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''Trading Price II'' by PhAnti - have fun

  • #241
  • Sep 25, 2012 7:43am Sep 25, 2012 7:43am
Where is Phanti ?
Human
  • #242
  • Sep 25, 2012 11:07am Sep 25, 2012 11:07am
Quoting Chanya
Where is Phanti ?
here ....

due to my daily job too busy right now to make any posts and charts...sorry for that...

will try to change this from monday

best,
Jonas
Hero calls followed by margin calls...
  • #243
  • Sep 25, 2012 11:21am Sep 25, 2012 11:21am
just wounderin phanti with all this knowledge in forex domain and u still havin another jobbbb ?????
  • #244
  • Sep 25, 2012 1:08pm Sep 25, 2012 1:08pm
Quoting extremerrage
just wounderin phanti with all this knowledge in forex domain and u still havin another jobbbb ?????
Its a study and internship sort of thing for him ...
Human
  • #245
  • Sep 25, 2012 3:36pm Sep 25, 2012 3:36pm
Quoting extremerrage
just wounderin phanti with all this knowledge in forex domain and u still havin another jobbbb ?????
well yes, because i dont have the required assets to trade for a life so far.
Give me 50.000 € and i will cancel my fulltime job immediately ;-p
Hero calls followed by margin calls...
  • #246
  • Sep 26, 2012 4:16am Sep 26, 2012 4:16am
Quoting PhAnTi'
well yes, because i dont have the required assets to trade for a life so far.
Give me 50.000 € and i will cancel my fulltime job immediately ;-p
Waooooooo. That is about $64,000. What percentage of your capital do you risk on each of your trade?
THE DIFFERENCE BETWEEN GOOD AND EXCELLENT IS ATTENTION TO DETAILS.
  • #247
  • Sep 26, 2012 8:40am Sep 26, 2012 8:40am
Quoting ejiexe
Waooooooo. That is about $64,000. What percentage of your capital do you risk on each of your trade?
0,5 % - 1 %
Hero calls followed by margin calls...
  • #248
  • Sep 26, 2012 10:22am Sep 26, 2012 10:22am
Quoting PhAnTi'
0,5 % - 1 %
According to the ebook you go for like 1:3 trade. So you will have 1.5% - 3% profit on each of the trade.

I also want to ask the average number of trades you can see on monthly basis and on how many pairs?.
Thanks
THE DIFFERENCE BETWEEN GOOD AND EXCELLENT IS ATTENTION TO DETAILS.
  • #249
  • Sep 26, 2012 10:29am Sep 26, 2012 10:29am
When you say you risk 1%.... does that mean the lot size does not exceed the value of 1% in relation to your entire account? Or do you mean that with your stop in place, the max you can lose on that trade is 1%?
What is any ocean but a multitude of drops?
  • #250
  • Sep 26, 2012 10:51am Sep 26, 2012 10:51am
Quoting Xhale12
When you say you risk 1%.... does that mean the lot size does not exceed the value of 1% in relation to your entire account? Or do you mean that with your stop in place, the max you can lose on that trade is 1%?
It means the lots size is calculated base on the stop loss to give 1%. the lots size will always be vary according to the stop loss in relation to the capital. i hope you are clear?
THE DIFFERENCE BETWEEN GOOD AND EXCELLENT IS ATTENTION TO DETAILS.
  • #251
  • Sep 27, 2012 8:02am Sep 27, 2012 8:02am
Quoting ejiexe
It means the lots size is calculated base on the stop loss to give 1%. the lots size will always be vary according to the stop loss in relation to the capital. i hope you are clear?
Quoting Xhale12
When you say you risk 1%.... does that mean the lot size does not exceed the value of 1% in relation to your entire account? Or do you mean that with your stop in place, the max you can lose on that trade is 1%?

thats quiet the same, isnt it ?

well i always use the stop i need for the trade. Doesnt matter if it is 150 pips or 300 pips, i then just decrease my traded units that i dont risk more than 0,5 % -1 % of my balance.
Hero calls followed by margin calls...
  • #252
  • Sep 27, 2012 8:03am Sep 27, 2012 8:03am
Quoting ejiexe
According to the ebook you go for like 1:3 trade. So you will have 1.5% - 3% profit on each of the trade.

