Trading Major Lines | Page 15 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Horizontal Lines on Round/Major Numbers? 30 replies

execution time for major broker, major pairs 3 replies

Trading With Speed Resistance Lines 12 replies

Trading With Median Lines book 1 reply

How to Build a Trading System around these Lines 15 replies

Attachments: Trading Major Lines
Exit Attachments

Trading Major Lines

  • #281
  • Mar 4, 2011 9:56am Mar 4, 2011 9:56am
Quoting nomask
thanks a lot cwl..

price made its first attempt to break 1.4000 level after major news release today..
I started watching it in 5min timeframe as price made a 4hr pinbar right at 1.4000 level.
But failed to make a good bearish price action so far...
HI Nomask,

I've been looking at your method in more detail, the more I've analysed the more I like it even though the principles in your method are similar to how I normally trade which is PA. I've several questions but over the weekend I will arrange some charts to edit and show so will take a bit of time. A Comment on your last post after that 4H bearish pin I take it you were looking for a counter trade than in your 5min eg you show price retracing to the 61.8 with a pin bar and than you got a second pin bar, you say you dont trade 5min without confirmation candle now was the 2nd pin not a confirmation candle as it got rejected twice from the same point and at 61.8 level. Can you please explain and show what you consider a confirmation candle on the 5 min please.


Thanks
  • #282
  • Mar 4, 2011 12:18pm Mar 4, 2011 12:18pm
And we finally made it almost to 1.4000.....

I wish everyone a good weekend, and again thanks to Nomask !




__________
michael
Attached Image (click to enlarge)
Click to Enlarge Name: 2011-03-04_1911_eurusd_weekly.jpg Size: 114 KB
Be like water.
  • #283
  • Mar 4, 2011 1:09pm Mar 4, 2011 1:09pm
Quoting msmarple
And we finally made it almost to 1.4000.....

I wish everyone a good weekend, and again thanks to Nomask !




__________
michael

Yap It touched 1.40000. My 1st entry still running, but other 2nd & 3rd entries closed at BE due to NFP price fluctuation. No regret as I did not lose single pip to establish all three positions.
-happyTrading, maaj-
  • #284
  • Mar 5, 2011 1:30am Mar 5, 2011 1:30am
Quoting kdx
HI Nomask,

I've been looking at your method in more detail, the more I've analysed the more I like it even though the principles in your method are similar to how I normally trade which is PA. I've several questions but over the weekend I will arrange some charts to edit and show so will take a bit of time. A Comment on your last post after that 4H bearish pin I take it you were looking for a counter trade than in your 5min eg you show price retracing to the 61.8 with a pin bar and than you got a second pin bar, you say you dont trade 5min without...
if that were me, i would like to see bearish candle after that pin at least not half of that pin got passed i'll take the trade, or i wait the 0 level of passed to enter.
  • #285
  • Mar 5, 2011 1:50am Mar 5, 2011 1:50am
Quoting Joeyd
You called it beautifully - thanks for this new insight, for me at least, in trading with much less stress. I'm still working on entering on the 5m chart - will get there.
thanks joey.You are right about trading with such method is less stressful and sometimes its even boring which is a good sign for a trading method.
Because boredom caused by consistency in repeated actions.This is important to trade any method successfully.

Quoting kdx
HI Nomask,

I've been looking at your method in more detail, the more I've analysed the more I like it even though the principles in your method are similar to how I normally trade which is PA. I've several questions but over the weekend I will arrange some charts to edit and show so will take a bit of time. A Comment on your last post after that 4H bearish pin I take it you were looking for a counter trade than in your 5min eg you show price retracing to the 61.8 with a pin bar and than you got a second pin bar, you say you dont trade 5min...
hello kdx..Any questions are welcome.
about your comment,I love trading pinbars and they're my favorite but I never rely on a pinbar by itself.
after a pinbar formed,I need to see some volume in the pinbars direction to take an action.
Because a pinbar only means indecision of market (sellers and buyers fought and they got tired but no side winner yet) which is a good sign that pullback might be ended but still we need a candle that shows us who the winner is..
In the example you asked second pinbar only makes the meaning of indecision stronger but still no obvious sign about who the winner is.

