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Beyond the Candles

  • #361
  • Feb 7, 2012 11:47am Feb 7, 2012 11:47am
Quoting Dariusz
McD like a gold !
Good moment for MM ? What do you think ?
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  • #362
  • Feb 9, 2012 8:57am Feb 9, 2012 8:57am
Hi FXGroup, thanks for the great info

I was hoping you could clarify a little bit how you determine the direction of the trend so as to determine WPD

I've attached the weekly EURUSD with a couple of simple PA approaches- both not necessarily wrong but was interested in how you do it for this method.



Thanks!
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pessimism of the intellect and optimism of the will
  • #363
  • Feb 9, 2012 12:31pm Feb 9, 2012 12:31pm
[quote=jerrythedurst;5371613]
Quote
Hi FXGroup, thanks for the great info

I was hoping you could clarify a little bit how you determine the direction of the trend so as to determine WPD
The direction of the trend is a very different and relative concept for very different traders. As I concern, the simpliest and safiest way to determine the trend is to read WPD and to trade in the WPG direction.
Maybe it seems a little generally and non sense what I'm talking to you, but is just the way a I read and trade a chart.


You gave the EURUSD exemple, let's talk about it, in order to understand better what I said above:
The M chart is in a bullish flag, so in a dynamic RM. Within the RM, I will trade as every RM, WPD= RM, WPG= from S to R and from R to S and this is my trend direction, from R to S and from S to R.
The W is in almost the same situation= bearish channel, so within the channel I will wait the price to give me a sellers confirmation at the R and a buyers confirmation at the S level.
Obviously we have to respect some basic rules to identify a general trend: LL+LH, HH+HL, to put a simple TL,etc, and after our confirmation, is ALWAYS safer to trade in that direction, but ALWAYS reading WPD+WPG.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: euw.gif Size: 41 KB
Nothing personal,just business
  • #364
  • Feb 9, 2012 3:13pm Feb 9, 2012 3:13pm
Hey fxgroup,

thanks for all the detailed explanations of your trading.

I have two questions for you and also others are welcome to comment:
- do you keep a diary of all your trades? (it helps me to focus on each trade)
- how did you manage in the beginning to switch to higher time frames? (to "kill" the anxiety to take more trades)

kind regards!
  • #365
  • Feb 9, 2012 8:36pm Feb 9, 2012 8:36pm
CADJPY MM time ?
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  • #366
  • Edited 3:53am Feb 10, 2012 2:40am | Edited 3:53am
Quoting Dariusz
CADJPY MM time ?
My platform shows prices in a somewhat different way.
I'd have got a W PB (Jan 29, 2012) + D BUOB (Feb 03, 2012) RET on the Oct 2011 RM top (not saying I'd have taken that trade, because as I posted in the past, a R W 77.43 was very close to that BUOB top).

This would lead to MM at the bottom of the Aug 2011 RM (blue rectangle to the left) then at the W R 77.43 and partial TP at RN 78.

Partial TP at RN 78 because that Oct 31, 2011 PB was strong enough to cause direct inversion.

Then MM at 78 and TP at the top of the blue rectangle RM (I usually don't trust markets to be so predictable to reliably hit RN 79, it might stop 5 pips below and then leave a stuck trade for a couple of days).
Attached Image (click to enlarge)
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  • #367
  • Feb 10, 2012 6:49am Feb 10, 2012 6:49am
Thanks very much for the detailed reply fxgroup.

So say for example i'm seeeing it as WPD is a RM (as you've drawn) on M and DT on W- and W has IB hammer and unconfirmed PB.

Then I'm scaling down to D and seeing a BEOB off my trendline. However- is this all going on at levels you'd want to be trading at according to your system?

