work." ~ Thomas Watson
1874-1956, Founder of IBM
  • #100
  • Dec 2, 2010 7:47am Dec 2, 2010 7:47am
Quoting supremeChaos
awesome quote
there are only 2 choices: fail or succeed..
if one does not quit, there is no choice but to succeed


Hey Taz,
nice thread.
glad to have u around, Sir!
Look we have the master of forex here.
I learn and continue to learn from people like you sir.
Glad to have you amongst us.
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