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Another simple system - Time-Frame 15

  • #9,141
  • Oct 10, 2012 2:37pm Oct 10, 2012 2:37pm
Tnx Mary. Tnx Ed. Got it!
  • #9,142
  • Oct 10, 2012 2:51pm Oct 10, 2012 2:51pm
Quoting shawn3245
So here is the answer as to what I/we did wrong with the trade I was stopped out of. I entered the short trade on the first green candle after the red candle went through the 10 EMA. Where I was wrong is when I entered. I should have waited until the very next candleclosed but I got an itchy finger and went in before it closed. Well it closed above the 10 EMA and the rest is history. If I had waited two things could have happened. First I would be with a loss and secondly could have taken the trade right to the RN of 1.2900. Lesson of the day WAIT...
Shawn

I took that trade based on the rejection of the RN, such rejection being firm in my view, as formed by a bearish engulf. It retested weakly for the following 3 candles, then closed below the 10EMA, which was my entry point.

My error was as follows:

I had checked the higher tf earlier in the day, seeing it sitting well below the downward trending 10EMA.

What I failed to do, was re-check the higher tf a few hours later when considering this trade. If I had, I would have seen a perfect pin rejection of 1.2850 in the second 4H candle of today, further confirmed by a second rejection of that RN in the following candle. In the 1H the 10MA was already trending upwards away from the RN so clearly trying to push upwards in the higher tf's.

What I think I and maybe you have done is see so many trades taken in the manner we did on the 15m that we took that to be a valid set up in it's own right. What I think should be the case, is to only take those rejections of RN's, MA's and ADR limits in the 15m if the 15m is contradicting the higher tf's and such reversal will resume the higher tf trend.

I'd be very interested to hear one of our more experienced members thoughts on whether I have got this right.
Getting there, slowly but surely...
  • #9,143
  • Oct 10, 2012 3:32pm Oct 10, 2012 3:32pm
Quoting andre.madden
I;m not sure it is exactly that kind of "head and shoulders" formation.
good news is it's not a head and shoulder.

bad news is we are still under 200 ma and got stuck in consolidation session.
  • #9,144
  • Oct 10, 2012 4:47pm Oct 10, 2012 4:47pm
hi,

i don't usually post much due to a lack of time.

HOWEVER, i noticed that the thread pretty much ran out off steam today and constructive thought for food when none of our senseis were around. we post our charts here and there but then we seek for confirmation by someone else.

we should recognize this as some kind of a warning: we are so dependent on the heads of this thread.

please read again as much as possible from this thread and become pros so we can help ourselves and others. this may be even more important than trading itself at the moment (there are unlimited opportunities in this market, forever).

also, we the newbies, should take more lessons with us. from the past week i have counted ca 5 hidden questions and open questions that the masters have asked us but we did not bother to answer them.

i don't mean to offend or critique anyone here except myself, i just don't have a good gut feeling and try to share what's on my mind.

back to the studies folks and let's leave the advanced setups for the pros.

a humble newbie

love and peace
steph
  • #9,145
  • Edited 5:51pm Oct 10, 2012 5:22pm | Edited 5:51pm
didn't want to post this earlier but here it goes...

the reason for my earlier head and shoulder call was due to several factors that were forming at the time.

1. earlier price touch on 200 ma also aligned with dpp, got rejected with large volume coming in the market but price didn't move much (large money was probably selling).

2. macd on 15 min after that volume spike hooked down, indicating pressure is down.

3. price retested todays high ended up being a pin bar with lesser volume than before.

3. as you can see stochastic, price is making HH, HL, but stoch is making LH, LL. (divergence)

4. last couple of hours, price behavior seemed just dragging... out of gas.

doesn't have to be head and shoulder, i had enough evidence that even if it wasn't a head and shoulder bulls were done at this point.

my apology to lv1... i know this seems little too confusing to some who are not familiar with what i'm posting and that is exactly the reason why i didnt post any chart.

ill just post it today hoping some people might get this and apply it in their trading in the future, and i hope it's ok with lv1.

cheers.
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  • #9,146
  • Oct 10, 2012 5:46pm Oct 10, 2012 5:46pm
Quoting 99problems
hi,

i don't usually post much due to a lack of time.

