ENERGY ...continues

EURUSD long on 2011.12.14 - now stopped out 2nd part of trade @1.2855, another half was B/E. Total: -77pips.

Short is still on, when it reaches initial objective I'll move SL to BE.

2011.12.20 eur short: half sl=be, half to 1.2911

2011.12.30 gold long: stop moved to 1.59

USDCAD short setup cancelled

Another long order @ 1.0132. SL staggered @1.0135/1.0080 (Total SL 125pips).
Lower Bollinger Band support (which is also J.Harts' 18-day floating support). Yearly Mean support & 100ema. That's the setup. In each of my setups I want to see at least 2 things converge, so for a long position I'm looking for 2 kinds of support.
The trigger on this chart was Heikenashi color change. Order not filled yet.


Order filled 2012.01.06

short EUR stop moved @1.2836 and half @ BE
GBPJPY remaining half stop @120.20
CAD long 1st trade stops @1.0154

Every week if I have time I will try to show the way I identify some setups. Today I show 5-6 charts of USDCAD D1 timeframe with 3 lines:
thin line is 100ema,
thick one is 275ema,
orange is 365ema.

When the price comes near any one of these ema's from above I identify this as Floating Support areas of interest. Possible long setup.
When the price comes near any one of these ema's from below I identify this as Floating Resistance areas of interest. Possible short setup.

On the following charts I marked resistance with downward arrows and support with upward arrows.
Obviously price doesn't respect these areas each time, sometimes it will sit there and whipsaw for awhile, other times it will cut through all of the line hot knife through butter. If it didn't we would have a perfect trading system based on nothing but touch trades off these areas and all of us will be millionaires.

However, study these charts (years 2000-2004 I believe) and see how often it was possible to make some good pips/$$$ just by trading near these areas. You need to develop a trigger that is within your trading style. My one is on Daily, but if you want to sit and wait for daytrade, you could possibly get some serious pips after a few trials. Careful trade management would be necessary. Risk never more than 1% of your equity (even as low as 0.3%-0.5% will give good success rate) for intraday. Why so small? You probably will get stopped out couple of times without the possibility of reducing SL. Think about it: if you get into good trend on lower timeframe yours SL will be small, position larger, hence RR can be very, very good.
Even on D1 I risk 1-2% only. Usually 1%, since I try scale into positions and also because I trade other pairs. IMO all markets correlate more often than not. When there is change-in-trend on one pair there is also change in many other pairs and even in markets that are not currencies. I have to be prepared for simultaneous entry on 4-5 markets, moreover I need to be prepared if they all go against me without me loosing more than 7-10% max. That's my heat tolerance, yours might be better or worse.

Most important imo is the patience to wait sometimes weeks or even months for what your strategy describes as "setup" area, and what I call an area of interest.

There is nothing new in this lesson. Moving averages is what our grandfathers developed and also traded successfully. I hope this lesson will be helpful to some of you.

Here I post my how I like to see convergence of various indicators for what I call important area of interest. I have already written about 100,275, and 365 EMAs. I will explain other indicators later.
I post 2 charts of USDCAD present time. Sure, I could just use 1 thing, for example Andrews Pitchforks (Median Lines) or Gann Lines. But that's just my preference. I like to see 2, or preferably 3-4 areas line up.

I was out from Christmas, I have same succes on scalping but now in new year I will be focuse on daily chart (everthing is rumor what is lower sombody said here-thats right, I think) and trade long term and scalp with the trand, we will see. Will be fallow Your thread.
Price action is the KING
DuZO zdrowia i pipsów w nowym roku. Pozdrawiam.

Dzieki! Nawzajem!

Yes, people always say that thing "price action....", but for me what matters is where it occurs. Location. And for me location means not just PPZ or fibs, but couple of other things converging. If the area is good I will enter without waiting for price action bar (for example pin bar).
But price action also has other variants than just bars/candles.
For example the idea of Joseph Harts "continuation count / line pressure". I've adopted it but replaced his count with Heikenashi indicator.
Generally, PA for me are areas of interest, and triggers are different things. Yet, I still like to see nice pin bar.

I'd like to thank the people whose ideas I found very useful in my trading.

Don Fisher - the creator of DGL (Dynamic Gann Levels) and Andrew who introduced me to him.
Joseph Harts & Jess Thompson - for the amazing "Trend Dynamics"
W.Gann - for his infinite knowledge and ideas, even though most are very hard to comprehend.
Paul Coghlan & - for sharing his mastery of Pitchforks
Tim Morge - for sharing his experiences and knowledge of Andrews' methods
Jim of James16 - for sharing bars formations and PPZ's
Ray Barros - for his book "Nature of Trends"
Ed Seykota - for his web "Trading Tribe" and wisdom.

Also the TL community and FF community.

Gold stop moved to 1.601.7

USDCAD - both trades: half of the positions stops moved to 1.0168


few hours later: I'm moving stop on Gold back to 1.595 area.
on one chart I have actually short signal - small pin bar off quarterly mean and daily 200sma. H8 chart.
however, it just doesn't seem right, I don't know maybe it will go down, it's just the area doesn't seem that solid.
then i have another chart (with sunday bars) and it shows me more clear that there is nothing to short. so i'm moving my stop at the low bullish pin bar.

EUR short half stop moved to 1.2905, other half @ 1.2822

1st USDCAD long: stops moved to BE + 3 pips.
2nd long: half@ 1.0168, other half @ 1.0100.
It looks that very probably I may get stopped on both trades.

a few hours later: 1st trade stopped @ b/e (actually +2, but that's insignificant if i'm looking to get 300-500 pips).
2nd trade half stopped (-65pips).
cad seems not ready to take off in any direction. narrowing pattern = triangle.

stop moved: 1,607.2
I'm glad I didn't take the short or brought stop too close.

GBPUSD short touch trade [email protected] [email protected]

reasons:

chart1:
MQ (Mean Quarterly)
PPZ
50% ret
RN

chart2:
Pitchfork (orange line)
Fib Channel (red line)

I'm thinking short off Pin Bar at 200sma and 62% retrace.
order @1.0256 SL staggered: 1.0365 & 1.0423

stop moved 1,612

long order @1.0216 SL staggered @1.0145/35. trying to get back into long position.

first doji then outside bar off quarterly mean and daily 100ema. h8 chart.

eurusd stops moved 1.2822/67
gbpjpy stop moved 119.00