I'll post a good example of pinbar setup as I find it...
Attached Image (click to enlarge)
Click to Enlarge Name: 115.png Size: 39 KB
  • #286
  • Mar 5, 2011 1:56am Mar 5, 2011 1:56am
Quoting nomask
thanks joey.You are right about trading with such method is less stressful and sometimes its even boring...
I just realized that I posted something similar before..
http://www.forexfactory.com/showpost...&postcount=161

In the example the candle after the pinbar being confirmation candle giving us opportunity to enter.
  • #287
  • Mar 5, 2011 2:13am Mar 5, 2011 2:13am
Quoting msmarple
And we finally made it almost to 1.4000.....

I wish everyone a good weekend, and again thanks to Nomask !




__________
michael
Thank you too msmarple..
That would be even better though if it did break the 1.4000 level but as everybody knows that the market does the way no matter what we want to see.

We always hear that "plan your trade,trade your plan" quote but some people think that this means expecting price moving in the direction of our positions.
Instead, I think it means defining the possibilities,odds and being prepared for both direction.
So now I already covered long position because of my existing long position if anything bad happens next week this time I'll try to establish short positions without closing my long trade
Attached Image (click to enlarge)
Click to Enlarge Name: 116.png Size: 27 KB
  • #288
  • Mar 5, 2011 2:16am Mar 5, 2011 2:16am
Quoting maaj
Yap It touched 1.40000. My 1st entry still running, but other 2nd & 3rd entries closed at BE due to NFP price fluctuation. No regret as I did not lose single pip to establish all three positions.
good job maaj..Congrats on your long
  • #289
  • Mar 5, 2011 2:25am Mar 5, 2011 2:25am
Quoting nomask
good job maaj..Congrats on your long
In fact I should thank you. I am learning from your posts and trying to implement what you have thought us.

Thank you..and have a nice weekends.
-happyTrading, maaj-
  • #290
  • Mar 5, 2011 3:59am Mar 5, 2011 3:59am
Quoting nomask
Thank you too msmarple..
That would be even better though if...

keep it up mate..i trade very similar now but mine are auto pivot on daily, weekly and monthly .
you have my vouch.
MY OPINION NOT FINANCIAL ADVISE
  • #291
  • Mar 5, 2011 4:21am Mar 5, 2011 4:21am
Quoting maaj
In fact I should thank you. I am learning from your posts and trying to implement what you have thought us.

Thank you..and have a nice weekends.
Quoting donfriday
keep it up mate..i trade very similar now but mine are auto pivot on daily, weekly and monthly .
you have my vouch.
Thank you guys for your compliments.
We're just learning from each other.all that matters.
  • #292
  • Mar 5, 2011 4:55am Mar 5, 2011 4:55am
here is another very simple and yet clean example of ej even though its not my favorite pair..
But every single pair should be traded if you had a valid method..
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 117.png Size: 30 KB
Click to Enlarge Name: 117_1.png Size: 29 KB
Click to Enlarge Name: 118.png Size: 32 KB
Click to Enlarge Name: 119.png Size: 29 KB
  • #293
  • Mar 5, 2011 5:54am Mar 5, 2011 5:54am
Nothing much to say ...take a good look at the confluence weekly and monthly resistance 1.40 -1.39..in this zone i will be looking for a short down to 1.3850-35 resistance that turn support..i still see eu bullish in march base on current pa
Attached Image (click to enlarge)
Click to Enlarge Name: 3-5-2011 11-41-48 AM.png Size: 31 KB
MY OPINION NOT FINANCIAL ADVISE
  • #294
  • Mar 5, 2011 6:15am Mar 5, 2011 6:15am
Quoting nomask
thank you too msmarple..
That would be even better though if...

i am watching this level to 1.4065 any sign of weakness could be short advantage
MY OPINION NOT FINANCIAL ADVISE
  • #295
  • Mar 5, 2011 12:47pm Mar 5, 2011 12:47pm
Hi nomask

I just happened to see this thread today and finished reading all the posts from page1 to 20 in this thread! I could understand most of it and found them interesting.

Very good work & easy to understand yet very reliable. Thanks a lot. I have been trading with MAs and other indicators all over my charts with lot of stress, and found your system a stress reliever!!!
I shall practice this in the coming week and try adopting to it.

Thanks once again, for this wonderful piece of information/study. I wish I could have seen this on the day when it started, so that I would have been stressFREE for nearly a month by now!!!
  • #296
  • Edited 4:27pm Mar 5, 2011 4:24pm | Edited 4:27pm
I want to focus on eurusd mainly, but occasionally I find other pairs interesting.

