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Trading Major Lines

  • #541
  • Mar 28, 2011 8:00am Mar 28, 2011 8:00am
Quoting nomask
above post updated with this chart.
on the 5min it tried to fool you 3 times..more it trys to fool us less we should consider it trading.
We are looking only for descent and honest moves
True true. I think I have been impatient already after few BE and loss incurred last week.

I made several mistake in this pair in this evening as I was too rushy to enter aggressively. This lead to 2 loss trades.
  • #542
  • Mar 28, 2011 8:53am Mar 28, 2011 8:53am
This is my first trade of the week.
I just wante to test the water with little entry although it was not a very obvious and clear setup but remember I'm still biased long and easy with the entries in the direction of my hindsight as long as they require little stops.
and also my 4hr setup candle was signaling a fakeout of the previous support with its shape and close.
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  • #543
  • Mar 28, 2011 9:11am Mar 28, 2011 9:11am
looking at the current position...
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  • #544
  • Mar 28, 2011 9:17am Mar 28, 2011 9:17am
Seems I've arrived late on the scene. However I will wait for this 4 hour bar to close and then look for setups around the Fibs of this bullish 4 hour bar. I would have never really gotten confirmation of a bullish move according to my chart. Interesting to me to compare our chart but over time its all relative correct? Over time I will get signals before you and you will get signals before me. Right?

I've also been reading pipEasy's thread the last week or so and I find it very helpful. I've been comparing both your methods and did notice he is very aggressive. Your method is prob better for newer traders like me and perhaps with time and experience I can add some more entry strategies but for now I'm happy with where I'm at.
Twitter: @zusch_ -- Preselecting trending pairs, stocks on a weekly basis.
  • #545
  • Mar 28, 2011 9:29am Mar 28, 2011 9:29am
Quoting zusch
Seems I've arrived late on the scene. However I will wait for this 4 hour bar to close and then look for setups around the Fibs of this bullish 4 hour bar. I would have never really gotten confirmation of a bullish move according to my chart. Interesting to me to compare our chart but over time its all relative correct? Over time I will get signals before you and you will get signals before me. Right?

I've also been reading pipEasy's thread the last week or so and I find it very helpful. I've been comparing both your methods and did notice he...
Correct.Sometimes you'll be earlier than me.
  • #546
  • Mar 28, 2011 12:51pm Mar 28, 2011 12:51pm
Quoting nomask
This is my first trade of the week.
I just wante to test the water with little entry although it was not a very obvious and clear setup but remember I'm still biased long and easy with the entries in the direction of my hindsight as long as they require little stops.
and also my 4hr setup candle was signaling a fakeout of the previous support with its shape and close.

I entered on the long engulfing candle about 5-6 candles before your entry. Currently with SL at BE and about +45 pips. Is there any reason you didn't enter on this candle? It engulfed quite a few of the down candles after a fakeout on the 5m below the 0% fib line.
  • #547
  • Mar 28, 2011 1:27pm Mar 28, 2011 1:27pm
Took long at green line. Bullish engulfing, area of support, near bottom of bull flag trendline, and near 38.2 Fib.

Wish me luck!
Attached Image (click to enlarge)
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Twitter: @zusch_ -- Preselecting trending pairs, stocks on a weekly basis.
  • #548
  • Mar 28, 2011 1:40pm Mar 28, 2011 1:40pm
Quoting jasonc1213
I entered on the long engulfing candle about 5-6 candles before your entry. Currently with SL at BE and about +45 pips. Is there any reason you didn't enter on this candle? It engulfed quite a few of the down candles after a fakeout on the 5m below the 0% fib line.
I'm not sure which candle you're referring to but 5-6 candles ago 4hr candle was not completed.I wait 4hr setup candle to be completed before zooming in 5 min t.f
  • #549
  • Mar 28, 2011 1:44pm Mar 28, 2011 1:44pm
Quoting zusch
Took long at green line. Bullish engulfing, area of support, near bottom of bull flag trendline, and near 38.2 Fib.

Wish me luck!
I didn't take this one on purpose.I didn't like the location of it.But I hope it works well for you.
  • #550
  • Mar 28, 2011 1:49pm Mar 28, 2011 1:49pm
Quoting nomask
I didn't take this one on purpose.I didn't like the location of it.But I hope it works well for you.
What do you not like about the location? Just curious.
Twitter: @zusch_ -- Preselecting trending pairs, stocks on a weekly basis.
  • #551
  • Mar 28, 2011 2:34pm Mar 28, 2011 2:34pm
Quoting zusch
What do you not like about the location? Just curious.
Its also I get more picky when the european session is closed.
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  • #552
  • Mar 28, 2011 2:56pm Mar 28, 2011 2:56pm
Quoting nomask
Its also I get more picky when the european session is closed.
Yeah the only thing I didn't like was the fact it was after Europe closed and the trade was lookin good until it stalled out at the top of my flag. Looks like I will be stopped out at B/E soon. I'm happy I was at least able to move my stop to B/E and give myself the opportunity at something huge.
Twitter: @zusch_ -- Preselecting trending pairs, stocks on a weekly basis.
  • #553
  • Mar 28, 2011 3:36pm Mar 28, 2011 3:36pm
Quoting nomask
I'm not sure which candle you're referring to but 5-6 candles ago 4hr candle was not completed.I wait 4hr setup candle to be completed before zooming in 5 min t.f
You're right. It was just at the start of the long green 4 hour candle so I probably should have waited. But that leads me to a question for you: with a long 4 hour candle like that, isn't inevitable that most of the positions will die at BE on the retrace if we wait for these really long 4 hour setup candles to form completely?
  • #554
  • Mar 28, 2011 4:57pm Mar 28, 2011 4:57pm
Quoting nomask
This is my first trade of the week.
I just wante to test the water with little entry although it was not a very obvious and clear setup but remember I'm still biased long and easy with the entries in the direction of my hindsight as long as they require little stops.
and also my 4hr setup candle was signaling a fakeout of the previous support with its shape and close.
Hello Nomask,

I am following your thread with great interest, really good.