Somehow I think I'm trading your RM setup in DT. Should I wait til area 'A' for RM setup or 'B' for example for a DT setup- or is a break and then confirmation of one of my other lines further down more worthy of a short EUR setup?
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: eur-eg2w.jpg Size: 132 KB
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pessimism of the intellect and optimism of the will
  • #368
  • Feb 10, 2012 1:38pm Feb 10, 2012 1:38pm
[quote=forexplorer;5372322]

Quote
I have two questions for you and also others are welcome to comment:
- do you keep a diary of all your trades? (it helps me to focus on each trade)
Yes, I keep a diary of my trades and more than this, after every trade (win or loss), I keep an analyse of how the P react, why,where, since where,etc.
Quote
- how did you manage in the beginning to switch to higher time frames? (to "kill" the anxiety to take more trades)
All my charts studies, start with the higher TFs and finish with D.

P.S. Nice avatar you have there !
Nothing personal,just business
  • #369
  • Feb 10, 2012 8:20pm Feb 10, 2012 8:20pm
Quoting Dariusz
Hi Sniperfxmy,

Sri for delay, I think You ment chfsgd pair.
I am using fxpro broker where this pair is available. Find more on websites or thread related to broker discussion.

Rgds.
u r rite.
tq.
happy pipping!
  • #370
  • Feb 11, 2012 2:36am Feb 11, 2012 2:36am
[quote=jerrythedurst;5374781]
Quote

Then I'm scaling down to D and seeing a BEOB off my trendline. However- is this all going on at levels you'd want to be trading at according to your system?
The higher TF confirmation is the safiest way, perssonaly I know in trading and a good story on D is all we want: EURUSD D=h&s+1.3 BRN+RM.

Quote
Somehow I think I'm trading your RM setup in DT. Should I wait til area 'A' for RM setup or 'B' for example for a DT setup- or is a break and then confirmation of one of my other lines further down more worthy of a short EUR setup?
Trading in the middle of a RM is quite risky ( I know some stuffs that help us to take a trade after the buyers/sellers have allready start thei way to S/R and we will talk about it forward in the thread) and the safier way is to wait a confirmation at the S/R of the pattern...let's see a chart !
Attached Image (click to enlarge)
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Nothing personal,just business
  • #371
  • Feb 11, 2012 8:05am Feb 11, 2012 8:05am
Quoting dfumagalli
My platform shows prices in a somewhat different way.
I'd have got a W PB (Jan 29, 2012) + D BUOB (Feb 03, 2012) RET on the Oct 2011 RM top (not saying I'd have taken that trade, because as I posted in the past, a R W 77.43 was very close to that BUOB top).

This would lead to MM at the bottom of the Aug 2011 RM (blue rectangle to the left) then at the W R 77.43 and partial TP at RN 78.

Partial TP at RN 78 because that Oct 31, 2011 PB was strong enough to cause direct inversion.

Then MM at 78 and TP at the top of the blue rectangle RM (I usually...
Dfumagalli,

Thanks for your feedback, I've closed my position ealier, but you might have right that is only retracment 77.2.. and next lvl we may see as 78.8.. as daily RM tops.

I'll put pending order @2% risk to take small profit agn. But generaly it is difficult to manage in RM.
  • #372
  • Feb 11, 2012 8:12am Feb 11, 2012 8:12am
[quote=jerrythedurst;5374781]Thanks very much for the detailed reply fxgroup.

jerrythedurst,

very nice and clean chart, as Dfumagalli said:

This method is as simple (not easy) as it gets: you slam a stop order, go to sleep / get out with girl friend, come back in 2-3 days and take the cash! ;-)
  • #373
  • Feb 11, 2012 2:10pm Feb 11, 2012 2:10pm
Some classical pair GBPUSD, sri for poor quality pic.
Sellers are not very strong yet, but looking to bring more force.
Attached Image(s) (click to enlarge)
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  • #374
  • Feb 12, 2012 8:47am Feb 12, 2012 8:47am
Fxgroup,

Would you share your experiance with Fibo lvls. I mean general outlook and practical usfulnes with chart examples.

