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Trading Major Lines

  • #361
  • Mar 10, 2011 2:23am Mar 10, 2011 2:23am
here is a recap chart.
when I stopped "wishing and hoping"in forex its the time when I started making money.
my position (opened 3 weeks ago) went over 400+ pips profit then the market took 200+ pips back and I don't know if this is all yet.
Its the only emotional hurdle of this method (or any other method) and You need to deal with that no matter how you trade.
I believe forex is trading the odds not the drama.
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  • #362
  • Mar 10, 2011 4:29am Mar 10, 2011 4:29am
Quoting nomask
here is a recap chart.
when I stopped "wishing and hoping"in forex its the time when I started making money.
my position (opened 3 weeks ago) went over 400+ pips profit then the market took 200+ pips back and I don't know if this is all yet.
Its the only emotional hurdle of this method (or any other method) and You need to deal with that no matter how you trade.
I believe forex is trading the odds not the drama.
hello there nomask,
you got an amazing system here, if you dont mind i wanna ask about partial taking profit, since you never mention one. if we want to take partial taking profit what do you suggest ??.
by the way nice job on EU

-qnwwnq
  • #363
  • Mar 10, 2011 1:10pm Mar 10, 2011 1:10pm
Quoting qnwwnq
hello there nomask,
you got an amazing system here, if you dont mind i wanna ask about partial taking profit, since you never mention one. if we want to take partial taking profit what do you suggest ??.
by the way nice job on EU

-qnwwnq
thank you qnwwnq.
I haven't mention because I don't do partial taking profit.
Because I usually have more than one position open.
But I can diversify positions at different major numbers.
For example If I had more than one long position on eu on the current ride most likely I'd have closed some positions at 1.4 and let others on targeting the next major number of 1.5.
  • #364
  • Mar 10, 2011 1:26pm Mar 10, 2011 1:26pm
Quoting nomask
thank you qnwwnq.
I haven't mention because I don't do partial taking profit.
Because I usually have more than one position open.
But I can diversify positions at different major numbers.
For example If I had more than one long position on eu on the current ride most likely I'd have closed some positions at 1.4 and let others on targeting the next major number of 1.5.
thanks for quick replay nomask,
so the partial profit taking is at major line too not at median line such x.x500. thats could be lot of emosional hurdle. 1:40 R:R for your eu, pretty cool i say
  • #365
  • Mar 10, 2011 9:03pm Mar 10, 2011 9:03pm
Nice thread. Trading without a cluster of indicators is always better for me.
  • #366
  • Mar 10, 2011 11:18pm Mar 10, 2011 11:18pm
Quoting nomask
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...
The Weekly Chart GBPUSD is already showing bearish candle, the GBPUSD EURUSD are normally quite correlated.
1 day left but as things stand I feel next week that I will be short GBP/USD and possibly EUR/USD
  • #367
  • Mar 10, 2011 11:30pm Mar 10, 2011 11:30pm
Hi Nomask,

I have been looking for price action trading strategy and I'm sicked of indicators which bring me nowhere after 1 year+ of in forex trading but losses.

I found that your strategy is amazing and is almost the same concept with the "buidling a milipede" by Easypips in other thread.

Just out of curiousity, did you ever take into consideration of coming big news (such as NFP) in your trading? Will your trading strategy varies when there are coming big news?

Thanks.
  • #368
  • Edited 1:45am Mar 11, 2011 1:26am | Edited 1:45am
Good morning everyone..
Eurusd seems like making a bearish engulfing candle (or at least almost engulfing candle) unless today brings some crazy bulls into play.
Either way is okay because I'm prepared for both side.
We'll see how this one will be ended.

Quoting Trendylines
Nice thread. Trading without a cluster of indicators is always better for me.
Thank you trendy sure it is.

Quoting RED-Dragon
The Weekly Chart GBPUSD is already showing bearish candle, the GBPUSD EURUSD are normally quite correlated.
1 day left but as things stand I feel next week that I will be short GBP/USD and possibly EUR/USD
I agree with you Red but I have to wait until the weekly candle over to finalize my trading plan for the next week.

Quoting liangko
Hi Nomask,

I have been looking for price action trading strategy and I'm sicked of indicators which bring me nowhere after 1 year+ of in forex trading but losses.

I found that your strategy is amazing and is almost the same concept with the "buidling a milipede" by Easypips in other thread.

Just out of curiousity, did you ever take into consideration of coming big news (such as NFP) in your trading? Will your trading strategy varies when there are coming big news?

