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Price is everything

  • #20,321
  • Sep 23, 2011 11:34am Sep 23, 2011 11:34am
Quoting frankkn
Been a while since I've posted in the ol PIE

Edit:

The only other thing I considered with this trade was the fact that the hourly was making higher highs and lows.

I entered on the first two marked bars and exited at the third. Also had another much heavier entry not shown here as it was based on volume
Cool Franknn
How is the VSA working for you? I thought of adding it in the past, but I got a bit distracted.
The things that we love tell us what we are Thanks Redsword11 and Tim Morge
  • #20,322
  • Sep 23, 2011 11:52am Sep 23, 2011 11:52am
Quoting eaglestar
Cool Franknn
How is the VSA working for you? I thought of adding it in the past, but I got a bit distracted.
Very well, thanks for asking.

I'd recommend making observations with volume in the context of SD analysis. For example volume spikes into levels followed by ND/NS bars. Simple and profitable. My favorite thing about these entries is the fact that they almost always jump enough to move your stop to BE on the next bar.

The problem with volume entries is that they normally require smaller position size and less favorable RR.


Typically you can enter on PA at the levels before you see a volume entry, but it is great for scaling in and is very high probability
  • #20,323
  • Sep 23, 2011 6:19pm Sep 23, 2011 6:19pm
Quoting frankkn
Very well, thanks for asking.

I'd recommend making observations with volume in the context of SD analysis. For example volume spikes into levels followed by ND/NS bars. Simple and profitable. My favorite thing about these entries is the fact that they almost always jump enough to move your stop to BE on the next bar.

The problem with volume entries is that they normally require smaller position size and less favorable RR.


Typically you can enter on PA at the levels before you see a volume entry, but it is great for scaling in and is very...
I will look into it. Currently I am trading only 5m chart to master the smaller timeframes and may add it in the future. The fib time is very interesting as well. Price time and volume are all very closely related as well as psychology. Please keep sharing when you can.
The things that we love tell us what we are Thanks Redsword11 and Tim Morge
  • #20,324
  • Sep 25, 2011 2:06am Sep 25, 2011 2:06am
Quoting eaglestar
If you think that is too small than perhaps $2000 with no more than .5% risk per trade would be better. Read some about money management and rrr. A good place to start is

Money management strategies for futures traders by Balsara
A traders money management system by Mcdowell
Trade your Way to Financial Freedom by Tharp

Also read Trading in the Zone and The Disciplined Trader by Douglas

When you say that you want to taste the forex market that concerns me. What do you want to taste? The thrill of winning a trade? The thrill of the big bucks?...

Dear eaglestar thank you so much for taking your time to answer me. I totally get you.
When I said taste forex, I meant starting to see how all works, leverage, stop loss, learning... The truth is that I am not in forex to play and feel the excitement of winning a trade I think we all know that we can simply go to a casino and fill the thrill there.
I take forex seriously, as a way of a long term investment, that is why I want to learn and make a good investment that I will not loose because of bad decisions as trading with high leverage or not knowing whats going on the market.
I will review the books you have suggested.
Again thank you very much.
  • #20,325
  • Sep 25, 2011 12:58pm Sep 25, 2011 12:58pm
Anyone know why I am unable to post in the Romancing the Price thread?
What is any ocean but a multitude of drops?
  • #20,326
  • Sep 25, 2011 1:14pm Sep 25, 2011 1:14pm
Quoting Xhale12
Anyone know why I am unable to post in the Romancing the Price thread?
"Edit: Aug 28, 2011

In order to avoid noise, I have taken Ifmyante's sound suggestion on board and put permission system for posting on this thread.. Only 10+ vouch and buddy list members can post from now on.. If you have something to contribute and don't have 10+ vouch please pm me and I'll consider adding you to my buddy list."

From the first page in Romancing the Price that Kenny edited.
  • #20,327
  • Sep 25, 2011 7:21pm Sep 25, 2011 7:21pm
Some trades running at the moment.
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What is any ocean but a multitude of drops?
  • #20,328
  • Sep 26, 2011 12:13am Sep 26, 2011 12:13am
Levels

Watch for Price Action, then Execute

If Price rises/falls to extreme of channel look for possible reasons to enter trade.

It looks like prices may continue in direction of trend today and possible breakout from range. I use equidistant channel tool.
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The things that we love tell us what we are Thanks Redsword11 and Tim Morge
  • #20,329
  • Edited 3:23am Sep 26, 2011 2:59am | Edited 3:23am
UJ M5


long taken .. SL at BE+




a typical range play ... for me... cheers


Stopped OUT at BE+
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  • #20,330
  • Sep 26, 2011 11:05am Sep 26, 2011 11:05am
Quoting orionfx
Hi eaglestar, i like the way you draw channel please keep going and wil learn more from your post.

