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Trading with Deadly Accuracy

  • #1,421
  • Nov 10, 2011 3:05am Nov 10, 2011 3:05am
who said trading need be hard or complex?

(I am not taking this, just interested to see there was a reaction, at least enough to get a tight stop and take some profit to get into BE trade)

dazz
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  • #1,422
  • Nov 10, 2011 5:16am Nov 10, 2011 5:16am
Quoting dazzdude
update... (as example)

dazz
update on the eur/swissy trade (see post 1389)

dazz
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  • #1,423
  • Nov 10, 2011 5:43am Nov 10, 2011 5:43am
Quoting dazzdude
who said trading need be hard or complex?

(I am not taking this, just interested to see there was a reaction, at least enough to get a tight stop and take some profit to get into BE trade)

dazz
update to post 1421 (nice bounce of defined level)

dazz
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  • #1,424
  • Nov 10, 2011 5:50am Nov 10, 2011 5:50am
Quoting dazzdude
swissy update - post 1418

dazz
another swissy update off called level (100 pip bounce)

dazz
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  • #1,425
  • Nov 10, 2011 6:51am Nov 10, 2011 6:51am
This style of trading is about understanding price behaviour and keeping it in memory. Remember how price behaves when a level holds, remember how price behaves when it fails. Once you can comprehend that, this method can indeed be as the thread name suggests... deadly.

Here are 10 tips, all from within this thread..

1 The best levels are the ones from the start of the move, as defined by the current wave structure.

2. The level should be so obvious that a child can spot it. It will bring orders to the table like kids to candy.

3. Be picky. Ignore all but the best setups. Will posted a "picture perfect chart" example in a post. Find that post, print out the chart, put it on the wall and burn it into your memory. That's what you are looking for.

4. Look for another reason to support the trade. My favourite is a trend line.

5. Be patient. It’s better to have 1 good trade per week then 10 good ones and 10 bad ones.

6. Keep it simple... don't overcomplicate it.

7. Plan out your trade before entry. Nothing should come as a surprise. Stay calm, follow your plan, but remain flexible.

8. The higher time frames are more reliable. Lower time frames require more discretion (which is something we want to avoid).

9. See the big picture. Price action is not just about pins bars, outside bars and inside bars. It's about following the rhythm of the market, whether it’s a single bar, or 100 bars.

10. Look left. Is the chart clean or messy? Clean charts with clean structure is much easier to trade. If it’s a mess, leave it alone.

dazz
  • #1,426
  • Nov 10, 2011 7:08am Nov 10, 2011 7:08am
Adding that list:-

11. Learning to do it right is an investment in yourself, invest in yourself then invest in the market.
I am usually Wrong
  • #1,427
  • Nov 10, 2011 7:28am Nov 10, 2011 7:28am
Quoting dazzdude
update on the eur/swissy trade (see post 1389)

dazz

like i said earlier, i am a big fan of confluence. the confluence i see on eur/chf is:
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  • #1,428
  • Edited 8:23am Nov 10, 2011 7:29am | Edited 8:23am
Quoting dazzdude
who said trading need be hard or complex?

(I am not taking this, just interested to see there was a reaction, at least enough to get a tight stop and take some profit to get into BE trade)

dazz
the confluence i see on eur/usd is:
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  • #1,429
  • Nov 10, 2011 7:30am Nov 10, 2011 7:30am
Quoting dazzdude
swissy update - post 1418

dazz

i like this confluence.
  • #1,430
  • Nov 10, 2011 7:33am Nov 10, 2011 7:33am
Quoting dazzdude
This style of trading is about understanding price behaviour and keeping it in memory. Remember how price behaves when a level holds, remember how price behaves when it fails. Once you can comprehend that, this method can indeed be as the thread name suggests... deadly.



