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  • #3,661
  • Edited 10:47am Oct 4, 2012 10:33am | Edited 10:47am
Quoting jupiter_peak
I am in that trade too.

However, it seems that EU has reached a supply level/resistance from sept 19/20.
huge resistance at that level on the 1min, ascending triangle ready to break. Maybe it will come back down and bounce north @1.2967.

... Just wait and choose your time frame
WARNING: Don't follow me as I'm just learning
  • #3,662
  • Oct 4, 2012 12:14pm Oct 4, 2012 12:14pm
Quoting jupiter_peak
I am in that trade too.

However, it seems that EU has reached a supply level/resistance from sept 19/20.
Me too. My sell limit order is at 1.30403 with an SL and TP of 8 pips each.
  • #3,663
  • Oct 4, 2012 12:27pm Oct 4, 2012 12:27pm
Quoting lovejoy80
I agree that there is a lot of history at this level and there was a lot to like about it in terms of how it acted as strong + clear support before the recent strong breakout.

The FTB setup for me occurred on the M5 TF as per chart below.

Not sure what you mean by stops above daily high though - the daily high at the time was 1.6142 which would be to high for a SL placement IMO.
The reason for SL placement like that is due to the fact that whenever I am attempting to trap an intraday range (intraday trade) I usually set my SL on the opposite side of the current days range. Highs and lows of a current day/week/month represent freshly established support/resistance levels.

Therefore, for me, placing stops at the opposite side of the range seems logical. Of course I am not going to place a SL 50 pips away trying to profit 40-50 pips. But 20 pips seem reasonable for the above example.

Today AUDUSD, pullback (FTB) example, on m5 @ around 1.0204, I placed my stops below the intraday low. That is roughly 20 pips SL for a trade that could take out his month whole range( around 400 pips remaining out of 601 if I did my math right).

Pardon me if I read cocky or disrespectful. I think this is just a different approach that comes from some experience and observation. I guess this is a discretionary ingredient to my trading methods.

I know this is your thread and own methodology but I just wanted to share a different POV. Once again, i apologize in advance if I read disrespectful.

Keep on the great work. This here works wonders.
  • #3,664
  • Oct 4, 2012 1:04pm Oct 4, 2012 1:04pm
Currently checking out how decision points work out on a very small timeframes. This usdjpy is interesting. Noticed a breakout on 15m chart, yesterday. Drew some lines on 1m chart. Today it dropped like rock into that small 1m demand level and bounced. Pretty neat.

Attached Image (click to enlarge)
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  • #3,665
  • Oct 4, 2012 3:50pm Oct 4, 2012 3:50pm
Quoting Supernaut
Currently checking out how decision points work out on a very small timeframes. This usdjpy is interesting. Noticed a breakout on 15m chart, yesterday. Drew some lines on 1m chart. Today it dropped like rock into that small 1m demand level and bounced. Pretty neat.

Attachment
I had this one marked too - it's clear to see on the VLTF a) the source of the initial demand, b) multiple important decision points and c) the most immediate demand that lead to the breakout of the highest DP.

This tells us where to place our entry and gives us logical SL options.

M5 chart with M1 on top left attached.
Attached Image (click to enlarge)
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  • #3,666
  • Oct 4, 2012 3:53pm Oct 4, 2012 3:53pm
@price.action
@Jupiter_peak
@adam777

I'm clearly missing something here as I do not see the big attraction of entering a limit order short at 1.3040's?
  • #3,667
  • Oct 4, 2012 4:44pm Oct 4, 2012 4:44pm
I'am watch'n EJ, could be a nice bulltrap setup, price is compressing upwards to supply
Attached Image (click to enlarge)
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Pipcrawler
  • #3,668
  • Edited 6:00pm Oct 4, 2012 5:39pm | Edited 6:00pm
Quoting lovejoy80
@price.action
@Jupiter_peak
@adam777

I'm clearly missing something here as I do not see the big attraction of entering a limit order short at 1.3040's?
Waiting for PA to tip its hand into demand zone (1.3044-1.3058). A breakout out of the channel above previous resistance (1.3028) on 1hr/4hr into this demand zone ... or retrace back.

Just a quick look left (back in time) on the chart.

I'm new to this so probably mistaken.
Attached Image (click to enlarge)
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WARNING: Don't follow me as I'm just learning
  • #3,669
  • Edited 6:14pm Oct 4, 2012 6:01pm | Edited 6:14pm
Quoting lovejoy80
@price.action
@Jupiter_peak
@adam777

I'm clearly missing something here as I do not see the big attraction of entering a limit order short at 1.3040's?
I never said I would... I am holding to my long.

