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  • #11,201
  • Oct 23, 2012 2:22pm Oct 23, 2012 2:22pm
Quoting Saxon
You're trading a smaller swing than I'm used to. I've attached a LT look. However, I pulled up a swing similar to yours and did an analysis of what I would look for. I am a confluence trader so I look for things to line up. On the short-term chart, I can see a conlfuence that will last this week at WS1 and Fib. I don't feel that there are any real significant "00"s on this swing. Also, PA has created a friction PPZ (front 1.02927, back 1.03) to the north. Again, this swing isn't usually my target frame.
Thank you very much for the explanation! It helps a lot understand your trading.

(1) So your confluence includes fib, monthly/weekly S/R, and TLs, correct? If so, you always want all 3 factors to confluent?
(2) What do you mean "a friction PPZ (front 1.02927, back 1.03) to the north"?
(3) I want to dig into your method. Is there a good summary in this thread? Or do I need to read from page 1 to the end?

Again, Thank you very much! I really like this thread!!
  • #11,202
  • Oct 23, 2012 4:39pm Oct 23, 2012 4:39pm
No Problem

1) I use Fibs, Pivots, "00"s, SR and TLs (Ichimoko only on JPY pairs). There doesn't need to be a specific amount in the confluence, but the more the better. You can think of it like there is a group of traders that trades on each "Tool". The more "tools" that line up, the more people will be trading in that area, which means that price has a higher probability of reacting there.

2) By friction I mean that price will slow down as opposing orders will start to erode the momentum. By PPZ I mean Price Pivot Zone (I'm sorry I should have clarified). As opposed to a single friction zone, like a significant pivot or fib, if there are 2 indicators in that area, the space between them will be a PPZ where you can expect orders to start near the front, and extend to the back. The more narrow the PPZ the better as the orders will be concentrated and you can tighten your stops with more confidence. When I say North or South, I just mean Above and Below respectively.

3) I wrote a summary of my method and put it in a PDF a while ago, however, I have misplaced it (new computer) and my method has slowly evolved over time. I will write up another PDF with my general trading method and send it to you.

Also, feel free to ask me any questions about anything. I always enjoy the dialogue and I have learned much from the people that have posted in my thread as well. There are also a lot of other realy good traders that post in this thread that I am sure you have seen. They are also very friendly and will answer any of your questions too





Quoting Forexgogo
Thank you very much for the explanation! It helps a lot understand your trading.

(1) So your confluence includes fib, monthly/weekly S/R, and TLs, correct? If so, you always want all 3 factors to confluent?
(2) What do you mean "a friction PPZ (front 1.02927, back 1.03) to the north"?
(3) I want to dig into your method. Is there a good summary in this thread? Or do I need to read from page 1 to the end?

Again, Thank you very much! I really like this thread!!
  • #11,203
  • Oct 23, 2012 5:00pm Oct 23, 2012 5:00pm
Glad to see you posting more often Saxon, hope all is rolling along with you and all of your endeavours.

I had a string of limit orders on cad that were hit over a few days and tested my patience.
Attached Image (click to enlarge)
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  • #11,204
  • Oct 23, 2012 5:00pm Oct 23, 2012 5:00pm
Quoting Saxon
No Problem

1) I use Fibs, Pivots, "00"s, SR and TLs (Ichimoko only on JPY pairs). There doesn't need to be a specific amount in the confluence, but the more the better. You can think of it like there is a group of traders that trades on each "Tool". The more "tools" that line up, the more people will be trading in that area, which means that price has a higher probability of reacting there.

2) By friction I mean that price will slow down as opposing orders will start to erode the momentum. By PPZ I mean Price Pivot Zone (I'm sorry...
Saxon
I very much appreciate your help. I'm sure I can improve my method greatly with this thread!

Please post or pm your PDF doc. I will read it word by word and suck up the info inside (I really want to improve the way of exiting the position)

BTW, I only trade 1h and 4h (and rarely daily).

Thanks and looking forward to following this thread!! (hope I can contribute to other followers somehow)
  • #11,205
  • Oct 23, 2012 6:01pm Oct 23, 2012 6:01pm
Quoting calderone
Glad to see you posting more often Saxon, hope all is rolling along with you and all of your endeavours.

I had a string of limit orders on cad that were hit over a few days and tested my patience.
Nice stack !
I got crazy busy the last 2 months but now things are slowing down so I will be posting a few times a day. Hope things are going well for you too ! Glad to see you posting as well, you're one of the original guys
  • #11,206
  • Oct 23, 2012 6:59pm Oct 23, 2012 6:59pm
Quoting Saxon
Nice stack !
I got crazy busy the last 2 months but now things are slowing down so I will be posting a few times a day. Hope things are going well for you too ! Glad to see you posting as well, you're one of the original guys
I do miss the interaction we had with some of the others! I know what you mean, I've been ultra busy the first half of the year. I'll likely move to equities for awhile as part of my evolution but I will continue to trade forex as it just feels right. lol
  • #11,207
  • Edited 2:12am Oct 24, 2012 1:49am | Edited 2:12am
I got them going.
GU TP=1.60500
UC TP=0.98500

