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A Trading Journey - S&R, RNs and PA

  • #21
  • Jan 5, 2012 2:35am Jan 5, 2012 2:35am
Appreciate the post and thanks for the comments. I didn't see a short setup in EU myself, although I see where the supply area was.

It's a method of plotting charts I've seen a few times, marking the actual supply and demand locations, rather than the pivots (although they tend to frequently be the same level). I think it's Ifmyante who plots their charts in a similar way. I like it, but I always like to see a future supply area to have acted as large support or large resistance in history, if that makes sense.

I'll check out no masks thread. I'll try and keep this one going! If for no one else, it's nice to have a record of everything.

Quoting Winston Reed
Took a short at green hashed line and exited at red hashed line. Felt that strong drop was an area where more sellers with unfilled orders were lurking. I do use MACD and BBs as confirmation tools but mainly I like S/D levels. This trade for me entered a strong supply area and a short was confirmed.

I very much like the way you map out S/R areas and will be following your posts and charts. I followed no masks thread for a good while. He traded between large round numbers but he has not been around in a good while and that thread pretty much...
  • #22
  • Jan 5, 2012 2:40am Jan 5, 2012 2:40am
Not a great deal going on this morning. If AUDJPY can break back down through this 79 pivot/RN, MAs and trendline, with a H4 BEOB, I'M IN.
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  • #23
  • Jan 5, 2012 2:54am Jan 5, 2012 2:54am
Cancelling Kiwi order. Have to pop out for a couple hours, and not entirely happy with the way the level is being traded in to with this H1 BEOB.

Quoting Sgrb1
Kiwi order still in, still have a slight concern over the shaded area previously mentioned, but I'll go with this.
  • #24
  • Jan 5, 2012 4:05am Jan 5, 2012 4:05am
AUDJPY no where near a strong enough BEOB for me to take a trade on.

Flat.. for now
  • #25
  • Jan 5, 2012 8:47am Jan 5, 2012 8:47am
I've decided to create a fictitious trading account for the purposes of this thread. I think it would be beneficial for others to quickly see performance, and also may help to identify any issues.

The account will have a starting amount of £5000.

I do not usually risk a fixed amount on each trade, rather I base my risk on my confidence in a setup. It will always be between 1.5 and 2.5 percent.

Being in the UK, I use a spread betting broker. So my calculations will be presented in price per tick/pip, rather than lots.
  • #26
  • Jan 5, 2012 9:01am Jan 5, 2012 9:01am
Hope you don't mind my comments and some occasioinal posts. My thoughts on Kiwi. I was itching to short this one at the supply area but I respect the MACD which is above zero on daily and 4 H so I passed. Kiwi tends to correlate with EU so interesting to follow these 2 pairs. Speaking of psychological issues: I can get a little flustered when correlating pairs give conflicting signals.
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  • #27
  • Jan 5, 2012 9:26am Jan 5, 2012 9:26am
Quoting Winston Reed
Hope you don't mind my comments and some occasioinal posts.
Your input is more than welcome.

Quoting Winston Reed
I can get a little flustered when correlating pairs give conflicting signals.
I couldn't empathise with this more. What I have learnt to do over time is concentrate on the underlying currency strength, rather than other pairs. But in general, if I have an A+ setup I won't take much notice of conflicting signals. I'm sure others will have a different view on this.

Quoting Winston Reed
My thoughts on Kiwi. I was itching to short this one at the supply area but I respect the MACD which is above zero on daily and 4 H so I passed. Kiwi tends to correlate with EU so interesting to follow these 2 pairs.
What signal would get you in a trade using this Kiwi as the example?(assuming the MACD wasn't as obstruction). My concern for a short is that there isn't much room to run; you're right into the support I was wanting to trade long off.

I can see that we both look at our charts in a completely different way. Although we both trade on the same basic principles... very interesting!