HOWEVER, i noticed that the thread pretty much ran out off steam today and constructive thought for food when none of our senseis were around. we post our charts here and there but then we seek for confirmation by someone else.

we should recognize this as some kind of a warning: we are so dependent on the heads of this thread.

please read again as much as possible from this thread and become pros so we can help ourselves and others. this may be even more important than trading itself at the...
Well said.

I belive they have shown us the way and everything is now left to us. What we LOVEBEES should do is to read and reread important posts to decipher them. We should not be lazy. Like Master Arjun alway say, Practise! Practise! Practise! Practise! Practise!. This is the way we can transfer all the information from our short term memory to long time memory. If the information is not in long time memory, I am afraid we won't see what they are seeing. The only way is practise practise and one step after the other.

This is the trade I did though the volume was low as at the time but I think ADR for EJ has not been reached yet and that is why I took the trade
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THE DIFFERENCE BETWEEN GOOD AND EXCELLENT IS ATTENTION TO DETAILS.
  • #9,147
  • Oct 10, 2012 6:34pm Oct 10, 2012 6:34pm
kk. that's it from me. wish you all luck.

what lv1 shared here is very good system.

study it well, and apply something else if you feel it need an improvement, sharpen your tools. practice, make money. lot of it.

cheers.
  • #9,148
  • Oct 10, 2012 6:43pm Oct 10, 2012 6:43pm
Quoting 99problems
hi,

i don't usually post much due to a lack of time.

HOWEVER, i noticed that the thread pretty much ran out off steam today and constructive thought for food when none of our senseis were around. we post our charts here and there but then we seek for confirmation by someone else.

we should recognize this as some kind of a warning: we are so dependent on the heads of this thread.

please read again as much as possible from this thread and become pros so we can help ourselves and others. this may be even more important than trading itself at...


I LIKE THE POST.............

abd may be can add my 1 cent LOVEBEE opinion...lol

LOVEBEES,..........I know people dont want to clutter up with indicators but
I just want to offer a suggestion for people who are having
trouble with whipsaw

1. Pay attention to PA first

2. Use the price channel/ trendline, I really like that
and have used it many times before, it can
definitely help

3. I could recommend using one really good indicator
like TDI, for you to confirm the moves, until with
it you have success after success, then consider
removing the extra aid if you wish.

4. Use M15 because it will give you time to think .


All the best
  • #9,149
  • Oct 10, 2012 6:54pm Oct 10, 2012 6:54pm
Quoting Gibril
I LIKE THE POST.............

abd may be can add my 1 cent LOVEBEE opinion...lol

LOVEBEES,..........I know people dont want to clutter up with indicators but
I just want to offer a suggestion for people who are having
trouble with whipsaw
[color=black][font=Verdana]
1. Pay attention to PA first

[FONT=Arial...
Hi Gibril
Those facts were very interesting, can I share your indi?
  • #9,150
  • Oct 10, 2012 7:38pm Oct 10, 2012 7:38pm
E/U + 47
TP hit at RN and previous support - 1.2850
Reason to enter trade ---- Double top and Pin on 15 min below 200 ema ...
and there was resistance on higher time frame as well.
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  • #9,151
  • Edited 9:19pm Oct 10, 2012 8:22pm | Edited 9:19pm
Quoting 99problems
hi,

i don't usually post much due to a lack of time.

HOWEVER, i noticed that the thread pretty much ran out off steam today and constructive thought for food when none of our senseis were around. we post our charts here and there but then we seek for confirmation by someone else.

we should recognize this as some kind of a warning: we are so dependent on the heads of this thread.

please read again as much as possible from this thread and become pros so we can help ourselves and others. this may be even more important than trading itself at the...
I totally agree Steph and Gibril. For myself, I have completely stopped trading this week, maybe until November. I have been busy reading and re-reading the whole thread, thinking, making notes and back-testing.

