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  • #3,181
  • Jan 25, 2011 9:24am Jan 25, 2011 9:24am
Quoting lovejoy80
So you're basically using the '1st time back' as a target rather than waiting for an entry there...you're trading to this area, rather where I would wait for price to get to that area etc.

I can see where you were targeting on GNZD and GCHF and why but how do you decide on your entries, as Nasir said you have the danger if your entries are wrong that you could suffer very large drawdown before that area you are targeting gets hit, so surely entries are still important otherwise it could take days, weeks, months for that target area to get hit?...
for me 1st time back is/shld be the strongest rxn.(dnt forget price can breach that level easily/bounce from it to the pip also)
i do also wait for pullback trades, i just nowadays prefer to be on the train taking price back to where trend followers wld be waiting.
theres always in a pullback, or let me say "theres always THE pullback"
i must have already found an appropriate entry far away from s/r, which gives me the confidence that price CANT run further against me.
i dont risk much (mostly 1% for now), cos i trade 2 variations of my method.
my method is based on price movement ....... trending & consolidating mkts
Simplicity is the key to success
  • #3,182
  • Jan 25, 2011 9:50am Jan 25, 2011 9:50am
Quoting nasir.khan
so from what understand u belive that when a ppz is broken price Must comeback to retest it. But wether the price bounces on ppz and makes pullback scenario or it breaks through it we cant know that.

and u are trading in direction of that broken ppz by ur believe that price must do a retest of that roken ppz. Simply saying ur an exits trader.

sounds fair enough but how do handle the draw downs? how do you set a price to give up the setup cuase it may take price days or even months to comeback to that broken ppz? how much u risk on a setup and...
sorry that post was incomplete, dnt know what happened .....
yes sortof, exactly, funny enough ive seen pullback levels where price breaks it by a lot & still reverses....people call that stop-hunting or something cos their stops got hit, sorry dnt think i bliv that exists. the levels r all zones & not an exact price.
i trade both ways ct & with trend after pullback occurs.
exit trader ....lol, if u say so
i tend to fade entries appropriately after calc my risk ofcourse, usually 1% per each trade after x amount of pips or however it suits me.
RR is very worth the wait at the end, its a patience game so dnt mind.
sorry the other post had better reply i bliv, if its not clear do let me know
Simplicity is the key to success
  • #3,183
  • Jan 25, 2011 10:31am Jan 25, 2011 10:31am
Woudl this be an area you would have been targeting?
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  • #3,184
  • Jan 25, 2011 11:15am Jan 25, 2011 11:15am
Quoting lovejoy80
Woudl this be an area you would have been targeting?
you cld say that but I start from wkly down to 4hr which is the lowest tf ive been trading for a while (less stressful).

no significant s/r on wkly, but this daily level is interesting to me.... if i was long from bottom this wld be my ultimate/final tp and notice its a pullback where im sure orders are waiting for a rxn.....
now the question is will it bounce to the pip or breach by a couple before tanking, take ur pick. might also show signs of bullish movement after a little rxn to the level.have one similar im stalking im update it later.
u cld add fib & tl but i only put fibs once in a while due to boredom, use tls more. like my charts clean ....
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Simplicity is the key to success
  • #3,185
  • Jan 25, 2011 3:01pm Jan 25, 2011 3:01pm
Quoting squeezy
you cld say that but I start from wkly down to 4hr which is the lowest tf ive been trading for a while (less stressful).

no significant s/r on wkly, but this daily level is interesting to me.... if i was long from bottom this wld be my ultimate/final tp and notice its a pullback where im sure orders are waiting for a rxn.....
now the question is will it bounce to the pip or breach by a couple before tanking, take ur pick. might also show signs of bullish movement after a little rxn to the level.have one similar im stalking im update it later.
u...
So this is the type of area where you'll be actively looking for longs to target a retrace back to this area?

Would you not be put off byu this area as a targe because it was tests again as resistance immediately after it broke out or does this not matter?

Thanks
  • #3,186
  • Jan 25, 2011 3:16pm Jan 25, 2011 3:16pm
Closed trades today:

1. UJ - confluenced touch trade from yesterday - took profit as was clear it was unlikely to break above resistance. +0.65R

2. UCAD - 4HR PA - quick scalp really +0.42R

3. AU - touch trade at rejection of parity level, toook a loss at my first attempt (stopped out by 1.4 pips) so net BE across both.

4. Silver - mentioned this trade yesterday, closed today for +4.46R

+5.53R
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  • #3,187
  • Jan 25, 2011 3:25pm Jan 25, 2011 3:25pm
Quoting lovejoy80
Closed trades today:

1. UJ - confluenced touch trade from yesterday - took profit as was clear it was unlikely to break above resistance. +0.65R

2. UCAD - 4HR PA - quick scalp really +0.42R

3. AU - touch trade at rejection of parity level, toook a loss at my first attempt (stopped out by 1.4 pips) so net BE across both.

