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  • #4,301
  • Jan 3, 2013 4:19pm Jan 3, 2013 4:19pm
Long time lurker, great thread, thank you.
  • #4,302
  • Jan 4, 2013 4:16am Jan 4, 2013 4:16am
CADJPY_Sell @89.05
https://www.tradingview.com/x/ro0geQtV/
  • #4,303
  • Jan 4, 2013 4:23am Jan 4, 2013 4:23am
LJ , please provide me of your view on these couple of setups that failed for me ...
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Human
  • #4,304
  • Jan 4, 2013 10:00am Jan 4, 2013 10:00am
Quoting Chanya
LJ , please provide me of your view on these couple of setups that failed for me ...
Taking each in turn...

1. GU H4 FB

Look at one of my slide from the 2nd False Breakout video - particularly the area highlighted - there is your answer.
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  • #4,305
  • Jan 4, 2013 10:11am Jan 4, 2013 10:11am
Quoting Chanya
LJ , please provide me of your view on these couple of setups that failed for me ...
2. GJ M30 FTB.

Remember on FTB Vid 3 I spoke about 'other considerations'? One of these being price basing just before the FTB area? This is a classic example of this happening as per the annotated chart below.

Does this mean the setup should be avoided - that's up to you, the important thing is that you notice the basing and understand that this means the FTB trade is not a lower probability setup and take action accordingly, whether that's to decrease your risk or not take the setup etc.
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  • #4,306
  • Jan 4, 2013 10:29am Jan 4, 2013 10:29am
Quoting Chanya
LJ , please provide me of your view on these couple of setups that failed for me ...
3. ECAD Daily FTB.

I'm not a fan of Daily FTB's in the same manner that I trade H4 TF and below FTB's, but ignoring this analysis on the chart below.
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  • #4,307
  • Jan 4, 2013 12:14pm Jan 4, 2013 12:14pm
Thank You LJ for all these clarifications ....
Human
  • #4,308
  • Edited 6:52am Jan 6, 2013 6:30am | Edited 6:52am
hi lovejoy first of all i really want to thank you for sharing your skill with us (this is something i never saw anywhere else and im pretty sure this is it - this is what trading is really about).. and i wanna ask you when you pinpoint SD area around 2-5 pips .. set SL right below/above ... arent you afraid about SL hunting from broker when you have limit order with 6 pip SL ?
  • #4,309
  • Edited 8:26pm Jan 6, 2013 7:56pm | Edited 8:26pm
LJ,

Is this decent enough Set-Up? Supply at 1.31049 (marked in Blue) above Previous Support turned Resistance (marked in Orange)?
Attached Image(s) (click to enlarge)
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  • #4,310
  • Jan 7, 2013 4:24am Jan 7, 2013 4:24am
Quoting tinkerbelle
hi lovejoy first of all i really want to thank you for sharing your skill with us (this is something i never saw anywhere else and im pretty sure this is it - this is what trading is really about).. and i wanna ask you when you pinpoint SD area around 2-5 pips .. set SL right below/above ... arent you afraid about SL hunting from broker when you have limit order with 6 pip SL ?
Thanks for the comments.

That doesn't really concern me, my SL is placed around decision points within SR/SD zones and thus I've obviously seen from past trades/ backtesting that price hasn't overshot these areas previously. I do always use a small buffer when deciding my SL - more to compensate for volatility than broker manipulation.

At the end of the day if I suspected foul play in my SL getting taken out constantly I'd just move broker.
  • #4,311
  • Jan 7, 2013 7:51am Jan 7, 2013 7:51am
Quoting Price.Action
LJ,

Is this decent enough Set-Up? Supply at 1.31049 (marked in Blue) above Previous Support turned Resistance (marked in Orange)?
Although this is clearly an obvious supply zone to be expecting price to react too (which also has clear SR history on H4 too) for an FTB trade I require clear SR's at the zone edge (i.e. decision points) and in this case it's just not clear enough and thus it's tough to pinpoint exactly where to place our entry (below the first place price could find supply i.e. the lowest wick marked is the most logical with SL above the area marked - this also means there is not much value to the FLS I marked either).

I'd prefer a setup which has a much clearer DP like this AU M15 SR FTB setup that triggered last night.
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  • #4,312
  • Jan 7, 2013 10:20am Jan 7, 2013 10:20am
Hi LJ i would like to ask you about this chart (i improved it a bit ) thank you !
take care. T.
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  • #4,313
  • Jan 7, 2013 11:02am Jan 7, 2013 11:02am
hi LJ can you tell me your two cents about this ( GBPJPY H1 ) thank you. T.
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  • #4,314
  • Jan 7, 2013 3:22pm Jan 7, 2013 3:22pm
Quoting tinkerbelle
Hi LJ i would like to ask you about this chart (i improved it a bit ) thank you !
take care. T.
Ha, that does look better - but if I ever saw my charts with wiggly lines on it like that I know it would be time to lay off the booze!

I presume you are talking about splitting your orders at the two potential areas price could react at i.e. the SD zone edge and clear decision point and the initial source of supply that lead to the breakout from the zone with a SL the other side?

I don't tend to recommend that people do this as I would consider them different setups. The FTB trade for me would be the lower entry with a SL above the source (due to the lack of information to place a tighter SL). the problem with an entry at the source is that the zone edge SR is now broken resistance turned potential support and thus could cause price to bounce and breakout higher.
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  • #4,315
  • Jan 7, 2013 3:28pm Jan 7, 2013 3:28pm
Quoting tinkerbelle
hi LJ can you tell me your two cents about this ( GBPJPY H1 ) thank you. T.
Chart below should help.
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  • #4,316
  • Edited 5:26pm Jan 7, 2013 3:42pm | Edited 5:26pm
Quoting lovejoy80
Ha, that does look better - but if I ever saw my charts with wiggly lines on it like that I know it would be time to lay off the booze!
.
of course ... res to support ... sorry thank you !
  • #4,317
  • Jan 7, 2013 5:41pm Jan 7, 2013 5:41pm
LJ, i fell in love with the AU M15 chart
I don't need easy. I just need possible.
  • #4,318
  • Jan 8, 2013 8:48am Jan 8, 2013 8:48am
EU buy limit @ 1.3069 SL . 3056, TP .3086 was not hitted on H1 by 1 pip (made potentional profit 15 pips and hitted first trouble area so i canceled it) and on next hour price could activate my order and now straight throw TP... was this good setup and should i wait next time ??
Attached Image (click to enlarge)
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  • #4,319
  • Jan 8, 2013 8:50am Jan 8, 2013 8:50am
Quoting tinkerbelle
EU buy limit @ 1.3069 SL . 3056, TP .3086 was not hitted on H1 by 1 pip (made potentional profit 15 pips and hitted first trouble area so i canceled it) and on next hour price could activate my order and now straight throw TP... was this good setup and should i wait ??
I had the same order in place and like you my order was missed, price clearly reacted so my order has been cancelled.
  • #4,320
  • Jan 8, 2013 8:54am Jan 8, 2013 8:54am
Quoting lovejoy80
I had the same order in place and like you my order was missed, price clearly reacted so my order has been cancelled.
thank you
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