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Trading Major Lines

  • #621
  • Apr 1, 2011 3:46am Apr 1, 2011 3:46am
Hi Nomask,

Thank you very much for breaking things down for all of us to take in. I totally hear what you're saying. I very much like the fact that you keep things simple which helps us to focus and stick to the plan. Asking the right questions definitely helps. Every little bit of info you share puts us one step closer to becoming the trader we want to be....

Excellent! Thanks for taking the time to lay it all out!
  • #622
  • Apr 1, 2011 4:00am Apr 1, 2011 4:00am
I know today is a nfp day but I'm getting my new signal on 4hr...
I notice the fundementals only in terms of timing my entry in case I get stopped out because of a silly spike.
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  • #623
  • Apr 1, 2011 4:15am Apr 1, 2011 4:15am
Quoting nomask
I know today is a nfp day but I'm getting my new signal on 4hr...
I notice the fundementals only in terms of timing my entry in case I get stopped out because of a silly spike.
watching it in 5 min but nothing we can enter yet.
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  • #624
  • Apr 1, 2011 4:26am Apr 1, 2011 4:26am
Quoting nomask
watching it in 5 min but nothing we can enter yet.
did not treat nice to our setup candle..
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  • #625
  • Edited 7:22am Apr 1, 2011 4:29am | Edited 7:22am
final post of my plan.
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  • #626
  • Apr 1, 2011 6:17am Apr 1, 2011 6:17am
Last night when I was checking other pairs I saw this setup but little late to take that..
posting it for an example of a good setup..
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  • #627
  • Apr 1, 2011 6:36am Apr 1, 2011 6:36am
Quoting nomask
final post of my plan.
great thread Nomask - I am a fan of significant levels or "lines" myself so I subscribed to your thread

That violation was clearly a stop hunt imho. I doubt you will see a bearish candle at the close. Good price level to watch. Nice work bringing it to our attention.
BTC Return This Year: na
  • #628
  • Apr 1, 2011 7:14am Apr 1, 2011 7:14am
Quoting M.A.C.Doug
great thread Nomask - I am a fan of significant levels or "lines" myself so I subscribed to your thread

That violation was clearly a stop hunt imho. I doubt you will see a bearish candle at the close. Good price level to watch. Nice work bringing it to our attention.
thanks a lot mac...
current 4hr candle on my chart is waiting for the major news to decide on its shape and close..
Another pinbar could mean another long opportunity.We'll find that out in less than an hour.
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  • #629
  • Apr 1, 2011 9:18am Apr 1, 2011 9:18am
Hi Nomask,
Just wanted to express my thanks to you for your efforts on such a nice thread. Read it last weekend and planning on reading it over again this weekend to let it sink in. I trade 100% long term and I am really drawn to your low risk entry approach. I Have nothing to contribute yet, but will as soon as I get a better understanding of your approach at this.
Thanks Again And have a nice weekend
Always Learning
  • #630
  • Apr 1, 2011 10:28am Apr 1, 2011 10:28am
Hello folks,
I have not been on here since Tuesday because I have been letting the market do its thing. I took a beating on Monday so I decided to wait for the story. Well I looked at the monthly timeframe and the story for me was a little better there. Price has been dancing for weeks now between the 4100-4200 levels. Something said look at a time frame that makes sense and behold the monthly. This is not according to the method but as nomask said if you can understand the basics then you can add your spin on it. On the monthly there is major resistance on the trendline. once it pops through(and break high 1.4282) there is a likeihood it will reach the 5200 level. So far I have one order at breakeven that I am trying to manage to the 5200 level(1200pips). We'll see what happens. I forgot to mention I have not changed the method I only switch to make my story a better . I always keep my foundation intact of tools i used to trade. have a great weekend.
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Empower Your Mind
  • #631
  • Apr 1, 2011 11:30am Apr 1, 2011 11:30am
Got nailed!!!!!!
This is my entry. Price was at 61.8 from the daily range. It started to react in that zone. Got a momentum 5M candle and got in.

1- Was the entry valid?
2- Was it still valid considering the higher timeframe picture?
3- What would have been your exit? As I had to go from the office, I set my SL on the lower extreme.

Comments please

http://i54.tinypic.com/r08rc8.jpg


How it developed....

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


This is the higher timeframe look
http://i55.tinypic.com/eld7yt.jpg
  • #632
  • Apr 1, 2011 11:58am Apr 1, 2011 11:58am
Wanted to share this one. Got nailed as well. This is not part of the technique being discussed.
Nomask, probably this is why I really need more discipline and is what I expect from your method.

I really have to get to the point where I can place 3 good trades a week. I'm not expecting 1000 pip runners, as I prefer build my account with 50 - 70 pip trades, 3 times a week.

Sorry for the noise this may cause.

http://i52.tinypic.com/2cwo2hf.jpg
  • #633
  • Apr 1, 2011 12:03pm Apr 1, 2011 12:03pm
Quoting cfabian
Got nailed!!!!!!
This is my entry. Price was at 61.8 from the daily range. It started to react in that zone. Got a momentum 5M candle and got in.

