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Buy sell line trading

  • #1,161
  • Apr 11, 2012 8:14am Apr 11, 2012 8:14am
Quoting edd91
As a follow-up question, I have real trouble drawing SR lines. It's like a can of pringles for me, once I pop I can't stop, and I end up with lines everywhere and I can't take any trade because its so close to a line...

I've watched the video on p 1 of this thread and I see places there where I think "shouldn't he draw a line there?" Is there a good video or explanation somewhere on how to properly draw lines and where to draw them.
This is the exact same problem that I have ...
  • #1,162
  • Apr 11, 2012 9:15am Apr 11, 2012 9:15am
Quoting edd91
As a follow-up question, I have real trouble drawing SR lines. It's like a can of pringles for me, once I pop I can't stop, and I end up with lines everywhere and I can't take any trade because its so close to a line...

I've watched the video on p 1 of this thread and I see places there where I think "shouldn't he draw a line there?" Is there a good video or explanation somewhere on how to properly draw lines and where to draw them.
The s/r lines are drawn where price reverses on previous bars. The more bars (2,3 or more) reversing at a certain price level you have, the stronger that price level is.
  • #1,163
  • Apr 11, 2012 10:52am Apr 11, 2012 10:52am
What do you guys think about those setups forming at E/u and G/U right now? The candles are about to close in aprox. one hour
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Twitter @raitchev
  • #1,164
  • Apr 11, 2012 11:41am Apr 11, 2012 11:41am
Quoting edd91
As a follow-up question, I have real trouble drawing SR lines. It's like a can of pringles for me, once I pop I can't stop, and I end up with lines everywhere and I can't take any trade because its so close to a line...

I've watched the video on p 1 of this thread and I see places there where I think "shouldn't he draw a line there?" Is there a good video or explanation somewhere on how to properly draw lines and where to draw them.
Check this e-book the kid wrote, fantastic work. Should help you, good
explanation of the reason that SR lines exist and lots of clean graphics
http://www.forexfactory.com/showthre...85#post5553285

Sh
  • #1,165
  • Apr 11, 2012 12:00pm Apr 11, 2012 12:00pm
Quoting raitchev
What do you guys think about those setups forming at E/u and G/U right now? The candles are about to close in aprox. one hour
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PA just reversed
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  • #1,166
  • Apr 11, 2012 2:08pm Apr 11, 2012 2:08pm
A good Thread to read,thanks to the creator. Trading with price action always wins. I consistently trade with support and resistance lines that i plot for daily chart and 4hr chart.

Then enter the trading day from London open till London close, look for price action at the key supply and demand zone, check out the 5 min trade i took today, bearish engulfing at supply zone.

The chart says it all!
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My secret - "Logic must always prevail over emotion"
  • #1,167
  • Apr 11, 2012 2:47pm Apr 11, 2012 2:47pm
Only set up for me today

EA H4 TYPE 2 ENTRY

Nice spike to the daily level then short back into the trend...

bit late on entry and took 16 hours to get to TP... just get some days like that
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tradewith60
  • #1,168
  • Apr 11, 2012 3:37pm Apr 11, 2012 3:37pm
Okay the possible setups at eu and gu didnt happen. What about those? Candles are about to close in 20 minutes and if engulf it will be a valid signal. What do you guys think?
GBP/JPY
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AUD/USD
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Twitter @raitchev
  • #1,169
  • Apr 11, 2012 3:50pm Apr 11, 2012 3:50pm
Quoting raitchev
Okay the possible setups at eu and gu didnt happen. What about those? Candles are about to close in 20 minutes and if engulf it will be a valid signal. What do you guys think?
GBP/JPY
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AUD/USD
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much better in my eyes... the yen pairs are in a much stronger trend..

AU is making a bit of a bottom on the weekly s/r there, but theres plenty of room to make profit....
tradewith60
  • #1,170
  • Apr 11, 2012 4:18pm Apr 11, 2012 4:18pm
Well my GJ order got activated so im in.
Twitter @raitchev
  • #1,171
  • Apr 11, 2012 5:56pm Apr 11, 2012 5:56pm
Was just entering that trade on my platform :-).

