thank you for your respond .... really appreciate it .
- #262
- Edited 7:51am Mar 2, 2011 7:51am | Edited 7:51am
- Joined Oct 2008 | Status: Just be the witness. | 1,089 Posts
No problem, the thread is just starting and we will ( hopefully ) go through many examples. This will make it clearer.
Maybe if you go through Nomask´s charts and download his template.
Fact is : higher timeframe charts such as weekly, daily and 4h are much more reliable. We then use the information from those charts to find better entries with lower risk.
However, the goal is ( as I understand it ) ultimately not to catch some 5 or 15 pips here and there ( as typical scalpers would do, with high stress ), but to get in a trend gaining much more. Nomask already gave an example for this by entering very early on 1.3567 something - see where we are today.
Regards,
__________
michael
Maybe if you go through Nomask´s charts and download his template.
Fact is : higher timeframe charts such as weekly, daily and 4h are much more reliable. We then use the information from those charts to find better entries with lower risk.
However, the goal is ( as I understand it ) ultimately not to catch some 5 or 15 pips here and there ( as typical scalpers would do, with high stress ), but to get in a trend gaining much more. Nomask already gave an example for this by entering very early on 1.3567 something - see where we are today.
Regards,
__________
michael
Be like water.
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.
===============
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michael
Hello msmarple,
I think you put it correctly.
-happyTrading, maaj-
. I missed it too. Next chance will come.
- #271
- Mar 2, 2011 12:14pm Mar 2, 2011 12:14pm
Hi guys
I am just trying to implement this method my own way. I succesfully longed EU at
3782 and have been long since 3610. I am with Nomask on this pair.
Also, here is my USDCAD trade. I will look for couple more minutes and may close my second position as I find it too much of a rush.
I also did not take into accont levels with USDCAD, except one. 0.9000.
In fact, as writing this post I actually exited already. So I am short at 9751. I have a strong hope of this pair collapsing to 9000. Maybe not yet and maybe my BE position will be taken out. Perhaps my next 5 attempts will be taken out as well. But this is trading.
EDIT: Just the reason to exit: it did not break down as I would have liked.
Charts:
I am just trying to implement this method my own way. I succesfully longed EU at
3782 and have been long since 3610. I am with Nomask on this pair.
Also, here is my USDCAD trade. I will look for couple more minutes and may close my second position as I find it too much of a rush.
I also did not take into accont levels with USDCAD, except one. 0.9000.
In fact, as writing this post I actually exited already. So I am short at 9751. I have a strong hope of this pair collapsing to 9000. Maybe not yet and maybe my BE position will be taken out. Perhaps my next 5 attempts will be taken out as well. But this is trading.
EDIT: Just the reason to exit: it did not break down as I would have liked.
Charts:
Kind Regards
zol
- #272
- Mar 3, 2011 1:57am Mar 3, 2011 1:57am
- Joined Oct 2008 | Status: Just be the witness. | 1,089 Posts
Zol, very good, I will try to look out for setups and post them as well. I am just very cautious before ECB today and NFP tomorrow...but then narrow range days should give way to more trends again.
__________
michael
__________
michael
Be like water.
- #273
- Mar 3, 2011 5:28am Mar 3, 2011 5:28am
Zol, very good, I will try to look out for setups and post them as well. I am just very cautious before ECB today and NFP tomorrow...but then narrow range days should give way to more trends again.
__________
michael
I totally agree. In fact I am not adding to it thix week anymore. I know that many traders spotted USDCAD heading to 9000. It is important to note though that with the revolution in the middle east, oil is going to the moon along with gold and silver, this is now a very delicate environment IMHO.
For example: if tomorrows numbers are really different as expected a big move might happen. By all means, I believe fo now EUR is more attractive for safety than the USD.
But whatever happens we must ensure we stay in business for the upcoming years
Kind Regards
zol
Zol, very good, I will try to look out for setups and post them as well. I am just very cautious before ECB today and NFP tomorrow...but then narrow range days should give way to more trends again.
__________
michael
I only check to see if there is a major release right after my entry..If not I don't care what fundamentals bring me or what they mean..
Its going to either cooperate with my position or stop me out at break even..
today it worked out in my favor so far..but also stopped me out at break even with my new buy position of today..
- #275
- Mar 3, 2011 9:53am Mar 3, 2011 9:53am
- Joined Oct 2008 | Status: Just be the witness. | 1,089 Posts
Thanks nomask, noted ! I might be still experiencing some traumatic news trading flash-backs......I remember a big shot at Fxstreet covering live NFP and recommending buy stops and sell stops 1min before the announcement. You can imagine what happened.
But I am aware that your way of trading is totally different. That is why I am here... .
_________
michael
But I am aware that your way of trading is totally different. That is why I am here...
._________
michael
Be like water.
