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Trading with Deadly Accuracy

  • #1,641
  • Nov 23, 2011 9:18am Nov 23, 2011 9:18am
Quoting wmd
Here's my analysis from this morning.

http://meet28873896.adobeconnect.com/p2bc2cewyuj/
Nice insight.
Twitter: MrC_Forex ; Facebook: /pages/MrC-Forex/197693770247397
  • #1,642
  • Nov 23, 2011 11:40am Nov 23, 2011 11:40am
Thanks WMD for starting this thread. And to Mr C, Dazz and Belekas for all your awesome contributions. I am learning something every day and your explanations are keeping me out of trouble!
I am usually Wrong
  • #1,643
  • Nov 23, 2011 2:39pm Nov 23, 2011 2:39pm
In the last monts i wasn't here... Sorry
But there was a lot of good trades.

Actually, I don't know how to start the training...
What should i do?

It's enough, if i try to find the Hooks on different curency pairs, or should i do something else?

For example: GBP/USD

Mammuth
  • #1,644
  • Nov 23, 2011 3:11pm Nov 23, 2011 3:11pm
Quoting belekas
Perfect TL. Break. Perfect retest. Goal.
Shame on me for not having this line drawn in time.
There plenty more coming.
Patience.
that's interesting. my TL is quite different. what feed/broker are you using? notice how different my chart is (oanda)

dazz
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  • #1,645
  • Nov 23, 2011 3:34pm Nov 23, 2011 3:34pm
Quoting wmd
Here's my analysis from this morning.

http://meet28873896.adobeconnect.com/p2bc2cewyuj/
awesome, thanks for sharing!

dazz
  • #1,646
  • Nov 23, 2011 4:03pm Nov 23, 2011 4:03pm
Quoting Mr.C
The rest closed at 1.5540 for 115 pips. Trade RR - 1/3.8.
nice one C!

I was over at the Belekas thread trading this very same thing.
closed out before going to sleep with +52.
  • #1,647
  • Nov 23, 2011 4:04pm Nov 23, 2011 4:04pm
Quoting dazzdude
awesome, thanks for sharing!

dazz
+1 !

thanks Will.
  • #1,648
  • Nov 23, 2011 4:05pm Nov 23, 2011 4:05pm
Hi all,

New to the thread and think it's great. Haven't had a chance to go through it all but wanted to start with the easier stuff that's taught toward the very beginning. I like the hook stuff because it's kept very simple and straightforward. The trendlines seem less so as they're very different to what I'm used to. I'll have to spend more time learning about those.

Just wanted to check that these are valid and fine entries (marked by the red arrows), it's the same line just different sides taken based on prior price action. Responses appreciated!
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  • #1,649
  • Nov 23, 2011 5:17pm Nov 23, 2011 5:17pm
Quoting ZeeJay
nice one C!

I was over at the Belekas thread trading this very same thing.
closed out before going to sleep with +52.
Thanks. Dreams are usually sweeter when there are pips in the bank before going to bed. I know that feeling.
Twitter: MrC_Forex ; Facebook: /pages/MrC-Forex/197693770247397
  • #1,650
  • Nov 24, 2011 1:08am Nov 24, 2011 1:08am
Quoting dazzdude
that's interesting. my TL is quite different. what feed/broker are you using? notice how different my chart is (oanda)

dazz
I use Windsor Direct. No surprise as I've seen some crazy ass shit over the years. Not long ago same issue made me miss a great Silver wedge that I just love to trade. But that's life. Life of a trader.

Regards.
  • #1,651
  • Nov 24, 2011 1:09am Nov 24, 2011 1:09am
Quoting mammuth
In the last monts i wasn't here... Sorry
But there was a lot of good trades.

Actually, I don't know how to start the training...
What should i do?

It's enough, if i try to find the Hooks on different curency pairs, or should i do something else?

For example: GBP/USD

Mammuth
Hi Mammuth. Forex can be daunting. For something that looks easy, it's not. I will try and help. Give me some time to collect my thoughts and gather some notes about this thread. We must also be mindful its wmd's thread, so we need to stick with his concepts here. Other topics should be discussed elsewhere in the ff community.

dazz
  • #1,652
  • Nov 24, 2011 1:46am Nov 24, 2011 1:46am
Quoting mpat89
Hi all,

New to the thread and think it's great. Haven't had a chance to go through it all but wanted to start with the easier stuff that's taught toward the very beginning. I like the hook stuff because it's kept very simple and straightforward. The trendlines seem less so as they're very different to what I'm used to. I'll have to spend more time learning about those.

Just wanted to check that these are valid and fine entries (marked by the red arrows), it's the same line just different sides taken based on prior price action. Responses appreciated!...
Nothing wrong with your entry. There are many ways to trade s/r levels.

What wmd shared was one (of many) specific s/r patterns.

The pattern (which I now calling the 'wmd hook') is either:

1. Resistance
2. BOP (break out point)
3. Hook
4. Continuation

That' the setup (RBHC)

Entry:

5. Price comes back to the BOP (which is now untested support)

or

1. Support
2. BOP (break out point)
3. Hook
4. Continuation

That' the setup (SBHC)

Entry:

5. Price comes back to the BOP (which is now untested resistance)

Not every instance works, some are better than others. With experience you can get better at picking the ones to trade, the ones to leave. Much of that is in the thread. Wmd trades this pattern with an astonishing high success rate (what one man achieve, so can another).