Thanks in advance.
  • #375
  • Feb 12, 2012 9:29am Feb 12, 2012 9:29am
Quoting Dariusz
Fxgroup,

Would you share your experiance with Fibo lvls. I mean general outlook and practical usfulnes with chart examples.

Thanks in advance.
Fibos are rarely needed if you read price. Triangles, Heads and shoulders, channels, flags, pennants etc all tell where price will go.
Swings too tell the same (of course swings also usually happen to be at Fibo distance each from the other so it's like using Fibos).

Fibos are still useful at minimums and maximums when there are no discernible other patterns expecially 50% and 78%. But I'll let FXGroup tell his answer when he'll want of course.
  • #376
  • Feb 12, 2012 9:48am Feb 12, 2012 9:48am
Fibos are still useful at minimums and maximums when there are no discernible other patterns expecially 50% and 78%. But I'll let FXGroup tell his answer when he'll want of course.[/quote]

Thanks Dfumgalli,

If it is not relevant, so no sense to complicate too much.
Focus more whats beyond the candles which is much more interesting.
  • #377
  • Feb 12, 2012 3:45pm Feb 12, 2012 3:45pm
I use Fibbo, but in a tottaly different way, especially as an information.
I'm not a very big Fibbo fan because the Fibbo levels are anyway in confluence with others important levels that are more than obvious.
For my trading style, the trend, different patterns, etc are far more important then Fibbo levels...but I just can no notice when are so clear.....and it happends.
Attached Image(s) (click to enlarge)
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Nothing personal,just business
  • #378
  • Feb 13, 2012 6:22am Feb 13, 2012 6:22am
Quoting <br /> jerrythedurst,<br /> <br /> very nice and clean chart, as Dfumagalli said:<br /> <br /> [B
This method is as simple (not easy) as it gets: you slam a stop order, go to sleep / get out with girl friend, come back in 2-3 days and take the cash! ;-)[/b]

Thanks Dariusz, I just like having the fractals on there to show the swings- I typically just define the trend as rising or falling fractals on the different TFs.

You mentioned 'slamming a stop' on there. A question to you, FXGroup and any others who practice this method.

When do you place the stop order? Before you see a candle pattern on the daily- just on a breakout? or wait for a daily candle pattern?

Cable is a good example right now- it's RET back to the R on the daily- would you put a stop under 1.5753 or 1.5725? Or wait for an engulfing or PB etc?
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: gbpusd-eg1d.JPG Size: 56 KB
pessimism of the intellect and optimism of the will
  • #379
  • Feb 13, 2012 12:40pm Feb 13, 2012 12:40pm
Quoting fxgroup
AUDCAD

This is a pair with a vry nice situation, the P was in M RM, but now the buyers closed above the R level and are trying to take the level's control.
In the pair's past we see that the P get within an old M RM.
The W is in bullish trend and the D...on the chart !
Vy accurate anticipation Fxgroup congrats,

I see nw some reversion .....
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 2012-02-13_21-19_AUDCAD M.jpg Size: 129 KB
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  • #380
  • Feb 13, 2012 2:20pm Feb 13, 2012 2:20pm
[quote=jerrythedurst;5380231]
Quote
I just like having the fractals on there to show the swings- I typically just define the trend as rising or falling fractals on the different TFs.
You don't need fractals to show you the swings, all you have to do is to look for HH, HL, LL, LH......you can more than some simple arrows that in RM situation will show only confusion !


Quote
When do you place the stop order? Before you see a candle pattern on the daily- just on a breakout? or wait for a daily candle pattern?

All the order are put bellow/above the closer level and always after the candle is close !...If you find it no clear..just let me know !


Quote
Cable is a good example right now- it's RET back to the R on the daily- would you put a stop under 1.5753 or 1.5725? Or wait for an engulfing or PB etc?
The cable is not in good moment for trading right now, as the pair is in bullish trend with sellers getting in and buyers making taking profit....it is a good moment for MM !
Nothing personal,just business
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