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Romancing the Price

  • #541
  • Aug 5, 2011 4:47am Aug 5, 2011 4:47am
Quoting mangalesh
so even a spiked zone is valid at daily ? wanna get all my doubts clear ...
A zone is a zone. You will always get reactions of them. If you are going to trade the h1 tf and m5 for entries then use d1 for the 'Goliath' picture. Don't fcuk with Goliath.

Also keep in mind trading sessions. Asia, Frankie/London and NY. They are three distinct session and Frankie more often than not has a fakey, London goes in the opposite direction and NY will either take it further or reverse London's action with Asia usually moving back to the Daily Pivot although more recently that is not always the case with the Asia session

The above is a GENERALISATION, do not take this as granted action every day, but be mindful of it. It is not often that London reverses mid-session, BUT this does not mean it does not happen! Also keep an eye out for news releases. Avoid entering the market before a major new release... do so at your own peril.

I could not agree more with PorkPie's posts!
  • #542
  • Aug 5, 2011 4:51am Aug 5, 2011 4:51am
got ur points porkpie and are near helpfull ..Btw u said scalp ...Even for scalping u need the higher time frames to be with ur bias ?means now euro is near daily demand level . so u look to scalp only long ? is it like that ?


If u dont use engulf bars do u use limit orders ?

Thanks
Trading is all about probability, low risk/high reward ,buy low/sell high
  • #543
  • Aug 5, 2011 5:01am Aug 5, 2011 5:01am
Quoting bbakker
A zone is a zone. You will always get reactions of them. If you are going to trade the h1 tf and m5 for entries then use d1 for the 'Goliath' picture. Don't fcuk with Goliath.

Also keep in mind trading sessions. Asia, Frankie/London and NY. They are three distinct session and Frankie more often than not has a fakey, London goes in the opposite direction and NY will either take it further or reverse London's action with Asia usually moving back to the Daily Pivot although more recently that is not always the case with the Asia session

The above...
Oh yeah. It is also NFP day today, a day when a lot of accounts get wiped out. I can see market consolidation now until the report comes out in 2.5 hours. STAY OUT OF THE MARKET. I am not trading today because it is NFP day... I leave it to the professionals and muppets. My advice to you is not to open any more new positions today and close the open one before the report comes out.

You can thank me for it later!

P.S. Yes I am in the market, but my entry is a sell at 1.4440 which is 300 pips away from current price, so therefore I am comfortable and I have no need to close this position as it is a long-term swing trade for me.

Adios. I am going to spend this day with my kids. Have a great weekend all!
  • #544
  • Aug 5, 2011 5:11am Aug 5, 2011 5:11am
Quoting mangalesh
got ur points porkpie and are near helpfull ..Btw u said scalp ...Even for scalping u need the higher time frames to be with ur bias ?means now euro is near daily demand level . so u look to scalp only long ? is it like that ?


If u dont use engulf bars do u use limit orders ?

Thanks
Yes I think if scalping better to consider higher time frames but your risk is greater if near or within the level. Think of higher time frame levels as a sponge with a brick inside it. Lower time frames will often tell you where that brick is going to be within the sponge but you'll still get a bounce off the sponge more often than not. Headbutt the sponge too hard and you'll risk getting a very sore head .

Limit orders mostly, market orders when using a confirmation entry.

@Brian: Cheers boss, have a good one.
  • #545
  • Aug 5, 2011 5:13am Aug 5, 2011 5:13am
What kind of confirmations you look for ?



Quoting Porkpie
Yes I think if scalping better to consider higher time frames but your risk is greater if near or within the level.

Limit orders mostly, market orders when using a confirmation entry.
Trading is all about probability, low risk/high reward ,buy low/sell high
  • #546
  • Aug 5, 2011 5:19am Aug 5, 2011 5:19am
Have closed my positions with few pips loss . Looks like market is consolidating and its a NFP day too..Thats the main reason i got out ..

Am still confused weather to consider spike zones of the levels . One of them telling its good , some telling bad ..

Need some more guys help to confirm ..Thanks
Trading is all about probability, low risk/high reward ,buy low/sell high
  • #547
  • Aug 5, 2011 5:19am Aug 5, 2011 5:19am
Quoting bbakker
Oh yeah. It is also NFP day today, a day when a lot of accounts get wiped out. I can see market consolidation now until the report comes out in 2.5 hours. STAY OUT OF THE MARKET. I am not trading today because it is NFP day... I leave it to the professionals and muppets. My advice to you is not to open any more new positions today and close the open one before the report comes out.

You can thank me for it later!

