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Trading Major Lines

  • #421
  • Mar 20, 2011 11:36am Mar 20, 2011 11:36am
Hi nomask

What is your setup for EU for the week and levels to watch for PA?
  • #422
  • Mar 20, 2011 11:40am Mar 20, 2011 11:40am
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!!
The EUR/USD looks good to go long in opinon but according to the method(also how much time you have) I would wait for the confirmation on the 4hr then move to the 5min to look for a better R:R and to have a close stop. I would be careful on the multiplying your risk as AUD/USD tends to move in the same direction in most cases. In knowing this If you have contradicting stories sometimes it cloud your judgement on which is the best trade to take. At this point I would not look at A/U as it is not telling a story about its true direction at the moment. I would focus on what you do know which is a potential long on the E/U this week. Keep it simple. If the story doesn't make sense move on. Your account and sanity will thank you for it.

Finally note: If this method produce an avergae of 250-500 per month(doesn't happen for everyone) why do and look at anything else. That is what I have learned over my 6 years in this biz. I wanted to show everyone how smart I was but my results didn't show it. Make pips and balance your life with it. Good luck this week! Let's help each other acheieve more
Empower Your Mind
  • #423
  • Mar 20, 2011 12:06pm Mar 20, 2011 12:06pm
So we have our old position at 1.3569 running around 600 pips by now..
This position opened with stop loss of less than 10 pips.
So this is possible, achievable to reach 1000 pips by risking less than 10 pips.
So why should I let the market take too much of my hard earned pips for one single trade where I can make it work with very small stops .
here is the plan for the next week..
same stuff
very simple
nothing fancy
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  • #424
  • Mar 20, 2011 1:11pm Mar 20, 2011 1:11pm
Hi nomask

Do you consider yen pairs weekly candles as being suitable setups?
they all have the same shape as the attached UJ weekly
Attached Image
Regards
  • #425
  • Mar 20, 2011 2:06pm Mar 20, 2011 2:06pm
Quoting howard
Hi nomask

Do you consider yen pairs weekly candles as being suitable setups?
they all have the same shape as the attached UJ weekly
to me its not the great shape for a pinbar and to be honest I get extra picky if I want to trade another pair other than eu.
I'm more comfortable/familiar with the current eu setup so I'll spend my time and money on it.
  • #426
  • Mar 20, 2011 3:11pm Mar 20, 2011 3:11pm
Hey howard,

Nice chart you have there. With what is currently happening in Japan, i would stay off Yen pairs right now.

Also, i have looked at Yen pairs and how they respond to this trading style and i did not like what i saw....just my personal observation....cheers......

Quoting howard
Hi nomask

Do you consider yen pairs weekly candles as being suitable setups?
they all have the same shape as the attached UJ weekly
  • #427
  • Mar 20, 2011 4:45pm Mar 20, 2011 4:45pm
Nomask, thanks for the confirmation, I'll be watching! http://www.forexfactory.com/images/icons/icon7.gif
Luck occurs when preparation meets with opportunity.
  • #428
  • Mar 20, 2011 10:25pm Mar 20, 2011 10:25pm
Hey there Nomask. This definitly isn't my trading style of choice personally but I wanted to post in your thread to let any others reading know that this is a very top notch method of trading. It may not be fore me because of my own personal preference but for anyone else, if you can understand it (you should be able to, it's a pretty darned simple concept) and it appeals to you, you should jump on this type of trading.

As an added bit of credibility, in my skimming of the thread I didn't see anyone refer to this term but "constant lines" have been around almost as long as charts have been. Before all of the fancy indicators that came along like MACD, EMAs, Parabolic SARs and so on, traders used trend lines and constant lines almost exclusively. If you're looking for a time tested method, I don't think they get any older and more reliable than this.

THUMBS UP!!

