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Trading Major Lines

  • #461
  • Mar 23, 2011 4:46pm Mar 23, 2011 4:46pm
Quoting nomask
correct.
1.& 2. it is just something you can't ignore if market is moving and making new highs/lows out of your weekly candle that you placed your fibs and started watching on 4hr t.f.
people love to cover most recent highs/lows thats pretty much of why I move fib to the new hi/lo points.
3.Yes we do need to move it to the new highs and mark the previous minor s/r levels in case there is p.a or reentry opportunities

btw..all two positions died at b.e from this week..old position is still on
Do you mind posting a chart for the two BE positions?

Thanks
  • #462
  • Mar 24, 2011 2:21am Mar 24, 2011 2:21am
Quoting leelar
Do you mind posting a chart for the two BE positions?

Thanks
posted earlier
http://www.forexfactory.com/showpost...&postcount=440
  • #463
  • Mar 24, 2011 4:14am Mar 24, 2011 4:14am
Hi to all,

Just went long on EU, hoping this is the right move!!
Price bounced from 31.8 FIB of last week. (And bounced right on 60 EMA of 4h TF, see red line...)
Took 20 pips on first half (so...I can't loose......) & setted the second half SL to -10 pips hoping to ride it for the 1000's

I wish to tank Nomask for the good job!!

Aztrader2
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd long 24_03 num01.gif Size: 41 KB
  • #464
  • Mar 24, 2011 4:36am Mar 24, 2011 4:36am
Quoting nomask
...
Hi Nomask,
How do you consider this week's progress. How are you taking action? Do you think it will go up or reverse below 1,4000s?
Thank you
  • #465
  • Mar 24, 2011 5:03am Mar 24, 2011 5:03am
Quoting Aztrader2
Hi to all,

Just went long on EU, hoping this is the right move!!
Price bounced from 31.8 FIB of last week. (And bounced right on 60 EMA of 4h TF, see red line...)
Took 20 pips on first half (so...I can't loose......) & setted the second half SL to -10 pips hoping to ride it for the 1000's

I wish to tank Nomask for the good job!!

Aztrader2
Hi,

Just want to know you entered in what price?

I went long as well based on the 4hr chart as the price bounced off on 50% fib level.

However, will watch closely when it reach close to the minor resistance level I marked earlier. Any sign of low momentum I might consider to close. If strong momentum I will consider to add position.
  • #466
  • Mar 24, 2011 5:08am Mar 24, 2011 5:08am
Quoting Aztrader2
Hi to all,

Just went long on EU, hoping this is the right move!!
Price bounced from 31.8 FIB of last week. (And bounced right on 60 EMA of 4h TF, see red line...)
Took 20 pips on first half (so...I can't loose......) & setted the second half SL to -10 pips hoping to ride it for the 1000's

I wish to tank Nomask for the good job!!

Aztrader2
good luck with your long.
I took a long trade on eu as per method.
charts attached.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 157.png Size: 23 KB
Click to Enlarge Name: 158.png Size: 28 KB
  • #467
  • Mar 24, 2011 5:21am Mar 24, 2011 5:21am
Quoting liangko
Hi,

Just want to know you entered in what price?

I went long as well based on the 4hr chart as the price bounced off on 50% fib level.

However, will watch closely when it reach close to the minor resistance level I marked earlier. Any sign of low momentum I might consider to close. If strong momentum I will consider to add position.

Yes, I went long because it bounced from 38.2 of last week & 50 of the total movement from last week.
  • #468
  • Mar 24, 2011 5:24am Mar 24, 2011 5:24am
Quoting nomask
good luck with your long.
I took a long trade on eu as per method.
charts attached.

Hi nomask,
I went long a little earlier, because of the bounce on fibs levels (38.2 of last week & 50 of total movement from last week). It was a good entry, but, then I made a mistake with the cavemanager EA, wich closed my position, so I had to enter again exactly were you entered...
  • #469
  • Edited 8:45pm Mar 24, 2011 6:03am | Edited 8:45pm
Hi Nomask and everyone!

Thank you for this great method and support and getting us to the 5% circle...

Attached is an indicator (but a helpful one...) that will draw vertical lines for the M5 chart to show the 4 hr periods. It's currently setup to place a dash vertical line on the 4,8,12,16,20 hour. Use the period separator to get the vertical line at 0 hour. Hope it's helpful!

