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  • #3,281
  • Jan 30, 2012 4:25am Jan 30, 2012 4:25am
Quoting AmaNZ
http://www.forexfactory.com/showthre...27972&page=215
post #3225
You talking about barry's support resistance indy? there is no ADR ind in that post
  • #3,282
  • Jan 30, 2012 4:31am Jan 30, 2012 4:31am
Quoting hale-mary
You talking about barry's support resistance indy? there is no ADR ind in that post

Sorry...
Look here..
http://www.forexfactory.com/showthre...92#post5321992
post #14439 http://www.forexfactory.com/images/attach/ex4.gif !SM_ADR Marker.ex4
  • #3,283
  • Jan 30, 2012 4:49am Jan 30, 2012 4:49am
Quoting AmaNZ
Now he's broke, so? What's more, keep... There's just more to reach the target 40pips ADR's. After the 70% target to run smoothly, you want to go there? Me, I'll continue but continue to be careful.
Have I missed something? Who's broke? What does the rest of this mean?
All you touch and all you see, is all your life will ever be.
  • #3,284
  • Jan 30, 2012 4:49am Jan 30, 2012 4:49am
I would like to show a screenshot of what happened tonight on the 15M to illustrate a 123 continuation pattern. These patterns manifest all the time on all TF's. These are very important and illustrate how price will react when support (in this case) is hit and broken. There are also 123 patterns that happen when price cannot overtake support, or cant overtake it for long. Hence the reversals. Knowing these can help you stay in a trade or get out when a confirmed reversal happens. Or can even help you with entries. As you can see, the TDI even confirmed this move. So far it would have gained you 32 pips if you were conservative in your entry. This was a good chance to get into a trade if you didn't get in on the first leg because it was a weak signal. Good luck folks.

LL
Attached Image (click to enlarge)
Click to Enlarge Name: t9.gif Size: 18 KB
"IN CASH WE TRUST"
  • #3,285
  • Jan 30, 2012 4:51am Jan 30, 2012 4:51am
Quoting X-Man
Be careful as PA just bounced off the shi channel so there is high possibility that PA will cross over the EMA and start a downtrend.
Yes my post wasn't that good...

I meant that it would become a sell

Would that be a correct/legit trade
  • #3,286
  • Jan 30, 2012 4:56am Jan 30, 2012 4:56am
Quoting LazyLobster
I would like to show a screenshot of what happened tonight on the 15M to illustrate a 123 continuation pattern. These patterns manifest all the time on all TF's. These are very important and illustrate how price will react when support (in this case) is hit and broken. There are also 123 patterns that happen when price cannot overtake support, or cant overtake it for long. Hence the reversals. Knowing these can help you stay in a trade or get out when a confirmed reversal happens. Or can even help you with entries. As you can see, the TDI even confirmed...
ah so that is the famous 123. I think there was something like that on the 1 hour but i got stopped out at break even. Would like too know how to call it quits when that happens. I will post a chart soon.

thanks LL
  • #3,287
  • Jan 30, 2012 4:57am Jan 30, 2012 4:57am
First of all, thanks for this wonderful strategy guide. I'm also quite new to forex and this is a lot of help for me. Right now I have a Short trade going with TP 1.3100, hopefully it will be achieved later today. I've just began trading with this method today so I will certainly make some mistakes sooner or later!

Out of curiousity, do you think this method will be OK to use for years to come since forex market changes in its nature over the years? Is this method so to say forever-good?
I'm still learning! George
  • #3,288
  • Jan 30, 2012 5:01am Jan 30, 2012 5:01am
Quoting LazyLobster
I would like to show a screenshot of what happened tonight on the 15M to illustrate a 123 continuation pattern. These patterns manifest all the time on all TF's. These are very important and illustrate how price will react when support (in this case) is hit and broken. There are also 123 patterns that happen when price cannot overtake support, or cant overtake it for long. Hence the reversals. Knowing these can help you stay in a trade or get out when a confirmed reversal happens. Or can even help you with entries. As you can see, the TDI even confirmed...
The 123 pattern is an important pattern as this can earn you easy pips this can also be called wave analysis. You see if the chart is producing lower highs or higher lows.
you can view the chart below to see this. These things always happen in PA
Attached Image (click to enlarge)
Click to Enlarge Name: ScreenShot002.jpg Size: 43 KB
X-man the legendary conqueror of markets
  • #3,289
  • Jan 30, 2012 5:04am Jan 30, 2012 5:04am
HM:
Here is an attatchment that I have put up in the past, but since there is interest, I will post it again. I actually have this open in the background while I trade. It shows the basic 123 patterns and suggestions of how you could trade them.
Attached File(s)
File Type: pdf PRICE ACTION.pdf   183 KB | 1,317 downloads
"IN CASH WE TRUST"
  • #3,290
  • Jan 30, 2012 5:14am Jan 30, 2012 5:14am
Quoting emmanuel7788
Chucky,
You are asking about AUDJPY.

