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Trading Major Lines

  • #401
  • Mar 18, 2011 12:56am Mar 18, 2011 12:56am
Hoping for the week to END this way, hindsight will be long for next week.
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  • #402
  • Mar 18, 2011 2:34am Mar 18, 2011 2:34am
Quoting RED-Dragon
Hoping for the week to END this way, hindsight will be long for next week.
Good morning everybody.
Its been long since the first entry I made in this thread and now you guys can see the benefit of "waiting period".
Our main direction never turned down since we had no weekly signal as method requires.
That saved us from many bad entries and consolidation period.
As I said earlier this is a very important part of the method.
You have to protect your capital no matter if you already made a good profit.

if the current weekly closes as it is now then we'll have our setup candle signaling the move from 1.4 to 1.5 may start soon..
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  • #403
  • Mar 18, 2011 12:34pm Mar 18, 2011 12:34pm
I know we should not have traded, but my eyeballs say something bullish. I took an early trade and it still running with about 130pips profit. It did no rtrace on the 4hr to hit my but limit order(I had to step out so I had to set an oreder) so lets see what happens the remainder of the day and next week take care guys and thanks sooo much for making my trading life easier NOMASK. Here is my chart
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Empower Your Mind
  • #404
  • Mar 19, 2011 7:57am Mar 19, 2011 7:57am
Hi,

I think this indicator is ideal for this model of trade. Draw horizontal levels at round numbers 1.40 1.50 and divide in half the amount of pips - 1000 500 250 125 62 and 31. You can chose how many splits you want, from 1 splits till 6.

You can also divide the chart starting from the same round numbers, from 10 to 10 pips for other types of trade. Can add many more things I thought when I read this thread.
I like this system cos is simpler. What is difficult is to respect the rules.
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File Type: mq4 RN_Trace_v1_0.mq4   9 KB | 807 downloads
  • #405
  • Mar 19, 2011 9:29am Mar 19, 2011 9:29am
Quoting vqtrader
I know we should not have traded, but my eyeballs say something bullish. I took an early trade and it still running with about 130pips profit. It did no rtrace on the 4hr to hit my but limit order(I had to step out so I had to set an oreder) so lets see what happens the remainder of the day and next week take care guys and thanks sooo much for making my trading life easier NOMASK. Here is my chart
what is your MA setting?
  • #406
  • Mar 19, 2011 2:28pm Mar 19, 2011 2:28pm
Hi, Nomask. I’ve been lurking at FF for a while, reading lots of material. I started reading this thread last week. This looks like the method for me – easy to understand and execute, low risk on SL, and catching big moves on large TF. I’ve wanted to use the large TFs but haven’t figured out how without risking big SL. This method will give me confidence when I actually enter the trade.

Help me read it right please. EU just closed above 1.4 with a strong bullish candle. So this is the bullish signal to 1.5. So we now look at the 4HR chart.

4HR TF is in a strong bullish trend.

When the market opens we wait for the first 4HR candle to close. If that candle is bullish we go straight to 5M chart and look for entry.

If there is any retracement or consolidation in 4HR, watch fibs on 4HR, wait for price action to show bullish signal, then drop to 5M to and watch for entry.

Is this correct? Thanks for sharing your work!
Luck occurs when preparation meets with opportunity.
  • #407
  • Edited Mar 20, 2011 11:26am Mar 19, 2011 5:04pm | Edited Mar 20, 2011 11:26am
I'm only six pages into this thread and I must say it is by far the most eye opening thread I've read on forexfactory to date.

Keep up the good work and thanks so much Nomask!

Edit: Just finished the thread. Going back to re-read. I wish there was more than 28 pages!
Twitter: @zusch_ -- Preselecting trending pairs, stocks on a weekly basis.
  • #408
  • Mar 20, 2011 5:42am Mar 20, 2011 5:42am
Hi Nomask & people here,

I've just discovered this great thread tonight. I'm posting some charts just to see if I've understood the right concepts.