Cheers
  • #429
  • Edited 1:08am Mar 21, 2011 12:58am | Edited 1:08am
Quoting Wacky Canuck
Hey there Nomask....
thanks wacky canuck.
I agree with you about these lines -round,major,constant..etc whatever they called- as old as market itself since they're the entry and the target levels of big capital holders..
Its like if you have 5 figure bank account you start ignoring cents and
for a 6 figure capital you ignore 1 figure dollars...etc.
We're trying to swim with the sharks in the same water.We're not getting in their way but just watching where they're heading.
Thats the very reason I wait for one weekly candle before taking any action.
that weekly candle represents the direction of the sharks where they're heading (most likely).
we are being smaller fish with smaller mouths (lot size) compared to sharks (banks,fund managers,big-fat guys)

Here I want to show a different set of timeframes that I don't use but might be used by some if interested.
The reason i don't use it is you get very rare signal as a result of the size of the levels and timeframes.
this is a set of monthly-daily-hourly on a 5000 pips apart levels.
same concept.
you get your monthly signal then daily then entry on hourly.
example on the attached charts.
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  • #430
  • Mar 21, 2011 11:17am Mar 21, 2011 11:17am
So now that you up 1000 pips when and where does one take profit? Since we are at break-even, does one wait for the market to reverse or fall back under a major line?

This is a wonderful method, thanks
  • #431
  • Mar 21, 2011 11:29am Mar 21, 2011 11:29am
so great thread!

just wanna know if the pa doesnt appear the expecting zone,how do you catch it?
  • #432
  • Mar 21, 2011 1:51pm Mar 21, 2011 1:51pm
Quoting debaff
so great thread!

just wanna know if the pa doesnt appear the expecting zone,how do you catch it?
I'd like to make a prediction on how Nomask would answer this question...I believe he would tell you to wait patiently for the next setup for low risk entry.
Twitter: @zusch_ -- Preselecting trending pairs, stocks on a weekly basis.
  • #433
  • Mar 21, 2011 2:03pm Mar 21, 2011 2:03pm
I've got a question for you myself Nomask. Take todays price action as an example...(I've attached my four hour chart).

Do you leave your Fib exactly where I have it now all week and wait for PA to come back into your Fib zones? Or will you move, in this case the upper limit of your Fib, to the most recent swing high and wait for PA to come back to your new Fib zones.

For instance I've shown this on my second four hour chart...

I also have the same exact question regarding the 5 min chart. But I suppose the same principle applies to moving Fibs on 5 min chart for signal candles on four hour chart.
Attached Image(s) (click to enlarge)
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Twitter: @zusch_ -- Preselecting trending pairs, stocks on a weekly basis.
  • #434
  • Mar 21, 2011 2:57pm Mar 21, 2011 2:57pm
Quoting zusch
I'd like to make a prediction on how Nomask would answer this question...I believe he would tell you to wait patiently for the next setup for low risk entry.
Quoting debaff
so great thread!

just wanna know if the pa doesnt appear the expecting zone,how do you catch it?
I agree with you, Zusch - Nomask will say "be patient." I just KNOW he's going to be right, too. But I have a similar question as debaff had: what if price keeps going north and doesn't retrace? I don't want to miss the move.

So I decided to look for an entry now, and use Nomask's method to enter.

The 4H chart ranged for the first few bars this morning, then a bullish bar broke the previous weekly high. Only the wick broke (I'm on EST), but it was still a break, so I took that as the 4H p.a.

I dropped to 5M and watched for p.a. I got 2 entries and used a 10 pip SL. There were a couple more, but I can't stay glued to the screen all day. Using Nomask's method I moved my stop to BE asap after entry. Oanda's spread on EU is 1.6 pips so that's not hard.

Both trades moved up a bit then stopped out at b.e. BUT 1) I didn't lose any money, and 2) if price had kept moving north I would be in the trade.

I am still waiting for a retracement and p.a. per Nomask's method, but I was willing to spend 10 pips in case it doesn't retrace. It was a low-risk strategy and the only think I lost was some screen time.

Right now EU is ranging on the 5M (topping out?). I'll look at it again tomorrow morning but I won't have much time the rest of the week so I'll end up "waiting and being patient."
Luck occurs when preparation meets with opportunity.
  • #435
  • Mar 21, 2011 11:34pm Mar 21, 2011 11:34pm
Quoting zusch
I've got a question for you myself Nomask. Take todays price action as an example...(I've attached my four hour chart).

Do you leave your Fib exactly where I have it now all week and wait for PA to come back into your Fib zones? Or will you move, in this case the upper limit of your Fib, to the most recent swing high and wait for PA to come back to your new Fib zones.

For instance I've shown this on my second four hour chart...