Thanks.
I sent a PM but if anyone else is interested I really like the book Technical Analysis of Stock Trends you can find it online just search for it, and I have also watched quite a few videos on marketgeometry.com so recommend that as well.
The things that we love tell us what we are Thanks Redsword11 and Tim Morge
  • #20,331
  • Sep 26, 2011 11:08am Sep 26, 2011 11:08am
Quoting VincentG
Dear eaglestar thank you so much for taking your time to answer me. I totally get you.
When I said taste forex, I meant starting to see how all works, leverage, stop loss, learning... The truth is that I am not in forex to play and feel the excitement of winning a trade I think we all know that we can simply go to a casino and fill the thrill there.
I take forex seriously, as a way of a long term investment, that is why I want to learn and make a good investment that I will not loose because of bad decisions as trading with high leverage or not...
Your Welcome Brother Remember hard work and dedication will pay off
The things that we love tell us what we are Thanks Redsword11 and Tim Morge
  • #20,332
  • Sep 27, 2011 1:16am Sep 27, 2011 1:16am
Update from yesterdays charts. Price did not respect short term channels very well so redrew larger time frame channels that gave me a couple opportunities. Fib Time showing promise, but still prefer levels/basic geometry when entering a trade.
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The things that we love tell us what we are Thanks Redsword11 and Tim Morge
  • #20,333
  • Sep 27, 2011 1:25am Sep 27, 2011 1:25am
Levels for London
Wait, Watch Price Action, Execute
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The things that we love tell us what we are Thanks Redsword11 and Tim Morge
  • #20,334
  • Sep 27, 2011 7:21am Sep 27, 2011 7:21am
First trades of the week for me. My first LO

First is EU, grabbed 2R on it. The second is GU and I lost 5 pips before she took off, as I wanted to grab some sleep before NY and moved my stop up and went back to bed

I entered on the close of the engulfing on EU, and scaled in the GU, initially on the touch of the level because of the arrival and next I entered a little more because of the rejection wicks. Wasn't too heavy on the GU as I hadn't gotten my engulfing, but I did on EU and entered my full position on the close of the engulfing.
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  • #20,335
  • Sep 27, 2011 7:44am Sep 27, 2011 7:44am
Hi Frankkn,
I took a long GU in the same demand zone but unfortunately it was a loss for me. When the bearish candle closed below the demand zone I anticipated that the GU will test the next zone and moved out. Maybe I have to refine my stops.
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  • #20,336
  • Sep 27, 2011 8:14am Sep 27, 2011 8:14am
Quoting MCFly
Hi Frankkn,
I took a long GU in the same demand zone but unfortunately it was a loss for me. When the bearish candle closed below the demand zone I anticipated that the GU will test the next zone and moved out. Maybe I have to refine my stops.
Hey bro,

If that level would have been broken I would have re-evaluated my stance on the pair at the time, as I trade these levels with the H1 trend. It is difficult for me to express in black and white terms how I view the trend, as I look for higher highs and lower lows, but not necessarily swing highs and lows.

If that level would have been taken, the H1 would have been tuning down for me and I would consider evaluating the levels for shorts.

I happened to enter on the touch of the level because of the behavior or price during the arrival. My initial stop was 10 pips outside of the zone, and as soon as price started rising up out of the level I moved my stop to a recent M1 low below my entry because I wanted to go back to sleep, and was taken out there while I slept.

Just trying to paint a picture of how I trade, no secret sauces here just a focus on risk.

I do shoot for 2X initial risk, but because of the way I manage my stop my realized rr hovers between 4R and 7R. Keeping this focus on risk really reduces the importance of any one trade and helps me keep my head on straight.
  • #20,337
  • Sep 27, 2011 8:48am Sep 27, 2011 8:48am
Little long trade just alittle while ago. Held her alittle long, but still they can add up.
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Do your time and enjoy the ride...
  • #20,338
  • Sep 27, 2011 9:38am Sep 27, 2011 9:38am
M15 EU
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  • #20,339
  • Edited 1:18pm Sep 27, 2011 1:05pm | Edited 1:18pm
The last few weeks, I have had a 82% success rate in all of my trades. 2 months ago I was at about 40%. THANK you to everyone in this thread, red especially. I don't post much, but I have studied this and "Romancing the Price" like a book. Both threads have been a blessing.

Just closed out a short I was in on USD/SGD. In at 1.3042, out at 1.2818.

In this at the moment....

EDIT- Closed for some pips. Don't like the PA.
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What is any ocean but a multitude of drops?
  • #20,340
  • Edited 3:17pm Sep 27, 2011 2:00pm | Edited 3:17pm
Long.

Edit- Scalped for 41 pips.
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What is any ocean but a multitude of drops?
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