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Trading Major Lines

  • #561
  • Mar 29, 2011 5:31am Mar 29, 2011 5:31am
Quoting nomask
one more chart about the candle
Nomask,

Thank you very much for the in depth analysis and for answering all my questions - both the stated and un-stated ones.

I was very curious about the differences in how you analyzed the candles, why one was better than the other. Your explanations are extremely helpful!

When you ask yourself the question - 'What is the story behind the candle?', it's is amazing what the candles are telling you. (Of course, a little help from you sure makes the muddy waters seem so clear!)

Thanks again for everything!
  • #562
  • Mar 29, 2011 5:43am Mar 29, 2011 5:43am
Quoting cfabian
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...
Hello an thank you cfabia.
you can implement it into your trading style easily.
answers yo your questions:
1.there is no fixed success ratio as this method relies on trading skills and patience individually.but I'd say about %20 of your entries would grow into long term and more than half of the rest would be b.e and others small loss.
but remember of the first couple posts of this thread .
I said every trader should demo this method seriously to get his/her own trading data.
2.1st answer covers this question too..Thats totally up to your trading data such as consecutive loss,maximum drawndown,average win-loss ratio etc.
3.Its not necessary.I get enough trading opportunities on any given platform/timezone.I check my chart every 4hr to see if there is a price action.
***
Its very important to keep your trading method simple all the time.You can always traing yourself and investigate your mistakes but don't confuse yourself by the time.
  • #563
  • Mar 29, 2011 5:46am Mar 29, 2011 5:46am
Quoting leftcoaster
Nomask,

Thank you very much for the in depth analysis and for answering all my questions - both the stated and un-stated ones.

I was very curious about the differences in how you analyzed the candles, why one was better than the other. Your explanations are extremely helpful!

When you ask yourself the question - 'What is the story behind the candle?', it's is amazing what the candles are telling you. (Of course, a little help from you sure makes the muddy waters seem so clear!)

Thanks again for everything!
my pleasure.
  • #564
  • Mar 29, 2011 7:09am Mar 29, 2011 7:09am
Hello nomask

At this stage which 4h candle is in control?
Is there any or should we wait for a new 4h bullish pa?
Regards
  • #565
  • Mar 29, 2011 7:39am Mar 29, 2011 7:39am
Quoting nomask
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.
Hi Nomask,

Please explain the green fib placement further, if possible. I thought we were placing our fib based on the retracement of the previous week candle (I.E If it keeps heading down, we could possibly be looking at a bounce off of the confluence of the major line/61.8 level)

Why is the green fib showing a swing high so much higher than the new weekly candle? Shouldn't the swing high of the current weekly be at 1.4148x?
  • #566
  • Mar 29, 2011 8:35am Mar 29, 2011 8:35am
Quoting jasonc1213
Hi Nomask,

Please explain the green fib placement further, if possible. I thought we were placing our fib based on the retracement of the previous week candle (I.E If it keeps heading down, we could possibly be looking at a bounce off of the confluence of the major line/61.8 level)

Why is the green fib showing a swing high so much higher than the new weekly candle? Shouldn't the swing high of the current weekly be at 1.4148x?
this was just an illustration to show in which situation we would apply a new fib.
blue fib is the real one that I have on my chart currently.
  • #567
  • Mar 29, 2011 8:44am Mar 29, 2011 8:44am
Quoting howard
Hello nomask

At this stage which 4h candle is in control?
Is there any or should we wait for a new 4h bullish pa?
counter trends are tricky but worth to talk about them.
Attached Image(s) (click to enlarge)
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  • #568
  • Mar 29, 2011 9:30am Mar 29, 2011 9:30am
The 4H looks like it could be a bounce off 50% fib. Looked for entry on 5M and got in at 1.4078. Almost stopped out once, going down again now...
Attached Image (click to enlarge)
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Luck occurs when preparation meets with opportunity.
  • #569
  • Edited 11:59am Mar 29, 2011 11:43am | Edited 11:59am
Quoting nomask
counter trends are tricky but worth to talk about them.
I'm getting both long and short signals, tough call on this pair right now. We've got a Buddha on the weekly, multiple buddhas on the daily signaling short but it's also building minor support just above 1.4000 currently (longish). Forming a nice triangle/wedge on the 4H/1H....poised to explode here soon...which way....dunno. Thinking Buy stop around 1.4150 ish and Sell stop around 1.4015 ish.

