The Touch Trader Method

I have gone through this thread written by me.
I both feel humbled and embarased as, i myself agree,this thread could have been more well written.
I assume ,my posts are more informative and make sense,nowadays.
If they are unclear,one can sure ask anytime by posting here.
I will sure guide new traders to several great threads on FF and guide them through my posts.
Warm Regards
Taz

Hi, i just read your tread...nice method to read.

what are you trading now ?

Taz,

I found your thread a few days ago and have just finished reading it for the first time. I am going to go back through and reread it again. I have begun looking at Daily charts looking for areas like you have described.

Did you ever create the video you mentioned? I have used a product called Camtasia to create videos and it works good.

I am interested what you are doing recently and if you are still using this method.



Thanks


Steve

Dear Steve,i believe ,i wasn't able to compile my ideas correctly in this thread,however,i would like to elaborate on some of my ideas,as in following posts.

Hi
I would prefer that before anyone start trading,or reading this thread,they must have a general idea about,basic Chart patterns and Basic Technical Analysis..
If you havn't gotten an idea about Basic TA.
Please Have a look beginers course available at "babypips.com"..

Price Action also called PA is watching Price behavior around specific areas,namely.
Support Resistances.
Supply demand zones.
Fibonacci Retracements or numbers(I follow 50,61.8 and 38.2 Fibs only).
Ofcourse Moving Averages,Bollinger Bands or Ichimoku Kinko Hyo clouds.

Please Note :we essentially wait around these areas as mentioned above and identify,whether the Price is bullish or bearish.
We draw these areas on our chart and wait for price to come and show what it wants to do at these places.It is more like a traffic signal we cant tell if its green or it's red as we approach it,however we do know that we have to watch out for traffic lights,right?

I noticed that, people are fascinated by the fact of set and forget trading approach,just because they think its easy and not much hassle,but i have(overtime) refrained from this style of trading,We can predict the strongest areas,but i prefer a manual approach to trading around these levels.
In clear Words: "There is no set and forget way to riches"
This was the only reason Touch trading appealed to me in the past, and to you at this point,So i would like to poit your attention to trade,by sitting and trading the live market by watching Price behavior as it develops.

About what i trade today,
It is a combination of everything,i trade everything i have learn't so far,but in center of this are my propreitory support resistance lines.
I developed a way of trading ,my areas over the past few months.
I cant reveal these things fully,but i can however guide the way to profitable trading(i have become profitable thank god,haha).
I mainly day trade now and my setups are mostly closed before day end.
i ride the daily trend till it ends.

You can only take ideas from this,but cannot exactly imitate what i do,because this isnt a system,its just an idea,in the end you will have to observe things on your own and develop your own system from these bunch of ideas.

I will post a chart in the following posts along with several indicators.
Please take a look at the following post,it will give you insight into what i trade today.

Warm Regards
Taz

Please Take a look at the following resources:

1.Go search Forex Ltd on google and download there Meta trader 4 ,they offer Dollar Index.

PS: Dollar index is an index containing dollar weighted against major currencies across the globe,like euro gbp etc etc
So if you have a dollar index chart,you can essentially know whether you are dollar bull or dollar bear.
And i need not tell you,that dollar is the prime mover of forex market,you know where dollar is headed you can tell where whole market is headed.

2.Before you get serious ,you must know how to use multiple time frames ,please take a look at these threads below.

NEW!! - Candle Aggregation indicator By hanover
http://www.forexfactory.com/showthread.php?t=29624

http://www.forexfactory.com/showthre...55#post1528155

http://www.forexfactory.com/showthread.php?t=22114

read through above you will know how to use those indicators and make custom time frames.
Once you have gotten the hang of using the custom time frames try looking the chart in all time frames.

10 min
20 min
16 hourly
32 hourly
75 minute
150 minute.

You will get familiar with all time frames that way,you will get overall outlook.

Please See next post for further resources.
Warm Regards
Taz

Most important Chart Patterns you will ever need.