I have been busy re-drawn many charts examples from LE1, X-man, Pat, Assange, Emmanuel7788, Gibril etc. As well redrawing candle patterns. So I can understand it better. (rather than right click and save). So when I practice, I know what I am doing.

As a LoveBEE, I felt not-much to contribute.

Listen to advice and accept discipline,and at the end you will be counted among the wise. Proverbs 19:20
  • #9,152
  • Oct 10, 2012 8:28pm Oct 10, 2012 8:28pm
Totally agree with you 99. I'm also reading the whole thread and drawing lines and trying to read the candles as LE1, Assange, Gilbri have showed us.
  • #9,153
  • Oct 10, 2012 9:05pm Oct 10, 2012 9:05pm

A very busy Tokyo session.Manage to get +32 and one -3 total +29pips.
For AU its a CT purely based on session ADR and news play, Lovebees please
don't take this kind of trade.
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  • #9,154
  • Oct 10, 2012 10:18pm Oct 10, 2012 10:18pm
Quoting hubby7

A very busy Tokyo session.Manage to get +32 and one -3 total +29pips.
For AU its a CT purely based on session ADR and news play, Lovebees please
don't take this kind of trade.
Hey Hubby7..

Great trades

Just on the Aud/Usd trade going on what I've read up to so far this would be a good trade for a newbie even though CT as on the 15min bouncing off the 200ema and above the 10ema and 25+ pips of space to the 800ema..also the TDI if using is crossed up in line with trade..
would this all be correct or have I missed something and got it completely wrong?

Cheers,
Adrian
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  • #9,155
  • Oct 10, 2012 10:26pm Oct 10, 2012 10:26pm
Quoting Ramjet
Hey Hubby7..

Great trades

Just on the Aud/Usd trade going on what I've read up to so far this would be a good trade for a newbie even though CT as on the 15min bouncing off the 200ema and above the 10ema and 25+ pips of space to the 800ema..also the TDI if using is crossed up in line with trade..
would this all be correct or have I missed something and got it completely wrong?

Cheers,
Adrian
Your entry 1 & 2 is good.
  • #9,156
  • Oct 10, 2012 10:32pm Oct 10, 2012 10:32pm
Quoting hubby7
Your entry 1 & 2 is good.
Hey Hubby7..

Thanks for confirming

Funny how it's said over and over how it's the same thing repeating with this method/system.. look at this Eur/Usd trade from 8 months ago http://www.forexfactory.com/showthre...43#post5518543 ....looks almost identical to this Aud/Usd trade today..

Cheers,
Adrian
  • #9,157
  • Oct 11, 2012 12:35am Oct 11, 2012 12:35am
Hi guys!!
It's been quite long since i've been here and it's very pleasant to see that the thread is proceeding.
So here is my trade for today +20 pips.
Look at the picture and make conclusions, hope anybody took it with me!!
Good luck guys
Roman
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  • #9,158
  • Oct 11, 2012 12:45am Oct 11, 2012 12:45am
Hey Guy's,

I wanted to chime in and say if you go to page one
at Forex Factory you will see a lot of news coming out
during on the London and New York sessions. It
could be a volatile day especially with the down grade
of Spain by S & P rating services.

For all "nueby's" you want to check the front page of
Forex Factory everyday to look at the news and at what
time they will be announced.

I was taught that it is safest not to trade
15-30 minutes before and after a news alert.

Hope this helps you out...

snarlyjack
  • #9,159
  • Oct 11, 2012 12:55am Oct 11, 2012 12:55am
Where'd everyone go?
What is any ocean but a multitude of drops?
  • #9,160
  • Oct 11, 2012 1:56am Oct 11, 2012 1:56am
Quoting loveevery1
I just wont stop posting....God bless me...
LE1, wouldn't a pin like this be an indicator to go long? Why would this prompt you to look for a CT trade?
What is any ocean but a multitude of drops?
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