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Trading Major Lines

  • #1,281
  • Jun 16, 2011 4:42am Jun 16, 2011 4:42am
Quoting materyb
Hallo Nomask, great strategy! I have read and understand the strategy; problem is that I am not so patience as you are. I but I think that the strategy is a very good tool that can predict the trend so I want to use it as a good indictor to further trend development. I want to ask of you know any 1 that use your strategy simpler to my idea?

Happy trading
@Materyb
You can implement this method in anyway as far as you trade profitable.for more aggresive way of trading you can check out the building equity millipede thread of Graeme (pipeasy)
  • #1,282
  • Jun 16, 2011 5:06am Jun 16, 2011 5:06am
Quoting Sol72
Hi, Nomask! I taked long by UJ in according your method. But 2 time was unsuccessfull (loosed about 30 pp). Last long still alive and BE.
By the way, I think it's too much risky to sell crosses EJ and GJ when growing up UJ. What do you think?
I try to keep rules as simple as possible.
So when there is a proper setup, only things that I consider before making an entry are the time (whether its close to a major news release or not) and spread( whether the spread is too wide for a low risk entry or nor)..
But sure, major pairs are easier to trade and move faster than the crossed ones.
  • #1,283
  • Jun 16, 2011 5:13am Jun 16, 2011 5:13am
Quoting cfabian
Nomask,
My perception on EU was that we were long biased after that pinbar on W1 as per method.
Yes, last week was bearish, but not even engulfing. Or what is your perception?

Great setup by tbut he way. A couple of this a week is what I need according to my style. Not 1000 pips, but 100+ each. Although will aim for 1000 on some trades as kind of "yoga" exercise, while building equity on the other hand, LOL.

Cheers
Hey cfabian
Maybe I'm already late to answer this message but the attached chart still contains fresh information
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  • #1,284
  • Jun 16, 2011 5:17am Jun 16, 2011 5:17am
Quoting tradista
I guess I had a more intuitive interpretation: even if the word is that 1.5 will be attained during this year, I think the big boys still want to cash in with orders at the 1.4 level before having price fly up again. That's why I read the 1.45 pinbar as a major resistence area that is now sending PA down to 1.4 before it corrects. I entered short and am currently at +233 pips with SL=BE.
With you on this, a textbook run down from 1.45, RN + Fib confluence at that level for the short.
Attached Image (click to enlarge)
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  • #1,285
  • Jun 16, 2011 5:21am Jun 16, 2011 5:21am
Quoting cfabian
Same question as to Nomask.... although was a great entry, why short hindsight if long term handsight is "long"?

On what basis you determined short entry? Not even previous short W1 was engulfing its predecesor long candle.

