To the pip...1.6318 is also an open of monthly candle.
Attached Image (click to enlarge)
james16 Chart Thread
- #111,042
- May 1, 2012 8:35am May 1, 2012 8:35am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
They look good, Quezoy . .
I also use the Close and Open of Price on the Weekly because of the damn gaps!! . .they mess up my Closes . .lol . .
I look at them as independent levels when they are at these Swing Points . .HCR/LCS levels.
Jim
I got time for a quick post and run . .
EurNzd . .Weekly LCS levels . . now that is what I call a Hourly signature at the 1.6318 . .
. . this signature goes all the down to the 5min . .5min signature . .lol . . 
Indicators show the past. Price Action "Indicates" the future.
- #111,043
- May 1, 2012 8:40am May 1, 2012 8:40am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Take a trade on USD/CAD
PBTCB LCS Weekly, make the first time back and go down. Price hit FTA, move SL and came back to take my SL at BE.
Indicators show the past. Price Action "Indicates" the future.
- #111,044
- Edited 9:05am May 1, 2012 8:45am | Edited 9:05am
very nice Rust, I call that the "rounding" of price. That shows a loss of momentum(or referred to as divergence) price tries to push lower makes a new smaller low and retreats higher. If price does this enough it will round off providing a strong support zone and good areas to watch
Mike
I study your methods every day and it's more than possible to incorporate many things of it to my trading
- #111,045
- May 1, 2012 8:59am May 1, 2012 8:59am
New month , new setup
"Before the fact" series season 2
Attachment
Tried to explain my analysis on the chart . Hard to put everything on it , but i am happy to answer if someone is interested in this pattern
Wish me a nice May start
Fast spike down , my stop barely hit , price back up ..... damn .
- #111,046
- May 1, 2012 9:00am May 1, 2012 9:00am
Had a nap , woke up and experienced the WTF effect
Fast spike down , my stop barely hit , price back up ..... damn .
Attachment
- #111,049
- May 1, 2012 9:48am May 1, 2012 9:48am
Anyway , setup is still valid , despite my tactical blunder . Watching closely !
- #111,051
- May 1, 2012 11:25am May 1, 2012 11:25am
- | Joined Nov 2011 | Status: Trader | 1,078 Posts
They look good, Quezoy . .
I also use the Close and Open of Price on the Weekly because of the damn gaps!! . .they mess up my Closes . .lol . .
I look at them as independent levels when they are at these Swing Points . .HCR/LCS levels.
Jim
What about this situation, where price breaks the low from the lst motnhs and has a lot of space now.
Which levels would you pick, how far back would you go?
I've marked 3 levels. Which would you pick?
Thoughts are things
- #111,053
- May 1, 2012 11:32am May 1, 2012 11:32am
- | Joined Nov 2011 | Status: Trader | 1,078 Posts
Thoughts are things
- #111,057
- May 1, 2012 12:48pm May 1, 2012 12:48pm
Hi,
I have a bunch of questions arising while following this thread… sorry all if it has already been asked and answered. I’m at the 10600th post or so, so far from the end…
Reading ‘a bit’ the old posts of this thread, I fell on one of Mike’s, where he says he rather look at the daily formations about 15min before they close.
This opened a lot of questions to me. Does it mean that Mike stick to a session (London or NY)? Or just follows his broker’s time? Silly, but if so, I’d rather choose a broker that doesn’t requires me to wake at 2 am. I would have some arguments with my wife – and I know how I am when I’m tired, so I won’t blame her…
Another question this remark opened is related to the time I can “lag” between two daily bars: after having analyzed a position I want to take, if I just cannot look at the chart waiting for the break to enter manually, how late can I enter the trade?
From a “size matters” perspective. I have to say I totally misunderstood the posts saying the bigger is the account, the easier the trading. I just don’t get it.
I guess the idea is that a +50pip move will make more $ on a large account that on a little one. But so will a -50pip, just the other way round, and a loss of lots of $ isn’t easy to deal with, is it?
Moreover, I was rather thinking in terms of %win or %loss. A trade risking 1% of the account, and allowing for a 0.5% gain will only increase the account of 0.5% (or decrease it of 1%!), being it a large or a small account… am I missing something somewhere??
I myself am rather considering that the small capital I can put into Forex trading is something I wish to see growing, slowly but regularly. So even if 1% gain is little in terms of $, it still is a 1% increase of my account...
Lastly, I was finally thinking of sticking to Jarro’s advice (“one piece at a time”), and first focus on PB correctly located (swing + PPZ). So, I was wondering whether I would scan all the pairs I have for weekly/daily PB and then assess the relevance of their location, or stick to few pairs and see them evolving, hoping that one of these would develop a PB at a correct location.
What do you think?
I guess you experienced traders have a hand of preferred pairs that you follow and thus know how they behave. Am I exploring too much at a time??
Thanks a lot for your help, I am very sorry to ask such questions but there are few things I can’t figure out by myself – yet (hopefully!).
And, lastly, it has already been said like thousand times, but really this thread shed a bright new light on trading. I am certainly new at this, but I definitely can say that not only your PA, PPZ and stuff, but mostly the general atmosphere of help and positivism are of highest importance and… well, help me a lot, poor newbie lost in this strange world of candlesticks… thanks to all of you for that!
I have a bunch of questions arising while following this thread… sorry all if it has already been asked and answered. I’m at the 10600th post or so, so far from the end…
Reading ‘a bit’ the old posts of this thread, I fell on one of Mike’s, where he says he rather look at the daily formations about 15min before they close.
