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  • #3,381
  • Sep 19, 2012 4:47am Sep 19, 2012 4:47am
Quoting Chanya
I have opened a micro $250 live account ( Other then the actual live account of mine ) to practice the teachings of LJ ... I cannot take Demo seriously anymore ...

I just took a loss on NZD USD with a BO and FTB trade ... LJ , when you have time , guide me where I went wrong ...
I am not LJ but its clear to me that this setup worked out pretty well. Price bounced 2 times at the demand area and there was enough time to take some profits of the table or atleast move SL to BE. Orders that are stacking at those areas almost always reslut in price bouncing there and that gives opportunity to trade with tight stop loss. IMO it is more of an immediate reaction trading instead of trading with directional bias.

Cheers!
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  • #3,382
  • Sep 19, 2012 5:16am Sep 19, 2012 5:16am
Quoting Chanya
I have opened a micro $250 live account ( Other then the actual live account of mine ) to practice the teachings of LJ ... I cannot take Demo seriously anymore ...

I just took a loss on NZD USD with a BO and FTB trade ... LJ , when you have time , guide me where I went wrong ...

Hi LJ

Is there any post/link where I can go through your method of trade as being followed up in this thread. Went thru the 1st post and was only able to get the concepts from it..
Missing the method or may haven't understood it if its placed somewhere.

Thanks
Success is 1 % intelligence and 99% perseverance - Edison
  • #3,383
  • Sep 19, 2012 6:09am Sep 19, 2012 6:09am
Quoting ritesh_fx
Hi LJ

Is there any post/link where I can go through your method of trade as being followed up in this thread. Went thru the 1st post and was only able to get the concepts from it..
Missing the method or may haven't understood it if its placed somewhere.

Thanks
Hi

At the bottom of LJ's post's is link to his web site there are free vids there and explanations of what you need to know.

In addition I recommend reading his last 20-30 posts LJ has provided
charts with further explanations.


m
Constant and never ending improvement
  • #3,384
  • Sep 19, 2012 6:18am Sep 19, 2012 6:18am
Quoting matk
Hi

At the bottom of LJ's post's is link to his web site there are free vids there and explanations of what you need to know.

In addition I recommend reading his last 20-30 posts LJ has provided
charts with further explanations.


m
Thanks Matk, you meant last recent 20-30 posts or the first 20-30 posts from LJ onthis thread ?
Success is 1 % intelligence and 99% perseverance - Edison
  • #3,385
  • Sep 19, 2012 7:00am Sep 19, 2012 7:00am
Quoting lovejoy80
With an FTB you need a bigger 'arc' than that - we want price to move away, create an arc like pattern before returning. The example below is typical of what to look for.
hey LJ,i forgot which broker you use to trade FTSE,DAX,CAC?

and just to know,what is the minimum sum of money it requires to trade european indices for ur broker.
  • #3,386
  • Sep 19, 2012 7:21am Sep 19, 2012 7:21am
Quoting ritesh_fx
Thanks Matk, you meant last recent 20-30 posts or the first 20-30 posts from LJ onthis thread ?
the most recent
Constant and never ending improvement
  • #3,387
  • Sep 19, 2012 7:52am Sep 19, 2012 7:52am
Quoting AvanishDemo
hey LJ,i forgot which broker you use to trade FTSE,DAX,CAC?

and just to know,what is the minimum sum of money it requires to trade european indices for ur broker.
I use Oanda or GKFX.

GKFX is spreadbetting, though they do have a non-spreadbetting arm that might be worth checking out too.

I have no idea about minimum deposit.
  • #3,388
  • Sep 19, 2012 8:32am Sep 19, 2012 8:32am
FSB 60min level not yet triggered

any comments
Attached Image (click to enlarge)
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Constant and never ending improvement
  • #3,389
  • Sep 19, 2012 8:39am Sep 19, 2012 8:39am
Quoting Chanya
So

1 ) We must have a bigger arc
2 ) SR should be clear and preferably strong
3 ) No spike should have violated it

That is all or still something missing ?