If you are taking a trade on H4, the PAC breakout was last Friday. Quite late for an entry now unless there is good pullback to get a better price.
Weekly trend is UP, so I be more cautious taking a swing trade now.
Talk of BOJ intervention for 2-3 weeks now and nothing happen.
I rather stay on the buyer side.
The AUDJPY at the top of the channel on Friday was way, way above the EMA so how could it have been a sell ?? - Sorry ET I've been trying to work out this 4H system (which shouldn't be hard - but for me is)

Chucky
  • #3,291
  • Jan 30, 2012 5:17am Jan 30, 2012 5:17am
Quoting Chuckyisback
Yes my post wasn't that good...

I meant that it would become a sell

Would that be a correct/legit trade
If you looking to short there then i would suggest that you wait for the market to retrace a bit and form a lower high before a continuation down and then on the 3rg leg you can enter short.
I would like you to also add the 200EMA as there could be further support at that point
X-man the legendary conqueror of markets
  • #3,292
  • Jan 30, 2012 5:25am Jan 30, 2012 5:25am
Quoting stcl
Hello.

I'm a young trader, have not been having much success for the last year because i have been having problems deciding how to set stop loss or take profit. I lose my profits. I just dont know how much i should take.

eg: i opened a sell position : 1.31318 (30th january -today, few minutes ago) EURUSD

How should I determine my stop loss and take profit?
This is so frustrating. I hope someone could provide me with some advice. Thanks Happy pippin'
Hi stcl,

I wish it would be so easy here to give an adequate answer to your problem with SL and TP.

For your trade EP @1.31318, what is your initial SL? If you do not know how to determine the iniial SL, the easy way is to place it at the upper PAC, ...i.e the EMA 5, smooth, typical, high.

Do you know what ATR is and how to use it?

Just for me to have a feel where you are now, can you tell me whether you have been through www.babypips.com? Which level are you now? Have you graduated yet?

I really love to help traders like you to get off to a good start with string foundation. S3 is great for beginners.

Regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #3,293
  • Jan 30, 2012 5:26am Jan 30, 2012 5:26am
Quoting Loftboy
Have I missed something? Who's broke? What does the rest of this mean?

What I mean is Low Asia... I burst open the last time London Market...
Now wait a stay of about 30pips yet to reach the target ADR Low...
Hehehehehe....
  • #3,294
  • Jan 30, 2012 5:37am Jan 30, 2012 5:37am
Quoting stcl
Hello.

I'm a young trader, have not been having much success for the last year because i have been having problems deciding how to set stop loss or take profit. I lose my profits. I just dont know how much i should take.

eg: i opened a sell position : 1.31318 (30th january -today, few minutes ago) EURUSD

How should I determine my stop loss and take profit?
This is so frustrating. I hope someone could provide me with some advice. Thanks Happy pippin'
Welcome junior.
I would say that when trading this method set you SL just above the swing high when going short or the swing low when going long. Your maximum SL should be 50 pips and nothing more.
I added some charts to show you what i mean.
Your TP will be set 1:1 so if your SL is 30 pips then you will lock in profits at 30pips etc.
Another way is that you lock in half of the profits at 1:1 the you move SL to BE and ride the other half
Attached Image(s) (click to enlarge)
Click to Enlarge Name: sl and tp.jpg Size: 114 KB
Click to Enlarge Name: sl and tp 2.jpg Size: 112 KB
X-man the legendary conqueror of markets
  • #3,295
  • Jan 30, 2012 5:40am Jan 30, 2012 5:40am
Quoting emmanuel7788
Hi stcl,

I wish it would be so easy here to give an adequate answer to your problem with SL and TP.

