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Trading Major Lines

  • #861
  • Apr 26, 2011 6:41am Apr 26, 2011 6:41am
I took a long but closed it with 5 pips loss..
That big bullish bar on 5min was my place to hide my stop behind visually..I closed it as price came down to its low
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  • #862
  • Apr 26, 2011 10:00am Apr 26, 2011 10:00am
Quoting nomask
that looks sweet..I wonder if it ended like that in your platform..If so then yes it is a setup on 4hr but only thing there is 120 level up needs to be broken..
the weekly made a nice looking pinbar but we can't say its up weekly yet.
but its worth to test it out little early.
Nonask,
This is how my cnadle ended. So no setup was given. However, the very next candle presented a bullish momentum, but no clear entries. There was one breakout almost right after its closure, but looks like would have ended in BE. When you say the 120 level needs to be broken, you mean it is better to wait until price breaks it, or try to get a position back down before it "breaks"?

Also, why we couldn't say it is not up weekly yet? Because no momentum candle on the W1? A nice pin bar is not suficient?

http://i52.tinypic.com/d89yc.jpg

This is the M5 on the green H4 candle.

http://i51.tinypic.com/2dcials.jpg
  • #863
  • Apr 26, 2011 11:25am Apr 26, 2011 11:25am
Quoting cfabian
Nonask,
This is how my cnadle ended. So no setup was given. However, the very next candle presented a bullish momentum, but no clear entries. There was one breakout almost right after its closure, but looks like would have ended in BE. When you say the 120 level needs to be broken, you mean it is better to wait until price breaks it, or try to get a position back down before it "breaks"?

Also, why we couldn't say it is not up weekly yet? Because no momentum candle on the W1? A nice pin bar is not suficient?



This is the M5 on the green...
to consider the weekly t.f up ,I'd like to see a bullish price action with a close above the major level which being 120 in this case.
anything without this would be an early test which is okay as long as its not over traded.But I'd prefer something to trade that does not have to deal with a major level anytime soon.Because price may over react and cause fluctuations around major levels.
  • #864
  • Apr 26, 2011 11:31am Apr 26, 2011 11:31am
Although Its almost out of my trading time now,I'll give it a small try if this candle closes as it is..
when I said "outside bar" on the chart I meant the big bullish bar 2 bars before
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  • #865
  • Apr 26, 2011 11:54am Apr 26, 2011 11:54am
thanks for your sharing, i learn much from your thread.






Quoting nomask
thx mate.I will...

so I want you guys to check one of my posts I posted couple days ago when things looking short about eurusd to understand what currently happening on eu.
http://www.screencast.com/users/noma...5-55357092ef5a
and attached chart is how it looks now..What I did was not a fortune telling but trying to be prepared and understand what might be happening..
I created an alternative "long" story -eventhough I had a good looking short trade which was a free ride and over 150 pips up...
  • #866
  • Apr 26, 2011 12:04pm Apr 26, 2011 12:04pm
Nomask, I decided to contribute to salute your sharing:

First, define the R/S and come up with a plan:
Attached Image (click to enlarge)
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Then I spotted a Bearish Engulfing Bar this morning
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Then put a fib the weekly bar, switch to H4, found the first Bearish Pattern, highlighted in Blue:
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Then have a fib on those two red bars(bearish pattern), and found a pinbar off 61.8 of the fib.
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Move the SL to BE:
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Then missed a pinbar off the 2nd chance, Bearish Engulfing bar on H4.
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Still watching PA
  • #867
  • Apr 26, 2011 1:42pm Apr 26, 2011 1:42pm
Quoting nomask
to consider the weekly t.f up ,I'd like to see a bullish price action with a close above the major level which being 120 in this case.
anything without this would be an early test which is okay as long as its not over traded.But I'd prefer something to trade that does not have to deal with a major level anytime soon.Because price may over react and cause fluctuations around major levels.
Thank you nomask,
I found that it is getting difficult to step in the move with M5. It is so much monitor time for the entry points, unless I'm doing something wrong.

I wonder what would you suggest to prevent this and be able to trade at the office, LOL.
  • #868
  • Apr 26, 2011 6:03pm Apr 26, 2011 6:03pm
Six weeks ago I started using sup/res on the weekly time frame. I would wait for price to get to sup/res then go down to the 5min and sometimes 1min for my entry. The first two weeks I demo and had great trades. I then trade on my live account for the last four weeks and I have had winning weeks every week. I thought I would check around and see if anyone else might be doing this and I have found this great thread. After reading all the post I can say that I am really on to something with this system. Thank you nomask for starting this thread.
  • #869
  • Apr 27, 2011 1:15am Apr 27, 2011 1:15am
Quoting cfabian
Thank you nomask,
I found that it is getting difficult to step in the move with M5. It is so much monitor time for the entry points, unless I'm doing something wrong.

