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Trading with Deadly Accuracy

  • #2,061
  • Feb 21, 2012 2:50am Feb 21, 2012 2:50am
Quoting dazzdude
Hi Gilben,

Well spotted...

Will actually pointed that out last Friday as a potential long cable in his daily webinar....
(follow up on posts 2058 and 2059)

Hi Gilben,

I am not saying this is a good or bad trade, I am only sharing an idea with you by expanding on your post (your question) by providing an example of a concept. The concept is to find places on your charts where entry techniques can be applied with low risk and deadly accuracy.

Let's say that you had already made a decision that the zone you marked up was good for a long entry on pullback based on your market analysis.

At that point, you still may need an entry technique/trick to get into a trade. Chart 1 shows that the level held. Chart 2 (blue arrow) shows an example of how you might do this. For example, you may decide an entry long off the lower channel line is good to go once the channel enters your entry zone.

Again, this is only an example to more fully answer your question.

d
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  • #2,062
  • Feb 21, 2012 3:10am Feb 21, 2012 3:10am
Quoting Iron666
Is this hook still valid?

Attachment
Hi Iron666,

It might work, it might not. Read this post and then look at your chart, which I have posted below. You want to be trading "clean" price structure.

One thing Will says is "look left"... Is the price structure clean or messy? If it's messy, leave it alone.

d
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  • #2,063
  • Feb 21, 2012 3:44am Feb 21, 2012 3:44am
Quoting dazzdude
(follow up on posts 2058 and 2059)

Hi Gilben,

I am not saying this is a good or bad trade, I am only sharing an idea with you by expanding on your post (your question) by providing an example of a concept. The concept is to find places on your charts where entry techniques can be applied with low risk and deadly accuracy.

Let's say that you had already made a decision that the zone you marked up was good for a long entry on pullback based on your market analysis.

At that point, you still may need an entry technique/trick...
dazzdude,,,

Thank you very much for your elaborated comments.
The Entry procedure is always been the issue for me.
Your Idea of using the lower Channel TL makes alot of sense and I think It makes the entry safer twice: once for entering the Hook Trigger Zone, and second For entering the Lower (and proven) Line, which should give at least a bounce to the top Bank of the channel.

thanks a million for the golden idea!!!
  • #2,064
  • Feb 21, 2012 5:05am Feb 21, 2012 5:05am
Quoting dazzdude
Hi Iron666,

It might work, it might not. Read this post and then look at your chart, which I have posted below. You want to be trading "clean" price structure.

One thing Will says is "look left"... Is the price structure clean or messy? If it's messy, leave it alone.

d
Hi Iron666,

It might help to review this post for three reasons. One, because it shows some thoughts on good setups. Two, because it shows a great example of what a 'very clean' setup looks like real time (not in hindsight) on the swissy. Three, it shows that the support / resistance level is not always horizontal. A support / resistance level can also be diagonal (i.e. trend line).

Edit: The swissy example was called live in this post first mid December. Was later used as in post as an example.

In the chart below, it ended up being the s/r trend line that acted as support / resistance level, but the concept is equally valid. Note how amazingly accurate the reaction to the level was. That's deadly!

d
Attached Image (click to enlarge)
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  • #2,065
  • Feb 21, 2012 4:06pm Feb 21, 2012 4:06pm
Gold. Potential short. Watch for restest of the lower channel.
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  • #2,066
  • Feb 21, 2012 8:25pm Feb 21, 2012 8:25pm
Quoting dazzdude
In the chart below, it ended up being the s/r trend line that acted as support / resistance level, but the concept is equally valid. Note how amazingly accurate the reaction to the level was. That's deadly! d
This is how I understood the concept: the hook formed after a break out from resistance, signalling price has moved to a new level so when price returns to the old resistance it will now (more likely) act as support.

However in examples posted further above, they are looking for price to bounce after returning the hook.
Good Trading
  • #2,067
  • Feb 21, 2012 8:58pm Feb 21, 2012 8:58pm
Quoting aud
This is how I understood the concept: the hook formed after a break out from resistance, signalling price has moved to a new level so when price returns to the old resistance it will now (more likely) act as support.

However in examples posted further above, they are looking for price to bounce after returning the hook.
Hi aud,

You are 100% correct.

That was the orginal idea discussed and probably the best way to look at the pattern. Since then, the topic of the hook at has deviated into other uses, but the original application as introduced in 2009 by Wmd (which was what this thread was started for) is what people should remain focused on. If anyone is not clear about this, just read the first 10 or so pages of the thread. It's all there.

d
  • #2,068
  • Feb 22, 2012 1:58am Feb 22, 2012 1:58am
Thanks a lot dazz. I think that practise is the answer. It is very important to be picky, very picky. I very appreciate this thread and that people like you provide their insight on different situations. Each trader is unique and has their view on the matter as well as its strategy. Therefore it is a very good to have another view on the same situation on the market. Once again thanks
  • #2,069
  • Edited 5:18am Feb 22, 2012 2:33am | Edited 5:18am
Quoting Iron666
Thanks a lot dazz. I think that practise is the answer. It is very important to be picky, very picky. I very appreciate this thread and that people like you provide their insight on different situations. Each trader is unique and has their view on the matter as well as its strategy. Therefore it is a very good to have another view on the same situation on the market. Once again thanks

Hi Iron666,

You are most welcome. Each time I answer a question, or share a thought, I also learn and grow. Please feel free to post any setups you are considering, or questions you may have.

d
  • #2,070
  • Feb 22, 2012 7:09am Feb 22, 2012 7:09am
Currently watching the following pairs

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  • #2,071
  • Feb 22, 2012 2:57pm Feb 22, 2012 2:57pm
Hey D,
How have you been?