4. Silver - mentioned this trade yesterday, closed today for +4.46R

+5.53R
Missed out GU...a case of what could have been! I had an original position trade from few days ago and wanted to add at a higher level which I did in Asia last night but before I went to bed I decided to close it out and wait until London open...by time I got up it was too late the price had gone. Net +0.98R across both trades.

Thus, revised daily total +6.51R
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  • #3,188
  • Jan 25, 2011 3:32pm Jan 25, 2011 3:32pm
Quoting squeezy
you cld say that but I start from wkly down to 4hr which is the lowest tf ive been trading for a while (less stressful).

no significant s/r on wkly, but this daily level is interesting to me.... if i was long from bottom this wld be my ultimate/final tp and notice its a pullback where im sure orders are waiting for a rxn.....
now the question is will it bounce to the pip or breach by a couple before tanking, take ur pick. might also show signs of bullish movement after a little rxn to the level.have one similar im stalking im update it later.
u...
What about this one...is the area price is at now one you would target as an area price must retrace too (clear PPZ that price broke out of in November and has not yet retested until today). With the daily BUOB at the bottom being the sign to start adding longs to target this area?
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  • #3,189
  • Jan 26, 2011 12:18am Jan 26, 2011 12:18am
Quoting triger88990
Yes my style have suffered some adjustments over time....
i believe triger has been/become more nimble, flow-driven & metacognitive lately.
  • #3,190
  • Jan 26, 2011 11:02am Jan 26, 2011 11:02am
A pretty slow day today as expected ahead of FOMC. Only trades I'm in right now are short Silver, short AU and short EP.

I don't know what will happen at FOMC...ther are a lot of scenarios and the affect on the market is not as simple as say it would have been 9months ago. However the big divergence between stocks (making new highs) and USD pairs (apart from EU) means I know what side I'd rather be on (USD longs!).

The fact that AU held parity as resistance, UC held 0.99 and GU held 1.6 this week is very signficant to me and hence why my positioning is with USD longs and unless the FOMC statment says anything that obviously changes the sentiment in this regard I'll be looking to add positions on any spikes.

Of course thhings can change suddenly so I'll be having my wits aboout me!
  • #3,191
  • Jan 26, 2011 11:39am Jan 26, 2011 11:39am
Quoting lovejoy80
So this is the type of area where you'll be actively looking for longs to target a retrace back to this area?

Would you not be put off byu this area as a targe because it was tests again as resistance immediately after it broke out or does this not matter?

Thanks
sorry, been out all day plus shitty network
area for shorts ...yes on pullback
nope, i count that as an initial break which is also part of my method

Quoting lovejoy80
What about this one...is the area price is at now one you would target as an area price must retrace too (clear PPZ that price broke out of in November and has not yet retested until today).exactly With the daily BUOB at the bottom being the sign to start adding longs to target this area?
yes ofcourse ..... bliv i was in eaud long this time, dnt know why didnt take this as ive seen my clear entry from bottom.
i wld have been in before that buob forms & might not necessarily add there cos after deep drops like that, i usually expect pa to fail/struggle so i just hold my initial entry at the bottom
Simplicity is the key to success
  • #3,192
  • Jan 26, 2011 11:51am Jan 26, 2011 11:51am
Quoting squeezy
sorry, been out all day plus shitty network
area for shorts ...yes on pullback
nope, i count that as an initial break which is also part of my method



yes ofcourse ..... bliv i was in eaud long this time, dnt know why didnt take this as ive seen my clear entry from bottom.
i wld have been in before that buob forms & might not necessarily add there cos after deep drops like that, i usually expect pa to fail/struggle so i just hold my initial entry at the bottom

Thanks.

Yes I can see a clear long entry on ECAD form the bottom on the 1HR charts.

So using ECAD as an example what would you have done if your initial entry didnt work out, say it didnt reverse where it did and you had entered, how far would it have to go before you took a loss as I beleive (if I understand correctly) you dont use stops?
  • #3,193
  • Jan 26, 2011 1:08pm Jan 26, 2011 1:08pm
Quoting lovejoy80
Thanks.

Yes I can see a clear long entry on ECAD form the bottom on the 1HR charts.

So using ECAD as an example what would you have done if your initial entry didnt work out, say it didnt reverse where it did and you had entered, how far would it have to go before you took a loss as I beleive (if I understand correctly) you dont use stops?
yes no stops
ill add to my loosing position, dangerous? ....yes but dangers my middle name
depending on the way price moves, ull see hints of reversal
Simplicity is the key to success
  • #3,194
  • Jan 26, 2011 1:52pm Jan 26, 2011 1:52pm
Quoting squeezy
yes no stops
ill add to my loosing position, dangerous? ....yes but dangers my middle name
depending on the way price moves, ull see hints of reversal
It's not for the feint hearted, but price averaging is a viable trading method if you now what you're doing IMO.

One last question if you don't mind, how do you decide on your initial positon size and further trade sizes...you dont use a stop so no obviuos way of calculating your position size i.e $per pip compared to account size. Is there any thread on FF relevant to this method? (I know the WMD strategy but this is slightly different)?