I wonder what would you suggest to prevent this and be able to trade at the office, LOL.
get a 3g smartphone and check your 5 min chart on it and pretend you're checking your emails and stuff
that's what I used to do..
  • #870
  • Apr 27, 2011 1:17am Apr 27, 2011 1:17am
Quoting Jagfx
Six weeks ago I started using sup/res on the weekly time frame. I would wait for price to get to sup/res then go down to the 5min and sometimes 1min for my entry. The first two weeks I demo and had great trades. I then trade on my live account for the last four weeks and I have had winning weeks every week. I thought I would check around and see if anyone else might be doing this and I have found this great thread. After reading all the post I can say that I am really on to something with this system. Thank you nomask for starting this thread.
welcome and congratz on your journey jag..
  • #871
  • Apr 27, 2011 1:24am Apr 27, 2011 1:24am
Quoting nomask
Although Its almost out of my trading time now,I'll give it a small try if this candle closes as it is..
when I said "outside bar" on the chart I meant the big bullish bar 2 bars before
I did take a trade for this position as I mentioed yesterday in my least favourite market hours (out of london session) only because of the good setup.
But ended at b.e
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  • #872
  • Apr 27, 2011 6:39am Apr 27, 2011 6:39am
Hi Nomask
Tks again but waiting for UR analysis after FOMC
Tania
Just check my signals with your experience then decide, please,
  • #873
  • Apr 27, 2011 9:44am Apr 27, 2011 9:44am
Quoting Tania
Hi Nomask
Tks again but waiting for UR analysis after FOMC
Tania
time will tell us..I haven't taken any trades today.not because it was a crazy fomc day but there was no setup as per method.
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  • #874
  • Apr 27, 2011 11:53am Apr 27, 2011 11:53am
Thank you nomask anyway
have good day
Just check my signals with your experience then decide, please,
  • #875
  • Apr 27, 2011 2:04pm Apr 27, 2011 2:04pm
Quoting nomask
time will tell us..I haven't taken any trades today.not because it was a crazy fomc day but there was no setup as per method.
Dear nomask it was 0,618 fibonacci point ( 1,64334). how couldn't you realize that it was a appropriate enter long point. I did nearly 74 pips.
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  • #876
  • Apr 27, 2011 2:36pm Apr 27, 2011 2:36pm
Quoting nomask
I did take a trade for this position as I mentioed yesterday in my least favourite market hours (out of london session) only because of the good setup.
But ended at b.e

Hi Nomask,

first of all want to thank you for shareing your knowledge w/ us, your thread w/ this approach is simply amazing (definitely K.I.S.S. system). Just want to know, if you use any tool for moving your SL to BE after some pips in +

Because I see from your screenshot, that you have buy and left to bed
Then you was not able to move SL to BE.

Thanks for answer.
  • #877
  • Edited 3:11pm Apr 27, 2011 2:58pm | Edited 3:11pm
Quoting hbkarakas
Dear nomask it was 0,618 fibonacci point ( 1,64334). how couldn't you realize that it was a appropriate enter long point. I did nearly 74 pips.
I can see he did(from the last chart he draw), but he waited for another signal from 5m chart after the 4H set up for entry
Correct me if I'm wrong.
  • #878
  • Apr 27, 2011 3:22pm Apr 27, 2011 3:22pm
Quoting born4forex
I can see he did(from the last chart he draw), but he waited for another signal from 5m chart after the 4H set up for entry
Correct me if I'm wrong.

dear born4forex,

thank you for your response. honestly i'm very amateur on fx markets, i only try to use fibonacci points and trend lines. i do not know how to determine signals. so if you know any post that i can find and read about this, please copy with your further comment.

thanks
  • #879
  • Apr 27, 2011 5:34pm Apr 27, 2011 5:34pm
Quoting hbkarakas
dear born4forex,

thank you for your response. honestly i'm very amateur on fx markets, i only try to use fibonacci points and trend lines. i do not know how to determine signals. so if you know any post that i can find and read about this, please copy with your further comment.

thanks
hi hbk
I said base on what I read on this thread. You can read this thread start page 1. There are many nomask's post about his method. When I read his, I feel it's clear and not so much complicated. Maybe you should try.
Hope it help.
  • #880
  • Apr 27, 2011 8:53pm Apr 27, 2011 8:53pm
Quoting hbkarakas
Dear nomask it was 0,618 fibonacci point ( 1,64334). how couldn't you realize that it was a appropriate enter long point. I did nearly 74 pips.
HB,
I don't think your entry was as per method. Although profitable, you should've waited for a confirmation candle, and not just jumping in at the fib line in a bearish candle. Just my observation.

Nice pips anyways... keep it on
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