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Trading Major Lines

  • #241
  • Feb 27, 2011 12:00pm Feb 27, 2011 12:00pm
Quoting wangyue22
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...
Thank you wangyue..I agree with your answer.
all the pairs against usd looking bullish at this time including gbpusd, audusd and audusd looking better than gbpusd in terms of price action.
Even though I don't trade any other pairs than eu these days because of my other works I've been busy with I could not help putting that audusd as a first chart in my mt4 platform to watch.(check the 1st chart)
But remember taking only low risk entries with good price action at the beginning of your setup candles no matter how strong you believe in your hindsight.(check the 2nd and 3rd charts)
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  • #242
  • Edited 12:37pm Feb 27, 2011 12:17pm | Edited 12:37pm
One more tip about price actions..
I find this very helpful over the times.
If it starts moving up initially I'll be getting more interested to short it
I know its almost at the next major number and its not the best location to open a new short as per what I said so far..
just giving an example for trading breakouts
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  • #243
  • Feb 28, 2011 1:12am Feb 28, 2011 1:12am
Quoting wangyue22
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...

Thank you for your help.
  • #244
  • Feb 28, 2011 4:08am Feb 28, 2011 4:08am
two attempts on eu..one died at break even other still on with stop at break even.
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  • #245
  • Edited 4:51am Feb 28, 2011 4:24am | Edited 4:51am
I also had one long on audusd died at break even..

p.s:when I made these charts I just opened a new position on audusd and died at b.e
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  • #246
  • Feb 28, 2011 1:31pm Feb 28, 2011 1:31pm
Nomask

these are certainly good examples of your trading and very interresting indeed. The reason I like what you do that it really determines the way you read the price. By that I mean you make the areas very clear where you will consider a price action to be a set up.
Engulfin bars, doji, wick and all sort of things occur all around the place. One of my biggest problem was and is to identify the areas on the chart to focus on.
Your ideas are really helpful and worth to consider.

I encourage you to continue with this forum. The method is very exact imho.
Kind Regards zol
  • #247
  • Mar 1, 2011 5:06am Mar 1, 2011 5:06am
Nice thread, thanks for sharing nomask!

http://i.imgur.com/pBDts.gif

http://i.imgur.com/Jx8LS.gif

Where would you recommend placing the fib, last bullish bar or low to high swing? To my eye and in hindsight, both looks good.

Would appreciate feedback from anyone.
  • #248
  • Mar 1, 2011 5:20am Mar 1, 2011 5:20am
Hey Nomask,

I find Post #244 very interesting as you demonstrate if you "throw enough low risk trades" at the long term trend, eventually a few will "stick". This is a great methodology.

Thanks for sharing,
Jon
  • #249
  • Mar 1, 2011 5:43am Mar 1, 2011 5:43am
Hello everyone..I'll be busy with some meetings all day long today..
I'll catch up with you later ..
good luck all.
  • #250
  • Mar 1, 2011 6:31am Mar 1, 2011 6:31am
Quoting jmf0805
Hey Nomask,

I find Post #244 very interesting as you demonstrate if you "throw enough low risk trades" at the long term trend, eventually a few will "stick". This is a great methodology.

Thanks for sharing,
Jon



____________
michael
Be like water.
  • #251
  • Mar 1, 2011 7:40am Mar 1, 2011 7:40am
Quoting nomask
Hello everyone..I'll be busy with some meetings all day long today..
I'll catch up with you later ..
good luck all.

Even though we are missing your analysis, we have enough patience to wait for you. Take your time nomask.

Thank you,
-happyTrading, maaj-
  • #252
  • Mar 1, 2011 1:11pm Mar 1, 2011 1:11pm
Quoting pa18
Nice thread, thanks for sharing nomask!

http://i.imgur.com/pBDts.gif

http://i.imgur.com/Jx8LS.gif

Where would you recommend placing the fib, last bullish bar or low to high swing? To my eye and in hindsight, both looks good.

