Would you consider long entry @ 1,0520 area?
- #1,465
- Aug 17, 2011 8:07am Aug 17, 2011 8:07am
- | Commercial User | Joined Jan 2007 | 1,442 Posts
Tom ---nice trade
Need some clarity...as you have taught and has been summarized...bias, and to put it very briefly reactions off the D1.
1)This trade, to me anyway seemed to be as you said, reaction off "significant H1 levels. It appears to me that the Euro has been going sideways. Is it safe to say that you trade a sideways market off the lower time frame S/R levels PROVIDED THEY ARE STRONG LEVELS?
2) refer to chart aud/usd H1---on a RR would you average the two prior highs to get a mean to enter long?
Please clarify, I think...
1) Does it look sideways to you? The D1 looks like a congestion breakout to me on EUR/USD with a nice one day pullback prior to lift off. What was also nice was that we bid below the D1 IB where you will get some retail shorting and stopping out too :-)
2) My AUD/USD level to go long is at 1.0517 - I think this is the mean of the two levels you have marked so hopefully that answers your question!
Sorry if I was a little harsh mate. It's just that the chart you posted didn't really ask a specific question. They were zoomed out too far and you hadn't pointed to specific candles. I also get a bee in my bonnet when it SEEMS like people haven't taken the time to read the entire thread!
I went a bit overboard on you (sorry again!) because I myself posted an example of a SFP a while back, and Tom said it was a good example.......
This is a great thread and I'm publicly apologising for any offence caused, as I don't want this thread to go off track or become a playground, or a battleground for egos.
Again stop apologising you had me at hello ... oh hang on your not Jerry Maguire
More seriously...
On another note, I would advise caution with the SFPs. Tom originally identified it on the daily charts. And even then, he only used them for a bias for the next day.
That's a tip bit I didn't find on previous posts and very useful and it's a conclusion I've started to lean towards. That said the pattern also seems to be working well when the SFP swings low pushing through a former resistance levels and have a good number of bars between them. Sometimes it almost like the market is check the level is solid enough before using it as support.
I will continue my investigations and ask lots more questions (although there will be a break from post for me for a month though as a nice 6 week holiday beckons!).
OK, I'll shut up now!!
Don't! Keep posting and pulling up the silly things I (or anyone else) post, just be a little kinder us novices aren't the most emotionally stable/mature of creatures. Also a little lazy on my part but I think it will help me and others learn quicker with the bonus of de-cluttering the thread.
Apologies for my over reaction.
Thanks
9047!
- #1,467
- Aug 17, 2011 9:17am Aug 17, 2011 9:17am
- Joined Feb 2010 | Status: Trader | 1,167 Posts
Hello all,
Just thought I should show my face and say a little thanks.
I have found myself checking in on this thread every day, despite being very comfortable with how I trade. It's a tried, tested and very sound approach to trading these markets and for the life of me, I can never figure out why people want to over-complicate the business with zillions of indicators and a set of entry instructions longer than the Bible itself.
I've learnt some stuff I didn't know before and even for someone with the horrific amount of screentime i've stockpiled in the last few years, you have to still be open to fresh ideas.
Keep up the good work, one of the better threads on the forum IMO
Just thought I should show my face and say a little thanks.
I have found myself checking in on this thread every day, despite being very comfortable with how I trade. It's a tried, tested and very sound approach to trading these markets and for the life of me, I can never figure out why people want to over-complicate the business with zillions of indicators and a set of entry instructions longer than the Bible itself.
I've learnt some stuff I didn't know before and even for someone with the horrific amount of screentime i've stockpiled in the last few years, you have to still be open to fresh ideas.
Keep up the good work, one of the better threads on the forum IMO
- #1,477
- Aug 17, 2011 2:31pm Aug 17, 2011 2:31pm
- Joined Jul 2006 | Status: Charts + PA > * | 3,251 Posts
At the same time, weak longs that bought near the highs (weekly pin bar anyone?) will be forced to bail as price comes off
speculative shorts will come in thinking that price will be overdone up here
You know as well as me that they won't bail until .7070 goes if they're treating it on a weekly basis!
Don't blame the poor pin for retracement mechanics!
Count me as one of those speculative shorts that sold the double top on 1h though for the retracement move.
Excellent job on the EURUSD entry(especially considering the overall mess)!
Two thumbs and two big toes up!
Trust price. Know yourself.
- #1,479
- Aug 17, 2011 3:29pm Aug 17, 2011 3:29pm
- | Commercial User | Joined Jan 2007 | 1,442 Posts
You know as well as me that they won't bail until .7070 goes if they're treating it on a weekly basis!
Don't blame the poor pin for retracement mechanics
I think that came out a little wrong - I just meant that weak longs would bail on sharp selling and a weak long would be someone that would buy it right up near those highs after that huge rally. The W1 pin bar was the first thing that came to mind I have to say.
I tell you what, I've seen those W1 bars work there's no doubt about that (who can forget the 2007 top in Cable and the corresponding low in USD/CAD - both of which went for R multiples). Having said that, with a little experience behind you, trading a W1 pin bar on a break of the high just seems lazy! Almost every single time there is a far better entry to be had with a much better R. And as we all know, it's all about the bottom line in this game!
:-)
