Following Price | Page 2 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Price action following news releases 3 replies

Trading edge or following the crowd? 9 replies

Close Price VS Median Price (or other price types) 33 replies

Following the system 6 replies

Anyone following Tom DeMark's methods? 2 replies

Attachments: Following Price
Exit Attachments

Following Price

  • #21
  • Feb 14, 2011 6:59am Feb 14, 2011 6:59am
Quoting endroute
long on usdchf @ 9715, this was at the bottom of the doji that closed just above the 8ema in a strong uptrend. Now it is just a waiting game to see ft I get stopped out or the trade turns into something. .
if this trade is going to really go somewhere it needs to get past 9775 and before that 9744, it is now just a waiting game.
  • #22
  • Feb 14, 2011 8:06pm Feb 14, 2011 8:06pm
Quoting endroute
if this trade is going to really go somewhere it needs to get past 9775 and before that 9744, it is now just a waiting game.
got stopped out on this one and nothing else is all that interesting at the moment.
  • #23
  • Feb 15, 2011 2:41am Feb 15, 2011 2:41am
Quoting endroute
I can relate I have had a fair number of those too, though my doh moments are more like I can't believe I just did that even through everything I know says I should not have. How is your trading going these days?
Oh, you know, a cyclical pattern of utter frustration! Thanks for asking though.

But, this time last year it was frustration about not making profit. Now, it's frustration about inconsistent levels of profit so at least that's progress.
  • #24
  • Feb 15, 2011 5:27am Feb 15, 2011 5:27am
Quoting Trotty
Oh, you know, a cyclical pattern of utter frustration! Thanks for asking though.

But, this time last year it was frustration about not making profit. Now, it's frustration about inconsistent levels of profit so at least that's progress.
Its a dam slow path, I am glad your making progress. Speaking of dam slow, someone needs to kick the market in the ass and get things moving
  • #25
  • Feb 15, 2011 5:56am Feb 15, 2011 5:56am
Quoting endroute
Its a dam slow path, I am glad your making progress.
Thanks man. I'm happy with the method I trade but am always interested to see what you're working on so if you keep this updated, i'll certainly keep a keen eye on it.
  • #26
  • Feb 15, 2011 8:00am Feb 15, 2011 8:00am
Hi

My live account is with the broker which is GMT+1 and I have a demo with a broker which is GMT+2 and both are providing different candles in the H4 TF which on your opininion is the best to use with your strategy.

Thanks
  • #27
  • Feb 15, 2011 3:37pm Feb 15, 2011 3:37pm
Quoting K_Minos
Hi

My live account is with the broker which is GMT+1 and I have a demo with a broker which is GMT+2 and both are providing different candles in the H4 TF which on your opininion is the best to use with your strategy.

Thanks
Good question and after Kostas brought that point up I spent a lot of time looking at which broker time seemed to work the best by playing around with a few different demo accounts and found that they all worked pretty well and that my advice is to work with candle close times that work for you, so for me I have candle closes at 6am, 10am, 2pm, 6pm (daily close) 10pm and 4am (i am fast asleep at 4 am and don't care what happens).
  • #28
  • Feb 15, 2011 10:17pm Feb 15, 2011 10:17pm
This looks very simple and interesting. I'm looking forward to hearing more.
  • #29
  • Feb 16, 2011 5:09am Feb 16, 2011 5:09am
attached is a eur/jpy trade that I missed because I was not able to be at the computer at the candle close. This is a classic setup where the candle deadends into the 8ema or bounces off of it a bit after a decent little runup in price. so far this week it has been slow going in terms of finding setups but remember all it takes is one or maybe 2 good trades to make my weekly goal of 200 pips, and most weeks lately I have been netting 400+ pips each week.
Attached Image (click to enlarge)
Click to Enlarge Name: ei.gif Size: 21 KB
  • #30
  • Feb 16, 2011 6:23am Feb 16, 2011 6:23am
Quoting endroute
attached is a eur/jpy trade that I missed because I was not able to be at the computer at the candle close. This is a classic setup where the candle deadends into the 8ema or bounces off of it a bit after a decent little runup in price. so far this week it has been slow going in terms of finding setups but remember all it takes is one or maybe 2 good trades to make my weekly goal of 200 pips, and most weeks lately I have been netting 400+ pips each week.
In your first description, you talked about dojis that pierced the 8, or came close. This clearly is something other than a doji in this example. Did you mean a wick that pierces the 8 or comes close, or like here, the end of a bar when the wick is short? Or am I missing something?
  • #31
  • Feb 16, 2011 8:01am Feb 16, 2011 8:01am
Quoting duffypratt
In your first description, you talked about dojis that pierced the 8, or came close. This clearly is something other than a doji in this example. Did you mean a wick that pierces the 8 or comes close, or like here, the end of a bar when the wick is short? Or am I missing something?
When I was talking about the doji I was simply saying if you see a doji that does this here is how I trade it, I don't only look for doji. I am typically looking for a bounce off of the 8ema and that could be a doji or something else. In this case the candle ran to exhaustion and dead ended in the 8ema, which is another trade that I like
  • #32
  • Feb 16, 2011 4:50pm Feb 16, 2011 4:50pm
set a limit order for a short @ .9867
  • #33
  • Feb 17, 2011 1:06am Feb 17, 2011 1:06am
Quoting endroute
set a limit order for a short @ .9867
Thanks for answering my earlier question (and please let me know when I become annoying).