I also want to ask the average number of trades you can see on monthly basis and on how many pairs?.
Thanks
hmm trading daily and h4 timeframe i do have around 10-15 trades a month screening around 40 pairs.

Yes, r:r 1:1,5 - 1:3 on average, giving us 1,5 - 3 % profit/success trade.
Hero calls followed by margin calls...
  • #253
  • Sep 30, 2012 12:23am Sep 30, 2012 12:23am
I wanted to share a major lesson from my Euro trade from Thursday, hoping that we all can glean one or two things from my mistake.

I was looking at the EU chart around London close on Thursday after price bounced off the supply level (around point X). I wanted to sell but knew we were approaching a demand level but the way price was rejected at the supply level gave me the false confidence that the demand level below will probably be broken. What I careless did not see was the divergence!!! And I also forgot Jonas warning, to never sell into a demand zone!!!

And I paid dearly for my carelessness as price pierced the level marked A, and all the orders were quickly consumed with the pending buy orders overwhelming the sell orders. Price therefore moved back towards the previous supply level @ point X. Instead of noting my mistake and either closing the trade or leaving my stop loss, I again broke another rule - I removed my stop as I thought price may be rejected again at X just as it did before. Jonas again had warned not to remove protective stop or hedge position. I ignored these suggestions, removed the stop and after price continued to move against me, I hedged the position.

I then started watching for price reaction at the next supply level at point B, as I noticed a probably divergence developing. I had learnt my lesson from the stress this trade caused me as it almost ended my forex trading career. I waited for the reversal confirmation, although my confidence was beginning to wane at this time. I noticed divergence and the pinbar, two powerful reversal tools not to be ignored. I was going to close the buy trade but the 6.45 am PST news release made me doubt the reversal signals and I waited. The news was not supposed to be supportive of the USD but the chart spoke loud and clear, and the reversal was quick. I closed the long trade and started watching my loss on the short reducing as price approached the former supply level at X turned demand. This level was broken and price approached the demand level at C and I was close to break even on my trade.

I closed the trade on the 2nd approach at this level when I noticed another divergence as I was not surprised when price bounced off the demand level again.

I did add a Kiwi short to my trade on Friday after a pinbar, inside bar, followed by the bearish engulfing bar, although I waited for price to reach the previous supply turned demand level. This was a demo trade and not live like the other scary trade.

I just wanted to confirm that the wealth of information and experience Jonas shared in his book are great, and we would all do well to take heed to them. I hope someone will learnt from my mistake and re-read the e-book.

Thanks again Jonas, and God bless

Happy trading to all

Shalom

George
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eu sup dd setup - 9272012.jpg Size: 165 KB
Click to Enlarge Name: nu sup dd setup - 9282012.jpg Size: 158 KB
Low Risk Low Stress High Reward High Probability Trades
  • #254
  • Oct 1, 2012 2:15am Oct 1, 2012 2:15am
I see possible reversal in most of the major currencies with regular divergence on the H4 TF and coinciding with all of them at demand levels. You will also notice my oscillator (SMI) is turning from extreme OB level on the H1 TF. I am already long both Euro & Aussie, and closed the Kiwi trade from last Friday.

Good trading to all

Shalom, and God bless

George
Attached Image(s) (click to enlarge)
Click to Enlarge Name: au sup dd setup - 9302012.jpg Size: 148 KB
Click to Enlarge Name: au sup dd setup2 - 9302012.jpg Size: 178 KB
Click to Enlarge Name: eu sup dd setup - 9302012.jpg Size: 166 KB
Click to Enlarge Name: eu sup dd setup1 - 9302012.jpg Size: 170 KB
Low Risk Low Stress High Reward High Probability Trades
  • #255
  • Oct 1, 2012 7:10am Oct 1, 2012 7:10am
Quoting 919gilead
I wanted to share a major lesson from my Euro trade from Thursday, hoping that we all can glean one or two things from my mistake.

I was looking at the EU chart around London close on Thursday after price bounced off the supply level (around point X). I wanted to sell but knew we were approaching a demand level but the way price was rejected at the supply level gave me the false confidence that the demand level below will probably be broken. What I careless did not see was the divergence!!! And I also forgot Jonas warning, to never...
Quoting 919gilead
I see possible reversal in most of the major currencies with regular divergence on the H4 TF and coinciding with all of them at demand levels. You will also notice my oscillator (SMI) is turning from extreme OB level on the H1 TF. I am already long both Euro & Aussie, and closed the Kiwi trade from last Friday.

