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Backing Trades Thru Charts

  • #6,841
  • Dec 2, 2012 8:09am Dec 2, 2012 8:09am
Quoting TheLastCoke
EUR/USD if the HH is done during Asia (lower volume) I'll keep my shorts but will close them all if done during London
I mean a HH after 1.28 is met
  • #6,842
  • Dec 2, 2012 8:50am Dec 2, 2012 8:50am
Quoting Chanya
TLC , when ever you have time , I have a few questions regarding how you play things , kindly provide your input on them ... Charts below ... Regards ...
Hello Chanya, First of all, I want you to see my approach knowing that I don't wait for a specific candle shape to trade but instead a whole scenario where a particular criteria has to be met. I rather comment on “Before the Fact PA” but I am gonna use your examples applied on my own charts. I will post them later on today.

Cheers,
TLC
  • #6,843
  • Dec 2, 2012 11:47am Dec 2, 2012 11:47am
EUR/GBP

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  • #6,844
  • Dec 2, 2012 12:13pm Dec 2, 2012 12:13pm
Quoting TheLastCoke
I want you to see my approach knowing that I don't wait for a specific candle shape to trade but instead a whole scenario where a particular criteria has to be met
TLC
That is exactly what I am in to , learning what exactly PA means to you ..... Will be waiting ....
Human
  • #6,845
  • Dec 2, 2012 12:58pm Dec 2, 2012 12:58pm
Quoting Chanya
That is exactly what I am in to , learning what exactly PA means to you ..... Will be waiting ....
Ok let's gets started with your EUR/AUD chart but first let me know what is your PA definition? is it a set of rules? is it something that you wait for in order to trade?, I want to make sure, we, from now on speak the same language.

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I can spot a few issues by reading your comments in the picture that are related to MM and psychology, so please try to answer my question the best you can.
  • #6,846
  • Dec 2, 2012 1:28pm Dec 2, 2012 1:28pm
Quoting Chanya
That is exactly what I am in to , learning what exactly PA means to you ..... Will be waiting ....
SUPPORT You wrote: "you take trades on an area that has been tested multiple times and trades still work out". Let me ask you, do you buy at support? in your opinion, how many times support has to be tested so it can no longer work? what is your average risk per trade you take (in %)? what is you average RRR? see in this example the ESTABLISHED support was tested 5 times not counting previous bottom test. What I can see so far, you wouldn't take the 2nd to 5th test.....wouldn't you? why?

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  • #6,847
  • Dec 2, 2012 2:15pm Dec 2, 2012 2:15pm
EUR/AUD

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  • #6,848
  • Dec 2, 2012 8:27pm Dec 2, 2012 8:27pm
EUR/USD Similar PA Pattern

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  • #6,849
  • Dec 2, 2012 8:31pm Dec 2, 2012 8:31pm
Quoting TheLastCoke
EUR/USD if the HH is done during Asia (lower volume) I'll keep my shorts but will close them all if done during London
EUR/USD HH made, position are now completed, the SL for all of them will be around -4%, right now -2%. Keep in mind that this are based on a long term view.

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  • #6,850
  • Dec 2, 2012 8:49pm Dec 2, 2012 8:49pm
Quoting TheLastCoke
EUR/AUD

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EUR/AUD Level Missed

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  • #6,851
  • Dec 2, 2012 9:33pm Dec 2, 2012 9:33pm
Hello LC,
Considering long if price moves away from that broken resistance and comes back and tests as support.
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  • #6,852
  • Dec 2, 2012 9:36pm Dec 2, 2012 9:36pm
Another one. Longer term play.
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  • #6,853
  • Dec 2, 2012 9:54pm Dec 2, 2012 9:54pm
Quoting Winston Reed
Hello LC,
Considering long if price moves away from that broken resistance and comes back and tests as support.
It may work but keep in mind that it is testing a mojor TL, I will turn Bullish if a clear break is made (weekly close above TL). Look at my EUR/USD weekly chart above, there are two ways to plot that TL. In terms of weekly TF, this could be just a spike specially during Asia.
  • #6,854
  • Dec 2, 2012 9:55pm Dec 2, 2012 9:55pm
Quoting Winston Reed
Another one. Longer term play.
USD/JPY have the same chart

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  • #6,855
  • Dec 2, 2012 9:58pm Dec 2, 2012 9:58pm
Quoting TheLastCoke
It may work but keep in mind that it is testing a mojor TL, I will turn Bullish if a clear break is made (weekly close above TL). Look at my EUR/USD weekly chart above, there are two ways to plot that TL. In terms of weekly TF, this could be just a spike specially during Asia.
I wont play it unless it moves away a good bit then comes back and retests. If it spikes back down in the next few hours I'll ignore it.
  • #6,856
  • Dec 2, 2012 9:59pm Dec 2, 2012 9:59pm
Quoting Winston Reed
I wont play it unless it moves away a good bit then comes back and retests. If it spikes back down in the next few hours I'll ignore it.
That is what I mean, I will trade it long only in terms of weekly TF.
  • #6,857
  • Dec 2, 2012 10:06pm Dec 2, 2012 10:06pm
Quoting TheLastCoke
EUR/USD HH made, position are now completed, the SL for all of them will be around -4%, right now -2%. Keep in mind that this are based on a long term view.

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My goal is to end this year with 30% return/profit, so far these trades can really make the difference.
  • #6,858
  • Dec 3, 2012 12:36am Dec 3, 2012 12:36am
Quoting TheLastCoke
Ok let's gets started with your EUR/AUD chart but first let me know what is your PA definition? is it a set of rules? is it something that you wait for in order to trade?, I want to make sure, we, from now on speak the same language.

Attachment

I can spot a few issues by reading your comments in the picture that are related to MM and psychology, so please try to answer my question the best you can.
To me , I use pattern Break out trade, then I use Support and resistance and supply and demand for the first return to it after BO ... After the first test , I usually do not trade it second or third time unless a Pinbar Or engulfing candle presents itself or a false BO occurs... That is how I trade ... But I have no idea how the PA relating the order flow works ... That thing you explained a couple of weeks back " Price forms a new LL on the next candle so I have moved to BE " was also new to me... I did not know that if we take a buy trade and on next candle price forms a new lower low , its a bad sign ... I manage my trade once taken as they progress through support and resistance in the way trailing my stops behind them ... I take maximum or 3-4% risk per trade and no more ...
Human
  • #6,859
  • Dec 3, 2012 12:41am Dec 3, 2012 12:41am
Quoting TheLastCoke
SUPPORT You wrote: "you take trades on an area that has been tested multiple times and trades still work out". Let me ask you, do you buy at support? in your opinion, how many times support has to be tested so it can no longer work? what is your average risk per trade you take (in %)? what is you average RRR? see in this example the ESTABLISHED support was tested 5 times not counting previous bottom test. What I can see so far, you wouldn't take the 2nd to 5th test.....wouldn't you? why?

Attachment
Yes , that is correct . I only take a first time back to the support or resistance ... For second or third time , I would not take just a touch of it because I dont know how to ... That is what I am trying to learn , how you do it, Just trade the touch after the first time ... You also talk about rejection ... I dont know what that is too ...
Human
  • #6,860
  • Dec 3, 2012 12:58am Dec 3, 2012 12:58am
Quoting Chanya
I take maximum or 3-4% risk per trade and no more ...
We are getting some place here....3 to 4% risk per trade with how many max. trades at the same time?
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