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  • #3,521
  • Feb 1, 2012 11:03am Feb 1, 2012 11:03am
Quoting X-Man
Hey Buddy.
There was slight pullbacks but as you can see the synergy bar bodies are larger than the wicks. You have to wait for those long wicks (wick longer than body to trade it)
If the bodies are still bigger than wicks then wait more to see what happens.

Dont rush into trades, let the trade come to you.
We are not looking to get every single pip in the market.
[size=3][color=blue]Thats...

Hi X-man, just to confirm... so when you talk about the body of the candle, do you mean the distance from open to close of the candle or do you refer to `body` as the thick part of the synergy bar?

regards,

tonny
  • #3,522
  • Feb 1, 2012 11:15am Feb 1, 2012 11:15am
The body is the thick part. The wick is the thin part.
Thoughts are things
  • #3,523
  • Feb 1, 2012 12:10pm Feb 1, 2012 12:10pm
Quoting X-Man
Green arrow 1, 2 and 4 are not pullback candles.

Green Arrow 3 is a pullback candle.

We have to first need to identify pullback candles

look at the pictures i posted. the wicks are nice and long then the trade went in the other direction

Hi X-Man,

Attach is the Pullback candle (I Think..) which I plot it with circles... The Pullback candles like you said the wick must be longer than the body(Towards my understanding)...

Q1: Besides that, can I just say that a valid Pullback candle can also be determined with the longer wick than the previous candles? Like the one from the chart...

Hope you can confirm this.. TQ

------------------------------------
Just keep learning... Never give up...
Attached Image (click to enlarge)
Click to Enlarge Name: h1-pullback candles.gif Size: 32 KB
  • #3,524
  • Feb 1, 2012 12:50pm Feb 1, 2012 12:50pm
Quoting Phx62
Nice move up from LO with the help of some news. TDI crossed at the open of the first candle of the London session and the candle turned blue....waited for it to cross the 200 EMA and move higher than the last red candle, then entered.....there was some consolidation in the 2nd & 3rd hour....moved SL 5 pips behind previous candle each time.....if PA had reversed I would have still been taken out with a profit.....PA did not reverse....continued and hit my TP. +217 pips for the week on 4 trades, so far.
That is truly awesome. London open is the major key to the success of any methodology. IMHO
  • #3,525
  • Feb 1, 2012 1:00pm Feb 1, 2012 1:00pm
Maybe some of the senior members can advice. But how does one go about tackling these types of situations. What do my eyes need to be focusing on as the bars develop? For example, during MLK, we had the same type of thing (ranging-but during LO as welll. I get why NY would be crap to trade)

Insight into this would help so I can look back and see what to focus on and what cross should be ignored and taken.

ignore the arrows those are my zig zags.

thanks
Attached Image (click to enlarge)
Click to Enlarge Name: eu.jpg Size: 159 KB
  • #3,526
  • Feb 1, 2012 1:35pm Feb 1, 2012 1:35pm
I am not that senior, but when the TDI is ranging around 50 it is a sign the pair is also in a range.

You can see in your screenshot when the TDI touched or comes close to 68 or 32 and there is a TDI cross there is a reversal and a viable trade.

That's what I see looking at the screenshot, there maybe other opinions.
  • #3,527
  • Feb 1, 2012 1:41pm Feb 1, 2012 1:41pm
Quoting hale-mary
Maybe some of the senior members can advice. But how does one go about tackling these types of situations. What do my eyes need to be focusing on as the bars develop? For example, during MLK, we had the same type of thing (ranging-but during LO as welll. I get why NY would be crap to trade)

Insight into this would help so I can look back and see what to focus on and what cross should be ignored and taken.

ignore the arrows those are my zig zags.

thanks
I added some lines to my own chart covering the example you posted.
The TDI gives some clues to focus on.....is the green line at or over the 68 or 32 line or is it hanging around the center (blue) line?....if it's hanging around the center line that would tell me that the pair is ranging and if you enter a trade, TP's should be smaller than normal.....during the London session on your example there were 3 TDI crosses with candle color changes that went for 31, 73 & 28 total pips from normal entry.....obviously you are not going to capture all those pips but the 31 & 28 pip moves at the very least should have been breakeven trades or + or - a few pips if you are monitoring the trade. The 73 pip move should have gotten you at least +50.
Again, in ranging situations you should focus on how far away from overbought or oversold the TDI is and keep a close eye for reversals and close the trades more quickly.
Sometimes there is nothing you can do......some trades will be losers even when there is a perfect setup.....just the price of doing business.
Attached Image (click to enlarge)
Click to Enlarge Name: hm.gif Size: 32 KB
  • #3,528
  • Feb 1, 2012 2:03pm Feb 1, 2012 2:03pm
Quoting tonny47
Hi X-man, just to confirm... so when you talk about the body of the candle, do you mean the distance from open to close of the candle or do you refer to `body` as the thick part of the synergy bar?

regards,

tonny
I talk about the entire synery bar. So the wick must be longer than that body.
X-man the legendary conqueror of markets
  • #3,529
  • Feb 1, 2012 2:07pm Feb 1, 2012 2:07pm
Quoting arramiss78
Hi X-Man,

Attach is the Pullback candle (I Think..) which I plot it with circles... The Pullback candles like you said the wick must be longer than the body(Towards my understanding)...

Q1: Besides that, can I just say that a valid Pullback candle can also be determined with the longer wick than the previous candles? Like the one from the chart...

Hope you can confirm this.. TQ

------------------------------------
Just keep learning... Never give up...
Yeah i agree on those .
Just remember that when a candle has a long wick on both sides and open and close at the same place then thats an indecisive candle.
X-man the legendary conqueror of markets
  • #3,530
  • Feb 1, 2012 2:09pm Feb 1, 2012 2:09pm
Phx62,

So is it possible to tell the market is ranging as it develops? I recall on jan 31 of this week you were able to tell the Market was ranging in LO after the short trade did not pan out and waited until NY session to go short.

