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  • #9,301
  • Nov 29, 2012 5:32am Nov 29, 2012 5:32am
Quoting dee50
I have tried to read Al Brooks. There is no doubt that he is an excellent trader, but he knows squat about educating. I could not understand what the hell he was on about!!!!

Price Action. A misused and misunderstood term. It means different things to many people. Learn Support and Resistance. Candle Reversal Patterns. 123 Pattern (ABCD) Higher High, Higher Low and Lower High, Lower Low. And that is really all you should start with get a good grip on these and you have most of the tools that you need. The rest is just flash.[b][color=red] I know...
The portion in Red rang a bell so loud that I could not resist putting in this late reply !
Yes, to all Traders : avoid knowing too much TA - it works against efficient reaction. But I do not know how to get over it. Any Suggestion, towards this is welcome ! Dee50 ? Thanks in advance !
  • #9,302
  • Nov 29, 2012 5:37am Nov 29, 2012 5:37am
Quoting vilas
The portion in Red rang a bell so loud that I could not resist putting in this late reply !
Yes, to all Traders : avoid knowing too much TA - it works against efficient reaction. But I do not know how to get over it. Any Suggestion, towards this is welcome ! Dee50 ? Thanks in advance !
Bit further, I get "over-awed" when I spot a price Breakout like it happened at 2940 today- how can it be so simple ? and missed 50 pips. Thanks in advance to Senior Traders for suggesting a solution : I know it works but ....

I am really confused - failure to pull Trigger is costing me heavy !
Thanks in advance for your time !
  • #9,303
  • Nov 29, 2012 7:37am Nov 29, 2012 7:37am
Quoting dee50
This is an example of PA Trading. This is how I traded this morning because of the Holiday. Using the following. Nothing fancy nothing really technical. 40 Safe pips in a crappy market.

Breakout
Divergence
Trend Line
BRN
S&R

PS. Forgot to mention, you also have 123´s and ABCD´s on the chart. If you want to mark up achart for youre self as practice, I traded a 5min this morning.
Dee50, your posts and linked PDFs are invaluable in helping me get to grips with this - much appreciated.
I have studied many of the charts that you've posted and am beginning to understand most of the info on them. However, I have been unable to work out the significance of the Green and Red arrows as in the image below from one of your previous posts. I'm sure I'm being dumb but, could you explain what they are and how you implement them ?
Attached Image
  • #9,304
  • Nov 29, 2012 11:17am Nov 29, 2012 11:17am
Quoting stephen77
Dee50, your posts and linked PDFs are invaluable in helping me get to grips with this - much appreciated.
I have studied many of the charts that you've posted and am beginning to understand most of the info on them. However, I have been unable to work out the significance of the Green and Red arrows as in the image below from one of your previous posts. I'm sure I'm being dumb but, could you explain what they are and how you implement them ?
Put this on a chart, settings default and you too can have red and green arrows whenever the priceline crosses the signal line.

http://www.forexfactory.com/attachme...202012%2010:17
Cut your Losers short and let your Winners run.
  • #9,305
  • Nov 29, 2012 11:30am Nov 29, 2012 11:30am
Quoting vilas
The portion in Red rang a bell so loud that I could not resist putting in this late reply !
Yes, to all Traders : avoid knowing too much TA - it works against efficient reaction. But I do not know how to get over it. Any Suggestion, towards this is welcome ! Dee50 ? Thanks in advance !
A set of rules to follow for each of your trading methods, this is the only way to get round knowing too much. Define your entry conditions and press the button when your conditions are met. I know of no other way.
Cut your Losers short and let your Winners run.
  • #9,306
  • Nov 29, 2012 11:33am Nov 29, 2012 11:33am
Quoting vilas
Bit further, I get "over-awed" when I spot a price Breakout like it happened at 2940 today- how can it be so simple ? and missed 50 pips. Thanks in advance to Senior Traders for suggesting a solution : I know it works but ....

I am really confused - failure to pull Trigger is costing me heavy !
Thanks in advance for your time !
Same answer as above. The more you do it (follow your rules) the more automatic it becomes and you do not have time to be over awed because you have allready entered the trade before emotion steps in.
Cut your Losers short and let your Winners run.
  • #9,307
  • Nov 29, 2012 12:15pm Nov 29, 2012 12:15pm
USDCHF H4

Trend on D TF bearish.
Entered after rejection of the Fib 61.8% and bearish rotation (price closed below my main ema) and bearish TDI cross. Half of the position closed just above RN (+35 pips), the other half hit the SL (-3) pips.

