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  • #2,361
  • Jul 4, 2012 2:38pm Jul 4, 2012 2:38pm
Quoting lovejoy80
Another sellers trap setup from this morning...

GU - price moves below the H1 and daily SR and closes above. If you look at M15 you can see that price hits an SD flip zone - this is why it bounces - in doing so it is trapping all those traders who would have sold on the break of the clear SR (fancy that a lower TF showing something a higher TF doesn't - opposite of traditional teachings isn't it..)

There wasn't much space on this setup as there was a lots of potential supply not far above - I was looking for a quick move into 65's, didn't quite...
Had this one on my radar also, how would you've entered this trap -
1. waiting for the 1H-PB to close and then enter on a break or something like that
2. as soon as you saw that 15m-PB, but this PB closed below that broken support so it could bounce off resistance now
3. scrolling to a TF between the 15m-TF and 1H-TF and enter as soon as you see a PB that closes above that broken support

In hindsight the weird 24m-TF would've given the optimal entry in the sense of profit, this TF would've generated the first PB that closed above broken support. Waiting for the 1H-PB would've given the least number of pips.
Attached Image (click to enlarge)
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Pipcrawler
  • #2,362
  • Jul 4, 2012 2:43pm Jul 4, 2012 2:43pm
Quoting lovejoy80
This is also an ignored supply zone too...

What software do you use for charts BTW, it looks like Pro-Real-time that IG used when I was with them?
Yes, its the trading platform that IG provides their clients with - it's from another company and its called ITCharts Advanced from IT-Finance I just love their platform and use it mainly for my analysis
Pipcrawler
  • #2,363
  • Jul 4, 2012 2:48pm Jul 4, 2012 2:48pm
Quoting lovejoy80
This is also an ignored supply zone too...

What software do you use for charts BTW, it looks like Pro-Real-time that IG used when I was with them?
Why did you leave IG by the way............... just curious
Pipcrawler
  • #2,364
  • Jul 4, 2012 3:03pm Jul 4, 2012 3:03pm
Quoting xmzhang
Had this one on my radar also, how would you've entered this trap -
1. waiting for the 1H-PB to close and then enter on a break or something like that
2. as soon as you saw that 15m-PB, but this PB closed below that broken support so it could bounce off resistance now
3. scrolling to a TF between the 15m-TF and 1H-TF and enter as soon as you see a PB that closes above that broken support

In hindsight the weird 24m-TF would've given the optimal entry in the sense of profit, this TF would've generated the first PB that closed above broken support....
I entered at the H1 close - I'd never wait for a break - it's either a setup or it isn't the bar break just decreases value in the trade and has no purpose. Price did come back to test the SR and former swing low which would have provided the best value entry on the H1 TF (of course you don't know if price will retest the SR first before moving up).

You are right in that the best TF would be the first TF where price has a material close back above the SR. This would take some confidence and practice but it would be the most efficient way of trading such a setup.

I wasn't watching the area closely until it came close the H1 close where I noticed what was happening hence just entered at the close with a SL just below the previous swing low and SR. I was targeting 65's but you can see from M15 why price stalled where it did.
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  • #2,365
  • Jul 4, 2012 3:07pm Jul 4, 2012 3:07pm
Quoting xmzhang
Why did you leave IG by the way............... just curious
I wish MT4 made it easier to see time-shifted charts or plenty of alternative TF's - it's a pain to use an EA to do this. I've never found another platform that allows for viewing multiple charts at once or the use of trade management EA's like MT4 does though.

IG - I had an account with them a long time ago and stepped away from spread betting for a while, I've started spread betting at times again and went to open an account but they turned me down.

I use GKFX as my main SB broker now and ETX solely for Bund and as an alternative for Indices (their FX spreads suck).
  • #2,366
  • Jul 4, 2012 10:56pm Jul 4, 2012 10:56pm
A couple of buyer traps overnight on UJ and CJ - price breaking an SR straight into supply.
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  • #2,367
  • Jul 5, 2012 4:05am Jul 5, 2012 4:05am
WTF just occured, was watching that price compression and price shoots through the roof, this isn't funny any more
Attached Image (click to enlarge)
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Pipcrawler
  • #2,368
  • Jul 5, 2012 4:08am Jul 5, 2012 4:08am
Quoting xmzhang
WTF just occured, was watching that price compression and price shoots through the roof, this isn't funny any more
I don't see any news events coming out at that moment that could influence price that way ..................
Pipcrawler
  • #2,369
  • Jul 5, 2012 4:11am Jul 5, 2012 4:11am
Quoting xmzhang
I don't see any news events coming out at that moment that could influence price that way ..................
Aha, China has cut benchmark deposit rates again,
Pipcrawler
  • #2,370
  • Jul 5, 2012 4:11am Jul 5, 2012 4:11am
Quoting xmzhang
I don't see any news events coming out at that moment that could influence price that way ..................
China cut benchmark deposit rates.
  • #2,371
  • Jul 5, 2012 4:50am Jul 5, 2012 4:50am
holly crap, what a moves, anyone jumped in?
  • #2,372
  • Jul 5, 2012 5:37am Jul 5, 2012 5:37am
Took three shorts on NU at 0.8045
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  • #2,373
  • Jul 5, 2012 6:34am Jul 5, 2012 6:34am
Quoting Balhana
Took three shorts on NU at 0.8045
Closed 2/3 at 0.8020 for +50 pips.
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  • #2,374
  • Jul 5, 2012 7:56am Jul 5, 2012 7:56am
Quoting Balhana
Closed 2/3 at 0.8020 for +50 pips.
The remainder got stopped out at 0.8035 for +10 pips (+60 pips in total).
Attached Image (click to enlarge)
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  • #2,375
  • Jul 5, 2012 8:55am Jul 5, 2012 8:55am
Sold GBP/CHF at 1.5070 but missed a chance to take a partial profit at 1.5040 level....
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  • #2,376
  • Jul 5, 2012 9:49am Jul 5, 2012 9:49am
Quoting Balhana
Sold GBP/CHF at 1.5070 but missed a chance to take a partial profit at 1.5040 level....
Closed 2/3 at 1.5045 for +50 pips.
Attached Image (click to enlarge)
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  • #2,377
  • Jul 6, 2012 7:21am Jul 6, 2012 7:21am
price just broke a bearflag at 4H-PPZ, waiting for a pullback to broken flag, I'am anticipating a visit to the base of flagpole
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Pipcrawler
  • #2,378
  • Jul 6, 2012 7:42am Jul 6, 2012 7:42am
Quoting xmzhang
price just broke a bearflag at 4H-PPZ, waiting for a pullback to broken flag, I'am anticipating a visit to the base of flagpole
Yes, there it is, sell PA is a 10m-PB, could also be a LTF bulltrap that triggered ............... lets see
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Pipcrawler
  • #2,379
  • Jul 6, 2012 9:23am Jul 6, 2012 9:23am
Quoting lovejoy80
Update on this trade -banked some more profit as price hit a demand zone, trailing SL now targetting a move to the lower SR.
Final update - SL hit on the last remaining position today, end result +25.7R
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  • #2,380
  • Jul 6, 2012 9:24am Jul 6, 2012 9:24am
Quoting xmzhang
Yes, there it is, sell PA is a 10m-PB, could also be a LTF bulltrap that triggered ............... lets see
Very nice, good trend move, pennant, small buyers trap on the retrace and then back down again.
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