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Trading Major Lines

Quoting howard
Hi nomask

Don't you regard the green weekly candle crossing 1.2 level as set-up bar?
I forgot that one..thanks.
Quoting nomask
I forgot that one..thanks.
Thank you

I just wanted to make sure that the weekly setup needs only to cross the major level and not necessarily be a reversal pattern such as pin or engulfing
Regards
Hello Everyone,
Have been readin through the thread and wanted to know if this is valid. I think Nomask said it must touch around the fib level, but is this a good setup? any help would be great? Still working through this
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Empower Your Mind
  • Post #324
  • Quote
  • Edited at 10:36am Mar 7, 2011 10:06am | Edited at 10:36am
Quoting vqtrader
Hello Everyone,
Have been readin through the thread and wanted to know if this is valid. I think Nomask said it must touch around the fib level, but is this a good setup? any help would be great? Still working through this
double tops/bottoms along with candlestick patterns (double bottom&engulfing candle in your example) are valid as well as pullbacks to fibs..
that could've been traded but as I said earlier we do not have a weekly setup candle signaling the move from 1.4 to 1.5 yet might be started.
This question is not related to this method, but I really appreciate you guys reply. Can someone guide me to a good broker who allows hedging? I been with Oanda all his time, but it does not allow hedging.

I do not want to mess this thread with this question, therefore you may just PM your reply.

Thank you.
-happyTrading, maaj-
Nomask, when would you consider shorting eurusd? Weekly close below 1.4000 or would you consider entries with 4 hour bearish candle closes. I closed a position for 200 pip gain Sunday because of price action at 1.4000. I only had one position open and did not want to lose those pips. Now looking for another entry.

I understand longs are now based on bullish candles closing above 1.4000. weekly candle close above 1.4000 ideal but daily and 4 hour candle closes above 1.4000 could be considered but risk is higher.

Enjoying this thread. Has made my trading much less stressful.

Many thanks!
Hobby Trader
Quoting Winston Reed
Nomask, when would you consider shorting eurusd?...
thanks winston..
I posted this while ago that can be answer to your question.
http://www.forexfactory.com/showpost...&postcount=287
Nomask - Correct me if I'm wrong. Do you hope to sail the first week of crossing a level of 1.35 .... 1.40 ... closed through the week you go to the h4 and expects the same condition, after you go to m5, and also hopes fibo moth disruption in m5, ai using price action, analysis of candles. That?
Big hug
Quoting neltonbenke
Nomask - Correct me if I'm wrong. Do you hope to sail the first week of crossing a level of 1.35 .... 1.40 ... closed through the week you go to the h4 and expects the same condition, after you go to m5, and also hopes fibo moth disruption in m5, ai using price action, analysis of candles. That?
Big hug
Sorry Nelton.
I'm not sure what you asked me but if I get a weekly candle with close above 1.4000 level, I'll be looking in 4hr timeframe to go long and after that I look for low risk long entries on 5 min.time frame..
There are some good examples you can find at the beginning of this thread.
Quoting nomask
Sorry Nelton.
I'm not sure what you asked me but if I get a weekly candle with close above 1.4000 level, I'll be looking in 4hr timeframe to go long and after that I look for low risk long entries on 5 min.time frame..
There are some good examples you can find at the beginning of this thread.
Hi, if the weekly candle close below 1.4000 level. We go short and hope that it reach 1.3000 level again ?
Quoting cwl0375
Hi, if the weekly candle close below 1.4000 level. We go short and hope that it reach 1.3000 level again ?
depends on the setup.
If we get a weekly bearish engulfing candle that makes a close below the opening price of the previous bullish candle or any other price action then the answer is yes..
posted earlier this plan
http://www.forexfactory.com/showpost...&postcount=287
Hi cwl0375

We must see how this week's candle forms after its completion. If it is engulfing one, yes we must consider it as -ve and consider as setup candle for a short target of 1.35 to 1.3. If it is just an inside bar then we must wait for some more time for confirmation. If it turns out to be +ve candle then we must consider it as setup candle for target of 1.45 to 1.5

Nomask, correct me if I am wrong.
Quoting nomask
Sorry Nelton.
I'm not sure what you asked me but if I get a weekly candle with close above 1.4000 level, I'll be looking in 4hr timeframe to go long and after that I look for low risk long entries on 5 min.time frame..
There are some good examples you can find at the beginning of this thread.
Sorry Nomask my inglish.
His answer was perfect. Much appreciated. Thanks
Quoting ava_ind
Hi cwl0375

We must see how this week's candle forms after its completion. If it is engulfing one, yes we must consider it as -ve and consider as setup candle for a short target of 1.35 to 1.3. If it is just an inside bar then we must wait for some more time for confirmation. If it turns out to be +ve candle then we must consider it as setup candle for target of 1.45 to 1.5

Nomask, correct me if I am wrong.
its correct..
with this way of trading you'll stay out of too much noise and false price patterns.
If the method you use starts becoming boring ,don't try to make it more exciting.
when its too simple and clear ,things will most likely get boring then people usually try to make things more confusing,"exciting" by adding more stuff,making up trades or going into too much details.


Quoting neltonbenke
Sorry Nomask my inglish.
His answer was perfect. Much appreciated. Thanks
you're welcome
Hi

I have problem making a good entry on 5 minute chart. i always get stop out. I am not sure to focus on 38.2 , 50 or 61.8 level.
Quoting cwl0375
Hi

I have problem making a good entry on 5 minute chart. i always get stop out. I am not sure to focus on 38.2 , 50 or 61.8 level.
enter only when there is a good setup/reason..
if you show show some of your entries maybe I can help..
  • Post #337
  • Quote
  • Edited at 1:33pm Mar 8, 2011 10:48am | Edited at 1:33pm
Currently waiting on a nice pullback to the 50%-61.8% fib area, then a pinbar, and a break of the pinbar heading back down.

**update: Still waiting on a pullback to the 50%-61.8% area.
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  • Post #338
  • Quote
  • Edited at 11:01am Mar 8, 2011 11:00am | Edited at 11:01am
Hi cwl0375,

for 5min entries you could read threads that focus on entry techniques, such as " Flag-Trading with trend " or Niceguy`s " Ridiculous 7 pips system ", or " How to trade 1-2-3 effectively " ( Paulus ).

However, you will notice a big difference to Nomask, as they focus on making gains only for a few pips on the 5min, hopefully catching the right trend direction. This can be fast moving, high-stress and quite difficult when practised on its own !

So, the whole intention behind Nomask`s 5min entries ( correct me if I am wrong ) is to have a confluence of the weekly, 4h as " strength " behind our 5min entries. Big difference !

But if it is only about the technicalities of entries and hiding your stops etc. these threads might give you some help.

Don`forget to come back to us !


_________
michael
Be like water.
Hi,

can i use 1st 4hr candle as setup ? if i miss the 1st 4hr setup candle can i use the 2nd 4hr setup candle ?
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Quoting msmarple
Hi cwl0375,

for 5min entries you could read threads that focus on entry techniques, such as " Flag-Trading with trend " or Niceguy`s " Ridiculous 7 pips system ", or " How to trade 1-2-3 effectively " ( Paulus ).

However, you will notice a big difference to Nomask, as they focus on making gains only for a few pips on the 5min, hopefully catching the right trend direction. This can be fast moving, high-stress and quite difficult when practised on its own !

So, the whole intention behind Nomask`s 5min entries ( correct...
thank you for your info
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