Thanks
  • #3,195
  • Jan 26, 2011 2:42pm Jan 26, 2011 2:42pm
Quoting lovejoy80
It's not for the feint hearted, but price averaging is a viable trading method if you now what you're doing IMO.

One last question if you don't mind, how do you decide on your initial positon size and further trade sizes...you dont use a stop so no obviuos way of calculating your position size i.e $per pip compared to account size. Is there any thread on FF relevant to this method? (I know the WMD strategy but this is slightly different)?

Thanks
definately not for the faint hearted, dnt think ill advice it though but its up to the individual.
about 1.5 / 2 yrs back a friend told me whenever he enters short, price runs long & vice versa....my response was whenever u think short, go long... he thought i was joking, havnt heard from him in a long while....dnt think he took my advice though, wld have heard from him.....lol
i took the advice i gave him, mine was instead of trying to grow my account instead try and blow it ..... surprising how the reverse started taking place as soon as my acc dipped a bit.
no problem, ill gladly answer ur questions to the best of my understanding.
depending on the pair, how price is moving, i do a lot of eyeballing / price projection and some other things to gagde how far it can/shld move ..... I then enter maybe 1% @ xpips .....it all depends though ( different actions recommends different rxns)
is it different? not sure .... owe the big guy the icing on the cake, made me think with his posts.
anyways, let me shorting this posts ....not the biggest fan of reading loooong posts so dnt let me do the same to u
been thinking of explaining in details how i see price move/behave ..... maybe / maybe not (time permitted)
Simplicity is the key to success
  • #3,196
  • Jan 26, 2011 3:21pm Jan 26, 2011 3:21pm
Hi,

have not read any of it yet, seems like a nice thread.

What is your return in % for the 9% since you ve started this thread? Sorry, I don't know if you disclose this info, just asking^^
I found a penny today. That's +100 pips for me.
  • #3,197
  • Jan 26, 2011 3:37pm Jan 26, 2011 3:37pm
Quoting lovejoy80
Missed out GU...a case of what could have been! I had an original position trade from few days ago and wanted to add at a higher level which I did in Asia last night but before I went to bed I decided to close it out and wait until London open...by time I got up it was too late the price had gone. Net +0.98R across both trades.

Thus, revised daily total +6.51R
Hi LJ

In the above post you placed your fibs on the recent down move on cable, as if preparing to touch short at the 50 fib. Did you get in this trade today? And if not any reasons for not considering the touch short?

Thanks
  • #3,198
  • Jan 26, 2011 3:43pm Jan 26, 2011 3:43pm
Quoting pmn100
Hi LJ

In the above post you placed your fibs on the recent down move on cable, as if preparing to touch short at the 50 fib. Did you get in this trade today? And if not any reasons for not considering the touch short?

Thanks
I did indeed take a short on cable , my order was at 1.5895 and it got hit eventually...I got out at BE when FOMC didnt oblige with what I wanted them to say! Been a losing day today for me, lots of little trades for BE (mostly postion trading as there isa lack of great setups IMO) and then I took a -0.75R loss on the sliver 4HR BEOB...still cant quite believe it didnt test the recent lows and the turnaeound in metals today.

So I had a-0.98R loss today overall.
  • #3,199
  • Jan 26, 2011 3:58pm Jan 26, 2011 3:58pm
Quoting lovejoy80
I did indeed take a short on cable , my order was at 1.5895 and it got hit eventually...I got out at BE when FOMC didnt oblige with what I wanted them to say! Been a losing day today for me, lots of little trades for BE (mostly postion trading as there isa lack of great setups IMO) and then I took a -0.75R loss on the sliver 4HR BEOB...still cant quite believe it didnt test the recent lows and the turnaeound in metals today.

So I had a-0.98R loss today overall.
Thanks. Good PA setups have been lacking this week imo.

I too saw that 4H on silver, but too late to trade. Thought it was good for those bar lows as well.
  • #3,200
  • Jan 26, 2011 3:59pm Jan 26, 2011 3:59pm
Quoting ReaM
Hi,

have not read any of it yet, seems like a nice thread.

What is your return in % for the 9% since you ve started this thread? Sorry, I don't know if you disclose this info, just asking^^
Hi,

Not sure what you mean by the "return for the 9%" ...?

I disclose what I made and lost on each setup in terms of reward to amount risked per trade. I risk between 1%-5% per setup depending on the quality of the setup, market conditions and how I'm feeling about my trading.

So for example last week I gained 8.48R thus if I risked 1% per trade I would have grown my account by 8.48% compared to the previous week.

I haven't kept a running total of my account growth since the start of my journal, my account size has increased due to my wins and also to increasing the money I use to trade so it's not easy to tell...plus I try to not focus too much on numbers as it can have a negative affect on my performance...I trade with a pretty sizeable account so focusing on taking my trades with a free mind and not the monetary amount at stake is very important.
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