I'm no expert, but I prefer the 1.02 area. Lots of resistance, then breaks through and turns into support.
sounds reasonable to me.
jonas
Hero calls followed by margin calls...
james16 Chart Thread
- #100,141
- Aug 8, 2011 5:45am Aug 8, 2011 5:45am
- Joined Aug 2010 | Status: Tööröh | 14,292 Posts
sounds reasonable to me.
jonas
Hi guys i m still confused if Fta IS SO IMPORTANT while considering set ups ???
i think i m missing gr88 set ups this is third time so very curious to knw more abt it ? .
comments appreciated
regards,
kunal.
i think i m missing gr88 set ups this is third time so very curious to knw more abt it ? .
comments appreciated
regards,
kunal.
- #100,144
- Aug 8, 2011 7:15am Aug 8, 2011 7:15am
Hi guys i m still confused if Fta IS SO IMPORTANT while considering set ups ???
i think i m missing gr88 set ups this is third time so very curious to knw more abt it ? .
comments appreciated
regards,
kunal.
That doesn't mean that price will always stop at the FTA, it just means it's the first area where price may reverse. The good news is that if price pushes through, as in your example, you have a new area of S/R to move your stop to. Make sense? I'm sure Mike could explain it a million times better...
When the going gets weird, the weird turn pro.
- #100,145
- Aug 8, 2011 7:25am Aug 8, 2011 7:25am
Hi guys i m still confused if Fta IS SO IMPORTANT while considering set ups ???
i think i m missing gr88 set ups this is third time so very curious to knw more abt it ? .
comments appreciated
regards,
kunal.
I believe the point is that one needs to be aware of, and to account for, the FTAs in one's MM. If the potential R:R is very unfavourable, then one, might not take the trade - might! If its allows some PiPs, than another person may take the trade with a contingency plan to take action (TP and set SL to break even, TP in total, or manage the reduction in momentum with the assumption that one will TP if there are signs of reversal, or go with it if it breaks through). Its really a signpost that momentum will be challenged.
Hope that helps and maybe more learned colleagues will add.
Btw thats a cool indicator, looks to be showing divergences - any chance you could make it available?
Many thanks
In my inexpert opinion, the FTA is very important, yes. It's the only place that a pinbar can be 'counted on' to push price to - anything more than that is a bonus.
That doesn't mean that price will always stop at the FTA, it just means it's the first area where price may reverse. The good news is that if price pushes through, as in your example, you have a new area of S/R to move your stop to. Make sense? I'm sure Mike could explain it a million times better...
Agree to what u say and i m pretty clear with what FTA is . My doubt is shud FTA be a reason not to enter a trade if its closer , even if the set up is good :?
Because the snr's and strong areas will always be there on the chart some are recent so u can see them some are older ones which u might find on higher TF charts or after scrolling behind ? so i still could nt find a solid reason y to leave good set ups ? somethings still not convincing me?
regards,
kunal
- #100,147
- Aug 8, 2011 7:32am Aug 8, 2011 7:32am
- | Commercial User | Joined Nov 2010 | 1,178 Posts
[quote=fx trader-;4849547]
Hi fx trader.
The FTA is the first S/R level what the price mets in its evolution.More S/R levels the price will have to "fight" more difficult it will be for the price to go ahead.
The FTA as all the rest of the levels are even the levels where the traders make money management(MM),...so... closer the FTA=faster you will have to move to make MM.
Thanks for your reply buddy
Agree to what u say and i m pretty clear with what FTA is . My doubt is shud FTA be a reason not to enter a trade if its closer , even if the set up is good :?
Because the snr's and strong areas will always be there on the chart some are recent so u can see them some are older ones which u might find on higher TF charts or after scrolling behind ? so i still could nt find a solid reason y to leave good set ups ? somethings still not convincing me?
regards,
kunal
The FTA is the first S/R level what the price mets in its evolution.More S/R levels the price will have to "fight" more difficult it will be for the price to go ahead.
The FTA as all the rest of the levels are even the levels where the traders make money management(MM),...so... closer the FTA=faster you will have to move to make MM.
Nothing personal,just business
- #100,148
- Aug 8, 2011 7:34am Aug 8, 2011 7:34am
- | Commercial User | Joined Nov 2010 | 1,178 Posts
Nothing personal,just business
[quote=alicimo;4849543]Hi fx trader,
I believe the point is that one needs to be aware of, and to account for, the FTAs in one's MM. If the potential R:R is very unfavourable, then one, might not take the trade - might! If its allows some PiPs, than another person may take the trade with a contingency plan to take action (TP and set SL to break even, TP in total, or manage the reduction in momentum with the assumption that one will TP if there are signs of reversal, or go with it if it breaks through). Its really a signpost that momentum will be challenged.