Thanks for the post,
SG
  • #28
  • Jan 5, 2012 9:32am Jan 5, 2012 9:32am
Quoting Winston Reed
My thoughts on Kiwi ...
From what I understand then, you would be looking for shorts and longs in the areas I've marked in blue?
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  • #29
  • Jan 5, 2012 9:45am Jan 5, 2012 9:45am
Those lines are spot on. For what it is worth I use the daily MACD to dictate the direction of my trade. If it is above zero I trade long. So even though the Kiwi hit a pretty convincing supply zone I passed. I will wait for price to visit one of those demand zones you marked off. Then I move down to the one hour chart and look for the 1 hour MACD to color green even if the 1 hour MACD is below the zero line. Once this has happened I place a pending order for 10 pips above the close of the 1 hour candle that closed corresponding with a green MACD histogram bar. I know a little wierd but it's working for me so far.
  • #30
  • Jan 5, 2012 9:52am Jan 5, 2012 9:52am
Daily shows Kiwi hit supply and reversed. The MACD is above zero so I look for longs. Daily has painted red for now but that means to me there is a retracement going on. I know don't need the MACD to tell you that but I guess psychologically it helps me.

On the one hour chart you can see MACD clearly red and below zero. So I wait for the MACD to color green. You can see price is in a demand zone also.
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  • #31
  • Jan 6, 2012 7:22am Jan 6, 2012 7:22am
Quoting Winston Reed
Those lines are spot on. For what it is worth I use the daily MACD to dictate the direction of my trade ...
Quoting Winston Reed
Daily shows Kiwi hit supply and reversed ...
Thanks for the explanation. As you say, as long as it works for you.

I personally don't see that we need anything more than price itself, but there are many ways to skin a cat..
  • #32
  • Jan 6, 2012 7:24am Jan 6, 2012 7:24am
Non-Farms coming up. I don't trade on Non-Farms day, unless I'm already in a previous position.

I've been keeping a log for the last year, of what the numbers are and how they affect the market. I'll go over this at some point.
  • #33
  • Jan 6, 2012 8:47pm Jan 6, 2012 8:47pm
Have a good weekend. Took a trade on EURUSD after the dust settled a little for whopping 9 pips!!! Following your thread with interest and enthusiasm.
  • #34
  • Jan 7, 2012 5:16pm Jan 7, 2012 5:16pm
That CAD/CHF level we chatted about...still not clean enough for my live account but I took it on the demo.
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  • #35
  • Jan 8, 2012 3:11pm Jan 8, 2012 3:11pm
Quoting Winston Reed
Have a good weekend. Took a trade on EURUSD after the dust settled a little for whopping 9 pips!!! Following your thread with interest and enthusiasm.
Probably for the best! Not sure I'd want to carry a Euro trade over the weekend in these times. Thanks for your input
  • #36
  • Jan 8, 2012 3:11pm Jan 8, 2012 3:11pm
Quoting sam0182
That CAD/CHF level we chatted about...still not clean enough for my live account but I took it on the demo.
It was a good, well tested level. As you say, wasn't clean enough for me either, and no real PA to speak of.
  • #37
  • Jan 10, 2012 3:10am Jan 10, 2012 3:10am
GBPAUD coming in to major support here at 1.5 BRN. Watch price..

I'd take some strong bullish H4 PA here for a long, or watching for a break below.
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  • #38
  • Jan 10, 2012 3:19am Jan 10, 2012 3:19am
I'm not one to shout about what could have been, but I'll always review trades that I decided against taking.

This kiwi worked out well, with just a 30 pip drawdown.

I do have an issue with not taking trades, I think I'm a bit too conservative.
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  • #39
  • Jan 10, 2012 4:27pm Jan 10, 2012 4:27pm
Quoting Sgrb1
GBPAUD coming in to major support here at 1.5 BRN. Watch price...
GBPAUD closing the day back above 1.5, no PA for a long.
  • #40
  • Jan 10, 2012 4:30pm Jan 10, 2012 4:30pm
This is one HELL of a squeeze below 1.05. Looking forward to see what happens soon..
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