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  • #1,761
  • May 24, 2012 1:29pm May 24, 2012 1:29pm
Quoting Balhana
EN was a bit better than EA. Because it was easy to find an entry thanks to the daily close (1.6633).
Yes I preferred this one too
  • #1,762
  • May 24, 2012 1:38pm May 24, 2012 1:38pm
Quoting Balhana
I have taken "Bull (Bear) Trap Pattern" several times here in this thread. Yes, it is one of my favorite pattern. Take a look at the chart. It works well for me, any pair and any TF. Hope it helps.

Let me know if you have a better name. (Please don't send me a PM about this!!)

I got 20 pips just ago from this pattern.
The trap / liquidity spike is normally a great sign when we have compression / a converging wedge into clear supply. When I have a clear situation like this I like take a small position after the trap and then add another after the wedge has broken. On the first setup probabilities are balanced in your favour and even more-so on the second position so I like to increase risk as I add in the direction of the move - can obtain some very large R winners building positions on setups like that.
  • #1,763
  • May 24, 2012 5:42pm May 24, 2012 5:42pm
Really enjoying the recent posts. I have some legal exams coming up so I've only been able to follow from afar. Hope to chip in soon.
  • #1,764
  • May 25, 2012 1:28am May 25, 2012 1:28am
Quoting lovejoy80
I wanted to look for a long Gold trade on VLTF off 1563 which I missed and a straight short of the supply and resistance @ 1576 which I missed too cos of other trades.
A costly miss!

Wonder how many H&S traders are scratching their heads wondering why price didn't move to their pre-calculated TP based on the pattern. LOL
Attached Image (click to enlarge)
Click to Enlarge Name: Gold1.jpg Size: 108 KB
  • #1,765
  • May 25, 2012 5:06am May 25, 2012 5:06am
AU long at 0.9780 for a scalp. SL @ 0.9772

It's difficult to post when scalping....
Attached Image
  • #1,766
  • May 25, 2012 5:15am May 25, 2012 5:15am
Quoting Balhana
AU long at 0.9780 for a scalp. SL @ 0.9772

It's difficult to post when scalping....
Hit my TP (@0.9790). 2X10= +20 pips.
Attached Image
  • #1,767
  • May 25, 2012 6:09am May 25, 2012 6:09am
Quoting Balhana
Hit my TP (@0.9790). 2X10= +20 pips.
Great stuff!

I'm taking it easy today, the sun is shining the weekend is near.

3x false breakout - buyer/seller trap trades I'm in right now.
Attached Image (click to enlarge)
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  • #1,768
  • May 25, 2012 6:39am May 25, 2012 6:39am
Quoting lovejoy80
Great stuff!

I'm taking it easy today, the sun is shining the weekend is near.

3x false breakout - buyer/seller trap trades I'm in right now.
EG trade done and dusted +1.56R - 75% off at the FLS marked 25% off at the demand zone.

Pretty simple setup and simple trade management. Clear buyer trap / false break of the SR -entry on the close of the M30 / H1 bar SL just above the SR with a buffer because we know that price shouldn't come back and break above the SR like 90% of the time if it's a true false break setup.

If had been watching M15 TF, could have got in much earlier.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: egtrade2.gif Size: 21 KB
  • #1,769
  • May 25, 2012 6:42am May 25, 2012 6:42am
Quoting lovejoy80
EG trade done and dusted +1.56R - 75% off at the FLS marked 25% off at the demand zone.

Pretty simple setup and simple trade management. Clear buyer trap / false break of the SR -entry on the close of the M30 / H1 bar SL just above the SR with a buffer because we know that price shouldn't come back and break above the SR like 90% of the time if it's a true false break setup.

If had been watching M15 TF, could have got in much earlier.
It was actually the H1 view that was the reason for the trade, chart attached for completeness.
Attached Image (click to enlarge)
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  • #1,770
  • May 25, 2012 6:43am May 25, 2012 6:43am
EJ long at 100.00, SL @ 99.76
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  • #1,771
  • May 25, 2012 6:44am May 25, 2012 6:44am
NJ-30M - We had the FTB at the previous SD zone overnight and now price is compressing up towards the next resistance and supply zone...one that I'm watching.
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  • #1,772
  • May 25, 2012 6:50am May 25, 2012 6:50am
Couple other example setups that were hit in Asia.