Hope that helps and maybe more learned colleagues will add.
Btw thats a cool indicator, looks to be showing divergences - any chance you could make it available?
HI i understand ur take with the MM technique and have tried to take it in many other ways but still wanted to take the seniors views what they think on this
i have attached the rsi divergence indi ( make sure ur nt completely dependent as it doesn't show longer div some times)
I believe the point is that one needs to be aware of, and to account for, the FTAs in one's MM. If the potential R:R is very unfavourable, then one, might not take the trade - might! If its allows some PiPs, than another person may take the trade with a contingency plan to take action (TP and set SL to break even, TP in total, or manage the reduction in momentum with the assumption that one will TP if there are signs of reversal, or go with it if it breaks through). Its really a signpost that momentum will be challenged.
Hope that helps and maybe more learned colleagues will add.
Btw thats a cool indicator, looks to be showing divergences - any chance you could make it available?
HI i understand ur take with the MM technique and have tried to take it in many other ways but still wanted to take the seniors views what they think on this
i have attached the rsi divergence indi ( make sure ur nt completely dependent as it doesn't show longer div some times)
- #100,150
- Aug 8, 2011 7:47am Aug 8, 2011 7:47am
Thanks for your reply buddy
Agree to what u say and i m pretty clear with what FTA is . My doubt is shud FTA be a reason not to enter a trade if its closer , even if the set up is good :?
Because the snr's and strong areas will always be there on the chart some are recent so u can see them some are older ones which u might find on higher TF charts or after scrolling behind ? so i still could nt find a solid reason y to leave good set ups ? somethings still not convincing me?
regards,
kunal
Uh, that all sounded a lot more helpful in my head...
When the going gets weird, the weird turn pro.
- #100,151
- Aug 8, 2011 8:51am Aug 8, 2011 8:51am
- | Commercial User | Joined Aug 2006 | 12,004 Posts
In my inexpert opinion, the FTA is very important, yes. It's the only place that a pinbar can be 'counted on' to push price to - anything more than that is a bonus.
That doesn't mean that price will always stop at the FTA, it just means it's the first area where price may reverse. The good news is that if price pushes through, as in your example, you have a new area of S/R to move your stop to. Make sense? I'm sure Mike could explain it a million times better...
This is very well said.
There are times when a FTA will keep me out of a trade, times when a FTA makes me sit up and do "something". Time when I ignore a FTA. The understanding for me is that a FTA is just that, a first trouble area.
Best
Mike
- #100,153
- Aug 8, 2011 10:25am Aug 8, 2011 10:25am
- Joined Jan 2011 | Status: Senior Member - Pro FX Trader | 2,736 Posts
hi guys, i just got skype today, if anyone fancys a chat about trading, or potential setups etc give me a pm 
- #100,155
- Aug 8, 2011 10:36am Aug 8, 2011 10:36am
- Joined Aug 2010 | Status: Tööröh | 14,292 Posts
Hero calls followed by margin calls...
- #100,156
- Aug 8, 2011 10:51am Aug 8, 2011 10:51am
- Joined Jan 2011 | Status: Senior Member - Pro FX Trader | 2,736 Posts
- #100,157
- Aug 8, 2011 10:54am Aug 8, 2011 10:54am
- Joined Aug 2010 | Status: Tööröh | 14,292 Posts
Hero calls followed by margin calls...
- #100,158
- Edited 1:18pm Aug 8, 2011 12:34pm | Edited 1:18pm
I see this
that being said, "TT" with long cad/aud/nzd would be... very bold nowdays, I'd dare say. Especially against jpy/chf.
s&p -4%, BoA in deep $hit, greece banning shorts today... still interesting times me thinks
sure, the ecb promised it'll solve euro; but it's only the... 100th time they promised that?
p.s. - gotta love posting a possible setup and then missing it... Man I'm pissed
that being said, "TT" with long cad/aud/nzd would be... very bold nowdays, I'd dare say. Especially against jpy/chf.
s&p -4%, BoA in deep $hit, greece banning shorts today... still interesting times me thinks
sure, the ecb promised it'll solve euro; but it's only the... 100th time they promised that?
p.s. - gotta love posting a possible setup and then missing it... Man I'm pissed
- #100,160
- Aug 8, 2011 1:47pm Aug 8, 2011 1:47pm
- | Commercial User | Joined Nov 2010 | 1,178 Posts
[quote=Philodox;4850797]
The patience is the way to positive results !
i cant find any good setup now that the market is abit chaotic
Nothing personal,just business