Who knows, just participate with low risk entries as the wise one says.
  • #570
  • Mar 29, 2011 12:05pm Mar 29, 2011 12:05pm
Quoting nomask
counter trends are tricky but worth to talk about them.
Sorry for off-topic question : I notice that Nomask and some of you use a very good screencapture tool, that allows for editing on the chart.

Could you possibly give me a recommendation ?

Thank you.



____________
michael
Be like water.
  • #571
  • Mar 29, 2011 12:21pm Mar 29, 2011 12:21pm
Quoting AlienFrog
The 4H looks like it could be a bounce off 50% fib. Looked for entry on 5M and got in at 1.4078. Almost stopped out once, going down again now...
no price action to go long yet


Quoting deepblue44
I'm getting both long and short signals, tough call on this pair right now. We've got a Buddha on the weekly, multiple buddhas on the daily signaling short but it's also building minor support just above 1.4000 currently (longish). Forming a nice triangle/wedge on the 4H/1H....poised to explode here soon...which way....dunno. Thinking Buy stop around 1.4150 ish and Sell stop around 1.4015 ish.

Who knows, just participate with low risk entries as the wise one says.
as I said above no price action to go long at most maybe a counter trend setup which is most of the time unnecessary.btw if you get confused anytime ,stick to your hindsight.
chart attached

Quoting msmarple
Sorry for off-topic question : I notice that Nomask and some of you use a very good screencapture tool, that allows for editing on the chart.

Could you possibly give me a recommendation ?

Thank you.



____________
michael
snagit is the tool i use...
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  • #572
  • Mar 29, 2011 1:35pm Mar 29, 2011 1:35pm
Very confusing 240 min chart on EURUSD. For now I'm staying away.

I've been watching AUDUSD with interest. Was looking for a low risk entry on 5 min after double wick bottom and engulfing pattern on 240 min chart. However PA never came into my Fib zone. If I remember correctly Nomask you will sometimes take trades on 5 min if PA never quite reaches your Fib levels. Would this be a good example?

Obviously price has gone higher but when I was watching this live I didn't pull the trigger. I'm kind of just standing frozen like a deer in headlights while I watch this pair go higher. I'm sure I'll have another opportunity however.
Attached Image (click to enlarge)
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Twitter: @zusch_ -- Preselecting trending pairs, stocks on a weekly basis.
  • #573
  • Mar 29, 2011 1:44pm Mar 29, 2011 1:44pm
For me this looks like a valid bullish setup - the fact that on 5min it didn`t even retrace down to the 38,2% Fib is a sign of strength.

But I may be wrong, then please correct me.

I missed it too, as I was focused so much on EU and GU all day. I hope to get more experience in this method and then carefully consider other pairs too ( over time ).



_________
michael
Be like water.
  • #574
  • Mar 29, 2011 2:09pm Mar 29, 2011 2:09pm
Quoting msmarple
Sorry for off-topic question : I notice that Nomask and some of you use a very good screencapture tool, that allows for editing on the chart.

Could you possibly give me a recommendation ?

Thank you.



____________
michael
Nomask -- Sorry for the off-topic reply (but I thought others might be interested too)...

Hi msmarple,

In addition to Nomask's SNAGIT (which looks awesome & does both I believe), you could also check out these (free or donation option).

For screencapture (especially when you only want a smaller section of the something):

http://www.donationcoder.com/Softwar...tor/index.html Screenshotcaptor may be able to mark up the charts as well but I've never explored that (but if you find it does, let me know)

For photo editing software/marking up the charts:

Paint.net (http://www.getpaint.net/)

Enjoy!
  • #575
  • Mar 29, 2011 2:45pm Mar 29, 2011 2:45pm
Quoting zusch
Very confusing 240 min chart on EURUSD. For now I'm staying away.

