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Price is Everything Chat Room

  • #901
  • Dec 4, 2011 2:42pm Dec 4, 2011 2:42pm
I think Sam Seiden's view is summed up in this quote taken from an article posted by emene the other day.

"One of the most important things to understand about proper trading is that visible confirmation and low risk opportunity are completely inversely related in trading."

H2 and Tobin summed up the considerations well above.

If the level meets all the criteria laid out in Sam's odds enhancers - found in the first post of Kenny's Romancing thread - then it is reasonably safe to enter without confirmation. Although nothing is for sure in trading. If you want to trade conservatively or have little experience then it may be worth looking for confirmation from high probability levels.

If you are unsure about the level, considering the odds enhancers, you may want to skip the trade or look for confirmation first.

The benefit of confirmation is that it increases your win rate, the downside is that it reduces the reward and increases the risk, ie your stop is further from your entry and your target is closer.

Ultimately it is down to you to decide if you want to wait for confirmation, taking into consideration the costs and benefits laid out by others and above.

You have to decide for yourself what type of trader you want to be.

My two cents, probably summed up more eloquently by others before. GL
  • #902
  • Dec 4, 2011 2:55pm Dec 4, 2011 2:55pm
one thing you can do if you are not happy is to enter half of your position when price reaches your zone and then add more to your position after you have more conformation that the zone is strong. then you get the best of both worlds
  • #903
  • Dec 4, 2011 4:09pm Dec 4, 2011 4:09pm
thank you all guys for your time,i definatelly grasped the concept now.
Never again will fade the trend
  • #904
  • Edited 8:11pm Dec 4, 2011 6:52pm | Edited 8:11pm
I am having trouble understanding how to define the height of the S/D zone.
Is it based on the full candle height or just the body?

Thanks

Gabe
Every rule has an exception. Except for this one.
  • #905
  • Dec 4, 2011 7:06pm Dec 4, 2011 7:06pm
Just for reference.
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Every rule has an exception. Except for this one.
  • #906
  • Dec 4, 2011 9:34pm Dec 4, 2011 9:34pm
Quoting Gabe2004
I am having trouble understanding how to define the height of the S/D zone.
Is it based on the full candle height or just the body?

Thanks

Gabe
I believe there is no correct answer to this question. No candle can perfectly define the location where buyers exceed sellers causing prices to rise or at what point as price returns to that location where buyers will capitulate and sell back there position causing prices to fall further or if they are selling into strength and price will rise from the point they sold. This is the beauty of the markets. You can gather a bit more information from not one candle but a series of candles of even a days worth of candles. It really depends on how you like to trade.

I like to define my zones as "areas of interest". Sometimes I define them with just bodies, sometimes with wicks. It doesn't really matter because when price reaches that "area of interest" I break out my own tools and trade as best I can to the pip. Maybe you want to trade as Seiden does and have a wide zone and just make sure you have a 3:1 or something risk:reward. That can work if that suits your style.

If that doesn't work for you try range bars.

As Red says find a system or method that works for you and make it your own.

Hope this helps.
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  • #907
  • Dec 4, 2011 9:46pm Dec 4, 2011 9:46pm
Quoting tobinare
I believe there is no correct answer to this question. No candle can perfectly define the location where buyers exceed sellers causing prices to rise or at what point as price returns to that location where buyers will capitulate and sell back there position causing prices to fall further or if they are selling into strength and price will rise from the point they sold.........
Hope this helps.
Thanks for the reply.
This is the toughest thing I have ever attempted and so far success eluded me.

Gabe
Every rule has an exception. Except for this one.
  • #908
  • Dec 4, 2011 10:27pm Dec 4, 2011 10:27pm
Hi all,
Anyone can tell me what is the benefits of 'locking profit'? Why don't close one trade and make another opposite? It is best if there is example of it in chart + explanation.
I read one about locking in RTP (Ken's Trade Locking) but I still don't get the benefit from his explanation.
Thanks.
  • #909
  • Dec 4, 2011 10:47pm Dec 4, 2011 10:47pm
Quoting gristar
Hi all,
Anyone can tell me what is the benefits of 'locking profit'? Why don't close one trade and make another opposite? It is best if there is example of it in chart + explanation.
I read one about locking in RTP (Ken's Trade Locking) but I still don't get the benefit from his explanation.
Thanks.
1. u can carry ur trade over weekend and sleep without stress.
2. That locks your profit/loss. therefore wherever market goes on from there, ur P/L is locked.
3. u get cash from both sides. u think both biases.

i am short on DJ got +100 and carried over weekend, with a BUY LOCK.

my P/l was locked at +91.

in market open both in profit, and the buy was at +70 sell at +30, closed the buy and im looking to expand or enlarge the lock.

why dont i just close both for +90? because i know the possible reward for holding the short is just larger.

the main point in locking is to make money from overall momentum and that retracement and or reversal as well.

aka u catch the tops and bottoms.
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Have I got something on my face, SOLDIER?
  • #910
  • Dec 5, 2011 10:33am Dec 5, 2011 10:33am
Hello,today i am trying some range charts,you dont have to look at multiple timeframes

whats your view on this?
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Never again will fade the trend
  • #911
  • Dec 5, 2011 3:59pm Dec 5, 2011 3:59pm
Good evening,

As nobody is perfect, I wanted to show something that I thought I was experienced enough not to do anymore.