I know , Not looking for something Rule Based ... Just clarifying the basics brother ...
Yes there is other stuff but I can't explain a whole strategy in one post and I don't want to explain it here on FF in the middle of a thread.

Hence why I'm (albeit slowly) loading content onto my website from a reasonable starting point. Teaching concepts and knowledge that is then used in trading strategies.

I am hoping to upload the first video and article on trading FTB's this weekend.
  • #3,390
  • Sep 19, 2012 8:40am Sep 19, 2012 8:40am
Quoting Greenhaze
I am not LJ but its clear to me that this setup worked out pretty well. Price bounced 2 times at the demand area and there was enough time to take some profits of the table or atleast move SL to BE. Orders that are stacking at those areas almost always reslut in price bouncing there and that gives opportunity to trade with tight stop loss. IMO it is more of an immediate reaction trading instead of trading with directional bias.

Cheers!
Thanks for posting this, if I'd had some time I would have zoomed in and had a look, it did look ok on the LTF.
  • #3,391
  • Sep 19, 2012 8:42am Sep 19, 2012 8:42am
Quoting matk
FSB 60min level not yet triggered

any comments
It was one on my watchlist, not A+ mind.

I didn't take it though, didn't like the PA leading into the area which is more important for me on a setup I don't consider a standard very good one.

Will explain with charts later.

Hopefully it works out for you though.
  • #3,392
  • Sep 19, 2012 8:44am Sep 19, 2012 8:44am
Quoting lovejoy80
Yes there is other stuff but I can't explain a whole strategy in one post and I don't want to explain it here on FF in the middle of a thread.

Hence why I'm (albeit slowly) loading content onto my website from a reasonable starting point. Teaching concepts and knowledge that is then used in trading strategies.

I am hoping to upload the first video and article on trading FTB's this weekend.
Can't Thank you enough for all the effort that you put in bro ...
Human
  • #3,393
  • Sep 19, 2012 9:43am Sep 19, 2012 9:43am
Hi LJ,

Saw your video on Chart Patterns.

In case of rising triangle its a continuation pattern as in video. However, when we come to rising wedge , its too almost like a Ascending triangle still and so had questions in my head around it. If you can please resolve

a) why is this wedge a reversal pattern only and not continuation pattern. Isn't it that we may get a breakout on either side
b) In case of ascending triangle, its mentioned supply getting consumed from the S/R however isn't the case can be opposite as well where demand getting consumed as price bounces from ascending triangle
c) Similarly for rising wedge which is similar to ascending triangle, why is here that supply is not getting consumed and instead we say demand getting consumed. If we look the lower trendline of ascending triangle or the rising wedge then its almost the same where the only difference is in the slope of top trend line.

Have attached charts for reference.

Also, is your trading strategy mainly intraday or also have daily bar trades and any reference on trading strategy/setup would be nice to understand the application. Have been thru website videos and it had concepts nicely explained but looking a miss on trading stragegy/setup used in this thread. Please help
Attached Image (click to enlarge)
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Success is 1 % intelligence and 99% perseverance - Edison
  • #3,394
  • Sep 19, 2012 11:25am Sep 19, 2012 11:25am
Ritesh,

To quickly answer and hopefully save Mark some time...

#1) Both are just known chart patterns. They are not something Mark invented. A rising wedge as you posted in your example is known to be a bearish price pattern. A ascending triangle (as you posted in your example) is know to be a bullish price pattern. You can read about this in various trading books and such.

#2) So the question is why...

Rising Wedge = Price is compressing. It is still moving in the trend direction (bullish), but the number of sellers is increasing so the trend is slowing down and price is getting tighter. Under these circumstances the trend is coming to a halt as more bears jump in and there are less bulls to push the pair further up. Eventually we expect the bears to overcome the slowly dying out bulls and for the pair to get bearish (never a 100% guarantee).