EURUSD should be Long.
We must watch for a rejection in the grey area on 4H TF to go long. Isn't it?


AUDUSD ( I took this pair to see if the system works in other pairs too) should be SHORT.
We must watch for bouncing down in the grey area in 4H TF....right?

Please, let me know if I'm wrong.

Thanks for the great job!!
Attached Image(s) (click to enlarge)
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  • #409
  • Mar 20, 2011 8:53am Mar 20, 2011 8:53am
Hi Aztrader2,

You have the idea of the NOMASK correct but will let NOMASK answer your questions as he understands the system best.

EURUSD long seems to be OK for coming week, and if you add confluence at the 61.8 FIbs should be good support, see your 4-hr EURUSD chart.

AUDUSD, if i were you i would be wary on this pair. Personally i do not like the weekly bar especially that tail it made. I do not feel we had a good close to warrant a possible short. I am not saying it will not work, it might but that weekly close and tail worries me.

Cheers and happy trading.

Quoting Aztrader2
Hi Nomask & people here,

I've just discovered this great thread tonight. I'm posting some charts just to see if I've understood the right concepts.

EURUSD should be Long.
We must watch for a rejection in the grey area on 4H TF to go long. Isn't it?


AUDUSD ( I took this pair to see if the system works in other pairs too) should be SHORT.
We must watch for bouncing down in the grey area in 4H TF....right?

Please, let me know if I'm wrong.

Thanks for the great job!!
  • #410
  • Mar 20, 2011 9:31am Mar 20, 2011 9:31am
I have been watching this pair - closely

I am prepared to go long - when the weekly line of 1.0182 is breached

AGAIN
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  • #411
  • Edited 12:35pm Mar 20, 2011 9:39am | Edited 12:35pm
Quoting Danku
Hi Aztrader2,

You have the idea of the NOMASK correct but will let NOMASK answer your questions as he understands the system best.

EURUSD long seems to be OK for coming week, and if you add confluence at the 61.8 FIbs should be good support, see your 4-hr EURUSD chart.

AUDUSD, if i were you i would be wary on this pair....

Hi Danku,
thanks for your quick answer! Yes, we wait for the Boss to confirm

About the Aussie, I aggree that It doesn't seem ideal...but I'd like to know if we must consider the same as short weekly bias.
Another consideration is the zone in the left of the chart. Doesn't it seems as today?


@Wave Trader: The good and the bad thing of trading: 2 opposite interpretation of the same phenomenon...
BTW: The Triple Top is 161.8 extension of previous swing on weekly...
Attached Image (click to enlarge)
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  • #412
  • Mar 20, 2011 12:32pm Mar 20, 2011 12:32pm
Hello all and sorry for being away for some time..
I'll start reading posts and answer them as fast as I can..
stay tuned.
  • #413
  • Mar 20, 2011 1:02pm Mar 20, 2011 1:02pm
Quoting vqtrader
I know we should not have traded, but my eyeballs say something bullish. I took an early trade and it still running with about 130pips profit. It did no rtrace on the 4hr to hit my but limit order(I had to step out so I had to set an oreder) so lets see what happens the remainder of the day and next week take care guys and thanks sooo much for making my trading life easier NOMASK. Here is my chart
you're welcome.I'm glad to hear you enjoying the thread
What I tried to explain in my previous posts is that there is a little difference between managing an existing position from 1.35 level and opening a new position around 1.4 level to target 1.5 level.
for example when I first entered at 1.3569 my first target was 1.4 level.
But "first target" does not necessarily mean you have to close out your position(s) once its hit.
You still need to analyse the market for its direction whether to exit or stay in.
If I had no position by the last week I would have waited for week to end before making my hindsight which is the first stage of entering a trade of the method..But for managing an existing long position you can always add more as long as there is a "good setup"

After hitting the 1.4 level I did not close my long because I had no weekly candle signaling possible move down.
But If I had more than one position I may have closed some of them at that level to let my capital grow.
  • #414
  • Mar 20, 2011 1:13pm Mar 20, 2011 1:13pm
Quoting barbones
Hi,

I think this indicator is ideal for this model of trade. Draw horizontal levels at round numbers 1.40 1.50 and divide in half the amount of pips - 1000 500 250 125 62 and 31. You can chose how many splits you want, from 1 splits till 6.

