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  • #3,261
  • Feb 16, 2011 8:25am Feb 16, 2011 8:25am
I apologize for vagueness. If I remember the chart correctly, you had picked the swing high at a lower point than where I had. In learning to do this I was curious if there is a higer swing should this not be used then?
DM if you have any questions
  • #3,262
  • Feb 16, 2011 12:05pm Feb 16, 2011 12:05pm
Good evening!!!
LJ, can you advise, what is the reason not to take this pinbar? Its off strong PPZ and 61fib. And other ***CHF pairs around support levels... thanx
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  • #3,263
  • Feb 16, 2011 12:39pm Feb 16, 2011 12:39pm
Quoting makron
Good evening!!!
LJ, can you advise, what is the reason not to take this pinbar? Its off strong PPZ and 61fib. And other ***CHF pairs around support levels... thanx
The immediate former consolidation area would have put me off this PA setup as I'd see this as potential resistance and I wouldnt want to be trading straight into this.
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  • #3,264
  • Edited 2:13pm Feb 16, 2011 1:41pm | Edited 2:13pm
Hey Mark

Took a couple of touch trades today. Could you give your opinions?

First GBP/JPY. Yesterday's daily bull bar pushes through multiple highs shown on daily chart. Took touch long at 134.2 as shown on H1 chart. Went to break even at +20 pips as big push down before hand had me wanting to cover. Result, retraced to BE a couple of hours later.

Secondly, EUR/CHF. Approx 50% fib retrace of continuation swing as shown on daily chart. Confluence with PPZ, BRN, 20 EMA. Entry at 1.3005, went to BE when 1R up (blue rectangle on bottom H1 chart), out for BE on retrace.

Thanks

Edit: Charts have come out too small (am I saving them the wrong size in MT4?), but hope you get the gist.

GBP/JPY D1:
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GBP/JPY H1:
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EUR/CHF D1:
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EUR/CHF H1:
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  • #3,265
  • Feb 16, 2011 2:21pm Feb 16, 2011 2:21pm
Quoting pmn100
Hey Mark

Took a couple of touch trades today. Could you give your opinions?

First GBP/JPY. Yesterday's daily bull bar pushes through multiple highs shown on daily chart. Took touch long at 134.2 as shown on H1 chart. Went to break even at +20 pips as big push down before hand had me wanting to cover. Result, retraced to BE a couple of hours later.

Secondly, EUR/CHF. Approx 50% fib retrace of continuation swing as shown on daily chart. Confluence with PPZ, BRN, 20 EMA. Entry at 1.3005, went to BE when 1R up (blue rectangle on bottom H1 chart),...
The only real thing I would say here is why did you exit GJ so soon. Both of these are nice trades (I actually decided to eixt my GU short at 1.6000 and go long instead of taking GJ) setups IMO.

ECHF went to FTA on 1HR chart and reversed...whether you move to FTA or give it room depends on how confident you are with the area in question and how confident you are generally with touch trades. So for example you can either move to BE at FTA (or take some profit etc.) or just leave SL where it is until either a) you get a 4HR or daily close below the PPZ or b) on ECHf for example price breaks and closed above 1.3070 area then move the SL up to lock in some profit...the former method is much easier and mechanical when starting out...the more and more you watch charts the more you'll pick up a sixth sense as to what to do in individual scenarios.

With GJ I would be looking for price to get to the 135.00 area to take some profit, my SL would have been below 134.00 and I'd probably be looking to move to BE around now with a view to either move it up to 134.40-50 or take half profit and leave rest at BE if price reaches 134.95.
  • #3,266
  • Feb 16, 2011 2:25pm Feb 16, 2011 2:25pm
Quoting pmn100
Hey Mark

Took a couple of touch trades today. Could you give your opinions?

First GBP/JPY. Yesterday's daily bull bar pushes through multiple highs shown on daily chart. Took touch long at 134.2 as shown on H1 chart. Went to break even at +20 pips as big push down before hand had me wanting to cover. Result, retraced to BE a couple of hours later.

Secondly, EUR/CHF. Approx 50% fib retrace of continuation swing as shown on daily chart. Confluence with PPZ, BRN, 20 EMA. Entry at 1.3005, went to BE when 1R up (blue rectangle on bottom H1 chart),...
I really liked GJ too, but stayed out because of the bearish momentum following the gbp news. Wonder if it was a good decision or not, killer confluence I thought.
On e/chf, there was a broken Tl retest on that too, dating back from 12/2. I thought it was a bit choppier then gj, and personally was much more interested in GJ. I was really on the fence on this one, and decided to pass. Looked like it went to FTA easily. Curious too on LJ's thoughts on this one.

Funny to see these 2 setups, because this was exactly what I was looking at too.


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  • #3,267
  • Feb 16, 2011 2:29pm Feb 16, 2011 2:29pm
Quoting lovejoy80
The only real thing I would say here is why did you exit GJ so soon. Both of these are nice trades (I actually decided to eixt my GU short at 1.6000 and go long instead of taking GJ) setups IMO.

