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Trading Major Lines

  • #881
  • Apr 27, 2011 9:12pm Apr 27, 2011 9:12pm
I was about to enter on the selected candle. Did not enter as the candle was 40 pips long, and was freaked about the big stop. It would've resulted in 160 pips so far in the trade.

http://i56.tinypic.com/ek2r8x.jpg
  • #882
  • Apr 28, 2011 1:31am Apr 28, 2011 1:31am
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.
Congratz on that but I'm not sure if you refering to the method that I trade.
Because its not a "trade the major levels on 5min method".I see some still take it that way though.
Its more different than that and I can show hundreds of levels on 5min chart they're all important for different reasons..
But the key is kiss.
one weekly setup
one 4hr setup
and one 5 min setup..If you look for those three anytime then you can see things like I do.
  • #883
  • Apr 28, 2011 1:34am Apr 28, 2011 1:34am
Quoting kapybara
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.
99% of the time I watch my trades until I move it to b.e..
But sometimes If i entered in slow market hours (its rare and there must be very good reason to do so) I put my tiny sl and go to bed..
in terms of pips I like to move it to b.e after passing +20 pips..
But sometimes I don't even wait for that much because of the price actions.
  • #884
  • Edited 2:12am Apr 28, 2011 1:56am | Edited 2:12am
Quoting cfabian
I was about to enter on the selected candle. Did not enter as the candle was 40 pips long, and was freaked about the big stop. It would've resulted in 160 pips so far in the trade.
I'm glad somebody asked this question because I keep forgetting to cover this matter..
I don't like risking too much either but If there is a setup that "you feel comfortable and confident" about the direction price might be heading to then you can enter regardless of the size of the entry candle as long as you keep your stop size controlled.
you can find an example on the attached charts.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 2011-04-28_0940.png Size: 69 KB
Click to Enlarge Name: 2011-04-28_0944.png Size: 93 KB
  • #885
  • Apr 28, 2011 2:09am Apr 28, 2011 2:09am
I do respect newstraders and daytraders and I'm well aware of the fact fundamentals is the fuel of the price..I can even say that I need their push,volume for my positions to survive but I wanted to cover something that I find interesting.
Attached Image (click to enlarge)
Click to Enlarge Name: 2011-04-28_1000.png Size: 93 KB
  • #886
  • Edited 12:09pm Apr 28, 2011 11:59am | Edited 12:09pm
I traded this double bottom setup.
Started nice, had +25 pips, but decided to close it at the cross mark. The reason was that no matter we are on an uptrend, we had no momentum to long on H1 or H4. Closed it with +14. Would have died at BE anyways, and NY lunch time was close, so it would slow the market and I don't like that if don't have enough "cushion".

http://i52.tinypic.com/2r4j23p.jpg
  • #887
  • Apr 28, 2011 1:05pm Apr 28, 2011 1:05pm
Quoting cfabian
I traded this double bottom setup.
Started nice, had +25 pips, but decided to close it at the cross mark. The reason was that no matter we are on an uptrend, we had no momentum to long on H1 or H4. Closed it with +14. Would have died at BE anyways, and NY lunch time was close, so it would slow the market and I don't like that if don't have enough "cushion".

http://i52.tinypic.com/2r4j23p.jpg

And now the sucker is leaving without me....

http://i52.tinypic.com/2eojgc2.jpg
  • #888
  • Apr 28, 2011 1:30pm Apr 28, 2011 1:30pm
Quoting cfabian
And now the sucker is leaving without me....
Wouldn't feel too bad. 4 hour chart isn't telling us long yet. I don't think there will be any opportunities tomorrow. I just want to see a pullback next week so I can hopefully get on board.
Twitter: @zusch_ -- Preselecting trending pairs, stocks on a weekly basis.
  • #889
  • Apr 28, 2011 3:22pm Apr 28, 2011 3:22pm
Quoting zusch
Wouldn't feel too bad. 4 hour chart isn't telling us long yet. I don't think there will be any opportunities tomorrow. I just want to see a pullback next week so I can hopefully get on board.
Yep, as stated on the post of my entry, I was aware of that so I had my finger on the mouse ready to click a close. It was just a double bottom trade.