For your trade EP @1.31318, what is your initial SL? If you do not know how to determine the iniial SL, the easy way is to place it at the upper PAC, ...i.e the EMA 5, smooth, typical, high.

Do you know what ATR is and how to use it?

Just for me to have a feel where you are now, can you tell me whether you have been through www.babypips.com? Which level are you now? Have you graduated yet?

I really...
I totally agree that the S3 is great place for noobs to learn trading as it is simple and concentrates on 1 Pair.
X-man the legendary conqueror of markets
  • #3,296
  • Jan 30, 2012 5:45am Jan 30, 2012 5:45am
Quoting Chuckyisback
The AUDJPY at the top of the channel on Friday was way, way above the EMA so how could it have been a sell ?? - Sorry ET I've been trying to work out this 4H system (which shouldn't be hard - but for me is)

Chucky

Hi Chucky,
sorry that I caused some confusion.
See attached chart.
I use the Dean Malone original PAC for H4 and D1 swing trade setup.
One wonderful thing I find PAC is when price action in inside the PAC, we can still look for early entry on lower TF.

On H1 intraday, I prefer X-Man' s because of its simplicity and fitted my style quite perfectly.

Cheers!
Attached Image (click to enlarge)
Click to Enlarge Name: AUDJPY H4 swing trade week04.png Size: 54 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #3,297
  • Jan 30, 2012 5:56am Jan 30, 2012 5:56am
Quoting speedbird122
First of all, thanks for this wonderful strategy guide. I'm also quite new to forex and this is a lot of help for me. Right now I have a Short trade going with TP 1.3100, hopefully it will be achieved later today. I've just began trading with this method today so I will certainly make some mistakes sooner or later!

Out of curiousity, do you think this method will be OK to use for years to come since forex market changes in its nature over the years? Is this method so to say forever-good?
Thats a good question to ask when you start trading.
Well i back tested this baby over and over. It shows me the same thing over and over so yes personally i think it will with stand the test of time.
The main key to successfull trading is that you go with the trend. The trend is your friend. Ride your profits and cut your losses. Many top traders have mentioned in their books. LOL there was even a song that was posted here about that .

First you have to understand that the market does the same thing no matter what system you use. No matter what indicator you use you must understand they all more or less showing what PA is doing its just that they show it in their own style. we have to choose the indi that we comfy with and understand it. Theres no use have an indi on your chart that you dont know whats it doing.

Theres no indi that predicts what PA will do next. we just have to increase our wins more than losses to be successful.

I have been lurking around in other threads and realized all of this.
We should remember that PA is king then comes your indis.
I watched how some threads died because they depended too much on their indis rather than PA
X-man the legendary conqueror of markets
  • #3,298
  • Jan 30, 2012 5:57am Jan 30, 2012 5:57am
Quoting emmanuel7788
Hi stcl,

I wish it would be so easy here to give an adequate answer to your problem with SL and TP.

For your trade EP @1.31318, what is your initial SL? If you do not know how to determine the iniial SL, the easy way is to place it at the upper PAC, ...i.e the EMA 5, smooth, typical, high.

Do you know what ATR is and how to use it?

Just for me to have a feel where you are now, can you tell me whether you have been through www.babypips.com? Which level are you now? Have you graduated yet?...
Hi Emmanuel.

Thanks for your reply.
My initial stop loss is 25pips , take profit is 25 pips as well. I had 20 pips profit just now and was waiting until it reaches 25pips, but it turned back up , only took in 5 pips or so.

I have just set EMA 5. Thanks for your advice.

Haven't gone through all of baby pips, stopped at summer school, then lost faith to make forex work. Seemed impossible. until I stumbled upon this thread. Still trying to keep my dreams high and find sources of inspiration.
I shall read till graduation.

Am happy to receive any advice from successful traders
  • #3,299
  • Jan 30, 2012 6:12am Jan 30, 2012 6:12am
Does Low ADR target will be achieved today? Welcome we discuss and comment!
  • #3,300
  • Jan 30, 2012 6:26am Jan 30, 2012 6:26am
I entered a sell on EA based on the H4 method:

- PA pullback
- candle color change
- TDI cross
- TDI returned into blue band
- triple top resistance at 1.2470

gary
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