Looking at your buy level : did you place your buy above the spike/wick to the left for security purposes or why didn`t you enter immediately once the 5min closed ?

I am just asking because very often the move to the high of the wick is in my experience a low-risk move, whereas price often stalls at a resistance level denoted by the highs of wicks .....I hope I am making myself clear.

Thanks for all you are doing and very clear charts.






____________
michael
Be like water.
  • #555
  • Edited Mar 29, 2011 3:18am Mar 28, 2011 11:01pm | Edited Mar 29, 2011 3:18am
Quoting nomask
This is my first trade of the week.
I just wante to test the water with little entry although it was not a very obvious and clear setup but remember I'm still biased long and easy with the entries in the direction of my hindsight as long as they require little stops.
and also my 4hr setup candle was signaling a fakeout of the previous support with its shape and close.
Hi Nomask,

Thank you for showing us the variations that we may encounter when identifying an H4 signal. This particular entry was pretty tricky to catch but it is turning out well!

In the attached screenshot - could you please explain why the H4 candle I'm pointing at would not have been a signal to go down to the M5?

And on the H4 candle you did use to drop down to the M5, would you also say that it made a legitimate/passable (or not?) Double Bottom, thus adding to the reason to explore the M5 for a low risk entry?

Thanks!
Attached Image (click to enlarge)
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  • #556
  • Mar 28, 2011 11:36pm Mar 28, 2011 11:36pm
Nomask, excellent thread.
I'm not an active poster in this website, but a reader of some other threads, what fortunately made me cross with you.

I've been trading for almost 3 yrs and still not profitable, but breaking even. However I do know some things:

1- I'm not a scalper style trader, nor a long term trader... My ideal style would be more of a take 2-3 profitable trades per week, aiming for 50< pips each.
2- While long timeframes give you more pips, trading them usually is about having larger SL in order to let price "breath". NOT ANYMORE WITH YOUR STYLE
3- I based my ideal style on 2 basic things: Less time on the PC so I can go about my life, and realize profits and compound the gains quicker (not scalping).

I do like your style very much, and definitely it can help me to get there.

Now I have some questions for you:

1- What is the approximate success ratio as per this setting?
2- As is a low pip risk method, why not leveraging more the account, say risking 1-2%?
3- 4H charts can be different on each broker, what could prevent you from a nice setup. What would you recommend on this regards? Wouldn't it be nice to use the 4 last H1 candles that engulf the previous 4 instead of the H4 chart?

Thanks for sharing
  • #557
  • Mar 29, 2011 1:23am Mar 29, 2011 1:23am
Quoting jasonc1213
You're right. It was just at the start of the long green 4 hour candle so I probably should have waited. But that leads me to a question for you: with a long 4 hour candle like that, isn't inevitable that most of the positions will die at BE on the retrace if we wait for these really long 4 hour setup candles to form completely?
When we get a new setup on 4hr we assume that the very next candle will follow the price action and go in our direction.
That's why its got the highest chance of survival.
Attached Image (click to enlarge)
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  • #558
  • Mar 29, 2011 1:27am Mar 29, 2011 1:27am
Quoting msmarple
Hello Nomask,

I am following your thread with great interest, really good.

Looking at your buy level : did you place your buy above the spike/wick to the left for security purposes or why didn`t you enter immediately once the 5min closed ?

I am just asking because very often the move to the high of the wick is in my experience a low-risk move, whereas price often stalls at a resistance level denoted by the highs of wicks .....I hope I am making myself clear.

Thanks for all you are doing and very clear charts.

...
actually I did enter at the close.Its just I'm always late on my demo platform taking trades in time as I take my live trades first on my live account.
  • #559
  • Mar 29, 2011 4:35am Mar 29, 2011 4:35am
Quoting leftcoaster
Hi Nomask,

Thank you for showing us the variations that we may encounter when identifying an H4 signal. This particular entry was pretty tricky to catch but it is turning out well!

In the attached screenshot - could you please explain why the H4 candle I'm pointing at would not have been a signal to go down to the M5?

And on the H4 candle you did use to drop down to the M5, would you also say that it made a legitimate/passable (or not?) Double Bottom, thus adding to the reason to explore the M5 for a low risk entry?

Thanks!
once we get out of that range and establish a new high we can then use the recent weekly range to place our new fib.
and about the candle you asked me,i didn't get it on my chart and also i want candles respecting fib levels if I'm trading price actions around fib levels.
Attached Image (click to enlarge)
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  • #560
  • Mar 29, 2011 4:49am Mar 29, 2011 4:49am
Quoting leftcoaster
Hi Nomask,

Thank you for showing us the variations that we may encounter when identifying an H4 signal. This particular entry was pretty tricky to catch but it is turning out well!

In the attached screenshot - could you please explain why the H4 candle I'm pointing at would not have been a signal to go down to the M5?

And on the H4 candle you did use to drop down to the M5, would you also say that it made a legitimate/passable (or not?) Double Bottom, thus adding to the reason to explore the M5 for a low risk entry?

Thanks!
one more chart about the candle
Attached Image (click to enlarge)
Click to Enlarge Name: 185.png Size: 309 KB
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