Good trading to all

Shalom, and God bless

George


Hey George,

thank you very much for your posts.
Great charts and great analysis.

Hope you had some ''aha-effect'' while or after reading the e-book, developed divergence combined with major demand and supply levels is a very powerful tool.

Best,
Jonas
Hero calls followed by margin calls...
  • #256
  • Oct 1, 2012 9:26am Oct 1, 2012 9:26am
Quoting PhAnTi'
Hey George,

thank you very much for your posts.
Great charts and great analysis.

Hope you had some ''aha-effect'' while or after reading the e-book, developed divergence combined with major demand and supply levels is a very powerful tool.

Best,
Jonas
Yes Jonas, I did and thank you again.

Euro is setting up for a possible short as it has bounced off the bearish trendline on both the H1 & H4 with a pinbar just prior to a supply level, and high made on Friday. I am watching for completion of the pinbar and see whether price will turnaround again to the downside.

Take care, and God bless

George
Attached Image (click to enlarge)
Click to Enlarge Name: eu sup dd setup2 - 10012012.jpg Size: 171 KB
Low Risk Low Stress High Reward High Probability Trades
  • #257
  • Oct 1, 2012 11:13am Oct 1, 2012 11:13am
Quoting 919gilead
Yes Jonas, I did and thank you again.

Euro is setting up for a possible short as it has bounced off the bearish trendline on both the H1 & H4 with a pinbar just prior to a supply level, and high made on Friday. I am watching for completion of the pinbar and see whether price will turnaround again to the downside.

Take care, and God bless

George
also eu setup before, powerful divergence

Attached Image (click to enlarge)
Click to Enlarge Name: 66.jpg Size: 97 KB
Hero calls followed by margin calls...
  • #258
  • Oct 1, 2012 11:51am Oct 1, 2012 11:51am
Quoting PhAnTi'
also eu setup before, powerful divergence

Attachment
Yes Jonas - powerful combination

Euro short confirmed and triggered on M5 TF. I use a 1-2-3 price wave with possible M5 divergence for entry. I enter on the break of PW2 with stop @ either PW3 or PW1 depending on the possible profit target.

It is possible to conveniently make 50 pips daily with this system.

Closing for the day as it's been a long day.
Low Risk Low Stress High Reward High Probability Trades
  • #259
  • Oct 1, 2012 2:40pm Oct 1, 2012 2:40pm
Quoting 919gilead
Yes Jonas, I did and thank you again.

Euro is setting up for a possible short as it has bounced off the bearish trendline on both the H1 & H4 with a pinbar just prior to a supply level, and high made on Friday. I am watching for completion of the pinbar and see whether price will turnaround again to the downside.

Take care, and God bless

George

hi George,

May i know what the indicator on your up right ..? and what the purpose?
is it for spread pair currency...
thanks
predot
Its in the chart😎
  • #260
  • Oct 1, 2012 4:20pm Oct 1, 2012 4:20pm
Quoting predot
hi George,

May i know what the indicator on your up right ..? and what the purpose?
is it for spread pair currency...
thanks
predot
Hi Predot,

It's a currency strength meter (CSM) which measures the strength of the two currencies constituting the pair, against each other based on some complex computation. There are two currencies in the EURUSD, and these are EUR & USD, so the meter is measuring the strength of EUR against USD.

And to your question regarding the purpose of the indicator - a trader will be at an advantage when trading a weak currency against a strong one, because for a pair to move and gain momentum, one of the currencies need to be strong while the one is weak. If you trade two strong currencies, the trade will barely go anywhere. If you look at the reading of the CSM on the H1 chart I posted, you will notice that EUR was 6.67 while USD was 2.71 and this is a confirmation that EUR was stronger than USD at the time of that trade. Therefore when I found price reacting at the demand level on the H4 TF with regular divergence, the CSM was an additional confirmation tool to buy the EURUSD.

I trust this answers your question. You can always goggle currency strength meter, and you will find several versions available, including this thread on Forex Factory. and it is called 1001pips Mini.

Take care, and God bless

George
Low Risk Low Stress High Reward High Probability Trades
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