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Price is everything

  • #19,361
  • Jun 21, 2011 9:42am Jun 21, 2011 9:42am
Just one trade for today as market was really slow ...

One trade a day can make you a millionaire in 2 years of time
Trading is all about probability, low risk/high reward ,buy low/sell high
  • #19,362
  • Jun 21, 2011 9:53am Jun 21, 2011 9:53am
Interesting question. In my opinion, it depends on the instruments you're trading.

For instance, I've been trading only crude for almost two months, and I watch the higher time frames to feel the large context and go down to M1 and M5 only to enter a trade (people could argue with me for ages but that's me).

Otherwise, if you're a swing trader, watch h1 and h4 levels. If you're looking for intraday scalps (20-30 pips a trade), go down to m15-m5. It should do the trick.

But whatever people tell you, it is ONLY a matter of screen time. So remove the most indicators you can, and observe PA on a timeframe that suits you best, for you, m15 as it seems.

Enjoy your trades.

Quoting Les_Paul
Thanks, one more question: my favorite TF is M15. Should I consider M15 levels or is it better to take only higher TF levels such as H1?

Les_Paul
Hello.
  • #19,363
  • Jun 21, 2011 10:22am Jun 21, 2011 10:22am
One of the daily trades. Taken from a large TF POV.
Attached Image (click to enlarge)
Click to Enlarge Name: crude.gif Size: 19 KB
Hello.
  • #19,364
  • Jun 21, 2011 10:50am Jun 21, 2011 10:50am
Selling it.
Attached Image (click to enlarge)
Click to Enlarge Name: Trade Example - EURCHF M30 Supply 1.jpg Size: 120 KB
  • #19,365
  • Jun 21, 2011 10:54am Jun 21, 2011 10:54am
Selling it.
Attached Image (click to enlarge)
Click to Enlarge Name: Trade Example - EURJPY M30 Supply 1.jpg Size: 116 KB
  • #19,366
  • Jun 21, 2011 11:25am Jun 21, 2011 11:25am
Quoting redsword11
Hello all, just wanted to post some price configurations that l trade often. I am more or less a swing trader or range trader. They are essential enguilfing whipsaw patterns at key levels and and work well in my trading plan. I also reduce all noise from my charts as its just a distaction to me. Hope you see these too and take advantage. They occur on all tfs and any pair, Got some examples

http://i42.tinypic.com/15zmp8z.gif

http://i41.tinypic.com/24qsnrd.gif

not sure if the links will work, first time l am posting...
The links worked .. pictures of graph looks like interesting .. i would test trade at psychical levels too (with short time trades)
  • #19,367
  • Jun 21, 2011 11:25am Jun 21, 2011 11:25am
Quoting emene
One of the daily trades. Taken from a large TF POV.
Hi Emene. May I ask why do you trade only crude
  • #19,368
  • Jun 21, 2011 11:32am Jun 21, 2011 11:32am
Because its ATR is more than 300 pips at the moment, that you can take it slow and buy or sell every engulfings like a dumb monkey during european session, that it respects its zones to the pip, and that if you have only 1 hour to trade during the day, you can make more than 100 pips with a 4 pip spread. And also, specifically because I am trying to master it, so i do not need to be taken out of focus by the stupid EU pair that is used by the big boys to steal money from noobs. I could discuss forever about crude as it became my best friend outside some of the traders of this thread. You should try it, it's fun !

Quoting atton
Hi Emene. May I ask why do you trade only crude
Hello.
  • #19,369
  • Jun 21, 2011 11:46am Jun 21, 2011 11:46am
Quoting Verb
Selling it.
Hi Verb, let me ask a question. Why didn't you mark the two levels in the red circles?

And what do you use to draw the levels in MT4? Looks cool...

THank you very much

Les_Paul

Attached Image (click to enlarge)
Click to Enlarge Name: Trade Example - EURCHF M30 Supply 1.jpg Size: 120 KB
  • #19,370
  • Jun 21, 2011 11:55am Jun 21, 2011 11:55am
Quoting emene
Because its ATR
Thanks for the nice explanation. Mm how much initial capital l do I need to trade it. Will 2500 euro be ok ?
  • #19,371
  • Jun 21, 2011 12:15pm Jun 21, 2011 12:15pm
Hi Les, those levels have been used too many times at this point.

 

  1. Basically sellers have been absorbed at this point thus clearing the way for buyers.
  2. What we need is a zone where fresh sellers would be willing to sell in the context of a daily downtrend and away from weekly demand.
  3. The move away from this level around 1.21651 shows that sellers are there and I'm anticipating that enough sellers will be there to meet the demand.
  4. In turn driving price down to my target which in actuality are the levels you've marked in red circles at 1.21350.
  5. My target is generally based on 2/3 the distance on the entry time-frame between the supply zone and nearest demand zone with a minimum of 3:1 reward/risk ratio.