Thanks a lot guys... please help me clear this out
If you noticed that I posted only ej trade.Because it was the only proper one as per my method (It did test a major line of 120 and continued its down move)..Eu did not test that 1.5 level which makes me not eager to trade it yet..If I get a bearish setup at 1.4 level then I can think of shorting it.
But again, this is totally personal taste of the method.One can easily take that swing move down on the weekly timeframe into consideration and start shorting it based on that.
  • #1,286
  • Jun 16, 2011 5:23am Jun 16, 2011 5:23am
Quoting vqtrader
Hi all,
Its been awhile since I posted here been very busy and the room when I started only a hand full of members now.. WOW it has grown which is great. Its better late then never but EU finally dropped like brick and now my position is riding at breakeven. I will add later. Will try to be present more. Have good day
nice to see you back vqtrader
  • #1,287
  • Jun 16, 2011 5:27am Jun 16, 2011 5:27am
Quoting tradista
I guess I had a more intuitive interpretation: even if the word is that 1.5 will be attained during this year, I think the big boys still want to cash in with orders at the 1.4 level before having price fly up again. That's why I read the 1.45 pinbar as a major resistence area that is now sending PA down to 1.4 before it corrects. I entered short and am currently at +233 pips with SL=BE.
thats what I'm trying to say and this is totally up to your personal trading skills.nothing wrong with that.
major lines to me are not only a tool for directions but also to keep me out of overtrading.
  • #1,288
  • Jun 16, 2011 5:36am Jun 16, 2011 5:36am
Speaking of sticking to rules.I have another rule which is about breaking rules in another way of saying "making exceptions".
I trade some exceptional setups if its potentially worth to do that and only if it really tells me a story..
Following is a long trade of uj that I just took before posting my answers here.
One thing is missing in this trade.I wonder if anybody can see what was missing in that trade and how I decided to take this long.
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  • #1,289
  • Jun 16, 2011 6:32am Jun 16, 2011 6:32am
Quoting nomask
Speaking of sticking to rules.I have another rule which is about breaking rules in another way of saying "making exceptions".
I trade some exceptional setups if its potentially worth to do that and only if it really tells me a story..
Following is a long trade of uj that I just took before posting my answers here.
One thing is missing in this trade.I wonder if anybody can see what was missing in that trade and how I decided to take this long.
To me that 4 hour chart doesn't look too convincing. The last 4 hour candle was a huge down move with a pinish look at the bottom. However, should the current candle close the way it is then its more appealing but you are already in. I'm going to guess you took this long because of old resistance becoming support (in addition to it happening at a Fib level)?
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Twitter: @zusch_ -- Preselecting trending pairs, stocks on a weekly basis.
  • #1,290
  • Jun 16, 2011 7:09am Jun 16, 2011 7:09am
Quoting jasonc1213
It's not the broker, Gssintokyo, it's the country. No US trader can take a position both ways. It's a bummer. I'm just gonna hope that UJ goes south so my two legs grow, even though it's looking pretty good for longs right now. Until I open a second account, there's not much else I can do.
hi Jason,
I know about US-based brokers but I know that many of them have offices overseas which are not governed by the same FIFO rules and all the other US based traders I know have opened accounts since 2010 with these overseas offices of US firms or totally US-unaffiliated firms so it can definitely be done using one account by folks based in the US-and these same guys all say it was worth the effort and hassle required.
  • #1,291
  • Jun 16, 2011 7:30am Jun 16, 2011 7:30am
Quoting zusch
To me that 4 hour chart doesn't look too convincing. The last 4 hour candle was a huge down move with a pinish look at the bottom. However, should the current candle close the way it is then its more appealing but you are already in. I'm going to guess you took this long because of old resistance becoming support (in addition to it happening at a Fib level)?
correct..my first trade died at b.e because of the news' pullback but gave me another "long" opportunity 10 mins before the news to do my second and last attempt for this 4hr bar..so now I have another free ride.I don't know if its going to survive at the time of the news release
  • #1,292
  • Jun 16, 2011 7:38am Jun 16, 2011 7:38am
Quoting nomask
correct..my first trade died at b.e because of the news' pullback but gave me another "long" opportunity 10 mins before the news to do my second and last attempt for this 4hr bar..so now I have another free ride.I don't know if its going to survive at the time of the news release
second try..
Attached Image (click to enlarge)
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  • #1,293
  • Jun 16, 2011 11:24am Jun 16, 2011 11:24am
Nomask,
Agree on current candle denoting a bearish move. But you spotted an entry early this week based on previous W1. That's why the confusion here with me.

By just looking at H4 I agree, but trading shorter than 1000 taget.