Would appreciate feedback from anyone.
Hello pa and welcome...
I would place my fib on to my setup candle wherever it is...
For eurusd I took the weekly engulfing candle that sat righ on 1.3500 (median line) at post63 and you can read the following posts to see how I caught my entry that's been on since then.
one of the good part of this method is you do not need to think about where to put your fibs,trend lines or what location is important
  • #253
  • Mar 1, 2011 1:12pm Mar 1, 2011 1:12pm
Quoting jmf0805
Hey Nomask,

I find Post #244 very interesting as you demonstrate if you "throw enough low risk trades" at the long term trend, eventually a few will "stick". This is a great methodology.

Thanks for sharing,
Jon
hello jmf...
Thats totally what my goal is and its worth it..When I made first 1000+ I felt great..because It was a 6 pips risked entry.
  • #254
  • Mar 1, 2011 1:19pm Mar 1, 2011 1:19pm
Quoting maaj
Even though we are missing your analysis, we have enough patience to wait for you. Take your time nomask.

Thank you,
thanks maaj..I'm glad I didn't miss anything about eu since its been ranging all day..
So I'm not looking at this pair until its broken out of the range...still holding one long position @1.3569
by holding trades you also don't make so many bad trades..at most little tiny probes that cost nothing comparing to the gain I'm after..
set alert and close this chart..let the market decide what to do..
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  • #255
  • Mar 2, 2011 1:24am Mar 2, 2011 1:24am
Good morning everyone..
Here's today's plan with some more details about the method..
All I need is on those charts and remember my only long position @1.3569 entered with only 6 pips stop loss...
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  • #256
  • Mar 2, 2011 2:35am Mar 2, 2011 2:35am
Nomask :

Great clarity and precision, excellent. Thank you !

I especially like the low-risk entry vs reward aspect. And it is using the more valid higher TF candles as blueprint for lower timeframe entries - much better than just watching 5min with dozens of indicators, pivots and a microscope....


_________________
michael
Be like water.
  • #257
  • Mar 2, 2011 2:35am Mar 2, 2011 2:35am
Hai nomask,
first of all i want to thank you for your execelent strategy. curently i still practicing entry with 5 M tf but oftenly i failed. so for this trade i set my stop loss relatively huge.

here is the chart of my entry at NZD CHF. i have few question to ask if you dont mind.

1. can we take setup bar event the fib level of weekly hindsight bar didnot been touch by price ?
2. are we focus only on pin bar/inverted hammer/hanging man and bullish/bearish engulf setup only to take it as hindsight bar at 4H TF ?

thanks for you kind answer before

regards,
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SonY, Gold Is Every Where Gold, but Human Not Gold..
  • #258
  • Mar 2, 2011 6:29am Mar 2, 2011 6:29am
Hi

Just to check when is the best to long for long on GBPUSD ?? Do we need to wait for the weekly candle to close before we look for trade or we can wait for the 4hr candle to close on top of the support. Thank you
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  • #259
  • Mar 2, 2011 7:06am Mar 2, 2011 7:06am
As far as I understand the method, weekly gives us the overall picture and major levels of big round numbers/support & resistance.

We then take the 4h candle as signal candle and view this candle on a 5min chart - where we can see if a trend confirmation/rejection/retrace etc. happens.

The main reason why we drop down to a lower timeframe is the fact that we can place our stops closer to price.

Look at your chart : placing stops on that 4h chart would be very far away and require more risk capital....

===============

In the case of GBPUSD we had strong up moves and I would probably wait a bit for a retrace in case you intend to go long.

But nomask will tell you if my interpretation is correct or not.

Hope that helps.



___________
michael
Be like water.
  • #260
  • Mar 2, 2011 7:13am Mar 2, 2011 7:13am
Your chart again..... I missed it too. Next chance will come.



_________
michael
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Be like water.
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