This opened a lot of questions to me. Does it mean that Mike stick to a session (London or NY)? Or just follows his broker’s time? Silly, but if so, I’d rather choose a broker that doesn’t requires me to wake at 2 am. I would have some arguments with my wife – and I know how I am when I’m tired, so I won’t blame her…
Another question this remark opened is related to the time I can “lag” between two daily bars: after having analyzed a position I want to take, if I just cannot look at the chart waiting for the break to enter manually, how late can I enter the trade?
From a “size matters” perspective. I have to say I totally misunderstood the posts saying the bigger is the account, the easier the trading. I just don’t get it.
I guess the idea is that a +50pip move will make more $ on a large account that on a little one. But so will a -50pip, just the other way round, and a loss of lots of $ isn’t easy to deal with, is it?
Moreover, I was rather thinking in terms of %win or %loss. A trade risking 1% of the account, and allowing for a 0.5% gain will only increase the account of 0.5% (or decrease it of 1%!), being it a large or a small account… am I missing something somewhere??
I myself am rather considering that the small capital I can put into Forex trading is something I wish to see growing, slowly but regularly. So even if 1% gain is little in terms of $, it still is a 1% increase of my account...
Lastly, I was finally thinking of sticking to Jarro’s advice (“one piece at a time”), and first focus on PB correctly located (swing + PPZ). So, I was wondering whether I would scan all the pairs I have for weekly/daily PB and then assess the relevance of their location, or stick to few pairs and see them evolving, hoping that one of these would develop a PB at a correct location.
What do you think?
I guess you experienced traders have a hand of preferred pairs that you follow and thus know how they behave. Am I exploring too much at a time??
Thanks a lot for your help, I am very sorry to ask such questions but there are few things I can’t figure out by myself – yet (hopefully!).
And, lastly, it has already been said like thousand times, but really this thread shed a bright new light on trading. I am certainly new at this, but I definitely can say that not only your PA, PPZ and stuff, but mostly the general atmosphere of help and positivism are of highest importance and… well, help me a lot, poor newbie lost in this strange world of candlesticks… thanks to all of you for that!
Slow & steady
- #111,059
- May 1, 2012 1:45pm May 1, 2012 1:45pm
- | Commercial User | Joined Aug 2006 | 12,004 Posts
Reading ‘a bit’ the old posts of this thread, I fell on one of Mike’s, where he says he rather look at the daily formations about 15min before they close.
This opened a lot of questions to me. Does it mean that Mike stick to a session (London or NY)? Or just follows his broker’s time? Silly, but if so, I’d rather choose a broker that doesn’t requires me to wake at 2 am. I would have some arguments with my wife – and I know how I am when I’m tired, so I won’t blame her…
Another question this remark opened is related to the time I can “lag” between two daily bars: after having analyzed a position I want to take, if I just cannot look at the chart waiting for the break to enter manually, how late can I enter the trade?
From a “size matters” perspective. I have to say I totally misunderstood the posts saying the bigger is the account, the easier the trading. I just don’t get it.
I guess the idea is that a +50pip move will make more $ on a large account that on a little one. But so will a -50pip, just the other way round, and a loss of lots of $ isn’t easy to deal with, is it?
Moreover, I was rather thinking in terms of %win or %loss. A trade risking 1% of the account, and allowing for a 0.5% gain will only increase the account of 0.5% (or decrease it of 1%!),...
yep you are quite right from a math perspective. But most people who are risking 50$ a trade don't really care about that $50 and will let the trade run, or just hope to catch a big winner. What if that $50 was worth a $1000, you probably will be a different trader. You are right though % is % and all relative, but most traders open a small account with a few grand which doesn't represent a significant amount of money and this leads to lots of mistakes, hope, and over trading. When 2-3 trades a month can make you a significant amount of money, most peoples approach will change and for the better. So even if one is building and saving towards that large account , I think the idea of "think big" should still be applied.
Lastly, I was finally thinking of sticking to Jarro’s advice (“one piece at a time”), and first focus on PB correctly located (swing + PPZ). So, I was wondering whether I would scan all the pairs I have for weekly/daily PB and then assess the relevance of their location, or stick to few pairs and see them evolving, hoping that one of these would develop a PB at a correct location.
What do you think?
I guess you experienced traders have a hand of preferred pairs that you follow and thus know how they behave. Am I exploring too much at a time??
Thanks a lot for your help, I am very sorry to ask such questions but there are few things I can’t figure out by myself – yet (hopefully!).
And, lastly, it has already been said like thousand times, but really this thread shed a bright new light on trading. I am certainly new at this, but I definitely can say that not only your PA, PPZ and stuff, but mostly the general atmosphere of help and positivism are of highest importance and… well, help me a lot, poor newbie lost in this strange world of candlesticks… thanks to all of you for that!
Best
Mike
- #111,060
- May 1, 2012 2:00pm May 1, 2012 2:00pm
Hey P. I use a 5pm et close time. It has nothing really to do about a session regarding a daily chart. At 5pm each day(a bit before) I will scan all my daily charts. If I see a trade then I will place my orders and determine my game plan. Since FX is not a centralized market many brokers offer different closing times. I prefer a 5pm as this is sort of the unofficial official close time of the NY session and thus it is in my belief the close should be within this time. But many people us brokers that close up to even 7 hours later than mine....
you beat me to it! I just submitted answers to it all!!! damn you're good Mike.