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  • #281
  • Jun 14, 2011 11:19pm Jun 14, 2011 11:19pm
Stopped out on Eu trade.

My long on GU from 240 is still open and my trailing stop @340 is still not taken out.

Not really visible but there some strength in Gu. Eu has retraced more than 50% of its up move but gu is no where near, its actually near 38% fib.

I think it means that data today about GBP will be positive and if we could stay above 350 until the announcement i am sure we are gonna get a nice spike today.
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  • #282
  • Jun 14, 2011 11:33pm Jun 14, 2011 11:33pm
Quoting lovejoy80
I just don't use any other fibs other than 50 or 61 when looking for confluence, the other fibs are not even showing on my default fib indicator. An FTB can be a tradable setup within itself without any additional confluence though.
Thanks for this!!!

Quote
I've attached my current AU chart, it's a pretty messy pair and is in a clear range (can be seen more clearly on the weekly TF IMO)
I perfectly agree with you on the fact that AU is in a clear range, it's just that I didn't pick it until you pointed it to me earlier, although I didn't look at the weekly tf when I did that analysis.

Quote
I use the Grid_v1_0 indicator and I just add it once for each set of timeframes where I want the RN spacing to be the same.

So for example I might have one for the Monthly, Weekly TF with a RN spacing of 10000, one for the Daily TF with a RN spacing of 1000 and one for the 1HR and 4HR TF only and with a RN spacing of 500.

Let me know if you need the indicator or need that explained in more detail (I'll send a screenshot if the above is not clear).
I use SweetspotGold indicator, I wouldn't mind at all to have Grid_v1_0 and make comparisons to see. Yes I will appreciate a screenshot.

I can't thank you enough for all your supports, may God reward you richly.
  • #283
  • Jun 15, 2011 12:12am Jun 15, 2011 12:12am
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
you are correct on EG

EAud, ppz + failed pinbar. it's funny, I don't have the faith to price action, so, just let it open without stop loss. it doesn't really mean no stoploss, just do it mentally till price goes too much, no idea how much is too much though, you know something, the big guy a lot of people here run after uses stop as much as 400 to 500 pips, it's all about money managment, so, I just do it in an aggressive way

But, it's good to have you question my setup, this leads to more logical process, I guess, thanks a lot, nasir.



Quoting nasir.khan
You entered EG on the retrace of the daily bar?

Cant see the reasoning behind EAUD.

P.S: No stops? Remember its a bushiness you cant have fun with a business if you wanna succeed.
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  • #284
  • Jun 15, 2011 12:26am Jun 15, 2011 12:26am
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
I am an idiot trading fib ret setup, I think, as soon as I note some where I can draw 61/50 fib, I presume that's it, of course, seeing some S/R, here is another one (just closed the short position a minute ago). what if I enter a long at the moment? I guess the burn rate will be high? but, what are the reasons, please?

Do it the inverse shoot, do I have the odd to be the winner on the opposite side to the long position as said above?

Just some funny idea, open to comment, if you can.


Krue
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  • #285
  • Jun 15, 2011 3:48am Jun 15, 2011 3:48am
Quoting jeffokes
Thanks for this!!!

I perfectly agree with you on the fact that AU is in a clear range, it's just that I didn't pick it until you pointed it to me earlier, although I didn't look at the weekly tf when I did that analysis.

I use SweetspotGold indicator, I wouldn't mind at all to have Grid_v1_0 and make comparisons to see. Yes I will appreciate a screenshot.

I can't thank you enough for all your supports, may God reward you richly.
Attached is the indicator together with a screenshot of the settings. The first setting is the number of weeks you want to the indicator to be displayed over and the second setting is the RN space between lines, all other settings I have as a zero and of course use the colours I that work with my background.

I use mulitple instances of this indicator on the same pair. So for AU I have one with HGrid.Pips @ 5000 which is only visible on the daily TF andhigher and one with HGrid.Pips @ 1000 which is only visibile on the 4HR TF and lower.
Attached Image
Attached File(s)
File Type: mq4 Grid_v1_0.mq4   6 KB | 282 downloads
File Type: ex4 Grid_v1_0.ex4   5 KB | 209 downloads
  • #286
  • Jun 15, 2011 7:43am Jun 15, 2011 7:43am
I've taken some correlation trades. Also thinking about buying EU @ 250.

See how they payout.
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  • #287
  • Jun 15, 2011 10:30am Jun 15, 2011 10:30am
Quoting nasir.khan
I've taken some correlation trades. Also thinking about buying EU @ 250.

See how they payout.
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A simple touch trade, took it right after my last post.

Higher TF PPZ + 2x Fibs.
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  • #288
  • Jun 15, 2011 11:42am Jun 15, 2011 11:42am
Quoting krue
I am an idiot trading fib ret setup, I think, as soon as I note some where I can draw 61/50 fib, I presume that's it, of course, seeing some S/R, here is another one (just closed the short position a minute ago). what if I enter a long at the moment? I guess the burn rate will be high? but, what are the reasons, please?

Do it the inverse shoot, do I have the odd to be the winner on the opposite side to the long position as said above?

Just some funny idea, open to comment, if you can.

Krue
Sorry i dint really understand what you meant.

on the other hand why are you trading failed pinbars?

I mean what really is your method to trade and what are the rules?
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  • #289
  • Jun 15, 2011 6:06pm Jun 15, 2011 6:06pm
Been a slow grind for me this week so far until today....trade of the day (still in with half a position in case Asia decides not to do the usual fading of the NY moves).
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  • #290
  • Jun 15, 2011 9:19pm Jun 15, 2011 9:19pm
LJ thank you very much for the indicator and explanations.