What do you guys think about the TPs?? Any suggestion is greatly appreciated.
Attached Image(s) (click to enlarge)
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  • #11,208
  • Oct 24, 2012 2:12am Oct 24, 2012 2:12am
I think that 's ok now on the GU, but I would make higher TP on the UC.
But let's hear what other guys think.
  • #11,209
  • Oct 24, 2012 4:31am Oct 24, 2012 4:31am
EJ Played out good. Closed all shorts. Waiting to re enter. Will post shortly
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Find a job that you love and you dont have to work again in your life.
  • #11,210
  • Oct 24, 2012 4:45am Oct 24, 2012 4:45am
Quoting tradoholic
EJ Played out good. Closed all shorts. Waiting to re enter. Will post shortly
What is the yellow circle on the chart? (pin bar? doji? meaning??)
  • #11,211
  • Oct 24, 2012 5:18am Oct 24, 2012 5:18am
Quoting Forexgogo
What is the yellow circle on the chart? (pin bar? doji? meaning??)
These are my highlights for friction points or levels that has been respected before when I work on longer time frames. I normally work on longer time frames, studying Fibo levels and use shorter time frames and RSI for entry. I leave the highlights on my charts for future reference.... I find it that at my age it helps me remember things better
Find a job that you love and you dont have to work again in your life.
  • #11,212
  • Oct 24, 2012 5:42am Oct 24, 2012 5:42am
I try with Coffee Long @ 160.50, so also with Sugar Long @ 19.58
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  • #11,213
  • Oct 24, 2012 7:51am Oct 24, 2012 7:51am
Quoting tradoholic
These are my highlights for friction points or levels that has been respected before when I work on longer time frames. I normally work on longer time frames, studying Fibo levels and use shorter time frames and RSI for entry. I leave the highlights on my charts for future reference.... I find it that at my age it helps me remember things better
Thank you very much for the response.

So, I understand it is a marker.

You said you would re-enter EJ. Are you expecting a H&S to form?
  • #11,214
  • Oct 24, 2012 9:13am Oct 24, 2012 9:13am
I might go short if the last 1h bar closes negative.

Your thoughts?
Attached Image (click to enlarge)
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  • #11,215
  • Oct 24, 2012 9:22am Oct 24, 2012 9:22am
Quoting Forexgogo
Thank you very much for the response.

So, I understand it is a marker.

You said you would re-enter EJ. Are you expecting a H&S to form?
On a broader spectrum, taking into consideration the indecies, S&P and DAX, I expect this pair to trade much lower, on the technical level of this pair, yes you are right h&s is being formed. My limit sell was missed by 8 pips before it dropped 40 pips or so....
Attached Image (click to enlarge)
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Find a job that you love and you dont have to work again in your life.
  • #11,216
  • Oct 24, 2012 9:34am Oct 24, 2012 9:34am
Quoting tradoholic
On a broader spectrum, taking into consideration the indecies, S&P and DAX, I expect this pair to trade much lower, on the technical level of this pair, yes you are right h&s is being formed. My limit sell was missed by 8 pips before it dropped 40 pips or so....
Interesting!!!
I'm actually expecting a big drop to parity next weekend.
Your thoughts?
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  • #11,217
  • Oct 24, 2012 11:58am Oct 24, 2012 11:58am
Quoting Forexcube
I try with Coffee Long @ 160.50, so also with Sugar Long @ 19.58
What platform are you trading commodities on?
  • #11,218
  • Oct 24, 2012 3:19pm Oct 24, 2012 3:19pm
Not sure, but I see a wedge on 1h. I bet it going up, watching 4h.
Your thoughts??
Attached Image(s) (click to enlarge)
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  • #11,219
  • Oct 24, 2012 9:23pm Oct 24, 2012 9:23pm
Quoting Forexgogo
Not sure, but I see a wedge on 1h. I bet it going up, watching 4h.
Your thoughts??
You can see from my EU chart that I got targets North and South. Since you're interested in my trading method I though I would share something that I have learned over my time with FX. It may seem odd, but I never try to make any predictions on where PA (Price Action) will go or why. I just try to be prepared either way. A lot of money can be lost trying to predict where price is going to go next. It is similar to trying to predict the weather. You can try to predict it and only bring an umbrella when you think it's going to rain and sometimes you'll lose, or you can keep an umbrella in your bag and always be ready and save yourself the time of trying to predict it. If the rain comes you're covered, if it's sunny, you have shade. And let's be honest, weather men are rarely right, and the same is true for market analysts. It's like back when I was in scouts. Other than learning to sh*t in the woods and tie knots, they ram phrase "Be Prepared" into your head over and over. So I guess I actually learned something useful in scouts...sh*tting in the woods. jk, be prepared.

Sorry for the unsolicited advice, just thought I would share.
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  • #11,220
  • Oct 24, 2012 9:33pm Oct 24, 2012 9:33pm
Quoting Saxon
You can see from my EU chart that I got targets North and South. Since you're interested in my trading method I though I would share something that I have learned over my time with FX. It may seem odd, but I never try to make any predictions on where PA (Price Action) will go or why. I just try to be prepared either way. A lot of money can be lost trying to predict where price is going to go next. It is similar to trying to predict the weather. You can try to predict it and only bring an umbrella when you think it's going to rain and sometimes you'll...
I knew I should have been a scout.
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