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Trading Major Lines

  • #341
  • Mar 8, 2011 10:58am Mar 8, 2011 10:58am
Quoting jdcompute
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.

is it at the level 1.39200 to 1.39400 ?
  • #342
  • Mar 8, 2011 11:51am Mar 8, 2011 11:51am
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...
well said Michael.

Quoting cwl0375
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 ?
I wish this was happening when european market was open...
but I'll be watching it though.
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  • #343
  • Mar 8, 2011 11:53am Mar 8, 2011 11:53am
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Kind Regards zol
  • #344
  • Mar 8, 2011 12:00pm Mar 8, 2011 12:00pm
Quoting nomask
well said Michael.


I wish this was happening when european market was open...
but I'll be watching it though.
Hi Nomask and others. I am just looking at the 2 charts what Nomask posted and me with some 1-2 minutes time different. Check out the 4H bars. Nomask: a pin.
Me: First is a bold down bar then an up bar but the close is lower than the previous bars open, so it is NOT and engulfin bar.

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Kind Regards zol
  • #345
  • Mar 8, 2011 12:20pm Mar 8, 2011 12:20pm
Quoting nomask
well said Michael.


I wish this was happening when european market was open...
but I'll be watching it though.
first attempt ended -8 pips loss.
not keen to be trading at this time of the market
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  • #346
  • Mar 8, 2011 12:29pm Mar 8, 2011 12:29pm
Quoting nomask
first attempt ended -8 pips loss.
not keen to be trading at this time of the market
Hi Nomask,

let us wait a bit, no?
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Kind Regards zol
  • #347
  • Mar 8, 2011 12:36pm Mar 8, 2011 12:36pm
Quoting zoli
Hi Nomask,

let us wait a bit, no?
Attachment
sometimes price starts moving without looking back.
only way to find it out making small entries especially when the very first bar of the new 4hr candle is a breakout candle which it was in my case.But didn't work out so now I know its not a strong move.
  • #348
  • Edited 7:02pm Mar 8, 2011 1:40pm | Edited 7:02pm
I entered on the break of the pinbar after a retrace. We'll see how this one goes.

**Closed this one out with +30 pips, about 2.5% added to my account on that trade.
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  • #349
  • Mar 8, 2011 2:25pm Mar 8, 2011 2:25pm
hello nomask,

how do you determine major and median lines? is it just round numbers?

thanks
  • #350
  • Mar 8, 2011 2:47pm Mar 8, 2011 2:47pm
Quoting vijidas
hello nomask,

how do you determine major and median lines? is it just round numbers?

thanks
major lines thousand pips apart (1.4000,1.5000) and median lines are just in the middle of the major lines (1.4500,1.5500)
  • #351
  • Mar 8, 2011 11:15pm Mar 8, 2011 11:15pm
Quoting nomask
major lines thousand pips apart (1.4000,1.5000) and median lines are just in the middle of the major lines (1.4500,1.5500)
<<<>>> Hi nomask ... I just want to rule the way you trade .. you just do analysts time frame W1,H4, and entry to the M5. how the time frame of the others that ... do we still need tonotice it. TQVM ... I really appreciate. I hope you succeed.
  • #352
  • Mar 9, 2011 1:04am Mar 9, 2011 1:04am
Good morning everyone.
Yesterday I tested this pinbar with a small entry cost me -8 pips and it failed to move up during the slow market hours.
These entries are necessary to catch real and quick moves that happen not often but when it does it just shoots up with no pullback covering all small attempts and making nice profit on top.

Its preferable to have the real move upon the first price action which did not happen in eurusd last night but since the price still playing around %50 of the last week's candle, its worth to keep an eye on it.

By the way no need to be glued to the screen all day long..
just checking to see if there is any price action as every 4hr candle completed is fine.
More than this can make you over trading.
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  • #353
  • Mar 9, 2011 1:14am Mar 9, 2011 1:14am
Quoting bobmedans
<<<>>> Hi nomask ... I just want to rule the way you trade .. you just do analysts time frame W1,H4, and entry to the M5. how the time frame of the others that ... do we still need tonotice it. TQVM ... I really appreciate. I hope you succeed.
You can use different set of timeframes like monthly,daily and 1 hr if you want..
but the reason why I only limit it to three time frames is that adding more timeframes will make you confused rather than making better entries.
and I don't use monthly candle because that means when there is a p.a I'm one month behind the move that started.I don't want to be that late.

Besides,if you get a good price action on 1hr that means you'll have a good p.a on 4hr as well maybe just 20-30 pips later but since we're usually entering on the pullbacks of 4hr candles you actually do not need to mess with 1hr timeframe.
I hardly ever use 15 mins but only when I believe there is a good chance on higher timeframes and 5 min t.f is too messy to make a good entry.
But this case does not happen more than once in couple months..
  • #354
  • Mar 9, 2011 5:41am Mar 9, 2011 5:41am
There seems to be a long opportunity in EU. Any suggestions/ideas?

Fibs are on last week's candle. Looks like PA taking support at 50%, so if the current 4H bar close as is or more it could be a setup candle for long entry
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  • #355
  • Mar 9, 2011 6:20am Mar 9, 2011 6:20am
Hi guys,

I've already taked this trade (nice double bottom on 61,8 Fibo between 30 and 50 SMA, nice horizontal support, quite solid PIN bar - trade taken above that pin.
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  • #356
  • Mar 9, 2011 9:45am Mar 9, 2011 9:45am
two attempts for today.
one ended 3 pips loss.other moved to break even.
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  • #357
  • Mar 9, 2011 10:00am Mar 9, 2011 10:00am
Hey Nomask,

Do the trades you explained in Post #356 represent "short term" M5 trading while you are waiting for a W1 setup?

Thanks,
Jon
  • #358
  • Mar 9, 2011 10:04am Mar 9, 2011 10:04am
Quoting jmf0805
Hey Nomask,

Do the trades you explained in Post #356 represent higher risk M5 trading while you are waiting for a W1 setup?

Thanks,
Jon
I'm waiting first week setup for short trades.
I'm still biased long and have position from 1.3560.
if you notice I used that bad shaped engulfing 4hr candle in the direction of my hindsight
  • #359
  • Mar 9, 2011 4:12pm Mar 9, 2011 4:12pm
I was doing backtesting for practice. I notice sometimes when you put a fib on 4 hour candle then drill down to 5 minute chart that price action will move beyond the fib causing one to enter only to have it retrace and stop you out. It seems better to almost always wait for the retrace even when price seems like it's going to keep moving before a retrace. As you stated in previous post nomask there is almost always an overlap on the next 4 hour candle.

Also I noticed on the 4 hour chart that if you keep a fib from the last swing low (bull market) and keep correcting it as price moves up you will always be ready for the next retrace. Right now price action is around the 61.8% fib from the last swing low on the 4 hour chart on the euro. Since I believe we are still biased long then it seems we are in an excellent area for another entry if price action cooperates.
  • #360
  • Mar 10, 2011 1:56am Mar 10, 2011 1:56am
Good morning everyone.
There is a possible fakeout on the weekly if this weeks candle closes below the purple level.Maybe bringing us a bearish engulfing candle which might be taken as a short setup candle
So if thats the case by the end of the week ,we can either bank the profit of long position or open a new shorts due to new setup without closing the long position.
by choosing the first way,you'll have to wait for a new long setup on the weekly to enter long.
second way is psychologically harder than the first one but possibly targets for greater reward.
you don't have to think too much about which way to go..
best way is the one you feel most comfortable.
but keep in mind that the week is not over yet.
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