The charts from weekly tf down to 1hr tf say a lot for a possible good short...but on the 1hr comes the weekly tf fib50 + BRN 115.00 confluence.Would this obstacle weigh strong enough in your books to possibly take the short from here (if probably supported by a reversal pa there). Without that I would ideally be looking for a FTB short around the Daily TF PPZ S turned R confluenced with my 1hr tf fib 50.
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  • #291
  • Jun 16, 2011 2:10am Jun 16, 2011 2:10am
Quoting jeffokes
LJ thank you very much for the indicator and explanations.

The charts from weekly tf down to 1hr tf say a lot for a possible good short...but on the 1hr comes the weekly tf fib50 + BRN 115.00 confluence.Would this obstacle weigh strong enough in your books to possibly take the short from here (if probably supported by a reversal pa there). Without that I would ideally be looking for a FTB short around the Daily TF PPZ S turned R confluenced with my 1hr tf fib 50.
Hey Jeff,

This is not an FTB setup in any way, Maybe on a 1h it looks one but not classic one as i would like them to be and Yen's are to messy these days to trade setups like these. FTB's workout when they happen in clear zones not inside a mess as i highlighted with a rect in my chart.

I think the setup at 115 was a much better FTB setup.

I have posted some FTB's examples some days ago take a look at them to see what i am talking about.

Also i have highlighted some possible FTB scenarios that could happen in EJ.

Now i hope you can see the difference between a messy and a decent FTB setup.

Hope it helps.
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  • #292
  • Jun 16, 2011 2:31am Jun 16, 2011 2:31am
Thats how correlation trading works out for me. Lost on GU and AU and BE and profited on Gchf and Echf. Cant win out on all of these trades correlationly speaking but this is where MM comes in.

Echf trailing stop on 1.2070, Gchf closed.

Just took these two more trades GJ, there is some correlation facoters and some conf too.
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  • #293
  • Jun 16, 2011 2:58am Jun 16, 2011 2:58am
Quoting nasir.khan
Thats how correlation trading works out for me. Lost on GU and AU and BE and profited on Gchf and Echf. Cant win out on all of these trades correlationly speaking but this is where MM comes in.

Echf trailing stop on 1.2070, Gchf closed.

Just took these two more trades GJ, there is some correlation facoters and some conf too.
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Ooops forgot the charts,... was in a hurry. 3 trades i have entered now. I'd be looking to make GBP trades BE before the news comes out.
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  • #294
  • Edited 11:28pm Jun 16, 2011 9:13pm | Edited 11:28pm
Quoting nasir.khan
Hey Jeff,

This is not an FTB setup in any way, Maybe on a 1h it looks one but not classic one as i would like them to be and Yen's are to messy these days to trade setups like these. FTB's workout when they happen in clear zones not inside a mess as i highlighted with a rect in my chart.

I think the setup at 115 was a much better FTB setup.

I have posted some FTB's examples some days ago take a look at them to see what i am talking about.

Also i have highlighted some possible FTB scenarios that could happen in EJ.

Now i hope you can see the...
Nasir, I thank you so much for your response and that explanation definitely adds light to my understanding. In fact I saved your charts and your explanations. Thank you very much!!!

However by this:-

Quote
I would ideally be looking for a FTB short around the Daily TF PPZ S turned R confluenced with my 1hr tf fib 50.
I actually meant as shown in the chart below (I probably should have specified that the 1 hr tf fib is the white one not the aqua blue, and the Daily PPZ S turned R is the green line, sorry for that). That not withstanding I got your explanations. Thanks alot!
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  • #295
  • Jun 17, 2011 10:33am Jun 17, 2011 10:33am
Quoting jeffokes
Nasir, I thank you so much for your response and that explanation definitely adds light to my understanding. In fact I saved your charts and your explanations. Thank you very much!!!

However by this:-

I actually meant as shown in the chart below (I probably should have specified that the 1 hr tf fib is the white one not the aqua blue, and the Daily PPZ S turned R is the green line, sorry for that). That not withstanding I got your explanations. Thanks alot!
Yes Jeff i was also talking about 115.39.

I just gave you an example of how 115.00 was a decent FTB setup than one on 115.39.

Now here are some good FTB's in my book, Though its a Friday so i will manage them tight.
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  • #296
  • Jun 18, 2011 3:30am Jun 18, 2011 3:30am
This was the trade of the week for me (quotes and chart from the PF).
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  • #297
  • Jun 18, 2011 3:35am Jun 18, 2011 3:35am
Quoting lovejoy80
This was the trade of the week for me (quotes and chart from the PF).
Or maybe it was this one...
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  • #298
  • Jun 18, 2011 3:36am Jun 18, 2011 3:36am
Quoting nasir.khan
Yes Jeff i was also talking about 115.39.

I just gave you an example of how 115.00 was a decent FTB setup than one on 115.39.

Now here are some good FTB's in my book, Though its a Friday so i will manage them tight.
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Nasir,
I just went through all your replies to me again and the points are clearer now...I think I understand better what the points are now. I really really appreciate you for this. I sure will come with more as I continue on this journey. Thank God for kind folks like you and the rest. Thank you very much!!!
  • #299
  • Jun 18, 2011 3:38am Jun 18, 2011 3:38am
...but this one was definitely the worse trade result of the week, and my only full loser.

Having a solid method which provides a high win rate to a first trouble area is one thing, but how you manage your positions and having a balance to catch some runners is what makes the real difference to your account.
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  • #300
  • Jun 18, 2011 3:44am Jun 18, 2011 3:44am
and my much smaller very aggressive account didn't do too badly either this week (I use 1 lot for every $10k - so it's super aggressive and a test off the mind more than anything)
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