take care,
thrax
Attached Image (click to enlarge)
Click to Enlarge Name: uc.gif Size: 34 KB
  • #9,308
  • Nov 29, 2012 12:22pm Nov 29, 2012 12:22pm
Quoting dee50
Put this on a chart, settings default and you too can have red and green arrows whenever the priceline crosses the signal line.

http://www.forexfactory.com/attachme...202012%2010:17

Can't believe I wasn't able to see what the arrows represented. Obvious now I know !
Thanks Dee50 for taking the time to post the indicator - much appreciated
  • #9,309
  • Nov 29, 2012 10:52pm Nov 29, 2012 10:52pm
EURAUD H4 lesson learned

I have entered long EURAUD H4 trade as price bounced off from the Fib 61.8 level. Initial SL set below RN 1.23500, TP1 Fib Ret 1.00, TP2 just below Fib EX Ret 1.27 and D TF supported also the long move. The trade hit SL, then continued its move up to the Fib 127% level.

My lesson learned: a more proper SL could have been applied OR entering atrade after the price closed bove main (trend) EMA.

take care, thrax
Attached Image (click to enlarge)
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  • #9,310
  • Nov 30, 2012 12:14pm Nov 30, 2012 12:14pm
Reading S3 strategy , I tried to understand what a pullback candle but still, I think I need to go dig more into the thread

Anyway, when a pullback candle form, should I entered the new candle as soon as the color changed or wait the new candle break the previous candles as confirmation to enter the trade?
I Have Learned to Take Some Losses to Make Profits
  • #9,311
  • Nov 30, 2012 2:09pm Nov 30, 2012 2:09pm
Thank you.

Quoting dee50
Look in the "attachments" section, there are several pdfs that have been compiled.

Here made it easy for you.

http://www.forexfactory.com/attachme...202012%2011:19

http://www.forexfactory.com/attachme...202012%2011:23

http://www.forexfactory.com/attachme...%202012%209:18

http://www.forexfactory.com/attachme...202012%2014:24

http://www.forexfactory.com/attachme...202012%2011:23...
  • #9,312
  • Dec 1, 2012 8:53am Dec 1, 2012 8:53am
EU H1 trades I took this week.
The Average Daily Range for EU has gotten smaller over the past few months and is currently about 80 pips per day. As a result, I have reduced my opening TP from 50 pips to 40 pips per trade. I also took a couple of H1 scalp trades during the Asian session with 20 pip targets. Those trades I monitor closely and exit on pullbacks. Overall, a good trading week even though I overtraded a bit and did not limit myself to A+++ setups. In the long term, that can result in losses. Next week I need to trade according to my trading plan.
Attached Image (click to enlarge)
Click to Enlarge Name: 2012.11.30 eu h1 week.jpg Size: 144 KB
  • #9,313
  • Dec 1, 2012 11:07am Dec 1, 2012 11:07am
Quoting Phx62
EU H1 trades I took this week.
The Average Daily Range for EU has gotten smaller over the past few months and is currently about 80 pips per day. As a result, I have reduced my opening TP from 50 pips to 40 pips per trade. I also took a couple of H1 scalp trades during the Asian session with 20 pip targets. Those trades I monitor closely and exit on pullbacks. Overall, a good trading week even though I overtraded a bit and did not limit myself to A+++ setups. In the long term, that can result in losses. Next week I need to trade according to...
Just wanted to say thanks for posting your weekly charts - they really help with learning how to trade this system.
  • #9,314
  • Dec 1, 2012 11:53am Dec 1, 2012 11:53am
Phx60 thanks for posting valuable charts

I can see that some trades have been entered based on price action even TDI hasn't cross
I think this should come with further back testing and experiance
I Have Learned to Take Some Losses to Make Profits
  • #9,315
  • Dec 2, 2012 12:14pm Dec 2, 2012 12:14pm
Quoting TheScorpS
Phx60 thanks for posting valuable charts

I can see that some trades have been entered based on price action even TDI hasn't cross
I think this should come with further back testing and experiance
Agreed. Looking at the first trade I would have been too inexperienced to risk placing that trade. I'd be really interested to hear what gave Phx60 confidence on that one. I might have been more confident two hours later as it broke the Asian low but even then the lack of confirmation from the TDI would have made me hesitate. As for exiting I would have run to the next candle and exited as I saw the TDI hook back up. A good deal less pips if I had, but a good profit none the less.

Phx60, I'd be interested to hear what motivated your entry on the 4th trade where you bagged 100 pips. Was it the pullback coupled with a bounce on the TDI ? Would you suggest a newbie is better off waiting for a clear break above the Asian session on a set up like that ?

