The PRICE

I'll do that after lunch.

- Do we have to use the grid background as well?

- You ask to draw lines on monthly and then look on W and D. Do we also have to draw the lines on W and D or just look at what happens?

[quote=biDc;4672567]
Your chart are to small and it becomes veri difficult to reat it.

The forex is not a centralized market, so the volume becomes useless.

This methodology doesn't use " zone ", because my trading stile has 2 important factors: time+location, where both of them are very precisely and accurate. This methodology uses very exactly levels.

I see on your chart some moving averages. How does it help you in trading decision?

Why the CLOSE is so important !

This is a chart analysed on 06.01 with a fellow trader.Have a look today.

The Price is the Market and the Market is the Price in any market in the world.

I just found this thread and interesting because its similar to my strategy trading Gold ..

here is WPD & WPG in my perspective of intraday

http://highyielders.files.wordpress....gold_8june.jpg

I put my reading on lower TF because M chart i got HM formation, and on W chart DBHLC in progress, while D chart, frustatingly Ranging

Buyers and sellers to the levels.

wow nice & clean!

Yeah that looks old school real PA at work, with no crutches, no MAs, no squigglies of any kind.

[quote=fusiontrader;4674985]
Wellcome fusion!

Yeh, nice&clean, old school style!

Put some chart and we talk together about it!

Took this long trade off the hourly supply. Normally I trade off daily time frame but oil has been ranging lately in a tight range making it very difficult. Looking upon the intraday (hourly is as low as I go) I see potential opportunities.

BTW Great charts fxgroup! It's very rare to see someone trading a larger time frame.

[quote=biDc;4675349]
If you like higher TF, why are you trading 1h ?

I don't want to seem rude, but you didn't ask yet to my questions regards your moving averages. For any reason you use it, I'll give you much more not to use it. This thread has strictly rules: no indicators, no EA, M,W and D TF, with only the PRICE on.

I appreciate your work and your contribution, but I have the feeling that the readers would want to explain your trade with more details .

[quote=fxgroup;4675607] I trade higher TF but I tend to use 1h to pick entries.

Sorry I didn't know about the rules of this thread, I may have skimmed some posts. I'll try to be more detailed and price specific next time. As for the MA's, they are there to provide further confluences if I see price at a certain level. By themselves, I tend to ignore.

This is a better perspective.

Starting from M (Monthly) we are able to understand WPD+WPG.

Looking to W (Weekly) it is even clear.

To D (Daily) becomes really obvious.

You don't need to watch 4h or 1h, everything you need to know you'll find on higher TF!

[quote=biDc;4675645]
The conflunce given by MA could be very dangerous for your account.

In an up trend, when the P reaches a MA if there will be sellers, you don't have to worry, the P will tell you, just read the candle! If the sellers make a PB,BEOB,etc, this doesn't mean that you have to sell just because the P is to a certain confluence. Beeing un up trend, selling would be a CT trade, but a sellers's reaction would be a good information in order to help us to manage the trade.

Everything you ignore and is useless, just throw it, otherwise it will influence your subconscious in a negative way, with bad consequences for your trading decisions.

thanks for the sound advice!

[quote=biDc;4675740]
Wellcome, anytime!

These are my MM levels.

Are somebody there to tell me why did I made this trade!

Sure, Price broke up the resistance out of consolidation with a confirmed close above it, lower wick of candle showing strong buying at that level first target 11.87xx

Nice one.

I suppose you want us to draw our lines and the arrows at support and resistance? If so, these are my findings:

Key:
Monthly = violet lines
Weekly = aqua lines
Daily = dark yellow lines

I did not plot all the lines, just those somewhere around today's price.
Edit: before you ask me, the "indicator" showing a percentage is the only bar countdown I have found that works with monthly bars.


Monthly

http://img705.imageshack.us/img705/8...8eurusdm01.png


Weekly

http://img269.imageshack.us/img269/3...8eurusdd01.png


Daily

http://img15.imageshack.us/img15/662...8eurusdw01.png

Hey, despite being misplaced in the Journal forum, this thread is rising quicker than I can keep up with it!

Since I am training with what you said in the page before, I will post the graphs with monthly, weekly and daily bars.

I have put the candles I think you have used as trigger in blue squares.


Monthly

http://img96.imageshack.us/img96/514...8usdmxnm01.png

WPD = several swings down => down
The last bar is bullish, therefore you are making a M countertrend trade.


Weekly

http://img715.imageshack.us/img715/1...8usdmxnw01.png

WPD = series of down swings failed to make a new lower low, this could mean a reversal => Unconfirmed up / range

The last bar in the blue square is strong bullish.

I guess you used concordant M and W + weekly reversal to find out what kind of possible trade to enter.


YOUR (fxgroup) daily

Your datafeed shows different candles than mine. I will draw on your own graph what I think could have been your entry, then I will post what I'd have done with my different graph.


http://img37.imageshack.us/img37/301...8usdmxnd02.png

I think you have seen a sort of BUOB (in the blue square) that sits on a support (that neither you nor me plotted). But sellers did a big sell off on its bullish candle. So you put a buy order above it, to be sure that buyers are back and winning. Moreover, the buy order is also above the retracement all to the left of the picture. I highlighted it with the blue line. Therefore if buyers went up to your buy order they demonstrated:

- they are stronger than the sellers of the BUOB 2nd candle
- they are stronger than the blue resistance and closed above it

I have also considered the huge BUOB before the one I described above, but it's way too risky (no confirmed trend inversion, it's below the weekly price level 11.71) and requires an epic stop loss.


My Daily

http://img89.imageshack.us/img89/544...8usdmxnd01.png

There's a W shaped bottom formation.
Sadly my data feed invalidates the BUOB of yours.
There's a less optimal entry at an hammer in the rectangle. It shows the presence of many buyers and it closed above a strong daily resistance @11.75.
Plus it sits on the weekly support 11.71, the weekly support should be powerful enough.

I'd have put the stop loss SL below the tail like a James 16 pin bar, the buy order above the high and a take profit at BRN 12.000, which happens to be a much tested resistance below a lot of swings to the left of the chart.