I've posted a load of set-ups over on the j16 thread. Was wondering what you thought?

http://www.forexfactory.com/showthre...92#post5410292


Gonna repost some here.
  • #2,072
  • Feb 22, 2012 3:00pm Feb 22, 2012 3:00pm
http://my.jetscreenshot.com/11256/m_...-300r-85kb.jpg


http://my.jetscreenshot.com/11256/m_...-ghde-87kb.jpg
  • #2,073
  • Feb 22, 2012 3:03pm Feb 22, 2012 3:03pm
Guppy

http://my.jetscreenshot.com/11256/m_...-cloh-81kb.jpg



USDJPY

http://my.jetscreenshot.com/11256/m_...-u1sl-85kb.jpg


EURAUD

http://my.jetscreenshot.com/11256/m_...-hvng-77kb.jpg

EURGBP

http://my.jetscreenshot.com/11256/m_...10te-107kb.jpg
  • #2,074
  • Feb 22, 2012 4:03pm Feb 22, 2012 4:03pm
Quoting Iron666
Currently watching the following pairs
Hi Iron666,

EurGbp .85 should be good shorting area anyway.

Hook on pound looks fine.

Not sure about the S&P though. Probably any pullback right now on S&P would be a reasonable entry.

d
  • #2,075
  • Feb 23, 2012 2:17am Feb 23, 2012 2:17am
Quoting heebbyjeeby
Hey D,
How have you been?

I've posted a load of set-ups over on the j16 thread. Was wondering what you thought?

http://www.forexfactory.com/showthre...92#post5410292


Gonna repost some here.
Hi Heeby,

I have been great. Thanks for asking.

I hope you are enjoing the J16 thread. I used to follow the J16 thread and I used to be a member of the J16 paid service. In fact, that is where I started when learning about price action. There are some good J16 traders, that's for sure. Different people each provide a unique take on price action trading and there is something to learn from each. I certainly got a start following J16 and I'm thankful for that. I then moved on and looked at some others.

However, there are aspects of most price action traders and methodolgies that I felt was lacking in one way or another. Whether that be limited to the higher time frames to be reliable, the need for large stop losses, low refrequnecy of setups, in-precise entry points, not understanding and utilising market structure, lacking bias, simplistic and limited range of candle setups, poor risk-to-reward ratio, etc. Other schools of thought on price action trading that I have looked at feel incomplete to me now.

d
  • #2,076
  • Feb 23, 2012 2:26am Feb 23, 2012 2:26am
Quoting heebbyjeeby
Guppy
USDJPY
EURAUD
EURGBP
Awesome! I really like some of those charts Heeby :-)

Looks like you are getting a solid handle on support and resistance trading. Well done!

d
  • #2,077
  • Feb 25, 2012 12:19am Feb 25, 2012 12:19am
Question 1: How to increase your trading performance?

(Possible) Answer: Be more picky with your trades. Trade less, not more.

TraderFred makes 10 trades per week with a 60% win rate and risks 1% per trade. TraderFred has 6 wins and 4 losses per week and makes 2% return.

TraderBob is pickier and trades only 4 times per week. His extra level of pickiness means TraderBob has 3 wins and 1 loss.

Question 2: How to become more picky?

(Possible) Answer: Increase your risk.

TraderBob increased his risk from 1% per trade to 2% per trade to ensure his pickiness. Trading 4 times per week, he makes 4%.

TraderBod's weekly return is 100% more than TraderFred. He manages less than half the trades and his capital is exposed to the market less than half the time.

TraderBob has learned to not to worry about missing the money from the winning trades he chose not to take, knowing at the of month his return will be double what it used to be.

d
  • #2,078
  • Feb 26, 2012 10:30am Feb 26, 2012 10:30am
Quoting wmd
Zooming out tells you a lot more about the price then zooming in.

Change your perspective.
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Daytrader
  • #2,079
  • Feb 26, 2012 11:32pm Feb 26, 2012 11:32pm
Hello Fellows,,

Here is a UJ hook call formed on last Friday.
This morning price is showing some appetite to retest the level of the hook.
Attached Image (click to enlarge)
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  • #2,080
  • Feb 27, 2012 1:15am Feb 27, 2012 1:15am
Hi Gilben. Yen.
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