Thanks
  • #9,316
  • Dec 2, 2012 8:11pm Dec 2, 2012 8:11pm
Quoting TheScorpS
Phx60 thanks for posting valuable charts

I can see that some trades have been entered based on price action even TDI hasn't cross
I think this should come with further back testing and experience
The ScorpS,
You are exactly right.....hundreds of chart hours watching and test the way EU moves under different circumstances....even then you will miss few but overall you can succeed after learning and then building a consistent trading plan....in writing......with hard and fast rules.
Success to you.

Quoting stephen77
Agreed. Looking at the first trade I would have been too inexperienced to risk placing that trade. I'd be really interested to hear what gave Phx60 confidence on that one. I might have been more confident two hours later as it broke the Asian low but even then the lack of confirmation from the TDI would have made me hesitate. As for exiting I would have run to the next candle and exited as I saw the TDI hook back up. A good deal less pips if I had, but a good profit none the less.

Phx60, I'd be interested to hear what motivated your entry on the...
The first trade was taken after the red setup candle pulled back and then the entry candle broke the high of the five previous candles. I was scalping and if price had pulled back a few pips before hitting TP, I would have exited. Price did not pull back until after hitting TP.
Q2....the 4th trade was another 20 pip scalp trade. I took that trade on the basis that the yellow line was crossing the 50 and green and red were already below the 50 line. I took the trade when the candle turned red.
There are no 100 pip trades on the chart I posted for last week. Please let me know what you are looking at.
From previous experience, I know that newbies need to learn price action which means that price must be moving, so I would suggest you only trade the London session to begin with. After going live, I only traded London for almost a year....
  • #9,317
  • Dec 3, 2012 4:09am Dec 3, 2012 4:09am
Quoting Phx62
There are no 100 pip trades on the chart I posted for last week. Please let me know what you are looking at.
Phx62 thanks for taking the time to explain the trades further.
As for the 100 pip trade that was me glancing back at the wrong chart when I wrote the post - sorry about that.
  • #9,318
  • Dec 3, 2012 4:44am Dec 3, 2012 4:44am
Quoting Phx62
EU H1 trades I took this week.
The Average Daily Range for EU has gotten smaller over the past few months and is currently about 80 pips per day. As a result, I have reduced my opening TP from 50 pips to 40 pips per trade. I also took a couple of H1 scalp trades during the Asian session with 20 pip targets. Those trades I monitor closely and exit on pullbacks. Overall, a good trading week even though I overtraded a bit and did not limit myself to A+++ setups. In the long term, that can result in losses. Next week I need to trade according to my...

Hi Phx62

Greetings to you and to all other traders that are following this thread from Croatia.

I have a question regarding your 6th trade (short after BE) on this chart.

1. What were your thoughts when you entered this trade? (Since I seen you have entered before price had broken through last few candles lows. TDI was flat but still did not cross. P.S. I personally would have entered on second or even third candle - newbie)
2. How did you figure when to exit on the same trade since last candle before your exited has hit resistance, how did you know that price will break this resistance and continue on down? How did you decide when to exit?

Thank you for your time

Defiant
  • #9,319
  • Dec 3, 2012 5:54am Dec 3, 2012 5:54am
Quoting Phx62
EU H1 trades I took this week.
The Average Daily Range for EU has gotten smaller over the past few months and is currently about 80 pips per day. As a result, I have reduced my opening TP from 50 pips to 40 pips per trade. I also took a couple of H1 scalp trades during the Asian session with 20 pip targets. Those trades I monitor closely and exit on pullbacks. Overall, a good trading week even though I overtraded a bit and did not limit myself to A+++ setups. In the long term, that can result in losses. Next week I need to trade according to...

Dear Phx62,

I also took same short entry as you did on 27.11(first trade short trade) but I entered the trade much later on the 2nd red candle, immediately after the PA made a new LL. Could you please explain what made you to enter on the first red candle, which actually was a support candle with long wicks on each side, and also there wasn't any TDI cross (the cross appeared after the closure of the the 1st candle).

Maybe if you can also explain why you didn't go Long after you closed that trade. The blue candle respects the same logic as on the first trade of that day.

Thanks in advance
  • #9,320
  • Dec 3, 2012 5:55am Dec 3, 2012 5:55am
Hi PHX

A crazy question I know (!) but is it possible for you to summarise what you regard as a "A+++" setup as

opposed to say, a "A++" ?

Thanks

rorieu

Quoting Phx62
EU H1 trades I took this week.
The Average Daily Range for EU has gotten smaller over the past few months and is currently about 80 pips per day. As a result, I have reduced my opening TP from 50 pips to 40 pips per trade. I also took a couple of H1 scalp trades during the Asian session with 20 pip targets. Those trades I monitor closely and exit on pullbacks. Overall, a good trading week even though I overtraded a bit and did not limit myself to A+++ setups. In the long term, that can result in losses. Next week...
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