Good luck to all!
Attached File(s)
File Type: mq4 Xi-VLines20v1.02 (4 hr).mq4   13 KB | 746 downloads
  • #470
  • Mar 24, 2011 6:31am Mar 24, 2011 6:31am
Quoting lite27
Thank you very much Nomask for your help and exellent trade method! I am impressed.

Thanks a lot
Quoting jasonc1213
Hello Nomask,
Quoting jasonc1213
I was a silent lurker in the Millipede thread for the past couple of months and found your additions to the thread to be invaluable. I appreciate all that you've done here as well and my results from following this thread have been instrumental in my gaining the courage to signing up for my first live account. I was hoping that you could shine light on one thing I've been thinking about lately with this method, however.
I remember Graeme said that...
First off all thank you for your compliments.
Graeme had very impressive and different way of trading compared to most retail traders.
I say he's more aggressive than me and he stacks aggressively whereas I need a new story (at least on 5min) to open/add new position.
This is just the way I feel more comfortable.
My trading based on the price actions of fibs,dt,db,pinbar and engulfing bars.
by trading only one of them I'd get enough opportunity to trade though.
flying budha is not my favorite I don't find it reliable.
I did go over almost every stuff available in forums,books available to trade profitably.I mean elliots,indicators,pivots,ma's,channells,trend lines.....etc
after squeezing all those fruits that’s the juice remained to drink.
I now there is not so many trading actions but believe me what you don’t do with this method is “overtrading” but showing up and taking action when there is a move.
I’m still holding the old position at 1.3569 from weeks ago.I know it will be remained unrealized until I close it but that doesn’t change the fact its up 500 plus pips by now.
May be I spent at most 20 pips to establish this position.
500 pips is 10 percent of my capital.So only one position in 5 weeks equal to 10% of my capital.Its not a lot and I remember like doubling my account in 4 weeks at the time of I was demo trading.It just kept giving me signals every other day.You never know how much market willing to pay you
After I took my first trade at 1.35xx there were more that I missed just because of my other works.
Its just part of the life. You can not catch every single opportunity in it.
  • #471
  • Mar 24, 2011 6:49am Mar 24, 2011 6:49am
Quoting leftcoaster
Hi Nomask and everyone!

Thank you for this great method and support and getting us to the 5% circle...

Attached is an indicator (but a helpful one...) that will draw vertical lines for the M5 chart to show the 4 hr periods. It's currently setup to place a dash vertical line on the 4,8,12,16,20 hour. Use the period separator to get the vertical line at 0 hour. Hope it's helpful! (If not, let me know and I'll remove it!)

Good luck to all!
Thats very handy..thanks a lot.
  • #472
  • Mar 24, 2011 6:53am Mar 24, 2011 6:53am
Quoting lite27
Thank you very much Nomask for your help and exellent trade method! I am impressed.
Sorry guys I keep missing some posts to reply..
Thanks to everybody again.
  • #473
  • Mar 24, 2011 6:58am Mar 24, 2011 6:58am
Second position opened.
they all moved to b.e
Attached Image (click to enlarge)
Click to Enlarge Name: 159.png Size: 24 KB
  • #474
  • Mar 24, 2011 7:12am Mar 24, 2011 7:12am
Quoting nomask
Thanks a lot

First off all thank you for your compliments.
Graeme had very impressive and different way of trading compared to most retail traders.
I say he's more aggressive than me and he stacks aggressively whereas I need a new story (at least on 5min) to open/add new position.
This is just the way I feel more comfortable.
[color=black][font=Verdana]My...
Totally agreed with what you mentioned. Your entry approach is indeed low risk entry where we only enter into market when there is strong momentum. I find it more sensible and meaningful, and of course alot less stressful than using indicator.

I have actually checked out Graeme's thread before this thread is opened. From there, I understand that we have to respect the main long term trend and go with the flow. But I just couldn't figure out and find it extremely difficult to enter the market with low risk (tight SL for just few pips).

It is until after reading your thread, I able to understand the importance of major line and how we enter into market with low risk with the reference to weekly, 4hr and 5 mins charts.

I deeply appreciate your effort in setting this thread and thank you very much for your valuable teaching and guidance.

I will closely follow this thread and share my trading thought with you guys.

