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Trading Major Lines

  • #141
  • Feb 23, 2011 1:11am Feb 23, 2011 1:11am
Quoting tjfxtrader
Nomask:

Can we get a template? PLEASE!
Template attached..
and also candle timer that embedded in the template.
Attached File(s)
File Type: tpl major_lines.tpl   3 KB | 1,224 downloads
File Type: mq4 b-clock modified.mq4   2 KB | 971 downloads
  • #142
  • Feb 23, 2011 1:16am Feb 23, 2011 1:16am
Quoting tjfxtrader
In case a) your direction was wrong. Using large stops is "hoping".
well said..Large stop is totally "hoping" and most of the time you'll end up wasting your money because of large stops..
I found making 10 trades with 10 pips at a important level with aligned price actions in different time frames and good timing is thousand times better than entering one trade with 100 pips stop loss
  • #143
  • Feb 23, 2011 1:35am Feb 23, 2011 1:35am
Quoting wangyue22
hello nomask,

congratulations is in order for a great thread.

thank you for starting this thread, i enjoy your charts and your concise notes very much and is invaluable to me or anyone who wants to kiss.

it is kinda ironic after years of trading/coding custom indicators, I came back full circle to a naked chart (almost), just as when i opened up my first stock chart (naked). and it makes the most sense to me and offered me the freedom i searched for when i decided to learn how to trade in the first place by kiss.

i am really grateful...
Thanks Wang..Its been always nice to see you around..
I totally agree with all you said above..
The key is that less relevant the tool you use is the more powerful...
Major Lines not relevant at all but moving averages,indicators are..
Some set 10 ema while other setting 200sma..They wait price to close above/below them so they get signals in different times and start trading irrelevant.
As everybody in this business I too used loads of indicators..Finally I came back to naked charts as well..
But I think the reason behind this is also about market behavior that has changed significantly in last three years comparing to the period of 2000-2008...
Now its less trendy but more volatile.

the threads you mentioned (except mine) are very informative and eye opening ones I strongly advice them to anybody serious in this business.
They have better methods/mentoring in those free threads than any paid mentoring services around.Thats my opinion..

about that 16th century wall street I guess you right
http://upload.wikimedia.org/wikipedi...ffee_house.jpg
weird..!
still love Bruegel's works though..
  • #144
  • Feb 23, 2011 1:38am Feb 23, 2011 1:38am
update for today along with a new explanation will be available shortly..
Good trading to all.
  • #145
  • Feb 23, 2011 1:44am Feb 23, 2011 1:44am
Great thread nomask!

I always liked the idea Graeme gave as, and I've followed it for quite some time. But then I got lost trying to follow too many pairs. Now it's time to start all over again, little by little. Thank you for your thread.

Here are my positions. One from yesterday morning @ 1.3563 and two this morning, on M5 chart. First was on rejection of 50% Fibo on 0-4 4H candle, second on rejection of 61.8% Fibo on previous 4-8 4H candle.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: milli1.png Size: 48 KB
  • #146
  • Feb 23, 2011 1:54am Feb 23, 2011 1:54am
If you remember my early charts I mentioned about some zones (If you don't they are still there you can check them )
opening a new position zone
adding zone
watching zone
-----------------
Now we are in a watching zone as I believe (scientifically a fact) any position we open now has a lower chance to reach to the next major line up than a position supposignly opened in a "opening a new position zone"...
and also it has lower "possible" risk/reward ratio..
So what does this mean..
That means being not eager to open another position unless there is a really good opportunity
So in this zone everything should be very convincing..
Price action,movement,timing they all have to convince me to risk my money in watching zone..
and this is of course relevant but I like to treat the market sometimes conservative and sometimes aggressive upon change of risk,possibility to reach target,location,time,price action...
We are IMHO in my watching=conservative zone...
If a setup occurs here and I miss it by being extra cautious, Its totally fine. I need to manage,categorize my risks and I know I can't catch the every single setup.
This zone part of the method is more about personnel taste..
You don't even have to go in such details.
Attached Image(s) (click to enlarge)
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  • #147
  • Feb 23, 2011 2:08am Feb 23, 2011 2:08am
Quoting eufonia
Great thread nomask!

I always liked the idea Graeme gave as, and I've followed it for quite some time. But then I got lost trying to follow too many pairs. Now it's time to start all over again, little by little. Thank you for your thread.

Here are my positions. One from yesterday morning @ 1.3563 and two this morning, on M5 chart. First was on rejection of 50% Fibo on 0-4 4H candle, second on rejection of 61.8% Fibo on previous 4-8 4H candle.
Thanks a lot eufonia
I understood first two positions you opened and I can guess the reason behind them but the last position (3rd) you opened seemed little bit rush to me..
I did not open any trade yet as my platform did not give me any price action to observe..
only position on is the first one opened yesterday
But whatever happens I'll be more cautious than opening a new position.
  • #148
  • Feb 23, 2011 2:14am Feb 23, 2011 2:14am
Quoting nomask
If you remember my early charts I mentioned about some zones (If you don't they are still there you can check them )
opening a new position zone
adding zone
watching zone
-----------------
Now we are in a watching zone as I believe (scientifically a fact) any position we open now has a lower chance to reach to the next major line up than a position supposignly opened in a "opening a new position zone"...
and also it has lower "possible" risk/reward ratio..
So what does this mean..
That means being not eager to open another position...
I forgot to add this in my last post..
whenever you try a method I suggest you to focus on only one decent currency pair that has nice move with lower spread (its eu in my case)
focus on one entry method until you get mastered on it..
I mean keep things very clear,simple and easy to understand at the beginning then you can go more into details and put your own approach..
  • #149
  • Feb 23, 2011 2:19am Feb 23, 2011 2:19am
I don't like putting trend lines on my charts as they can easily get out of control but here at most how I use them..
just to understand what price respected in the past on the weekly chart...
and also to see if there is any confluence with major lines and fib levels.
but whenever you feel things getting complicated and more confused on your chart just get rid of what you added recently.
here is beauty of simplicity.
Attached Image (click to enlarge)
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  • #150
  • Feb 23, 2011 2:21am Feb 23, 2011 2:21am
Quoting nomask
Thanks a lot eufonia
I understood first two positions you opened and I can guess the reason behind them but the last position (3rd) you opened seemed little bit rush to me..
I did not open any trade yet as my platform did not give me any price action to observe..
only position on is the first one opened yesterday
But whatever happens I'll be more cautious than opening a new position.
You're right. It was a little rush, tryin' to catch possible up momentum for London open, after the break of 1.3700. This third position died at BE. And I'm in observing mode now.