8. The higher time frames are more reliable. Lower time frames require more discretion (which...
i like H4 and above.
  • #1,431
  • Nov 10, 2011 7:38am Nov 10, 2011 7:38am
Quoting dazzdude
aussie (update on post 1399)

untested level
cluster resistance
is there (at least) a second reason to consider a trade?

dazz
this is what i am seeing on my end:
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  • #1,432
  • Nov 10, 2011 7:57am Nov 10, 2011 7:57am
good work, dazzdude. much appreciated. although i have learned the concepts....reading another person illustration helps clarify and solidifies a few things.

gracias.
  • #1,433
  • Nov 10, 2011 9:27am Nov 10, 2011 9:27am
of course, still waiting on reversal patterns/candle to emerge. but xau/usd is at a prime spot: 1743.99

Just think i should let everybody know. P.S. please check for potentially interfering fundamental news. too.
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  • #1,434
  • Nov 10, 2011 10:53am Nov 10, 2011 10:53am
Quoting dddd
of course, still waiting on reversal patterns/candle to emerge. but xau/usd is at a prime spot: 1743.99

Just think i should let everybody know. P.S. please check for potentially interfering fundamental news. too.
trade update:
Price has risen to 1756.00 encountering the 1st resistance. trade to B/E.

entry was at 1746.23 on the 5mins. Initial setup was here.

Now, i sit back and let the market do whatever she wants, i am already at B/E.
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  • #1,435
  • Nov 10, 2011 3:10pm Nov 10, 2011 3:10pm
hi dddd,

I like your charts. Some good lines. It's clear how powerful the combination of a LINE and a LEVEL is. Thanks for sharing.

dazz
  • #1,436
  • Nov 10, 2011 3:17pm Nov 10, 2011 3:17pm
Quoting craptrader
Adding that list:-

11. Learning to do it right is an investment in yourself, invest in yourself then invest in the market.
yes, thankyou.... and #12.... (very important!)

12. Do not only look for a reason to enter. What is even more important, look for a reason not to enter. Sometimes a setup looks good, but on closer inspection, a reason not to pull the trigger may present itself.

Learn to recognise not only what works, but what does not work.

I will try and post an example...

dazz
  • #1,437
  • Nov 10, 2011 3:26pm Nov 10, 2011 3:26pm
Quoting dddd
trade update:
Price has risen to 1756.00 encountering the 1st resistance. trade to B/E.

entry was at 1746.23 on the 5mins. Initial setup was here.

Now, i sit back and let the market do whatever she wants, i am already at B/E.
dddd, from what I see in your charts, your approach to trade setups looks very, very! similar to mine. I even used to have three EMAs on the chart. I removed them in an attempt to train my eyes to look at the price and remove all clutter. I still like the 3 EMAs though, as a reference point to movement.

I would love to see some more of your setups on the longer term charts...

dazz
  • #1,438
  • Nov 10, 2011 10:49pm Nov 10, 2011 10:49pm
Quoting dddd
of course, still waiting on reversal patterns/candle to emerge. but xau/usd is at a prime spot: 1743.99

Just think i should let everybody know. P.S. please check for potentially interfering fundamental news. too.
update:
it is currently at 1769.10. it has moved up nicely, of course, this has been B/E'd already.

anyways, that is just to give a little live demonstration. chart update attached:
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  • #1,439
  • Nov 10, 2011 11:05pm Nov 10, 2011 11:05pm
Quoting dazzdude
hi dddd,

I like your charts. Some good lines. It's clear how powerful the combination of a LINE and a LEVEL is. Thanks for sharing.

dazz

thank you sir. there was a 3rd line, you can clearly see it in this post. Also nice to know that price has moved to 1769.00 area from the initial 1743.99: Having somebody else besides you and WMD, post and demonstrating the method further supports the verity of it to other learning members(such as myself, of course.)


Quoting dazzdude
dddd, from what I see in your charts, your approach to trade setups looks very, very! similar to mine.
Good to know. most humbled, sir.


Quoting dazzdude
....I even used to have three EMAs on the chart......
oh really? what a concidence.


Quoting dazzdude
...... I removed them in an attempt to train my eyes to look at the price and remove all clutter.

i completely understand; in fact, i have a template i categorized as "plain jane" in my metatrader that has no smas or emas or anything on it. just pure and plain. I load that up when i absolutely need to see things without any clutter whatsoever.


Quoting dazzdude
I still like the 3 EMAs though, as a reference point to movement.
precisely.


Quoting dazzdude
I would love to see some more of your setups on the longer term charts...

dazz

happy to oblige. Happy hunting.
  • #1,440
  • Nov 10, 2011 11:38pm Nov 10, 2011 11:38pm
Hey Guys,

AUDUSD 15m.
Let's see if it pays up.

CJ.-
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Samuelkanu