I drew some weekly major lines in Nomask style - I was interested in the weekly bearish engulfing bar and the subsequent move up.

It seems as if price has been rejected by 135.00, we will see how this works out next week. I would like to post a 5min chart as well, but this really only makes sense when the markets are open.

================================
( @ donfriday : nice to see you, it is always good when experienced traders come out of their caves.... )

( Edit : the diagonal lines are not relevant for this method, I am mainly focusing on the candlesticks themselves and price action only )
===============================

Everyone a good weekend !

Michael
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 2011-03-05_2255_gbpjpy_weekly_zoomin.jpg Size: 141 KB
Click to Enlarge Name: 2011-03-05_2254_gbpjpy_4h.jpg Size: 100 KB
Click to Enlarge Name: 2011-03-05_2302_gbpjpy30min.jpg Size: 135 KB
Be like water.
  • #297
  • Mar 6, 2011 2:36am Mar 6, 2011 2:36am
Hi,

the way I see. Commentary on the charts. I have 2 positions and will hold on to them. There is the forever question though. How will I fell if the market comes down and my paper profit goes to zero? Will I chicken out?

I recommend you all to note the followings very carefully:

I was long on EU recently at the following levels:

3043
3353
3396
and some more above these levels.

My entry risk on each of these positions were 20 pips.

So I did exit from these positions as the market went downt till 3427 on 02.14.11.
Assuming I would have had what it takes, I would be VERY COMFORTABLY up, say, 376+204+944+634+591=2749 pips only from EU (including my current 2 positions). My learning account is down serious 27.6% at the moment. This 2749 pips means I would have been nicely recovere all my loss and be in a small profit. Similar is tru to some of my other positions in other pairs.

I am confident in saying that the method Nomask is representing (also see the threads he mentioned before) is a serious way to make money. Because if through practicing and learning we are able to enter the market with low risk easily, it is also not a big deal to hold on to the positions.

What a lesson to me!

PS: I forgot out that I was long also at 1500. My statement is full of BE and minor positions that I lost it. So that adds 488 pips to the equation and additional paper profit to my account. Also, i have a bigger account wich i trade as well. I am up some 20% and the reason is that I did hold on to 1 single position. One. The rest made me an overall small loss but this one a big profit. Anyway we have a lot of time to learn how to trade profitable.



Attached Image (click to enlarge)
Click to Enlarge Name: 2011-03-06_1.png Size: 54 KB


Attached Image (click to enlarge)
Click to Enlarge Name: 2011-03-06_2.png Size: 57 KB
Kind Regards zol
  • #298
  • Mar 6, 2011 2:37am Mar 6, 2011 2:37am
Also watching this pair:
Attached Image (click to enlarge)
Click to Enlarge Name: 2011-03-06_EURNZD1.png Size: 57 KB


Attached Image (click to enlarge)
Click to Enlarge Name: 2011-03-06_EURNZD2.png Size: 66 KB
Kind Regards zol
  • #299
  • Mar 6, 2011 3:56am Mar 6, 2011 3:56am
Quoting msmarple
I want to focus on eurusd mainly, but occasionally I find other pairs interesting.

I drew some weekly major lines in Nomask style - I was interested in the weekly bearish engulfing bar and the subsequent move up.

It seems as if price has been rejected by 135.00, we will see how this works out next week. I would like to post a 5min chart as well, but this really only makes sense when the markets are open.

================================
( @ donfriday : nice to see you, it is always good when experienced traders come out of their caves.......
Michael
I do trade this pair, and I will continue to look for shorts, below 131.00 and longs above 135.
Look at the Monthly Chart, January was a very nice bullish bar at the bottom. July and August make sense that 135.00 will present some resistance.
I do think we will have downside this week, but that is just my personal view.

Frank
  • #300
  • Mar 6, 2011 4:05am Mar 6, 2011 4:05am
Based on what I understood from this thread, I have setup following on my charts. Can someone please confirm, what I did is right as per the explanations given in this thread?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpchf_weekly.gif Size: 17 KB
Click to Enlarge Name: gbpchf_4h.gif Size: 20 KB
Click to Enlarge Name: gbpchf_5min.gif Size: 17 KB
2 traders viewing now