Thanks agian!
  • #475
  • Mar 24, 2011 7:23am Mar 24, 2011 7:23am
Quoting nomask
Thanks a lot

First off all thank you for your compliments.
Graeme had very impressive and different way of trading compared to most retail traders.
I say he's more aggressive than me and he stacks aggressively whereas I need a new story (at least on 5min) to open/add new position.
This is just the way I feel more comfortable.
[color=black][font=Verdana]My...
Thank you for your detailed reply. It's funny because everything you just posted was just proven in the last four hours. We spent 2 days sitting and waiting for EUR/USD to retrace to the 50% level on the 4 hour chart, but now that we have our signal, the price shot up considerably. Congrats on your two new BE positions. I hope PA continues to move northward to 1.5. I just made a deposit to my broker so I'm looking forward to trading this strategy live when the check clears.

Thanks again
  • #476
  • Edited 8:04am Mar 24, 2011 7:33am | Edited 8:04am
Quoting liangko
Totally agreed with what you mentioned. Your entry approach is indeed low risk entry where we only enter into market when there is strong momentum. I find it more sensible and meaningful, and of course alot less stressful than using indicator.

I have actually checked out Graeme's thread before this thread is opened. From there, I understand that we have to respect the main long term trend and go with the flow. But I just couldn't figure out and find it extremely difficult to enter the market with low risk (tight SL for just few pips).

It is...
thanks liangko.

Quoting jasonc1213
Thank you for your detailed reply. It's funny because everything you just posted was just proven in the last four hours. We spent 2 days sitting and waiting for EUR/USD to retrace to the 50% level on the 4 hour chart, but now that we have our signal, the price shot up considerably. Congrats on your two new BE positions. I hope PA continues to move northward to 1.5. I just made a deposit to my broker so I'm looking forward to trading this strategy live when the check clears.

Thanks again
I know.its weird ,eh?
When I first started this thread I was thinking like oh man there was too much stuff to cover but not enough time of me.
but then here I get that first signal right after starting the thread made my life and this thread a lot easier...
  • #477
  • Mar 24, 2011 7:52am Mar 24, 2011 7:52am
You guys in Europe get to trade during the day! I'm in EST and missed those moves.

Also I waited for the 4H candle to close at 8am EST. I guess that is following the method a little too strictly, but that's ok. I'll wait for p.a. on the 5M now, it's bound to come. If it does, I'm still in at a good price. If it doesn't, that means it went back to BE and we wait for the next PA on 4H. Patience, right? I'm learning...

Just bounced off the 1.4150 again...
Luck occurs when preparation meets with opportunity.
  • #478
  • Mar 24, 2011 7:59am Mar 24, 2011 7:59am
Quoting jasonc1213
It's funny because everything you just posted was just proven in the last four hours.
Totally agree! I tried to jump in the first 4H candle of the week, and Nomask posted saying looking for retracement and PA right about where price is now.

I placed a couple of trades on the 5M trying to enter over the last week, but they got stopped at BE - which is ok because I didn't lose money following this entry method! For me this method of 5M entry and moving SL to BE right away, I truly believe I've conquered the #1 trading rule: preserve capital!

I may trade other methods in addition to Nomask's, but I tell you for certain that I will NEVER again trade with a 50 pip SL!

Nomask, thank you again!
Luck occurs when preparation meets with opportunity.
  • #479
  • Mar 24, 2011 8:08am Mar 24, 2011 8:08am
Quoting AlienFrog
Totally agree! I tried to jump in the first 4H candle of the week, and Nomask posted saying looking for retracement and PA right about where price is now.

I placed a couple of trades on the 5M trying to enter over the last week, but they got stopped at BE - which is ok because I didn't lose money following this entry method! For me this method of 5M entry and moving SL to BE right away, I truly believe I've conquered the #1 trading rule: preserve capital!

I may trade other methods in addition to Nomask's, but I tell you for certain that I will...
you're welcome alienfrog.
I sometimes see nice movements happened in my bedtime as well(probably your daytime) .
But you're right about that this pair makes most of its movement during the european time.

btw my latest position died at b.e...looking to see if anything interesting I get on my newly started 4hr candle
  • #480
  • Mar 24, 2011 8:42am Mar 24, 2011 8:42am
both positions died at b.e
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