1.Impulse wave:

Is fast.
Has Momentum.
Is the main trend.

It means its the fast motion of price and this wave is the main wave in the direction of the trend.
See Chart:

Warm Regards

2. Pullback or Correction.
Is slow
doesn't have momentum
normally goes 1/2 or 1/3 ans sometimes 2/3 the impulse wave.
But never goes 100 percent the impulse wave.

Pullback is essential for us because it provides us an opportunity to trade in direction of main trend.When pullback comes we can enter at a better price in hopes that trend will resume(which it always does).

Warm Regards

1. Higher-High and Higher-low
2. Lower-High and lower-low

Warm Regards

Range or Cluster.
Range doesn't form until trend is about to end or stall.
Example in a Bear Trend:
Just before we hit a low we pullback to the nearest support resistance,and then form another impulse wave from there,but right before we hit the bottom again and stall then it becomes a range.
If however we form a new low then this will be a new impulse wave,if we stop at bottom its called a range.

Warm Regards

Have a look at the following chart:

Current Technical Analysis..
Break Below 2905 We will head to 2857
Break Above 2945-48 We will head back to 2974..

Now Lets get to business,there is no way to show,something works until you show it for real.
1. The previous chart was made from Monthly support/resistance,my propreitory lines,essentially they are monthly S/R.
2. Price hits these S/R areas and stalls and forms ranges.

See here Price has formed a Range Right Above my area i have marked in 8 hourly chart.

Right now it is confined between two Support resistances,2945 and 2905 break either way will open gates for the movement to other Area as marked in my 8 hourly chart.

All you have to do is.
1..Mark Support Resistances.
2.. Wait for Price to hit them.
Let them Form Ranges.
3.Let them Break Ranges
4.Wait for pullback to breakout point.
5.Buy/sell there.
6.In this case Wait for B/O(breakout) and then pullback of 2945 or 2905.
7.I see 3 trades right now.

third trade is not marked
B/O of 2945 hit of 2957 then Pullback and then target 2975
or 2945 failed break then lower low below 2945 as shown and a short at lower low till 2910
or B/O of 2905 then pullback then Short.

update
Waiting to see if its proper breakout,if yes then wait for Pullback to 2945 or whenever price shows.
Just see we are using all concepts i just explained a short while ago.

B/O above 2945 confirmed,see 10 minute chart below..
lets see if 1 hourly close remains above 2945

B/O is confirmed above 2945,the way i see it.
Waiting for Pullback to 2945,in most cases this happens.
Thats how we do it.

It must eventually go to 75..

Chart

hope u guys get it.Stops r at BE but who cares haha,It was a demo account,i wont lie.
but it works in reality as well.
Right now its 9 pip in profit,i mainly close as soon as i see trouble.
I trade same thing in real account as well.
Warm regards
Taz

Hello, I have just found your thread. I trade pin bars at daily TF but I thought about it and it's simple in core. It can just go up or down and the point is buy low and sell high, so I asked myself. what the simplest tools are and I answered S/R areas, round numbers and TL (but they are very subjective, if we have TL and price break through, we nearly always can redraw it to be valid). And I was thinking just buying and selling e.g. with trend, at S/R area with confluence of round number (82.00, 0.9000 etc.), SL just below or above last swing high/low (on daily TF it's usually in hundreds of pips and trades also takes some weeks), PT near the swing low/high. This all with effort to achieve at least 1:1.5 RRR.

I've read first 3 pages of this thread and it quite seems to be something I'm thinking about. But it was 2 years ago, now, when I look at the last pages, I see much cleaner charts (I like them) but also TFs like 5M,10M etc. I don't have much time now to go through the whole thread and finding out what is the current method's face, so I'd like to hear the "story" behind it, if you've stopped trading like that or how do you actually trade these days etc. I'm sorry, as I don't have much time, I'd like to find it out a bit this way. Thank you