I've been watching AUDUSD with interest. Was looking for a low risk entry on 5 min after double wick bottom and engulfing pattern on 240 min chart. However PA never came into my Fib zone. If I remember correctly Nomask you will sometimes take trades on 5 min if PA never quite reaches your Fib levels. Would this be a good example?

Obviously price has gone higher but when I was watching this live I didn't pull the trigger. I'm kind of just standing frozen like a deer in headlights...
If i wanted to long this pair.
I would trade on one of those scnearios.
1.breakout setup with a good bullish candle
2.double bottom along with a bullish price action off the fib levels.
3.bullish price action with price respecting to one of the fib levels.
out of these three nothing worth to try..
Attached Image (click to enlarge)
Click to Enlarge Name: 190.png Size: 20 KB
  • #576
  • Edited 3:59pm Mar 29, 2011 3:01pm | Edited 3:59pm
Hi Nomask --

With new eyes and trying to understand the 'story' behind every candle, I'm studying the H4 chart (which you presented to us in your 5 week Recap post) and I'm focusing in on the H4 pinbars (and Double Top/Bottom).

Correct me if I'm wrong and please comment -- but I'm noticing the 'first' H4 (or weekly) signals are often the PINBARS off the the FIBO (pinbars being the key here) because if you waited for the next candle (which may be a bullish/bearish engulfing), you'd more than likely be taken out by some later price action.

Remind me, did you mention that you favor PINBARS over other candle signals for the weekly/H4 (M5 pinbars need confirmation)? Could you comment more on pinbars (and location) as I'd like to learn more about my new best friend...

Thank you kindly!
Attached Image (click to enlarge)
Click to Enlarge Name: h4 eu.jpg Size: 103 KB
  • #577
  • Mar 29, 2011 5:42pm Mar 29, 2011 5:42pm
Quoting nomask
If i wanted to long this pair.
I would trade on one of those scnearios.
1.breakout setup with a good bullish candle
2.double bottom along with a bullish price action off the fib levels.
3.bullish price action with price respecting to one of the fib levels.
out of these three nothing worth to try..
Thanks again Nomask. Very helpful!
Twitter: @zusch_ -- Preselecting trending pairs, stocks on a weekly basis.
  • #578
  • Mar 29, 2011 10:24pm Mar 29, 2011 10:24pm
Nomask, just catching up with all the thread. Just wondering if counter trading, what are your targets or what is the signal you look for to get out?

Cheers


Quoting nomask
giving an example what I'm looking for when I'm counter trading...
  • #579
  • Mar 29, 2011 11:29pm Mar 29, 2011 11:29pm
Nomask, my annotations on your chart are correct? So you would have entered on the second green candle (as the first was an IB, no matter its body was bigger than previous candle) ?

Your visual SL is at the extreme of the candle marked "entry" correct?

Really liking this stuff. Thanks

http://i52.tinypic.com/jt2ids.jpg






Quoting nomask
So far I showed you guys both winning and losing trades
now its the time for a missing trade...
That happens from time to time its because I'm dealing with 5 min entries.
part of the game.
I considered that 4hr candle tradeable because It was in the same direction of my hindsight..
I would never base a counter trade on such candle..
  • #580
  • Mar 30, 2011 3:27am Mar 30, 2011 3:27am
Quoting leftcoaster
Nomask -- Sorry for the off-topic reply (but I thought others might be interested too)...

Hi msmarple,

In addition to Nomask's SNAGIT (which looks awesome & does both I believe), you could also check out these (free or donation option).

For screencapture (especially when you only want a smaller section of the something):

http://www.donationcoder.com/Softwar...tor/index.html Screenshotcaptor may be able to mark up the charts as well but I've never explored that (but if you find it does, let me know)

For photo...

Thanks, will look at both. I have Jing, but its editing tools are not as good as Nomask`s Snagit. End of off-topic




___________
michael
Be like water.
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