I also have the same exact question regarding the 5 min chart. But I suppose the same principle applies to moving Fibs...
here
http://www.forexfactory.com/showpost...&postcount=423
  • #436
  • Mar 22, 2011 12:13am Mar 22, 2011 12:13am
Quoting sheraad
So now that you up 1000 pips when and where does one take profit? Since we are at break-even, does one wait for the market to reverse or fall back under a major line?

This is a wonderful method, thanks
hello sheraad.
Taking profit is up to you after you hit the +1000 pips level..
but what I try to do is being in the market with opposite positions (at least 2) all the time while I close some of my smaller positions at round numbers and upon opposite price actions.
currently I have only one long from 1.3569 but It could've been more than that if I was not too busy with some other things in the past weeks.
anyway,lets say I had 5 long positions between 1.35-1.37 levels.
I'd have closes smallest one once we hit 1.4 level to cover all my losing attempts and add some profit on my previous capital level...
close two of them once we got a bearish weekly signal.
close one of them weekly signal confirmed and gave us a bearish entry worked.
and I'd have held my first and largest position to the end until price stops me out at break even.

Thats how I'd like to do..
But its all good if you close all of them at next major line..
Remember either way you're in profit big time.
  • #437
  • Mar 22, 2011 12:27am Mar 22, 2011 12:27am
Quoting debaff
so great thread!

just wanna know if the pa doesnt appear the expecting zone,how do you catch it?
good question


Quoting zusch
I'd like to make a prediction on how Nomask would answer this question...I believe he would tell you to wait patiently for the next setup for low risk entry.
good guess but I have one more thing to clarify..
check out the chart...
If you miss or don't get your p.a where you expect then use your adding zones(logic) upon next price actions on 4hr to get on the boat..
Attached Image (click to enlarge)
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  • #438
  • Mar 22, 2011 1:11am Mar 22, 2011 1:11am
Quoting zusch
I've got a question for you myself Nomask. Take todays price action as an example...(I've attached my four hour chart).

Do you leave your Fib exactly where I have it now all week and wait for PA to come back into your Fib zones? Or will you move, in this case the upper limit of your Fib, to the most recent swing high and wait for PA to come back to your new Fib zones.

For instance I've shown this on my second four hour chart...

I also have the same exact question regarding the 5 min chart. But I suppose the same principle applies to moving...
Yes I move it to the new highs/lows...
chart attached
Attached Image (click to enlarge)
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  • #439
  • Mar 22, 2011 1:21am Mar 22, 2011 1:21am
Quoting AlienFrog
I agree with you, Zusch - Nomask will say "be patient." I just KNOW he's going to be right, too. But I have a similar question as debaff had: what if price keeps going north and doesn't retrace? I don't want to miss the move.

So I decided to look for an entry now, and use Nomask's method to enter.

The 4H chart ranged for the first few bars this morning, then a bullish bar broke the previous weekly high. Only the wick broke (I'm on EST), but it was still a break, so I took that as the 4H p.a.

I dropped to 5M and watched for p.a. I got...
If you remember earlier in the thread I took a 4hr candle as a setup candle wich made just a close (not a pure price action) above the previous weeks high..
Thats the reason to catch in case its a straight bold up weekly candle.
Once you biased long on the weekly
you place your fib on it but if you get an instant close above the high of the setup week then you place your fib on the 4hr and watch it in 5 min.
Because sometimes you'll get weekly candles that don't retrace but keep moving forward.
This is the way of catching them.
  • #440
  • Mar 22, 2011 1:37am Mar 22, 2011 1:37am
Quoting nomask
If you remember earlier in the thread I took a 4hr candle as a setup candle wich made just a close (not a pure price action) above the previous weeks high..
Thats the reason to catch in case its a straight bold up weekly candle.
Once you biased long on the weekly
you place your fib on it but if you get an instant close above the high of the setup week then you place your fib on the 4hr and watch it in 5 min.
Because sometimes you'll get weekly candles that don't retrace but keep moving forward.
This is the way of catching them.
I was not going to unfold this entry as I think we still need one more proper setup of the method and then we can go into such aggressive entries.
But since this subject came up already.
Here is how I took this entries.
If it causes any confusion you can forget about this entry for now.
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