The way I read this chart, you needed about a 15 pip pullback to fill your limit order, and that answers one question I had (about where you were placing the limit orders). The other question is how long you will let the limit order sit unfilled before you cancel it? Is it simply a matter of time, or are you looking for something that would invalidate the trade?
  • #34
  • Feb 17, 2011 5:14am Feb 17, 2011 5:14am
Quoting duffypratt
Thanks for answering my earlier question (and please let me know when I become annoying).

The way I read this chart, you needed about a 15 pip pullback to fill your limit order, and that answers one question I had (about where you were placing the limit orders). The other question is how long you will let the limit order sit unfilled before you cancel it? Is it simply a matter of time, or are you looking for something that would invalidate the trade?
Good questions are never annoying. Price loves to revisit where it has been and one of the things I try to do is get taken along for the ride, especially if I don't see any of my normal setups, the candle bouncing off the 8ema or a nice little doji with the trend, I will place limit orders at around the 8ema level as price loves to visit there and retreat back from it. Not that it mattered on this trade because it expired, but I set my limit order a little to high, I came back and adjusted it down by a few pips to 9862 where the 8ema actually was. This is something that you can use on any time frame too to get pulled into a trade.

I will set limit orders expire after 12 hours, sometimes I will keep them open longer especially if price starts to range and my limit order is near the top or bottom of the range
  • #35
  • Feb 17, 2011 5:41am Feb 17, 2011 5:41am
not a lot of good setups and the couple of good ones I slept through so far this week, so far this week I am sitting at -27 pips from my failed swissy trade and I don't care because I know subsequent weeks will bring my far more pips than my trading plan sets as goals. I certainly could have taken a few trades that in hindsight looked ok but at the moment of decision did not, its more important to protect what you have than to take trades that you don't feel good about.
  • #36
  • Edited 4:53pm Feb 17, 2011 6:12am | Edited 4:53pm
These are actual trades from last week.

First chart is audusd, I will add more as I get time.

1. the bar did not quite touch and bounce off of the 8ema so this is not a strictly by the book trade, but something that happens often enough that you should pay attention to it. So here we have PA indicating a short (price repeatedly tries to pierce prior highs and just can't quite make it) you have the mas now sitting on top of each other and they have some direction (down), and the candle just closed with a very small wick. I will set a limit order right around the 20sma and get pulled into the trade standard 25 sl, setting an order right at the 8ema would have been silly because it was so close to the bar close.

For me the ideal entry would have been 2 candles earlier with the little doji, but I was fast asleep, the mas were in the right position 20sma on top of the 8ema for a short, not a lot of direction on the mas but some good pa, my stop would have been at the high of the previous candle in this case because I want to limit my downside, I typically do this on a doji by setting limit orders at the tops/bottoms of doji with bigger wicks or at mas.

2. this was an add on trade to 1, set limit order at the 8ema and got pulled into the trade. SL moved to breakeven for trades 1 and 2 after the bearish candle that close below the round # (1.0100)
3. set limit order right around the 8ema and let yourself get taken along for the ride.

trades 1, 2, 3 all closed out at 9974, when the trades get to far away from the 8ema you can pretty much count on a decent retrace back to at least the 8 if not the 20 and beyond.
Attached Image (click to enlarge)
Click to Enlarge Name: au.jpg Size: 132 KB
  • #37
  • Feb 17, 2011 12:51pm Feb 17, 2011 12:51pm
Quoting endroute
These are actual trades from last week.

First chart is audusd, I will add more as I get time....
I don't see the trades actually marked on the charts. It's easy enough to tell from your description where you set the limit orders for 1 and 2. But I'm not as sure about 3. For 3, are you setting limit orders all along the way around the 8, and waiting until one of them gets hit?

I also have a question about your money management for this series of trades. Is the idea of trade 2 or trade 3 to pyramid your lot size on money that you have already won from the trade? Thus, the risk on trade 3 is already paid for by the winnings that you've made on 1 and 2?
  • #38
  • Feb 17, 2011 4:23pm Feb 17, 2011 4:23pm
Quoting endroute
These are actual trades from last week.

First chart is audusd, I will add more as I get time....
Sorry I can't see where the trade start.One question for you when we have a doji 60-70 pip long with the wick pearcing through the 8, entry is the tip of the doji even thought it is 30 pip away?
  • #39
  • Feb 17, 2011 4:44pm Feb 17, 2011 4:44pm
Quoting duffypratt
I don't see the trades actually marked on the charts....
whoops my numbers did not show up on the charts, sorry about that I will repost the chart in the original post. I look at each trade as separate even thought they are all on the same pair in this case. Each trade has to stand on its own.
  • #40
  • Feb 17, 2011 4:48pm Feb 17, 2011 4:48pm
Quoting K_Minos
Sorry I can't see where the trade start.One question for you when we have a doji 60-70 pip long with the wick pearcing through the 8, entry is the tip of the doji even thought it is 30 pip away?
I usually pass on these types of trades.
0 traders viewing now