ECHF went to FTA on 1HR chart and reversed...whether you move to FTA or give it room depends on how confident you are with the area in question and how confident you are generally with touch trades. So for example you can either move to BE at FTA (or take some profit etc.) or just leave SL where it is until either a) you get a 4HR or daily close below...
Thanks Mark

Concerning G/J, I moved to BE after +20 pips as the big down move prior to it had me thinking weak GBP. So perhaps too cautious.
  • #3,268
  • Feb 16, 2011 2:58pm Feb 16, 2011 2:58pm
Quoting pmn100
Thanks Mark

Concerning G/J, I moved to BE after +20 pips as the big down move prior to it had me thinking weak GBP. So perhaps too cautious.
Same reason I didn't trade it myself, felt like the pound was going to tank. Didn't want to get in, and move my stops super quick, or go for what I thought would only be a scalp. In hindsight, with so much confluence, was probably a mistake.
  • #3,269
  • Feb 17, 2011 4:38am Feb 17, 2011 4:38am
Quoting Jlr
Same reason I didn't trade it myself, felt like the pound was going to tank. Didn't want to get in, and move my stops super quick, or go for what I thought would only be a scalp. In hindsight, with so much confluence, was probably a mistake.
If you look at the UK GDP results the other week you can see the smae thing happened...sharp move down followed by retracing the whole move from a support area...sometimes it pays to be aware of the affect of news but most of the time moves at news are just liquidity for the people waiting with orders to buy / sell (in this case buy).
  • #3,270
  • Feb 17, 2011 6:07am Feb 17, 2011 6:07am
Quoting lovejoy80
If you look at the UK GDP results the other week you can see the smae thing happened...sharp move down followed by retracing the whole move from a support area...sometimes it pays to be aware of the affect of news but most of the time moves at news are just liquidity for the people waiting with orders to buy / sell (in this case buy).
Exceptions to this I assume are NFP, FOMC, interest rate decisions maybe? What news do you prefer to stand aside on?

Thanks
  • #3,271
  • Feb 17, 2011 8:13am Feb 17, 2011 8:13am
Quoting pmn100
Exceptions to this I assume are NFP, FOMC, interest rate decisions maybe? What news do you prefer to stand aside on?

Thanks
Yes I dont usually trade around these times or take technical based trades when the market is clearly being driven by an external factor....for example the Egypt crisis...in these situation I would consider just buying a load of chf, jpy and usd.
  • #3,272
  • Feb 17, 2011 12:52pm Feb 17, 2011 12:52pm
Oops, had 2 bad setups today((
1) EURCHF. PB off PPZ zone and TL. SL hited
2) USDCHF Touch Trade. Strong PPZ, fib 50-61. SL hited

LJ, can you advise something? I trying to find good setups,but almost all my trades are loooosers
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  • #3,273
  • Feb 17, 2011 2:11pm Feb 17, 2011 2:11pm
Quoting lovejoy80
If you look at the UK GDP results the other week you can see the smae thing happened...sharp move down followed by retracing the whole move from a support area...sometimes it pays to be aware of the affect of news but most of the time moves at news are just liquidity for the people waiting with orders to buy / sell (in this case buty).
Thanks LJ, appreciate it. Need to start paying attention to that stuff more...

To makron, on u/chf I noticed that same trade myself. Was thinking of playing it, but it was tanking pretty hard (in fact maybe it was the weakest pair), and I noticed e/chf and g/chf seemed to be just past their main resistances, with a lot of room to drop. I thought the confluence was pretty good, but given the reason I had, I decided to pass. I'm curious what LJ thinks, I figured it would jsut be another conservative pass for me, that ended up going to the moon
  • #3,274
  • Feb 17, 2011 2:51pm Feb 17, 2011 2:51pm
Quoting makron
Oops, had 2 bad setups today((
1) EURCHF. PB off PPZ zone and TL. SL hited
2) USDCHF Touch Trade. Strong PPZ, fib 50-61. SL hited

LJ, can you advise something? I trying to find good setups,but almost all my trades are loooosers
The CHF's can be quite hard to trade at times in my experience and their moves can be very impulsive in nature sometimes without any cause...like today CHF strengthening when stocks and USD + JPY weakening is not something I can explain.

The pin bar setup was an easy pass for me, I wouldnt look twice at that...like yesterday look at what you are trading into...straight into a former consolidation area....I'd want some clear space in order to take that trade, plus I wasn't ahppy with how the CHF's were moving looked a bit disjointed to me so stayed away from them (I'm not particularly good at trading the CHF's just dont feel their flow particularly well or understand their moves at times).

I actually pondered quite a lot over that UCHF setup earlier and it just didn't look right to me. I wasn't happy with the fact all that consolidtion area with resistance @ 0.9475 wasn't higher @ the 0.9520 area...nothing really lined up...I really wanted the 61 fib to line up with a big clear PPZ and the 0.9500 RN...but it was all out of sync with the fibs not lining up with the two clear ppz's @ 0.9475 and 0.9520.