As a matter of fact a reasonable target would be the ˜1.3130 level as this formation was probably an inverted H&S formation with the resistance being a VERY well defined neckline.
  • #3,670
  • Oct 4, 2012 6:31pm Oct 4, 2012 6:31pm
Quoting jupiter_peak
I never said I would... I am holding to my long.

As a matter of fact a reasonable target would be the ˜1.3130 level as this formation was probably an inverted H&S formation with the resistance being a VERY well defined neckline.

This is my current view on EU. The upper red line is inv H&S target as well as a clear supply area.

My initial entry, at the small demand, was the exact level for the right shoulder of the formation.
Attached Image (click to enlarge)
Click to Enlarge Name: eur_usd_h1_h&s_supply_04_10_2012.jpg Size: 77 KB
  • #3,671
  • Oct 4, 2012 7:23pm Oct 4, 2012 7:23pm
GU took out resistance @ 1.6184. RBR to be expected.
  • #3,672
  • Edited 8:53pm Oct 4, 2012 8:31pm | Edited 8:53pm
Quoting jupiter_peak
I never said I would... I am holding to my long.

As a matter of fact a reasonable target would be the ˜1.3130 level as this formation was probably an inverted H&S formation with the resistance being a VERY well defined neckline.
hi Jupiter. On the 1min eu bounce after the original breakout was a very good risk reward, and exited ages ago.
WARNING: Don't follow me as I'm just learning
  • #3,673
  • Oct 5, 2012 9:04am Oct 5, 2012 9:04am
Lots of new zones and reactions today. AUDJPY stands out for me. Clear supply zone on M30 AND VLTF. Nice arc shape return. Reached 1st support, would have been 2R already.

Only if my order wasn't missed by 1 freaking pip. Neverthelss, great scenario imo.
Attached Image (click to enlarge)
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Trading = a mirror to your human flaws. Fix them or be fixed.
  • #3,674
  • Oct 5, 2012 10:32am Oct 5, 2012 10:32am
I think this was a text book DBD on loonie.

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  • #3,675
  • Oct 5, 2012 11:01am Oct 5, 2012 11:01am
It seems as if the aussie is trapped between strong supply and demand zones.

I might be wrong, but it seems that the supply area is exhausted as it formed a clear H&S formation that broke down today and reached its objective target.

This particular formation sent price back into the demand area for an FTB trade.

I just hope the demand area is strong enough to hold the longs. ;-)
Attached Image(s) (click to enlarge)
Click to Enlarge Name: aud_usd_m15_h&s_05_10_2012.jpg Size: 77 KB
Click to Enlarge Name: aud_usd_h1_rbd_ftb_05_10_2012.jpg Size: 76 KB
  • #3,676
  • Oct 5, 2012 11:56am Oct 5, 2012 11:56am
Quoting jupiter_peak
I think this was a text book DBD on loonie.

Indeed it is, hoping it can hold if hitting there until after London open on Monday.
  • #3,677
  • Oct 5, 2012 12:10pm Oct 5, 2012 12:10pm
Quoting jupiter_peak
It seems as if the aussie is trapped between strong supply and demand zones.

I might be wrong, but it seems that the supply area is exhausted as it formed a clear H&S formation that broke down today and reached its objective target.

This particular formation sent price back into the demand area for an FTB trade.

I just hope the demand area is strong enough to hold the longs. ;-)
I agree that price is trapped between former demand turned supply that is clear on H4 and a daily / weekly demand area (3rd time back to this area on daily TF).

Not sure I can really tell whether one is more exhausted over the other yet, I'l like a move up through supply to 1.0330 area for a short.

Your FTB trade is not one I would take BTW - not a clear fresh demand and no strong momentum breakout.
Attached Image(s) (click to enlarge)
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  • #3,678
  • Oct 5, 2012 12:34pm Oct 5, 2012 12:34pm
One trade for me today, half a normal position on this due to the impulsive post NFP move.
Attached Image (click to enlarge)
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  • #3,679
  • Oct 5, 2012 2:38pm Oct 5, 2012 2:38pm
Quoting lovejoy80
I agree that price is trapped between former demand turned supply that is clear on H4 and a daily / weekly demand area (3rd time back to this area on daily TF).

Not sure I can really tell whether one is more exhausted over the other yet, I'l like a move up through supply to 1.0330 area for a short.

Your FTB trade is not one I would take BTW - not a clear fresh demand and no strong momentum breakout.
Agreed... LOL
  • #3,680
  • Oct 5, 2012 2:43pm Oct 5, 2012 2:43pm
Quoting lovejoy80
One trade for me today, half a normal position on this due to the impulsive post NFP move.
What pair is that? Ain't visible in the chart.
Trading = a mirror to your human flaws. Fix them or be fixed.
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