You can also divide the chart starting from the same round numbers, from 10 to 10 pips for other types of trade. Can add many more things I thought when I read this thread.
I like this system cos is simpler. What is difficult is to respect the rules.
thank you for the indicator.(I can't believe I just said that for an indicator hate em all)
but seriously It seems handy.I think Ill use it.
Thanks again.
  • #415
  • Edited 1:14pm Mar 20, 2011 1:13pm | Edited 1:14pm
Quoting normeck
what is your MA setting?

I use 800SMA/200SMA/62EMA. If you know how to use them they are very powerful. I use these as a second thought. Remember price tells all. Along with this method I use elliott wave, and fibs to confirm and determine price as well.
Empower Your Mind
  • #416
  • Mar 20, 2011 1:21pm Mar 20, 2011 1:21pm
Quoting AlienFrog
Hi, Nomask. I’ve been lurking at FF for a while, reading lots of material. I started reading this thread last week. This looks like the method for me – easy to understand and execute, low risk on SL, and catching big moves on large TF. I’ve wanted to use the large TFs but haven’t figured out how without risking big SL. This method will give me confidence when I actually enter the trade....
Hello AlienFrog
welcome to thread.
Thats pretty much of it..
you got it right.
  • #417
  • Mar 20, 2011 1:23pm Mar 20, 2011 1:23pm
Thoughts on USDCHF? Weekly chart shows close above .9000 level after going as low as .8900. If I'm understanding correctly this wouldn't be a signal bar but if the next weekly bar was perhaps an inside bar that would be our signal bar. (I know inside bars are one of your less favorite patterns but if we had bullish engulfing that would take us quite far up.) I suppose a bullish pinbar closing around .915 would also make us believe we are heading up.

Sorry if my thoughts seem so scrambled, as my thoughts about the market have just been racing since discovering your thread.
Twitter: @zusch_ -- Preselecting trending pairs, stocks on a weekly basis.
  • #418
  • Mar 20, 2011 1:24pm Mar 20, 2011 1:24pm
Quoting zusch
I'm only six pages into this thread and I must say it is by far the most eye opening thread I've read on forexfactory to date.

Keep up the good work and thanks so much Nomask!

Edit: Just finished the thread. Going back to re-read. I wish there was more than 28 pages!
Thanks zusch.
I'm glad to hear that.
There will be more pages by the time but only "wash,rinse,repeat" of the first 20 pages
  • #419
  • Mar 20, 2011 1:33pm Mar 20, 2011 1:33pm
Quoting Aztrader2
Hi Nomask & people here,

I've just discovered this great thread tonight. I'm posting some charts just to see if I've understood the right concepts.

EURUSD should be Long.
We must watch for a rejection in the grey area on 4H TF to go long. Isn't it?


AUDUSD ( I took this pair to see if the system works in other pairs too) should be SHORT.
We must watch for bouncing down in the grey area in 4H TF....right?

Please, let me know if I'm wrong.

Thanks for the great job!!
Thank you aztrader.
sometimes price doesn't bounce back but most of the time it does.
among those two pairs ,eu seems better than au in terms of shape and close of the candle.
  • #420
  • Mar 20, 2011 1:35pm Mar 20, 2011 1:35pm
Quoting Danku
Hi Aztrader2,

You have the idea of the NOMASK correct but will let NOMASK answer your questions as he understands the system best.

EURUSD long seems to be OK for coming week, and if you add confluence at the 61.8 FIbs should be good support, see your 4-hr EURUSD chart.

AUDUSD, if i were you i would be wary on this pair....
Hello Danku I'm with you on that analysis and good catch on au..Its not my favorite by now.
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