I actually decided that price was most likely to head back to 0.9475 (1st time back to this area) but as there was no other confluence decided to stay out.

This week has been pretty tough, price movements have been very choppy with low ranges and low momentum. I've fortunately grabbed some pips on 3 GU trades, but apart from that I'm happy to stay out as I know there will be some much better opportunities around the corner...things just seem a bit disjointed lacking momentum and direction at the moment.

I nearly took a touch trade on USDX today @ 78.00 but decided to just sit on my hands for the timebeing until I'm happier with how the market is flowing.

Hope my UCHF explanation made sense, not easy to try and explain what I mean.
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  • #3,275
  • Feb 18, 2011 2:06am Feb 18, 2011 2:06am
Quoting makron
LJ, can you advise something? I trying to find good setups,but almost all my trades are loooosers
Ok i dont know about u much but here's what i could advise,

You seem to be new to this touch trading stuff so it's pretty much normal to have alot of loosing trades, me and LJ also had them when we started, we still do loose,... but now we know why we lost and how could have avoided the loses and offcourse in the end u always have those loosing trades that cant be avoided in anyway. So dont worry about that it would take some months to get a feel for this stuff.

Again i dont know if u have done it or not but have a look at Rac's post in J16 thread and see how he draws his S/R alongside with that also check Jarroo's posts to see how he marks confluence in his charts.

I can see that u watch too many charts for a starter. Start out with very few major pairs i'd recommend EU,GU,UJ,UC,AU,EJ,GJ,NU,EG and than u can add CHF's after a while. Get a feel for them and than start to add more.

Start a journal and post every setup u are about to take so and than also when u close the trade. So u could have record of ur progress and other people can also help u out.

I see u have clean chart with decent PPZ marked and fibs, tl's etc but sometime i can see some iffy PPZ's that i personally wont consider marking. So just mark major swing levels and Pivot points on ur DAILY charts try to only trade them with confluence from other TF's. It's always confusing for new people to draw SR cause they dont to miss any level and they also want to keep it simple so its not something wrong with u particularly but just a general issue that takes some months to get solve. Remember if u missed marking a PPZ on your chart it means it was worth missing (mosta times).

Last and most important one, Many people think that touch trading is all about marking a PZZ, FIB and TL on your chart than put an order with a 20 pip SL and walk away. Actually it's not.

Marking those PPZ, FIB, TL's correctly is just half the story and it could be taught. The other half is about the Feel, Intuition (i always wanted to use this word. lol) Experience and gut feelings etc, and every one knows it cant be taught u can only get it by looking at the market (notice i dint said charts) with a purpose.

Again i dont know much about ur background so i hope i was not irritating by telling u the basics.
.
  • #3,276
  • Feb 18, 2011 3:07am Feb 18, 2011 3:07am
Quoting nasir.khan
Ok i dont know about u much but here's what i could advise,

You seem to be new to this touch trading stuff so it's pretty much normal to have...
Very good post Nasir.
  • #3,277
  • Feb 18, 2011 10:11am Feb 18, 2011 10:11am
Quote
With GJ I would be looking for price to get to the 135.00 area to take some profit, my SL would have been below 134.00 and I'd probably be looking to move to BE around now with a view to either move it up to 134.40-50 or take half profit and leave rest at BE if price reaches 134.95.

Notice how GJ went to FTA @ 135 and then went and hit the next obvioust resistance @ 134.40 as a double top. Sometimes you need some patience.

Grabbed some pips on EU short today and got a bit lucky and exited moments before it shot higher.

I'm still in GU long from Wednesday at 1.600, but other than that and a couple of GU shorts it's been a pretty choppy dull week.
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  • #3,278
  • Feb 20, 2011 8:59am Feb 20, 2011 8:59am
Quoting lovejoy80
Notice how GJ went to FTA @ 135 and then went and hit the next obvioust resistance @ 134.40 as a double top. Sometimes you need some patience.

Grabbed some pips on EU short today and got a bit lucky and exited moments before it shot higher.

I'm still in GU long from Wednesday at 1.600, but other than that and a couple of GU shorts it's been a pretty choppy dull week.
The chart shows the reasoning behind my EU touch trade...got a bit lucky with my exit as it was moment before it shot up after ECB comments about interest rate rises etc.
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  • #3,279
  • Feb 20, 2011 3:15pm Feb 20, 2011 3:15pm
lovejoy, apologies if you have already covered this, but how do you enter on these touch trades? Do you go in a few pips early, and where do you set stops? Thanks
  • #3,280
  • Feb 21, 2011 2:53am Feb 21, 2011 2:53am
Quoting rm55
lovejoy, apologies if you have already covered this, but how do you enter on these touch trades? Do you go in a few pips early, and where do you set stops? Thanks
I enter at where I think price is most likely to bounce...of course I dont want to miss the potential move either. I set my stop beyond an s/r level or just at a level where it is most likely if hit price will continue in the original direction. I'll share an example when I next take a touch trade....I just missed one I was desperate to take on GCHF @ 1.5400
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