Quoting nomask
Hey cfabian
Maybe I'm already late to answer this message but the attached chart still contains fresh information
  • #1,294
  • Jun 16, 2011 2:20pm Jun 16, 2011 2:20pm
Quoting nomask
thats what I'm trying to say and this is totally up to your personal trading skills.nothing wrong with that.
major lines to me are not only a tool for directions but also to keep me out of overtrading.
Nonetheless, I'll have to agree that this is not a 1000 pips target move for now.
  • #1,295
  • Jun 17, 2011 3:56am Jun 17, 2011 3:56am
Quoting nomask
correct..my first trade died at b.e because of the news' pullback but gave me another "long" opportunity 10 mins before the news to do my second and last attempt for this 4hr bar..so now I have another free ride.I don't know if its going to survive at the time of the news release
Hi Nomask and crew,

in this case I was aware of engulfing bearish weekly comparing to small pinbar on major line ... just my sight
... but of course if you follow your rules and low risk entry, then keep triyng

lot of pips guys )
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  • #1,296
  • Jun 17, 2011 3:11pm Jun 17, 2011 3:11pm
This candle is the nastiest thing I have ever saw. This what I call big time indecision. I think we all get a free week off from this pair to see if it goes one way or another. I still have my short open and will not close it until I am stopped out. USD/JPY has not been a good one either(too many false breaks), but I think it really wants to explode north. Let us look this weekend to pick out potential moves. take care guys/gals
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Empower Your Mind
  • #1,297
  • Jun 17, 2011 6:36pm Jun 17, 2011 6:36pm
Quoting tradista
I guess I had a more intuitive interpretation: even if the word is that 1.5 will be attained during this year, I think the big boys still want to cash in with orders at the 1.4 level before having price fly up again. That's why I read the 1.45 pinbar as a major resistence area that is now sending PA down to 1.4 before it corrects. I entered short and am currently at +233 pips with SL=BE.
Closed this position at 200 pips as price changed direction. Not bad for a counter-trend trade
  • #1,298
  • Jun 17, 2011 10:38pm Jun 17, 2011 10:38pm
Hi all,
I wanted to get this out so I can enjoy the weekend. I scanned the charts with low spread and with potential opportunity for the coming weeks and USD/CAD and USD/JPY is what I found. I will be looking for dollar strength(from a technical prospective).

My currency story:
USD/CAD(monthly)-The technical story tells me we are at a double price bottom with a potential long bias which dated back 11/1/2007. After this it went north. At this point price is hanging in the wind with no support nor resistance to propel from. A good place to keep an eye on price is the 1.000 level. It would be nice to see it break through close then open above for the new week so we can find a low risk entry.
FYI-I looked at this on the monthly because this had the better story

USD/JPY(Weekly)-The technical story tells me we have a lot of selling pressure but if it can stay above 80.00 we may soon be looking for buy entries due to the double price bottom which dated back 6/1/1994. After this it went north. At this point price needs to break the trendlines and have a GOOD bullish candle to get my attention. This pair has not faired well with me for the last 2 weeks and that is why. Currently it is range bound. 85.00 is the true break area. A good place to keep an EYE on price is the 82.00 level(early bird chases the worm).
FYI-If we get a signal and we are riding it there is VERY strong resistance at the 88.50 level

Final note: Because we are so close to the 1.000 level on the CAD I would look at this one first. Have a good weekend

PPS: If anyone notice other charts or different analysis post it. Adios!
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Empower Your Mind
  • #1,299
  • Jun 18, 2011 1:03am Jun 18, 2011 1:03am
I dont want to tell people how to suck eggs but I dont think it would hurt you guys to scroll out a little further on your higher time frame charts. I trade major lines also and this one was a no brainer. Correct me if I am wrong but none of you guys seem to have it.
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BTC Return This Year: na
  • #1,300
  • Jun 18, 2011 8:56am Jun 18, 2011 8:56am
NoMask (and other readers) - I've just started reading your thread with great interest. I do have two questions if I may regarding this method. I apologize in advance if this has already been discussed. First, the use of Murray Math lines in charting - do they have any value in combination with the major lines? Second, the use of Heikin Ashi candles. I know these candles are an average of the average so to speak, but on the back side, could they possibly be used to allow you to get the most out of each move before exhaustion. Your opinion, kind sir.
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