Due to a lack of focus resulting from a long phone call, I did not pay attention to the time it was and I placed two dax trades a few minutes from the closing of the dax futures.

Now I am stuck with those shorts, which should not be a problem if only my stop was taken. But if it gaps north violently, as it is perfectly used to do (the bastard), the broker will give me the first price available at the open and I won't be able to do anything about it, having to work a good part of the day to get the pips back.

So try not to do the same dumb mistake as me and pay attention to the closing time of futures.

And if tomorrow, dax opens with a 100 pip gap north, laughs are on me for the whole week. That would be only fair
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Hello.
  • #912
  • Dec 5, 2011 4:23pm Dec 5, 2011 4:23pm
Quoting emene
Good evening,

As nobody is perfect, I wanted to show something that I thought I was experienced enough not to do anymore.

Due to a lack of focus resulting from a long phone call, I did not pay attention to the time it was and I placed two dax trades a few minutes from the closing of the dax futures.

Now I am stuck with those shorts, which should not be a problem if only my stop was taken. But if it gaps north violently, as it is perfectly used to do (the bastard), the broker will give me the first price available at the open and I won't...
Good Luck tomorrow Emene and thanks for sharing... i'm not at your level of trading but appreciate that lack of focus, through distractions, is a hell of a game to play. You've hit a chord and enforced a similar lesson that i've had to learn today.
Once again , Good Luck.
All systems of divination, like music itself,work through patterns.
  • #913
  • Dec 5, 2011 5:07pm Dec 5, 2011 5:07pm
Thanks ! I will survive, whatever happens

I wanted to share this dumb mistake because too many people on FF let the others think that because you got 10v, you never have losses nor do you make mistakes. I have losses and I do mistakes.

Tomorrow is another day.

Quoting kaspopsicle
Good Luck tomorrow Emene and thanks for sharing... i'm not at your level of trading but appreciate that lack of focus, through distractions, is a hell of a game to play. You've hit a chord and enforced a similar lesson that i've had to learn today.
Once again , Good Luck.
Hello.
  • #914
  • Dec 5, 2011 9:19pm Dec 5, 2011 9:19pm
Hi,

this is my yesterday trade.. i was sure since last week that price will visit 1720-25 and yesterday took a trade @1744 and @1731 took another big lot.with sl @supply1 and it was hit during last retrace. and lost 10% of my account.
i know my first mistake was to take big lot but thats lesson learned.

but what i want to know is where to put stop loss generally @ supply 1 or supply 2.

i was so over confident and forgot the candle movement.
after loss i analysed and found that H1 candle showed complete retrace. I should have closed my order after that.
anyways everyday new lesson learned.
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  • #915
  • Dec 5, 2011 9:50pm Dec 5, 2011 9:50pm
Something to share for beginner. Expert can ignore this....
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  • #916
  • Dec 6, 2011 1:05am Dec 6, 2011 1:05am
I guess I can thank standard and poor...

I closed one and put the other one at BE + some for a bonus cause there is room on the downside.

I still think I was lucky and that it was a mistake.

Have a good day all.

EDIT : or maybe it was just a brilliant short entry

Quoting emene
Good evening,

As nobody is perfect, I wanted to show something that I thought I was experienced enough not to do anymore.

Due to a lack of focus resulting from a long phone call, I did not pay attention to the time it was and I placed two dax trades a few minutes from the closing of the dax futures.

Now I am stuck with those shorts, which should not be a problem if only my stop was taken. But if it gaps north violently, as it is perfectly used to do (the bastard), the broker will give me the first price available at the open and I won't be able...
Attached Image (click to enlarge)
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Hello.
  • #917
  • Dec 6, 2011 1:07am Dec 6, 2011 1:07am
Quoting emene
I guess I can thank standard and poor...

I closed one and put the other one at BE + some for a bonus cause there is room on the downside.

I still think I was lucky and that it was a mistake.

Have a good day all.

EDIT : or maybe it was just a brilliant short entry
its brilliant. talking elliot waves thats the 5th wave down u caught nicely. great job emene accident = profit.

maybe i should try that too...

Have I got something on my face, SOLDIER?
  • #918
  • Dec 6, 2011 8:07am Dec 6, 2011 8:07am
hi guys!!!

i was wondering if u can comment on my euro chart and tell me if this is what called quasimodo set up.

if it is where do u place ur stop?

thx for any input.
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  • #919
  • Dec 6, 2011 10:08am Dec 6, 2011 10:08am
for those asking about conformation at s+d zones, here is something that can help with a good entry and a conformed trade. tried to sell g/u on a retrace of this engulfing candle at supply, missed by a pip but if i had been filled I would have had a decent entry as well as a tight stop with potential for a decent RR.
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  • #920
  • Dec 6, 2011 11:10am Dec 6, 2011 11:10am
Quoting highlander2
for those asking about conformation at s+d zones, here is something that can help with a good entry and a conformed trade. tried to sell g/u on a retrace of this engulfing candle at supply, missed by a pip but if i had been filled I would have had a decent entry as well as a tight stop with potential for a decent RR.
Thanks Highlander for your post.
May i ask, how do you calculate the retracement level to enter the trade? Do you place the level by rough estimation?
I see some chart the candle go straight down without retracement, i guess we have to just let go the trade and wait for another opportunity.
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