1- Was the entry valid?
2- Was it still valid considering the higher timeframe picture?
3- What would have been your exit? As I had to go from the office, I set my SL on the lower extreme.
Hi Cfabian:

I am new to the method, so please consider that when reading my response.

I would not have taken that trade. Here's why:

1. Rather than using the W1, H4, and M5 charts, it looks like you've used the D1, H1, and M5 charts. I am not convinced that the price action on the H1 is nearly as reliable as price action on the H4. I would have waited for more reliable PA on a higher timeframe.
2. It looks like your setup and entry candles on the M5 where at the beginning of a new H4 period. I believe that Nomask has warned use to be extra caution when H4 candles are changing.
3. I think you chose a good SL.

Best of luck with your trading. I know that I have learned a lot since I started reading this thread.
  • #634
  • Apr 1, 2011 12:16pm Apr 1, 2011 12:16pm
Hi cfabian,

on most NFP days you can expect up to 100 pips candles and more. Of course if the charts tell us to enter we may try our best. I usually only trade the first 3 hours ( 1h pre-London and then 2 hours ) on NFP days.

I am not quite sure if your decision was only based on the 61.8% fib and the 5min double bottom ?

I have annotated your chart, maybe Nomask can go in to more detail about your entry.

My best wishes to all.......and a relaxing weekend !


_____________
michael
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Be like water.
  • #635
  • Apr 1, 2011 1:05pm Apr 1, 2011 1:05pm
Quoting JayTrader
Hi Nomask,
Just wanted to express my thanks to you for your efforts on such a nice thread. Read it last weekend and planning on reading it over again this weekend to let it sink in. I trade 100% long term and I am really drawn to your low risk entry approach. I Have nothing to contribute yet, but will as soon as I get a better understanding of your approach at this.
Thanks Again And have a nice weekend
hello jaytrader.
thank you for your compliment.

Quoting vqtrader
Hello folks,
I have not been on here since Tuesday because I have been letting the market do its thing. I took a beating on Monday so I decided to wait for the story. Well I looked at the monthly timeframe and the story for me was a little better there. Price has been dancing for weeks now between the 4100-4200 levels. Something said look at a time frame that makes sense and behold the monthly. This is not according to the method but as nomask said if you can understand the basics then you can add your spin on it. On the monthly there is major resistance...

I take a quick look at monthly timeframes from time to time just to see what big boys seeing..but I use weekly as the greatest timeframe to catch the moves earlier.

Quoting cfabian
Got nailed!!!!!!
This is my entry. Price was at 61.8 from the daily range. It started to react in that zone. Got a momentum 5M candle and got in.

1- Was the entry valid?
2- Was it still valid considering the higher timeframe picture?
3- What would have been your exit? As I had to go from the office, I set my SL on the lower extreme.

Comments please




How it developed....




This is the higher timeframe look
Hello cfabian..
I can see 1hr timeframe you used.I don't recommend that for two reasons.
1.Remember that our target is more than 1000 pips and you need more data of price to define the real move.4hr is the best in terms of finalizing your trading decision.
2.using 4hr will save you from overtrading.Wait for the right time.Let go some big moves but be there when everything is aligned.
Quoting msmarple
Hi cfabian,

on most NFP days you can expect up to 100 pips candles and more. Of course if the charts tell us to enter we may try our best. I usually only trade the first 3 hours ( 1h pre-London and then 2 hours ) on NFP days.

I am not quite sure if your decision was only based on the 61.8% fib and the 5min double bottom ?

I have annotated your chart, maybe Nomask can go in to more detail about your entry.

My best wishes to all.......and a relaxing weekend !


_____________
michael
Thanks Michael.I liked your chart..

Since this week was little tough for some traders I wanted to review one more time what I've done during the week.
I tried 5-6 times to get in a trade but could only do it once which ended at b.e after moving about 100 pips.
charts attached.
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  • #636
  • Apr 1, 2011 1:15pm Apr 1, 2011 1:15pm
Set up for the next week.
good luck all..
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  • #637
  • Apr 1, 2011 1:38pm Apr 1, 2011 1:38pm
Nomask,
I wonder why you set your fibs like this, in this 15 5M candles range, instead of grabbing the whole 4H?

Cheers

Quoting nomask
watching it in 5 min but nothing we can enter yet.
  • #638
  • Apr 1, 2011 2:16pm Apr 1, 2011 2:16pm
Nomask,

You stick to the eurusd? The gbpusd is looking good at the 1.6000 level.
  • #639
  • Apr 1, 2011 3:28pm Apr 1, 2011 3:28pm
Other than EU pair, there is another pair which i think it is worth for our attention as well. It is USDJPY.

Bullish engulfing candle is formed this week, signalling further uptrend for next week. It seems that the price is coming up from the lowest point and moving up.

Our hintsight for next week is LONG.
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  • #640
  • Apr 2, 2011 1:36am Apr 2, 2011 1:36am
Quoting cfabian
Nomask,
I wonder why you set your fibs like this, in this 15 5M candles range, instead of grabbing the whole 4H?

Cheers
whole candle was a down move but I was looking for a long entry so I needed a swing up to put my fib on which happened at the end of the 4hr candle.
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