And to spice it even more, look how nice it fits with USDLFX (USD against all other currencies) and AUDLFX (AUD against all other currencies. You can see USD is in an uptrend just bouncing the 50MA and AUD is in a downtrend bouncing 50MA. This really is comparing strong/weak currencies and with really good timing as well. I know this is a bit overkill but it certainly gives more confirmation to the trade. The only things that worries me is the high impact AU news coming withing next hours.

Lets see what happens...

Quoting raitchev
Okay the possible setups at eu and gu didnt happen. What about those? Candles are about to close in 20 minutes and if engulf it will be a valid signal. What do you guys think?
GBP/JPY
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AUD/USD
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  • #1,172
  • Apr 11, 2012 6:15pm Apr 11, 2012 6:15pm
Quoting raitchev
Well my GJ order got activated so im in.
Was in too - Got stopped out - well NY close & Tokyo open shouldn't trade
60mm said.
Also I think price was too close to the 50SMA - I still take too many risky set ups

``
  • #1,173
  • Apr 11, 2012 7:09pm Apr 11, 2012 7:09pm
Seabreeze or 60,

Any thoughts whether this trade is going to go up to my SR line or was it a bad entry because of something I missed?
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  • #1,174
  • Apr 11, 2012 8:12pm Apr 11, 2012 8:12pm
Quoting Shaishen
Was in too - Got stopped out - well NY close & Tokyo open shouldn't trade
60mm said.
Also I think price was too close to the 50SMA - I still take too many risky set ups

``
hmm .. just trying figure out why it failed ...
  • #1,175
  • Apr 12, 2012 12:03am Apr 12, 2012 12:03am
Quoting edd91
Seabreeze or 60,

Any thoughts whether this trade is going to go up to my SR line or was it a bad entry because of something I missed?
Hi edd91

This is a pretty easy one to answer...When you look to the left of your chart you can see that the price tried to cross your entry price four times and it was rejected, two of which it was strongly rejected.

A few hours later price was rejected three times from the up side indicating that this was a dangerous place to be thinking of getting in the market..

It may be better for you to start looking at the 4 hour charts as this will give you more time to look at the trades closely..I know this is what I do now because I run a business through the day and the 4 hour charts gives me more time to take a realy close look before I enter.

Also I dont trade the asian session as price action is normaly realy slow at this time. 60mm may be able to give you more info on asian session.

Hope this helps.

Attached Image (click to enlarge)
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Thank You James16, Fijitrader, Mbqb1, ghous, Pinbar and Jarroo. cpfleger
  • #1,176
  • Apr 12, 2012 1:58am Apr 12, 2012 1:58am
Quoting dan89
hmm .. just trying figure out why it failed ...
Sometimes the trades just fail... thats why we have stops and we do money management
Twitter @raitchev
  • #1,177
  • Apr 12, 2012 2:30pm Apr 12, 2012 2:30pm
GA H4

Only trade today... nice one too

Just about made it to my TP.. the magenta daily line below..
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tradewith60
  • #1,178
  • Apr 12, 2012 2:46pm Apr 12, 2012 2:46pm
Quoting 60minuteman
GA H4

Only trade today... nice one too

Just about made it to my TP.. the magenta daily line below..

Nice one 60mm I missed this one so trades for me today..
Thank You James16, Fijitrader, Mbqb1, ghous, Pinbar and Jarroo. cpfleger
  • #1,179
  • Apr 12, 2012 3:14pm Apr 12, 2012 3:14pm
Did anybody short USD/JPY?
Twitter @raitchev
  • #1,180
  • Apr 12, 2012 3:23pm Apr 12, 2012 3:23pm
Quoting raitchev
Did anybody short USD/JPY?
Hi raitcev

I did see this but chose to sit on my hands and not take it...The reason being the price has been rejected around the daily 80.57 quite a few times and like to see a bit more room for the trade..

Its just me im very particular about the trades I get into, ive learnt to be patient
Thank You James16, Fijitrader, Mbqb1, ghous, Pinbar and Jarroo. cpfleger
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