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Trading Major Lines

  • #221
  • Feb 25, 2011 2:35am Feb 25, 2011 2:35am
Today's charts...
We now have one last hurdle around 1.3850 before reaching 1.4000 level .
but only if price still wants to move further up.

p.s:you can no longer see my long position on my demo charts as I had to re-open a new demo account due to some bug kind issues..
But I still hold the same position at 1.3569 in my live account.
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  • #222
  • Feb 25, 2011 2:51am Feb 25, 2011 2:51am
Quoting nomask
Today's charts...
We now have one last hurdle around 1.3850 before reaching 1.4000 level .
but only if price still wants to move further up.

p.s:you can no longer see my long position on my demo charts as I had to re-open a new demo account due to some bug kind issues..
But I still hold the same position at 1.3569 in my live account.
Hello Nomask,

Thank you for the last chart. I think we are having very identical chart. I was also noticing the same resistance at around 1.3850 area. In this instance, do you place buy stop? or wait for the current 4hr candle to end?

Thank you.
-happyTrading, maaj-
  • #223
  • Feb 25, 2011 3:12am Feb 25, 2011 3:12am
Quoting maaj
Hello Nomask,

Thank you for the last chart. I think we are having very identical chart. I was also noticing the same resistance at around 1.3850 area. In this instance, do you place buy stop? or wait for the current 4hr candle to end?

Thank you.
I don't use buy stops and honestly I'll be just watching it because I enter only upon a new price action.
  • #224
  • Feb 25, 2011 10:51pm Feb 25, 2011 10:51pm
hi nomask,

our last buy "died" @ be , i had a sell trade yesterday from 1.3830 - 1.3745,here are my thoughts for possiblity,i think your hindsight is still not changed,please look at my charts and analysis,thanks!
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Money is made by sitting, not trading. Jesse L. Livermore
  • #225
  • Feb 26, 2011 3:13am Feb 26, 2011 3:13am
Quoting sam69
hi nomask,

our last buy "died" @ be , i had a sell trade yesterday from 1.3830 - 1.3745,here are my thoughts for possiblity,i think your hindsight is still not changed,please look at my charts and analysis,thanks!
hi sam..I find hammers not reliable enough to make hindsight based on them.
Yes I'm still biased bullish ..
Here's my chart of eu..
I'll try to post from other pairs if I find something good looking...
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  • #226
  • Feb 26, 2011 5:18am Feb 26, 2011 5:18am
Here is mine. Take Profit 1 2 and 3 hit. The retrace since nobody want to hold during weekend. Will put new chart up today or tomorrow.
Going to check bigger timeframe for next week.
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  • #227
  • Feb 26, 2011 5:31am Feb 26, 2011 5:31am
Here is the 4hr
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  • #228
  • Feb 26, 2011 9:59am Feb 26, 2011 9:59am
Quoting hutrader
Here is the 4hr
Hello hutrader.
I don't necessarily agree with setting up targets on 4hr timeframe idea..
and I don't want to clutter this thread with so many stuff but here what if I shoot fib expansions on weekly and say since price already reached 2nd expansion now its heading up to 3rd expansion around 1.5000 major level..
But one thing for sure is I have no control over the market whether I set my target for couple ten pips or thousand pips..
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  • #229
  • Feb 26, 2011 2:07pm Feb 26, 2011 2:07pm
Hallo Nomask

I am so glad you started this thread. I started to follow Pipeasy's millipede thread a few months ago. I also spend time during last week on Clockwork71's thread as per your suggestion. From Graeme's thread most important thing that I learned is low risk infinite reward expectation. From Clockwork71's tread the importance of location and comfort struck a cord with me. I think learning your approach could be the one thing that I need to trigger my entries as per Graeme's teachings. I believe your style to trading is what suits my personality and comfort levels.

Looking forward to rest of this journey of how to KISS.
Much depend on luck, but the more you practice the luckier you get! NT & GP
  • #230
  • Feb 27, 2011 1:26am Feb 27, 2011 1:26am
Quoting pa_pips
Hallo Nomask

I am so glad you started this thread. I started to follow Pipeasy's millipede thread a few months ago. I also spend time during last week on...
i agree with you pa pips, i also learned that it is not the price pattern that is the most important, it is the location of which it occurs. also, if i remember correctly, nomask has said that timing is also very critical for a profitable trade.

this then lead me to think that making a good trade is like getting the girl/guy of your dreams, it is all about timing and location.

since we all need humor in our life, i just couldn't help myself in thinking about this youtube video i saw a while back. hope at least some of you had a good laugh out of it. (i guess the timing and location is both wrong in the video, feel bad for the guy and the girl)

[url///]http://www.youtube.com/watch?v=eZQdydWtGis[/url] [to keep the post clean without much junk, copy and paste the url ]

after some laughter i hope,
while i was doing my weekly hw,
some interesting pairs to note on the upcoming week:
usd/cad
usd/chf
eur/gbp (box)
eur/jpy (box)

=======================
Hello NoMask, I attached my chart below and was wondering if you think there are any areas you see differently than me. any advice and criticism would be greatly appreciated.

p.s. it is amazing what happens at round numbers and half round numbers. maybe thats why the jpy pairs are so choppy on intraday level, LOL