Thank you again!
  • #151
  • Feb 23, 2011 2:55am Feb 23, 2011 2:55am
KISS is the only way to go .So this is it.

Hi nomask and all,

when one gets stopped out, the process starts again from the close of the 4hr bar, which must be bullish, yes? This in the weekly direction, yes?

Thanks for the great work
  • #152
  • Feb 23, 2011 3:01am Feb 23, 2011 3:01am
Quoting wangyue22
hello nomask,


i am really grateful to have tro, pipeasy and you to guide and teach me about trading, each offering a different yet important concept in trading, and i am really lucky to have read each of the threads in that order. hopefully, this thread will flourish and then the admins should put millipede, silent method, no brain and this thread in its own subforum as the four horseman of ff.

I am completely agree with wangyue22. I am learning so much from both PipEasy and Nomask. I appreciate their work. I know how much time, energy, resources these guys are putting in here to make us understand.

Thanks again, I still need to catch up this thread (I admit that i am a slow learner).
-happyTrading, maaj-
  • #153
  • Feb 23, 2011 3:18am Feb 23, 2011 3:18am
Quoting maaj
I am completely agree with wangyue22. I am learning so much from both PipEasy and Nomask. I appreciate their work. I know how much time, energy, resources these guys are putting in here to make us understand.

Thanks again, I still need to catch up this thread (I admit that i am a slow learner).
Thank you maaj.
Happy to hear that.
  • #154
  • Feb 23, 2011 3:27am Feb 23, 2011 3:27am
Quoting nomask
If you remember my early charts I mentioned about some zones (If you don't they are still there you can check them )
opening a new position zone
adding zone
watching zone
-----------------
Now we are in a watching zone as I believe (scientifically a fact) any position we open now has a lower chance to reach to the next major line up than a position supposignly opened in a "opening a new position zone"...
and also it has lower "possible" risk/reward ratio..
So what does this mean..
That means being not eager to open another position...

So, the watching zone will become new position opening zone towards the other direction,, depending on the Price action....
Haste not to Enter AND Haste not to Exit !-TradeStar
  • #155
  • Feb 23, 2011 4:03am Feb 23, 2011 4:03am
my 4 hr ending in 2 minutes forming a "possible" pinbar at double top..
Although I trade through my hindsight I test counter trading if I get a "good looking" opposite signal to my hindsight..
and I become very picky when I'm counter trading to my hindsight..
But even if my counter trade works I still keep my first trade..
Attached Image (click to enlarge)
Click to Enlarge Name: 61.png Size: 30 KB
  • #156
  • Feb 23, 2011 4:06am Feb 23, 2011 4:06am
Quoting TradeStar
So, the watching zone will become new position opening zone towards the other direction,, depending on the Price action....
Yes.In the early charts I must've pointed that out.
  • #157
  • Edited 4:52am Feb 23, 2011 4:20am | Edited 4:52am
While my long position is still on I just entered short and tested the counter direction and closed it with 1.7 pips loss..
If it was a real counter trend then It should have been moving without looking back..It was not even able to break that minor resistance at first..
So I'm not in when market hesitating..It does not matter if it moves after I quit.
Attached Image (click to enlarge)
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  • #158
  • Feb 23, 2011 4:40am Feb 23, 2011 4:40am
Quoting nomask
While my long position is still on I just entered short and tested the counter direction and closed it with 1.7 pips loss..
If it was a real counter trend then It should have been moving without looking back..It was not even able to break that minor resistance at first..
So I'm not in when market hesitating..It does not matter if it moves after I quit.
Like your thinking on the counter trend setup...great discipline. If the next 4hr print looks bearish will you try the CT again, or is that it for the CT trade for you now?
  • #159
  • Feb 23, 2011 4:47am Feb 23, 2011 4:47am
Quoting sidefx
Like your thinking on the counter trend setup...great discipline. If the next 4hr print looks bearish will you try the CT again, or is that it for the CT trade for you now?
timing is extra important for a countertrade...
because of the price did not make an instant move after my entry in counter direction now I'm less eager to counter trade..
I always see counter trade as a side road of the method..main road is trading based on weekly hindsight..So better not using all the gas in side roads..
  • #160
  • Feb 23, 2011 4:49am Feb 23, 2011 4:49am
Quoting sidefx
Like your thinking on the counter trend setup...great discipline. If the next 4hr print looks bearish will you try the CT again, or is that it for the CT trade for you now?
and if you're not disciplined enough then there is no need for counter trade..you can still make enough pips without counter trade.
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