Below is the pattern (for a long).

Your trade was fine, but does it match the ‘wmd hook’ s/r pattern?

dazz
Attached Image
  • #1,653
  • Nov 24, 2011 3:05am Nov 24, 2011 3:05am
eur (not a perfect pattern)
look for confluence (another reason)
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  • #1,654
  • Nov 24, 2011 5:20am Nov 24, 2011 5:20am
Quoting dazzdude
Nothing wrong with your entry. There are many ways to trade s/r levels.

What wmd shared was one (of many) specific s/r patterns.

The pattern (which I now calling the 'wmd hook') is either:

1. Resistance
[color=black][font=Verdana]2....
Hey, thanks for this response. I hope people don't mind me posting these...
So basically we look for levels like this to place limit orders at? Is this one any good?
edit: I think I am missing a point with this hook thing...
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  • #1,655
  • Nov 24, 2011 8:17am Nov 24, 2011 8:17am
Quoting mpat89
Hey, thanks for this response. I hope people don't mind me posting these...
So basically we look for levels like this to place limit orders at? Is this one any good?
edit: I think I am missing a point with this hook thing...
That level is untested, yes.

I may place a limit order, I may not. If the pattern is picture perfect, most likely I will. If not, I will assess when price comes back to the level.

It is any good? Yes, seems quite good. Certainly with the down trend.

Now, I hope this does not confuse you. I look for the best way to trade PA and it may not be a horizontal s/r level, even if a s/r exists. Normally, chart can show many things at the one time. I look for the cleanest or what catches my eye the most. For NZ, at the moment, its a TL for me.

Below is the line I have been watching recently. This line is still s/r resistance to me, just not horizontal.

Like any s/r line, above the level my bias is long, below the level my bias is short. Therefore, if price is above the TL and heading up, my bias may change to long (depends on PA) and I may skip on a short (at your level you marked) or at least be cautious. It all depends. If it comes back and there confluence, then great, take the short.

I hope that is not confusing you. Sometimes is not as simple as a yes or a no. That is where trading becomes an art. If you have questions, ask (as long as we do not deviate from the threads core topics).

edit: if that confuses you... then the short answer is you spotted a good level. Always look for confluence when price comes back to the level.

dazz
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  • #1,656
  • Nov 24, 2011 8:52am Nov 24, 2011 8:52am
Quoting dazzdude
That level is untested, yes.

I may place a limit order, I may not. If the pattern is picture perfect, most likely I will. If not, I will assess when price comes back to the level.

It is any good? Yes, seems quite good. Certainly with the down trend.

Now, I hope this does not confuse you. I look for the best way to trade PA and it may not be a horizontal s/r level, even if a s/r exists. Normally, chart can show many things at the one time. I look for the cleanest or what catches my eye the most. For NZ, at the moment, its a TL for me....
Thank you, from the line you have drawn it looks like you can apply the same concept (breakout, hook, etc) with diagonal S/R. This is all very well but I think I would have real trouble identifying lines like yours in the first place though it is undeniable how well respected it is. So basically, as with all methods of trading, confluence is key!
  • #1,657
  • Nov 24, 2011 8:54am Nov 24, 2011 8:54am
Hi mpat89,

Reading over my reply to your question my answer appears a little wishy washy and maybe confusing. Sorry. I want to help, so maybe an live example helps better.

1. See post: Possible setup noted (but pattern not clean enough for a limit order)

2. See post: Price now back to the level (hourly chart) and looking a reason to enter (confluence). I see the trend lines that should also act as resistance, I decide to take the trade.

3. I look for an entry on 5m (see 5min chart on same post). I wait for 'tap of death' (the 3rd tap) to go short on 5m. Entry is pip perfect (so i got lucky this time - happens every now and then).

Below is a follow up chart. I have removed the trend lines since, but marked the entry point. You can see from the previous post where I entered and why looking at the charts on that post.

I want to show my thinking as that is what is important. It also shows that in this instance, I entered little prior to price reaching the level, but you can now see why (hence a limit order at the BOP level may not have been triggered).

I hope that helps better.

dazz
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  • #1,658
  • Nov 24, 2011 9:02am Nov 24, 2011 9:02am
Quoting mpat89
I think I would have real trouble identifying lines like yours in the first place
at first yes, but if you start looking for them, they will start jumping out at you soon enuf

Quoting mpat89
as with all methods of trading, confluence is key!


dazz
  • #1,659
  • Nov 24, 2011 9:12am Nov 24, 2011 9:12am
Your responses are really helpful, I want you to know I really appreciate it, thank you.

I just hope you can bear with me while I get to grips heh!

So is this what you're talking about? Potential trendline for support right at untested support (I never traded a downward trendline as support though, generally I use them to wait for price to break above for a breakout).

Not a massive bounce but definitely an opportunity to take a break even or some profit. Did you guys watch this or am I way off here?
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  • #1,660
  • Nov 24, 2011 9:23am Nov 24, 2011 9:23am
Quoting mpat89
Your responses are really helpful, I want you to know I really appreciate it, thank you.

I just hope you can bear with me while I get to grips heh!

So is this what you're talking about? Untested support & tap of death?
please ask any qu (within topic of thread). I struggled for many, many years. I will help if i can.

we all find our own little 'tricks'. 'tap of death' (my own name) is something that works for me to try and pin point a precise entry. the example shows how, but if its not clear, I can explain further til its clear.

dazz
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