(they are quite nice on a weekly level though, jumping 10s)
Attached Image (click to enlarge)
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  • #231
  • Feb 27, 2011 3:57am Feb 27, 2011 3:57am
Quoting nomask
I'll focus on eurusd only for my charts but when I'm done with my explanation we can discuss more about other pairs as well...
These charts illustrate my interested zones for different purposes.
Hi Nomask, so how do you calculate your zones?
lets say the price passes 1.40 do you use 100 pips as the opening Zone, 200-500 pips as the adding zone and then the other 500 as the watching zone, do you always stick to this, how does this play out currently in EUR/USD

thanks
  • #232
  • Feb 27, 2011 4:00am Feb 27, 2011 4:00am
Quoting wangyue22
i agree with you pa pips, i also learned that it is not the price pattern that is the most important, it is the location of which it occurs. also, if i remember correctly, nomask has said that timing is also very critical for a profitable trade.

this then lead me to think that making a good trade is like getting the girl/guy of your dreams, it is all about timing and location.

since we all need humor in our life, i just couldn't help myself in thinking about this youtube video i saw a while back. hope at least some...
Hellow wang..
excellent summary of what I meant to say about timing and location idea in one sentence..
I had hard laugh at that video too...

Location is something we already decided (major round numbers 1.0000 1.1000 and half round numbers like 1.1500,1.2500) because of the past price actions around those levels and not because me or any retail trader makes these level important but banks,financial companies,big investors,etc.. do.

major numbers are for setting up ultimate targets and half round numbers for adding positions and some counter trade opportunities if price signals opposite direction...

about eu target of 1.45 level I believe that area worth to watch too but my reason was not the fib of mega move down as you can see on my chart but after you said that it even makes that level even stronger in this case of course only if price is still heading up..
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  • #233
  • Feb 27, 2011 4:01am Feb 27, 2011 4:01am
Quoting pa_pips
Hallo Nomask

I am so glad you started this thread. I started to follow Pipeasy's millipede thread a few months ago. I also spend time during last week on...
Thank you pa_pips..
  • #234
  • Feb 27, 2011 4:25am Feb 27, 2011 4:25am
Quoting RED-Dragon
Hi Nomask, so how do you calculate your zones?
lets say the price passes 1.40 do you use 100 pips as the opening Zone, 200-500 pips as the adding zone and then the other 500 as the watching zone, do you always stick to this, how does this play out currently in EUR/USD

thanks
Hello Red
I don't calculate zones like you mentioned since I don't use any but I prefer adding between 1.4000-1.4500 as they have higher chance of survival and better r/r than any position opened in between 1.4500-1.5000.
But as you can see my last position on eu it is at 1.36 level which is above the zone that I prefer adding but the reason is it was very convincing price action around the level of 1.3500 and gave me a good entry opportunity.
So this classification of levels is not essential part of the method maybe more about detailing personal trading style.
I can trade both aggressive and conservative ways.So those opening,adding and watching zones define my trading style..I trade most aggressive on adding zone and less aggresive on opening zone and conservative on watching/probing zone.
But this is all very personal way of trading and with any method you'll be making these type of classes based on your trading skills.
  • #235
  • Feb 27, 2011 8:33am Feb 27, 2011 8:33am
Hello nomask,

Thanks a lot for expounding more on your method by opening this thread. Little did I know that the stuffs I learned from you at “Building an equity millipede” thread were just the tip of the iceberg!

Your teachings really complimented well with what I have acquired from Sir Graeme.

Kudos to you and to this thread.

Have a nice day.
  • #236
  • Feb 27, 2011 9:05am Feb 27, 2011 9:05am
Wonderful effort and time you spend on educating new trader like us. I think this is the best explanation with clear detail chart i have read after one year of searching on forum. Looking forward on your next info.
  • #237
  • Feb 27, 2011 9:25am Feb 27, 2011 9:25am
Hi NOMASK,

I have read your EURUSD Example. Can you consider GBPUSD is Bullish when the weekly candle close on top of 1.6000 ??
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  • #238
  • Feb 27, 2011 11:01am Feb 27, 2011 11:01am
Quoting nomask
I don't use buy stops and honestly I'll be just watching it because I enter only upon a new price action.
nomask thanks .... I hope you will succeed with forextrading ..... good job
  • #239
  • Feb 27, 2011 11:28am Feb 27, 2011 11:28am
Quoting cwl0375
Hi NOMASK,

I have read your EURUSD Example. Can you consider GBPUSD is Bullish when the weekly candle close on top of 1.6000 ??

hello, cwl, i know you address the question to nomask directly, but i think i could be of little help in answering the question.

if you are asking no mask for the purpose of whether the set up/ your evaluation of the pair is a valid one, i could not help you there.

but: if you are looking to trade GBPUSD in the coming weeks, i suggest keep an eye on audusd instead, it is much more bullish, about to break the alltime high if i remembered correctly. also, check out gbp/aud cross (weekly engulfing pin) and eur/aud (good looking pin at the right place ), both showing bearish weakness in relation to aud.

thanks for the GBP heads up, was gonna trade the eur cross, may just go for the GBP cross instead. ^.^

hope my response helped a little until nomask comes back
  • #240
  • Feb 27, 2011 11:32am Feb 27, 2011 11:32am
Quoting cwl0375
Wonderful effort and time you spend on educating new trader like us. I think this is the best explanation with clear detail chart i have read after one year of searching on forum. Looking forward on your next info.
thank you cwl for your compliments..
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