P.S. Yes I am in the market, but my entry is a sell at 1.4440 which is 300 pips away from current price, so therefore I am comfortable...
On a final note... I promise, before I piss off, when trading EU, it moves in levels of about 20 pips or multiples of 20 pips. (GU is ~30 pips)

I have 1.4125 (Previous Resistance now turned Support), 1.4147 and 1.4167, so be mindful of this especially when scalping because you should buy at support (demand) and sell at resistance (supply). If you wait for confirmation, it could be possible that you are selling at support!

The info with regards to sessions and pip movements come from Cloggie and was also confirmed by an OTA instructor who only trades EU.

Therefore, keep this in the back of your mind when trading supply/demand, especially when scalping!

That's all folks!
  • #548
  • Aug 5, 2011 8:20am Aug 5, 2011 8:20am
thanks Kenny for posting some scalping trades.

bbakker, I would be very interested to see a few of your EU scalps if you have the time, thanks.

It's been an annoying end of the week for me. I predicted where EU was going but was sleeping first when it hit supply at 1.437, then again missed when it hit demand at 1.405. I need to learn how to get in after the move has begun instead of only taking tops and bottoms.

Have a great weekend all.
  • #549
  • Edited 10:39am Aug 5, 2011 10:27am | Edited 10:39am
mangalesh, that's how i traded (scalped) that range.. explanations on the chart..

on eu chart i had ema200 and ema20 for general info not for trading decisions (reference to your pm question).. ema20 is deleted now as i never noticed it lately.

ps/. instead of eu you could look for a pair that gives better zones to trade.. see audusd chart below
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  • #550
  • Aug 5, 2011 11:13am Aug 5, 2011 11:13am
nfp started bit quite but later on it did it's job..

some of nfp and post nfp trades i took today..

have a wonderful weekend.............
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  • #551
  • Aug 5, 2011 3:25pm Aug 5, 2011 3:25pm
Quoting Porkpie
Staying with the 4hour, now look above and below current price and which has the smoother cleaner path up or down? Upwards has the smoother path until 4300. I am not saying price will get all the way up there but you need to look at it from the perspective of what has least resistance when you are unsure about a level.
Mangalesh take note: Price went to 4300. Where did it bounce off; Daily/H4 Demand and took path of least resistance.
  • #552
  • Aug 5, 2011 6:49pm Aug 5, 2011 6:49pm
so even a spiked zone of demand has shown effect . So it has to consider right ?


Quoting Porkpie
Mangalesh take note: Price went to 4300. Where did it bounce off; Daily/H4 Demand and took path of least resistance.
Trading is all about probability, low risk/high reward ,buy low/sell high
  • #553
  • Aug 5, 2011 9:27pm Aug 5, 2011 9:27pm
Quoting mangalesh
so even a spiked zone of demand has shown effect . So it has to consider right ?
I consider spikes while drawing my zones. I use them for placing my stops. I adjust my position size so the risk is correct when I place the stop 5-7 pips beyond the most extreem spike.

Hope this helps
Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #554
  • Aug 5, 2011 10:00pm Aug 5, 2011 10:00pm
Thanks for building a useful website.
https://sites.google.com/site/rtp505/
  • #555
  • Aug 5, 2011 11:41pm Aug 5, 2011 11:41pm
Quoting leo1in88
Thanks for building a useful website.
https://sites.google.com/site/rtp505/
Super cool Ken
Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #556
  • Aug 6, 2011 12:03am Aug 6, 2011 12:03am
Quoting leo1in88
Thanks for building a useful website.
https://sites.google.com/site/rtp505/
Thanks Ken!
  • #557
  • Aug 6, 2011 6:54am Aug 6, 2011 6:54am
i post winning trade charts.. but this doesn't mean all my entries are winning.. i have loosing trades too like most..

due to nature of scalping multiple instruments at same time, i usually don't have the time to screen capture and post them.. i have to concentrate on loosing trades to close them with minimum possible damage.. once it's close, i don't see the point of posting just text saying " i lost 40p on crude long" etc.

anyways, here is re-animated one loosing trade occurred on crude last Friday as an example.. see chart below.. my current win/loss ratio is around 70/30

i don't use any indicator for my entries and exits.. i have EMA200 on all my charts (telling me which side of the fence i'm), chaos semafor (showing current highs and lows) and indicator showing candle time and spread for support info only. i only use sup&dem, price and candle patterns.. top of this i try to sync into current overall market sentiment... that's all..
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  • #558
  • Aug 7, 2011 12:24am Aug 7, 2011 12:24am
Ok...... one for Orbital, then the rest of you can have one.
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Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #559
  • Aug 7, 2011 6:10am Aug 7, 2011 6:10am
thx Rufus.. i'll have one with caramel..

Quoting Rufus
Ok...... one for Orbital, then the rest of you can have one.
  • #560
  • Aug 7, 2011 6:53am Aug 7, 2011 6:53am
You are onto somthing. great sys
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