1. UJ M15 FTB @ a supply zone.

2. Silver M30 FTB @ a clear SR zone.
Attached Image(s) (click to enlarge)
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  • #1,773
  • May 25, 2012 7:18am May 25, 2012 7:18am
Quoting Balhana
EJ long at 100.00, SL @ 99.76

Still alive because I lowered SL to 99.71
Attached Image (click to enlarge)
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  • #1,774
  • May 25, 2012 7:28am May 25, 2012 7:28am
Quoting Balhana
Still alive because I lowered SL to 99.71
Stopped out at 99.71 for -29 pips (-58 pips in total). I was too optimistic!!
  • #1,775
  • May 25, 2012 7:35am May 25, 2012 7:35am
Quoting lovejoy80
Couple other example setups that were hit in Asia.

1. UJ M15 FTB @ a supply zone.
Hi LJ, question about the UJ FTB-trade, could you explain why that 5m-supply was important to watch out for a reaction
Pipcrawler
  • #1,776
  • May 25, 2012 7:36am May 25, 2012 7:36am
NJ short @ 60.15, SL @ 60.40
Attached Image (click to enlarge)
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  • #1,777
  • May 25, 2012 7:59am May 25, 2012 7:59am
Quoting lovejoy80
Great stuff!

I'm taking it easy today, the sun is shining the weekend is near.

3x false breakout - buyer/seller trap trades I'm in right now.
Out of EJ now, it might go lower if risk aversion follows through but I'm happy to take profit here and leave my GAUD to catch any risk aversion moves (as GAUD is a risk aversion play in times of extreme risk sentiment) 1/3 off at the higher demand zone which was the technical FLS and 2/3 off at the current range support area. +3.25R for the trade.

My Entry was on the H1 bar close, setup was same as EG, price had a false break of the SR as price met supply just above - clear buyers trap. SL went above the previous spike high above the SR prior to the FB bar - once again price should not breach that SR if this trade is too work out and the order flow that is present within the trap takes hold.
Attached Image(s) (click to enlarge)
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  • #1,778
  • May 25, 2012 8:21am May 25, 2012 8:21am
Quoting lovejoy80
Great stuff!

I'm taking it easy today, the sun is shining the weekend is near.

3x false breakout - buyer/seller trap trades I'm in right now.
Took profit at my original TP on GAUD for +0.8R - same setup as the other two, could have got a better entry on the retrace to the SR and I very nearly got stopped out - but remember efficient trade management is what works best over the long term (in terms of SL placement) at achieving maximum account growth....efficient trade management is not about preserving win rate - most that do that have mindset issues about accepting losses on relatively small SL's.

I still see people taking SR FTB's on H1/H4 TF's on the majors with 50+ pip SL's that is just completely illogical and you'll really struggle to make material consistent account gains with that approach.
Attached Image (click to enlarge)
Click to Enlarge Name: gaudtrade.gif Size: 27 KB
  • #1,779
  • May 25, 2012 8:39am May 25, 2012 8:39am
Quoting xmzhang
Hi LJ, question about the UJ FTB-trade, could you explain why that 5m-supply was important to watch out for a reaction
It's certainly not the most obvious zone you'll ever see but just looking at the zone on M1 I've explained the thought process on the chart below.

I'm always looking for where a) a significant decision was made and b) the strength of the initial imbalance....the clearer these are the stronger the probability of price meeting the same imbalance on the first retrace (I'm not talking about the immediate retrace - the arc like pattern etc).
Attached Image (click to enlarge)
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  • #1,780
  • May 25, 2012 8:58am May 25, 2012 8:58am
Quoting Balhana
NJ short @ 60.15, SL @ 60.40

Cut the trade 60.32 for -34 pips. This is not a lucky day for me!
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