Thanks.
I posted many posts in Graeme's thread..He's a very successful trader and very good teacher.I strongly recommend reading his thread or the pdf made of his posts.
I consider big fundamentals (usually red ones in ff home page) only in terms of timing my entry.I try not to enter a new position very close to the major news release.
Since I deal with very tiny stops its most probably that most of the big news spike will stop me out.Thats all I consider them.I don't care either they're green or red..
  • #369
  • Mar 11, 2011 1:51am Mar 11, 2011 1:51am
Quoting RED-Dragon
The Weekly Chart GBPUSD is already showing bearish candle, the GBPUSD EURUSD are normally quite correlated.
1 day left but as things stand I feel next week that I will be short GBP/USD and possibly EUR/USD
and I also think this is why gbpusd is faster than eurusd..gu has a strong level that needs to break if it wants to move down but eu already tested major level and reversed so no rush for eu..
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  • #370
  • Mar 11, 2011 11:39am Mar 11, 2011 11:39am
very good example of why we should wait until the weekly candle fully formed before taking any action or making hindsight.
this morning things seemed that eu was going to establish a bearish engulfing candle that might signal short for the next week.but during the last two 4hr candles things got changed.
this is why i wait until weekly candle ended before making a hindsight,i wait 4hr candle ended before consider it a price action and finally i wait 5 min candle ended before making an entry decision.
patience can save you from a lot of fake moves.
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  • #371
  • Mar 11, 2011 5:26pm Mar 11, 2011 5:26pm
Hi Nomask,

Very nice strategy you have there. One question: How are you determining the major lines and the meridian lines?.

Thanks,
Steve
  • #372
  • Mar 11, 2011 6:26pm Mar 11, 2011 6:26pm
Quoting apxsolutions
Hi Nomask,

Very nice strategy you have there. One question: How are you determining the major lines and the meridian lines?.

Thanks,
Steve
You'd better read at least the first page other than jumping in and asking this kind of questions.
  • #373
  • Mar 11, 2011 7:00pm Mar 11, 2011 7:00pm
Ok, this I did already. Quite possibly I missed it, however. Will go back and reread.

Steve
  • #374
  • Mar 11, 2011 11:09pm Mar 11, 2011 11:09pm
Hi Steve, if you read from first post you will get this info. But Nomask posted a template here that can do this for you but i highly recommed reading from first page as you WILL MISS quite alot of important information if you do not....i am now doing my 6th reading of this thread.

Quoting apxsolutions
Hi Nomask,

Very nice strategy you have there. One question: How are you determining the major lines and the meridian lines?.

Thanks,
Steve
  • #375
  • Mar 11, 2011 11:42pm Mar 11, 2011 11:42pm
Quoting nomask
and I also think this is why gbpusd is faster than eurusd..gu has a strong level that needs to break if it wants to move down but eu already tested major level and reversed so no rush for eu..
The GU has 1.60 to break for a short Bias, Nomask I'd be interested in your hindsight as the week has closed.
The EU has 1.40 to break for further longs and our hindsight is still long. with the GU I'm not sure.

thanks
Frank
  • #376
  • Mar 12, 2011 3:03am Mar 12, 2011 3:03am
Quoting apxsolutions
Hi Nomask,

Very nice strategy you have there. One question: How are you determining the major lines and the meridian lines?.

Thanks,
Steve
Thank you Steve..Its just big major numbers and their median lines.You'll find out the info in the earlier posts.

Quoting RED-Dragon
The GU has 1.60 to break for a short Bias, Nomask I'd be interested in your hindsight as the week has closed.
The EU has 1.40 to break for further longs and our hindsight is still long. with the GU I'm not sure.
thanks
Frank
Hello Frank
You're on the right path If you don't feel sure about gu.Because I did not like how it played on friday either.I have to feel confident and see things clearly before making hindsight.But its not the case for gu yet
If it made a close below 1.6 level that'd have been totally a short signal for the next week.
But It failed to do so.This give us the 3rd way which is being flat.I'm neutral on gu until it gives me a clear signal.
even for eu..I was going to hold a short bias for the next week if the last three 4hr candles didn't exist.They got rejected by the "resistance turned support"
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  • #377
  • Mar 12, 2011 7:16am Mar 12, 2011 7:16am
  •  leemo
  • | Joined Oct 2009 | Status: Frankie Howard lives on... | 42 Posts
Hi Nomask,
What leverage do you use when adding positions?
Interesting thread. Good luck,
Paul
  • #378
  • Mar 12, 2011 9:19am Mar 12, 2011 9:19am
What is up for EU, next week? Current week seems to be inside bar with little long tail!
  • #379
  • Mar 12, 2011 10:00am Mar 12, 2011 10:00am
Quoting leemo
Hi Nomask,
What leverage do you use when adding positions?
Interesting thread. Good luck,
Paul
1 standard lot for each 50k and every other position opened only after previous position/s moved to b.e...
I don't even know what leverage my broker offers because I don't need it.
However every trader has a different way of trading.Some use tight stop while others use large stop that determines the lot size along with your maximum drawdown.
for any method out there you get to hear "demo trade it first".
Its true but you ever thouht about why?
Its not only because you need to see whether you can trade the method or not.
More important,you need to see what's your average loss,your maximum drawndown,consecutive loss,etc..
You need your trading data to set your money management before starting to trade it live.
I don't believe %2-%3 maximum risk kind of m.m rules..To me its just too much risking for a single trade.
Honestly I don't think %5 of the traders (called succesful ones) risk that much.
my average risk is around %0.2 per trade.
So Its 10 times smaller than what I usually hear.
Hope this helps
  • #380
  • Mar 12, 2011 10:03am Mar 12, 2011 10:03am
Quoting ava_ind
What is up for EU, next week? Current week seems to be inside bar with little long tail!
Not very clear but still holding long bias due to the last rejection of support.
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