I will email you the indicator that I use to mark levels, it is free and I am not the author. Although it will mark the levels, you still need to go through the logic process to qualify a trade but it does make things a bit easier.

Quoting Les_Paul
Hi Verb, let me ask a question. Why didn't you mark the two levels in the red circles?

And what do you use to draw the levels in MT4? Looks cool...

THank you very much

Les_Paul

Attachment
  • #19,372
  • Jun 21, 2011 12:21pm Jun 21, 2011 12:21pm
I noticed many of you here trade crude oil.

The only way I though you could trade this legally in the US is through either the stock exchange or the futures market. However both are not good alternatives for beginning traders.
  • #19,373
  • Jun 21, 2011 12:33pm Jun 21, 2011 12:33pm
Quoting emene
Because its ATR is more than 300 pips at the moment, that you can take it slow and buy or sell every engulfings like a dumb monkey during european session, that it respects its zones to the pip, and that if you have only 1 hour to trade during the day, you can make more than 100 pips with a 4 pip spread. And also, specifically because I am trying to master it, so i do not need to be taken out of focus by the stupid EU pair that is used by the big boys to steal money from noobs. I could discuss forever about crude as it became my best friend outside...
hi emene, thx for the heads up for trading crude.
can i ask a small favour from you such that can you share the trading range indicator you using??? i think i have seen it somewhere in the thread, but i just couldnt find it amist hundreds of pages..

thanks a lot in advance... and happy pippin
  • #19,374
  • Jun 21, 2011 1:37pm Jun 21, 2011 1:37pm
Quoting Verb

 

  1. What we need is a zone where fresh sellers would be willing to sell in the context of a daily downtrend and away from weekly demand.

Hi Verb, thanks a lot! So you take positions only in the direction of daily trend?
And can I ask what you mean by the words "away from weekly demand"? The PA is on the lowest level, what weekly demand do you mean?

BTW, the indi you sent me is pretty good, thanks! http://www.forexfactory.com/images/icons/icon7.gif
  • #19,375
  • Jun 21, 2011 1:50pm Jun 21, 2011 1:50pm
I dont know wtf happened. Went to take a drink and came back with 200 pips profit within 5 minutes .
I dont need to trade anything else but crude.
Attached Image (click to enlarge)
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  • #19,376
  • Jun 21, 2011 1:54pm Jun 21, 2011 1:54pm
Quoting Myrza
I dont know wtf happened. Went to take a drink and came back with 200 pips profit within 5 minutes .
I dont need to trade anything else but crude.
haha nice one

size ?^^
Hero calls followed by margin calls...
  • #19,377
  • Jun 21, 2011 1:57pm Jun 21, 2011 1:57pm
Quoting PhAnTi'
haha nice one

size ?^^

0.3 ..closed 0.25. Not leaving much on the table.
  • #19,378
  • Jun 21, 2011 1:59pm Jun 21, 2011 1:59pm
Switch to the weekly chart.

 

  1. Mark off your levels where demand and supply are.
  2. If you are going long on your chosen Entry Timeframe into a weekly supply zone then that is a no trade.
  3. If you are going short on your chosen Entry Timeframe into a weekly demand zone then that is a no trade.
  4. Weekly > Daily > Entry Timeframe

/thumbsup

Quoting Les_Paul
Hi Verb, thanks a lot! So you take positions only in the direction of daily trend?
And can I ask what you mean by the words "away from weekly demand"? The PA is on the lowest level, what weekly demand do you mean?

BTW, the indi you sent me is pretty good, thanks! http://www.forexfactory.com/images/icons/icon7.gif

Bought it.
Attached Image (click to enlarge)
Click to Enlarge Name: Trade Example - AUDCAD H1 Demand 1.jpg Size: 120 KB
  • #19,379
  • Jun 21, 2011 2:01pm Jun 21, 2011 2:01pm
Quoting Myrza
0.3 ..closed 0.25. Not leaving much on the table.
Hero calls followed by margin calls...
  • #19,380
  • Jun 21, 2011 2:56pm Jun 21, 2011 2:56pm
Briefly:

 

  1. Switch to Weekly and Mark off Supply/Demand Zones
  2. Switch to Daily, what is the slope of the 50 SMA, determines whether you will be a buyer or seller. You can use whatever indicator you feel gives you a good feel for current trend. Don't over complicate this one.
  3. Switch to your entry time-frame of choice, I use M30 and H1 normally.
  4. If you are going long on your chosen Entry Time-frame into a weekly supply zone then that is a no trade.
  5. If you are going short on your chosen Entry Time-frame into a weekly demand zone then that is a no trade.
  6. If you are clear and nothing is in the way then enter a limit order on your chosen Entry Time-frame for the zone.
  7. Make sure you have at least 3:1 reward:risk ratio available.
  8. Target 2/3 of the move between the next supply or demand level from you entry.

So that I don't keep getting asked again. Watch the Sam Seiden videos and read his stuff, this is just a boiled down way to execute it. Lots of others here I see who have great knowledge as well.

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