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Trading Major Lines

  • #181
  • Feb 24, 2011 1:31am Feb 24, 2011 1:31am
hi nomask,

i have not traded since last long entry,currently i have sell position,i have attached my charts,entry's are taken on 5m,both positions at be+1,blue fib's are drawn by last 4h candle and golden fib is on last swing high,price is currently at 161.8 fib from 5m,what do you think,is the confluences of fib's important for profit taking or not,generally i want to hear your comments to my entry's,thank you!
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: 5m.png Size: 14 KB
Money is made by sitting, not trading. Jesse L. Livermore
  • #182
  • Edited 1:47am Feb 24, 2011 1:32am | Edited 1:47am
thats what's happening currently...
but truth is I do not close my long trade even if I get a succesful counter trade.
If I get a good counter trade I'll let market to get trapped by my two opposite positions.
Nothing exciting yet though.
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  • #183
  • Feb 24, 2011 1:34am Feb 24, 2011 1:34am
Quoting noer1962
giving this to this thread would be nice i think,

thanks for your hard work nomask, every entry, every hintsight is priceless to me. im sorry if i post less but i follow your post and entry making technique
regards,
, yes noer,i have done already
Money is made by sitting, not trading. Jesse L. Livermore
  • #184
  • Feb 24, 2011 1:43am Feb 24, 2011 1:43am
my chart on 1h,for me important levels to watch,what do you think?
Attached Image (click to enlarge)
Click to Enlarge Name: fib.png Size: 17 KB
Money is made by sitting, not trading. Jesse L. Livermore
  • #185
  • Feb 24, 2011 1:53am Feb 24, 2011 1:53am
Quoting noer1962
giving this to this thread would be nice i think,

thanks for your hard work nomask, every entry, every hintsight is priceless to me. im sorry if i post less but i follow your post and entry making technique
regards,
thanks a lot Noer..
I'm glad to hear that they're helping you..
  • #186
  • Feb 24, 2011 1:54am Feb 24, 2011 1:54am
Quoting sam69
hi nomask,

i have not traded since last long entry,currently i have sell position,i have attached my charts,entry's are taken on 5m,both positions at be+1,blue fib's are drawn by last 4h candle and golden fib is on last swing high,price is currently at 161.8 fib from 5m,what do you think,is the confluences of fib's important for profit taking or not,generally i want to hear your comments to my entry's,thank you!
these levels really good ones as long as you feel comfortable with your entry method.Its all good..
But taking profit is something very far from my entry levels..
and I target at least the next round number...
  • #187
  • Feb 24, 2011 2:00am Feb 24, 2011 2:00am
Quoting sam69
my chart on 1h,for me important levels to watch,what do you think?
about 1 hr charts...
Sure every time frame has importance but the main goal or rule is keeping things simple..
I used to use 1 hr as well but then I realized that I don't need them as I have enough timeframes already on (weekly,4hr,5min)
but one can use monthly,daily,1hr instead of my set of timeframe..
Its all up to you..
As you already know there is a difference between method and system...
Method is what I'm trying to offer here and system is what you implement from this method and other methods into your trading style and then making your own entry,exit,stop management rules depending on your characteristics,capital size, psychology,personal taste..etc
  • #188
  • Feb 24, 2011 2:07am Feb 24, 2011 2:07am
the reason I don't take any action on eurusd is my 4 hr candle not completed yet..
I don't care how far it can go without me..
Being disciplined is way more important than any 4hr candle or any big move
there'll be always massive moves but you won't make money without discipline.
Attached Image (click to enlarge)
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  • #189
  • Feb 24, 2011 2:10am Feb 24, 2011 2:10am
[quote=nomask;4425314]about 1 hr charts...
...main goal or rule is keeping things simple..


yes,its the best,one question with round numbers,its for you the 000 numbers (i.e. 1.3000, 1.4000...) or 00 numbers (i.e. 1.3100, 1.3200 etc.) ?,i know it sounds dumb because your target is 500-1000 pips...,question is,do you pay attention to those 00 numbers?
Money is made by sitting, not trading. Jesse L. Livermore
  • #190
  • Feb 24, 2011 2:15am Feb 24, 2011 2:15am
[quote=sam69;4425363]
Quoting nomask
about 1 hr charts...
...main goal or rule is keeping things simple..


yes,its the best,one question with round numbers,its for you the 000 numbers (i.e. 1.3000, 1.4000...) or 00 numbers (i.e. 1.3100, 1.3200 etc.) ?,i know it sounds dumb because your target is 500-1000 pips...,question is,do you pay attention to those 00 numbers?
rounder the number the more important...
I don't plot them on my weekly chart but sometimes I put them on my 4hr temporarily to see if there is any confluence with s/r level and if price is respecting any of them.

