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Backing Trades Thru Charts

  • #6,621
  • Nov 13, 2012 11:31am Nov 13, 2012 11:31am
Quoting TheLastCoke
Hello Chanya, The SL is usually set under the previous candle lowest point (or series of candles that makes S&R). Mean by previous candle those that are beyond entry, in this case the white circle (not the best chart to see it).

To determine the SL to BE, there are several points to consider:
1. Amount of pips risked, usually set at BE when the same amount of pips for the initial SL has been reached
2. Previous tops or bottoms, see this EUR/USD setup for example (white line), the SL is below previous top, in fact notice how it is currently being...
Thank You ... So , how do you manage after the BE ? What happens then ? When do you lock profits ? When do you take profits ?
Human
  • #6,622
  • Nov 13, 2012 11:45am Nov 13, 2012 11:45am
Quoting Chanya
Thank You ... So , how do you manage after the BE ? What happens then ? When do you lock profits ? When do you take profits ?
Chanya, S&R, fibs, TL's, tops, bottoms etc, each case is different but as I mention before, I will elaborate about it with each new setup
  • #6,623
  • Nov 13, 2012 2:36pm Nov 13, 2012 2:36pm
Quoting TheLastCoke
These are the most used pairs I keep an eye on:
AUDCAD
AUDCHF
AUDJPY
AUDNZD
AUDUSD
CADCHF
CADJPY
CHFJPY
EURAUD
EURCAD
EURCHF
EURGBP
EURJPY
EURNZD
EURUSD
GBPAUD
GBPCAD
GBPCHF
GBPJPY
GBPNZD
GBPUSD
NZDCAD
NZDCHF
NZDJPY
NZDUSD
USDCAD
USDCHF
USDJPY

Some of them respond/react in a different way to the same tools, I have my favorites for harmonics, 50% fibs, AB=CD, flags etc. but basically I try to keep TA (Technical Analisys) as objective as possible....
Hey LC, many thanks for the reply. appreciate it. Thats an interesting slideshow script, will give it a go, seems like a good idea. Thanks mate

Dan
  • #6,624
  • Nov 13, 2012 3:52pm Nov 13, 2012 3:52pm
Interesting USDCHF weekly.
Attached Image (click to enlarge)
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  • #6,625
  • Nov 13, 2012 4:53pm Nov 13, 2012 4:53pm
Hi LC this is tighter ?
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #6,626
  • Nov 13, 2012 5:08pm Nov 13, 2012 5:08pm
Hi LC, Im still getting to grips with understanding FF explorer. On the overview section its showing that this week is down my -0.8% and -41 pips ... But I dont see why since you dont have any open positions at the moment and the last two closed trades this week were for breakeven -0.1% on one pair and +1% on the other. ??
  • #6,627
  • Nov 13, 2012 6:19pm Nov 13, 2012 6:19pm
What do you think Coke?
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  • #6,628
  • Nov 13, 2012 6:20pm Nov 13, 2012 6:20pm
Quoting dan89
Hi LC, Im still getting to grips with understanding FF explorer. On the overview section its showing that this week is down my -0.8% and -41 pips ... But I dont see why since you dont have any open positions at the moment and the last two closed trades this week were for breakeven -0.1% on one pair and +1% on the other. ??
Balance is suppose to show results with close trades and Equity with open trades but in this case they should be the same because no trades are open. I'm not sure why it is showing different results.
  • #6,629
  • Nov 13, 2012 6:27pm Nov 13, 2012 6:27pm
Quoting Winston Reed
What do you think Coke?
USD/CAD We had this setup waiting to take the first test but the entry was missed, the setup was then cancelled. IMHO the level won't hold (Consecutive Tests + Poor Rejection = Possible Break)

Attached Image (click to enlarge)
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Original Post:

Quoting TheLastCoke
USD/CAD HH made, approaching entry.

Attachment
  • #6,630
  • Nov 14, 2012 8:26am Nov 14, 2012 8:26am
Second half still running
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  • #6,631
  • Nov 14, 2012 8:32am Nov 14, 2012 8:32am
Quoting Bones
Hi LC this is tighter ?
SILVER Kind of a mixed scenario, we probaly see a Bearish Rejection at CL. Let's see PA there to re-evaluate

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  • #6,632
  • Nov 14, 2012 10:56am Nov 14, 2012 10:56am
Quoting TheLastCoke
Nice one! What's the TP for second half?
.94360
  • #6,633
  • Nov 14, 2012 11:46am Nov 14, 2012 11:46am
EUR/USD Pending order was cancelled (chart still valid) and GBP/USD LL made and approaching entry
  • #6,634
  • Nov 14, 2012 12:19pm Nov 14, 2012 12:19pm
Quoting TheLastCoke
EUR/USD Pending order was cancelled (chart still valid) and GBP/USD LL made and approaching entry
any particular reason why the EU prending was canceled ?

Cheers
Dan
  • #6,635
  • Nov 14, 2012 1:12pm Nov 14, 2012 1:12pm
Quoting dan89
any particular reason why the EU prending was canceled ?

Cheers
Dan
EUR/USD We had this Bearish setup sent to our FCS members, it is now triggered. I placed it just now since the chart is gonna be posted here

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  • #6,636
  • Nov 14, 2012 1:51pm Nov 14, 2012 1:51pm
Quoting TheLastCoke
EUR/USD We had this Bearish setup sent to our FCS members, it is now triggered. I placed it just now since the chart is gonna be posted here

Attachment
EUR/USD Strong Rejection, SL update

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  • #6,637
  • Edited 6:25pm Nov 14, 2012 2:39pm | Edited 6:25pm
Quoting TheLastCoke
EUR/USD Strong Rejection, SL update

Attachment
EUR/USD Notice the candle that hit our entry. SL to BE for members who enter at 1.2770

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  • #6,638
  • Nov 14, 2012 3:29pm Nov 14, 2012 3:29pm
Quoting TheLastCoke
EUR/USD There is a lot of Bullish Confluence on that one. LL made since last post let see if the entry is reached without any major retracement

Attachment
Hey LC. I cant remember if you mentioned whether or not you canceld this setup. If so what was your reason for doing so ?

Cheers
Dan
  • #6,639
  • Nov 14, 2012 3:39pm Nov 14, 2012 3:39pm
AUD/NZD Main entry is at R2 but just place a long based on Resistance now Support principle. Tight SL, Small Order, TP at R2 and Reverse.

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  • #6,640
  • Nov 14, 2012 3:40pm Nov 14, 2012 3:40pm
Quoting TheLastCoke
Dan, Already answer the question, the pending Bullish order was replaced by short entry. The setup is still valid where if current trade develops as expected, we TP and reverse.
oh ok thanks LC. Must of missed the answer, thanks anyway

Cheers
Dan
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