Let's wait for more setups.
  • #890
  • Apr 29, 2011 1:59am Apr 29, 2011 1:59am
Good morning guys..I wish everyone have a nice friday.

Hello cfabian..about your entry on 5min you spotted correctly that you had no 4hr p.a to go long yet..No matter whether the price moved in your direction or not..
these type of entries can make you money from time to time but overall I find them unreliable,not profitable and over exposed.

I'm still holding my long on gu..and not opened anymore position since then as I did not have any chance to do so.
  • #891
  • Apr 29, 2011 2:11am Apr 29, 2011 2:11am
One thing to repeat..
Don't force yourself to "see" setups.
When its there you'll know its there for sure.
When you purchase something you want to know everything about it before paying.
same with forex.
If you can't see clearly what you're buying then keep your money in your pocket for the next opportunity which will be clearer.If its not, wait for the next one until you get something worthy.
We should be trying to trade over thousand pips, not to make daily pips.
  • #892
  • Apr 29, 2011 2:39am Apr 29, 2011 2:39am
Quoting nomask
Good morning guys..I wish everyone have a nice friday.

Hello cfabian..about your entry on 5min you spotted correctly that you had no 4hr p.a to go long yet..No matter whether the price moved in your direction or not..
these type of entries can make you money from time to time but overall I find them unreliable,not profitable and over exposed.

I'm still holding my long on gu..and not opened anymore position since then as I did not have any chance to do so.
I have also one long position GU and still can't find another good opportunity to add position. Can I know which price you entered long?
  • #893
  • Apr 29, 2011 3:38am Apr 29, 2011 3:38am
Here is a pair that I always want to trade but end up missing its move due to timezone difference.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 2011-04-29_1128.png Size: 32 KB
Click to Enlarge Name: 2011-04-29_1129.png Size: 50 KB
Click to Enlarge Name: 2011-04-29_1132.png Size: 64 KB
  • #894
  • Apr 29, 2011 3:41am Apr 29, 2011 3:41am
Quoting liangko
I have also one long position GU and still can't find another good opportunity to add position. Can I know which price you entered long?
http://www.forexfactory.com/showpost...&postcount=884
its in one page before..
  • #895
  • Apr 29, 2011 11:26am Apr 29, 2011 11:26am
Quoting nomask
Here is a pair that I always want to trade but end up missing its move due to timezone difference.
What pair is this? it cannot be seen on the charts. Cheers
  • #896
  • Apr 29, 2011 11:49am Apr 29, 2011 11:49am
Quoting cfabian
What pair is this? it cannot be seen on the charts. Cheers
usdchf
  • #897
  • Apr 30, 2011 7:10pm Apr 30, 2011 7:10pm
USDCHF and USDCAD, as well as EURUSD and AUDUSD (although approaching 1.5 and 1.1 respectively) look good. I will also be looking for 240 min breakouts of .8100 on NZDUSD.

I know Nomask talks a lot early on in the thread about trading only EURUSD but I must say I've enjoyed your commentary on other pairs Nomask. I also think looking at more pairs will actually stop one from over trading and taking bad setups. I find it easier to trade a lot of pairs only taking the clearest and best setups.
Twitter: @zusch_ -- Preselecting trending pairs, stocks on a weekly basis.
  • #898
  • Apr 30, 2011 9:12pm Apr 30, 2011 9:12pm
hi,nomask & everybody;
thx you for giving us a so good strategy，and i will follow your thread......
  • #899
  • May 1, 2011 5:50am May 1, 2011 5:50am
Hi Nomask,
This is a wonderful piece of work you have put together. Though i am new here and i hope to learn with you.
In fact, this is how to K.I.S.S( Keep It Simple and Smart).
I appreciate your effort, time and energy you have put forth to make this possible.
keep it up
  • #900
  • May 1, 2011 5:17pm May 1, 2011 5:17pm
Hi Nomask

Firstly, a big thank you for starting this thread. Your approach has certainly instilled some much needed discipline in my trading.

Can I ask a question about the obvious set up pin bar you noted above, the one you missed due to being in the wrong time zone. Would that pin bar on the 4Hr have been sufficient price action having bounced off the 50% line for you to start looking at 5 min chart or would you still wait for a confirmation bar afterwards on the 4 hr and do you have any specific criteria for confirmation bars?

Thanks in advance.
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