Ascending Triangle = Price is pushing against resistence and making higher lows. So the supply (resistence) is being consumed everytime the area is hit, and the reaction to that resistence becomes less and less (making higher lows). This means there is more and more pressure on the resistence and we eventually expect all the supply to be consumed and resistence to break (sending the pair upwards).
  • #3,395
  • Sep 19, 2012 12:07pm Sep 19, 2012 12:07pm
Been watching this for a while, just waiting for retest of 9710 to enter.
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No more DOH! trades
  • #3,396
  • Sep 19, 2012 1:23pm Sep 19, 2012 1:23pm
Second trade of the day. H2 bull trap of a clear H1 SR range. +1.9R
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  • #3,397
  • Sep 19, 2012 1:51pm Sep 19, 2012 1:51pm
Quoting lovejoy80
Second trade of the day. H2 bull trap of a clear H1 SR range. +1.9R
Nice, had the same trade on Eu. Also was short from earlier too.

I am giving this one room as waiting for the daily candle to close. A perfect scenario would be a close near/above today's high. Which will than reaffirm the bullish bias and put this months highs to target.
.
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  • #3,398
  • Sep 19, 2012 2:00pm Sep 19, 2012 2:00pm
Quoting lovejoy80
It was one on my watchlist, not A+ mind.

I didn't take it though, didn't like the PA leading into the area which is more important for me on a setup I don't consider a standard very good one.

Will explain with charts later.

Hopefully it works out for you though.
I didn't take this setup - UJ was strongly indicating it was going to break the support (strong selling into a 6th time back to this support) as per the chart below at the time and with UJ often leading the Yen majors it was a something to be taking notice off.

The move down into the area on GJ itself was also very impulsive which is a factor to bear in mind with FTB's from my experience (more on this another time).
Attached Image (click to enlarge)
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  • #3,399
  • Sep 19, 2012 2:04pm Sep 19, 2012 2:04pm
Quoting ritesh_fx
Also, is your trading strategy mainly intraday or also have daily bar trades and any reference on trading strategy/setup would be nice to understand the application. Have been thru website videos and it had concepts nicely explained but looking a miss on trading stragegy/setup used in this thread. Please help
My trading is mostly intraday - as I am a full time trader it's more logical and efficient use of capital to trade intraday rather than trade based on daily+ TF's.

However, the strategies I employ intraday can be easily applied on any TF.

Please read this post regarding strategies. Details of strategies have previously only been available for my members, this is slowly changing.
  • #3,400
  • Sep 19, 2012 2:18pm Sep 19, 2012 2:18pm
Quoting unlv_tj
Ritesh,

To quickly answer and hopefully save Mark some time...

#1) Both are just known chart patterns. They are not something Mark invented. A rising wedge as you posted in your example is known to be a bearish price pattern. A ascending triangle (as you posted in your example) is know to be a bullish price pattern. You can read about this in various trading books and such.

#2) So the question is why...

Rising Wedge = Price is compressing. It is still moving in the trend direction (bullish), but the number of sellers is increasing...
Nicely explained TJ.

I would also add that (in regards to the first pattern) this is essentially 'distribution' - can you see that each new high is very quickly rejected - this is a sign of buyers starting to 'distribute' (unwind their long positions which of course is the same as shorting) their long positions.

To understand accumulation and distribution you need to understand the mechanics of how large players build positions and unwind positions. It's beyond what I want to get into here in a huge amount of detail, but to give a quick summary:

1. Large large players want to enter positions without 'slippage' - slippage occurs when there is not enough liquidity for the orders at a certain price so price moves to the next level until all orders are consumed at that level etc.

2. Thus if a large player wants to enter orders without obtaining a worse price they need to split up the orders and enter them in smaller chunks and find 'liquidity'.

3. Liquidity exists at price levels where there is a cluster of order-flow - in an up trend where can you guarantee there to be clusters of orders - new highs is an example of this, why, because this is popular place for people to place stops on short trades and a new high is a breakout and thus breakout trend traders will be looking to go long - thus you have a cluster of long orders - hence if you wanted to offload your own long positions this would be a good place to do so.
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