But I don't make my main hindsight based on those numbers...only big round numbers (1.3000-1.4000..etc) to make hindsight
  • #191
  • Feb 24, 2011 2:35am Feb 24, 2011 2:35am
Quoting nomask
the reason I don't take any action on eurusd is my 4 hr candle not completed yet..
I don't care how far it can go without me..
Being disciplined is way more important than any 4hr candle or any big move
there'll be always massive moves but you won't make money without discipline.

Hi Nomask

Firstly a nice thread you have hear clear price trading, what I look for. My question if it has been asked appologies in advance as I've not read through the read entirely yet. You say you wait for the completion of your 4H candle, now as many of us are in differnt timezones and our charts for 4H are differnt on your charts are your 4H GMT, +1,+2 etc?. I say this as my charts are set to london time GMT according to you does that make a differnce.

Thanks
  • #192
  • Feb 24, 2011 2:49am Feb 24, 2011 2:49am
Quoting kdx
Hi Nomask

Firstly a nice thread you have hear clear price trading, what I look for. My question if it has been asked appologies in advance as I've not read through the read entirely yet. You say you wait for the completion of your 4H candle, now as many of us are in differnt timezones and our charts for 4H are differnt on your charts are your 4H GMT, +1,+2 etc?. I say this as my charts are set to london time GMT according to you does that make a differnce.

Thanks
hi kdx..welcome to thread..
I've posted this earlier about it that you can find in the link below
http://www.forexfactory.com/showpost...3&postcount=72
best timeframe is the one in your local time..
  • #193
  • Feb 24, 2011 2:53am Feb 24, 2011 2:53am
Now its coming back all the way up and this is where people get frustrated about forex..
But not if you stay calm,patient and disciplined enough to follow your method.
follow the price but not every single wave...
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  • #194
  • Feb 24, 2011 3:05am Feb 24, 2011 3:05am
Quoting nomask
Now its coming back all the way up and this is where people get frustrated about forex..
But not if you stay calm,patient and disciplined enough to follow your method.
follow the price but not every single wave...
Hi nomask! Thanks for sharing your ideas with us.
This last 4H candle seems to have rejected last week's high as well and if it closes above, this would be a support area.
My previous 4H candle closed bearish (I'm with Alpari UK GMT+1) and I tried some counter-trades opposite to the weekly hindside, with minimum risk around 4 pips. Easily moved to BE, and died there with the last continuation up move.
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  • #195
  • Feb 24, 2011 3:18am Feb 24, 2011 3:18am
wow,i came back and see...both sl's are taken out, is this marked area a possible entry for long?, just in your case...
Attached Image (click to enlarge)
Click to Enlarge Name: 5m.png Size: 14 KB
Money is made by sitting, not trading. Jesse L. Livermore
  • #196
  • Feb 24, 2011 3:26am Feb 24, 2011 3:26am
Quoting nomask
the reason I don't take any action on eurusd is my 4 hr candle not completed yet..
I don't care how far it can go without me..
Being disciplined is way more important than any 4hr candle or any big move there'll be always massive moves but you won't make money without discipline.
WILL PRINT THISS !!!!!!!!
SonY, Gold Is Every Where Gold, but Human Not Gold..
  • #197
  • Feb 24, 2011 3:47am Feb 24, 2011 3:47am
Quoting sam69
wow,i came back and see...both sl's are taken out, is this marked area a possible entry for long?, just in your case...
my chart says I still need to wait little bit longer.
Attached Image (click to enlarge)
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  • #198
  • Feb 24, 2011 4:21am Feb 24, 2011 4:21am
Quoting nomask
my chart says I still need to wait little bit longer.
ok,thanks,in my case 23.6 fib of last swing high and last 4h candle (fib confluences) and an engulfing 5m candle in trend direction,so i think its a good opportunity to go long with the trend...
Attached Image
Money is made by sitting, not trading. Jesse L. Livermore
  • #199
  • Feb 24, 2011 4:36am Feb 24, 2011 4:36am
Quoting sam69
ok,thanks,in my case 23.6 fib of last swing high and last 4h candle (fib confluences) and an engulfing 5m candle in trend direction,so i think its a good opportunity to go long with the trend...
to me its still very aggressive and I don't use the 23.6 fib level but as I said earlier its all good as long as if it works for you.
and the candle on my 4hr doesn't seem to be a good price action but I'll put my fib on it and watch only if it gives me something good looking
Attached Image (click to enlarge)
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  • #200
  • Feb 24, 2011 6:51am Feb 24, 2011 6:51am
[quote=nomask;
... [B]very aggressive [/b]...

yes,my entry's are bit too aggressive,so i use very tight stops,of course i dont say i try to pick the high's/bottoms,your idea is very helpfull for me as "main goal" with big numbers because for me its easier where to look for enter/add/watch and i also "know" my entry's in trend direction have better chance and countertrades very risky now... , thank you very much for your inputs!
Money is made by sitting, not trading. Jesse L. Livermore
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