Thanks for the analysis by the way
  • #3,531
  • Feb 1, 2012 2:20pm Feb 1, 2012 2:20pm
Quoting hale-mary
Phx62,

So is it possible to tell the market is ranging as it develops? I recall on jan 31 of this week you were able to tell the Market was ranging in LO after the short trade did not pan out and waited until NY session to go short.

Thanks for the analysis by the way
Yes hale mary i was going to tell you almost the same.
That the first trade would be a long trade where you will hav to close at BE atleast.
The second trade theres no doubt that trade would be a nice 50 pips trade easy.
Thats all you will need for 1 day
X-man the legendary conqueror of markets
  • #3,532
  • Feb 1, 2012 2:21pm Feb 1, 2012 2:21pm
Quoting X-Man
Yeah i agree on those .
Just remember that when a candle has a long wick on both sides and open and close at the same place then thats an indecisive candle.
Attached Image (click to enlarge)
Click to Enlarge Name: Indecision Candles.jpg Size: 34 KB
"To live with Passion, it takes Courage and Grace to survive"
  • #3,533
  • Feb 1, 2012 2:22pm Feb 1, 2012 2:22pm
I see the bears come out only now. The 4H candle couldnt close above.
The market was to scared to go short when im trading coz it knows X-Man will ride it for all it has LOL
X-man the legendary conqueror of markets
  • #3,534
  • Feb 1, 2012 2:28pm Feb 1, 2012 2:28pm
Quoting Britpip7
LOL yeah sames 1s
X-man the legendary conqueror of markets
  • #3,535
  • Feb 1, 2012 6:02pm Feb 1, 2012 6:02pm
Quoting X-Man
I talk about the entire synery bar. So the wick must be longer than that body.
i learn something everyday , i kept on looking at the wrong thing (not the synergy bar bodies).

cheers
  • #3,536
  • Feb 1, 2012 6:05pm Feb 1, 2012 6:05pm
Quoting Quezoy
The body is the thick part. The wick is the thin part.
  • #3,537
  • Feb 1, 2012 7:02pm Feb 1, 2012 7:02pm
Today I would be more cautious as 1.3200 region was tested again. Tokyo open with more buyers support much closer to this region compared to previous days.

Need to take a bigger picture view now as the D1 candle closed indecisive yesterday. Britpip7 posted a funny pircture of a candle burning at both ends. Timely reminder, so I thought.

Also D1 candle pattern show an BUOB ... a continuation setup.

If market breaks upwards, I buy at 1.3240 and target 1.3450 region...Big Picture!
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #3,538
  • Feb 1, 2012 7:06pm Feb 1, 2012 7:06pm

Hi Everyone,

Frequently asked question:

What moves the market? Many books written on this. But do I really care when I trade intraday? I simply trade what I see. But if I do position trading and invest long term, yes I must know. But S3 hourly strategy is not about long term trading.

Q: How can we know if the market is ranging?
A: First we must define what we mean by ranging in our own terms. In S3 hourly strategy, we are trading H1 TF and we expect to see Price Action>Trend>Momentum>Strength. Our profit expectation is small, say in the region of 50pips with an initial SL of 30pips, Risk to Reward ration 1: 1.5. We trade London session and New York session. We know there is an overlap of these two sessions. This overlap of 4 hours is, in my opinion is a danger zone. To get 50pips on average during the first half of the London session, which is about 3-4 hours, we would expect an average ATR(7) of about 20~25pips to push us to our target in 3_4 candles at most. Agree?
So our range definition is 25pips. If the market do not move out of this range band , can we then decide it is ranging?

Q: What do you do when market start ranging?
A: Remember Doug Zalessky mantra#16 “ When your trade is not going anywhere in a given timeframe, it’s time to get exit”.

Q: How do I know when the market will continue ranging?
A: Easy answer would be if your do not see a trending market condition, then it is ranging. Right?

Q: What is trending market condition?
A: You must see Higher-Highs Higher Lows, or Lower Highs Lower Lows ..(HH HL or LH LL). Always take a zoom out view of the chart, look for patterns, support and resistance, etc. Being the common answers you will get to hear. The Japanese has a saying: “To see farther, you must climb higher”.

Q: Why do market change from trending to ranging, and back and forth?
A: Don’t Know, Don’t Care. But I must be prepared whenever it changes.

Q: How do I prepare myself for these ever changing market conditions?
A: ...Hmm! practice, practice, practice, ......Trading is a profession like medicine and law. Doctors and lawyers - They do not work, they practice every day.

stay tuned in this forum.


Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #3,539
  • Feb 1, 2012 7:17pm Feb 1, 2012 7:17pm
Quoting hale-mary
Maybe some of the senior members can advice. But how does one go about tackling these types of situations. What do my eyes need to be focusing on as the bars develop? For example, during MLK, we had the same type of thing (ranging-but during LO as welll. I get why NY would be crap to trade)

Insight into this would help so I can look back and see what to focus on and what cross should be ignored and taken.

ignore the arrows those are my zig zags.

thanks
Hi HM,
interesting that you brought up this week43 scenario for EURUSD.
You should take a zoom out view of this time period starting week 35 on 29 Aug onwards. What do you see?

This is a good exercise for everyone to do trade planning for every week.

Practice, practice, practice...
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #3,540
  • Feb 2, 2012 12:54am Feb 2, 2012 12:54am
Quoting X-Man
That was a close one , i just managed to dodge a bullet LOL.

I'm out for today. see you guys tomorrow.
Thanks for the correction. I'll graduate this academy with flying pips.
Let it turn and find your entry.
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