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  • #681
  • Feb 13, 2013 7:02pm Feb 13, 2013 7:02pm
Quoting nollej
Hey guys,
Just thought i would pass this link on that I found yesterday.. http://www.forexfactory.com/showthre...18#post4976318
After reading about it yesterday it seems like you could have got some pips on the EJ using the weekly open level and a basic understanding on supply demand teachings if you were watching the level at the time when price came up...
Just some more to think about i suppose..
Josh
Good catch. I trade this way but i don't necessarily use monthly/weekly/daily close or hi/lo prices to determine the good from the bad. I don't use SD boxes anymore. Once you see it enough, you realize that it's not accurate to assume the box moves prices on return. I use a line at what i notice to be the most probable place for price to "bounce." The boxes are good for position sizing but if you take the time to do an actual study on the necessity of the box as an accurate measure of price volatility upon return, then you might do like me and not use them. I set my stops based on this. I find that an accurate marker of where price may "bounce" would be the highs and lows of the channel we'd call a base.

I also trade them from the 5min/1min charts now a days which i feel gives me the advantage of seeing how price reacts to an area of interest. This allows me to minimize my risk and maximize my reward according to my comforts.
  • #682
  • Feb 13, 2013 7:10pm Feb 13, 2013 7:10pm
[quote=Seneca pilot;6444287]
Quoting billytt

Please start a thread on inside bars and teach away. Not what we are discussing here.
apologies, i forgot i was in this room.Firstly though i thought you wasnt speaking trading methods. But then again its your room your rules your ball your little band of worshippers. i trade for a living and i want to help people . trading is so easy if you do it right and yes like you say it is good to have a fear, it is not always rosey but keep studying and keep it simple. the more you think the worse you get at trading. Take care and do not bother answering as i will not be here.....anyone else who wants trading ideas just ping me or search me out in other rooms and i will gladly help you. Thankyou
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #683
  • Feb 13, 2013 7:13pm Feb 13, 2013 7:13pm
Quoting Seneca pilot
Weekly open is 123.779 we were well above the weekly open. That is a Sam seiden style entry though.
Hey sorry meant to say last weeks open, my bad

Sorry if ive distracted people away from the original trading idea senecca, it wasnt my intention. I just use some supp/dem stuff too so incorporating that with idea of weekly opens/closes and daily opens/closes seems like a good thing.

@ Goodlookin..Yeh taking on seneccas idea of trading solely a couple of important levels at times (opens) im trying to pick good suup/dem levels around those. Id much prefer to see the price action at the time as well, and looking back at the EJ possibility from last night I think i would have taken it..
Enough on S/D lets keep in line with seneccas teachings here
josh
nollej is power..
  • #684
  • Feb 13, 2013 7:16pm Feb 13, 2013 7:16pm
Quoting Good Lookin
Good catch. I trade this way but i don't necessarily use monthly/weekly/daily close or hi/lo prices to determine the good from the bad. I don't use SD boxes anymore. Once you see it enough, you realize that it's not accurate to assume the box moves prices on return. I use a line at what i notice to be the most probable place for price to "bounce." The boxes are good for position sizing but if you take the time to do an actual study on the necessity of the box as an accurate measure of price volatility upon return, then you might do like me and...
The Sam Seiden levels definately work. I looked hard at it and traded on it for a while. What I found is that I enter at a level within the box. The Seiden traders enter at the edge of the box. Price action/candle traders trade at the break of a bar formed by the box. And finally the indicator traders enter after the move caused by the box. I also found that when one of the critical levels (weekly/daily high or low etc.) is either under or over a Seiden level the price often will not make it past. What I do is also obviously an order flow method just a different way of locating the orders. I have seen though that the Seiden level just under a daily high will usually be blown through by traders trying to get to the stops just above.
  • #685
  • Feb 13, 2013 7:21pm Feb 13, 2013 7:21pm
Quoting nollej
Hey sorry meant to say last weeks open, my bad

Sorry if ive distracted people away from the original trading idea senecca, it wasnt my intention. I just use some supp/dem stuff too so incorporating that with idea of weekly opens/closes and daily opens/closes seems like a good thing.

@ Goodlookin..Yeh taking on seneccas idea of trading solely a couple of important levels at times (opens) im trying to pick good suup/dem levels around those. Id much prefer to see the price action at the time as well, and looking back at the EJ possibility from...
What I do is basically the same. The problem with the Seiden levels is simply that there are too many of them. Essentially I am trading three levels every day with the occasional extra level when we are around a weekly high, low, open, or close. The daily open level alone has a high enough hit rate to be nicely profitable with good money management. Add in the daily highs and lows and you have a nice trading method.

Any method that you can use that ties you into order flow and gets you trading strategically and not simply entering all over a chart will be successful when traded with discipline.
  • #686
  • Feb 13, 2013 7:26pm Feb 13, 2013 7:26pm
Quoting Seneca pilot
I have seen though that the Seiden level just under a daily high will usually be blown through by traders trying to get to the stops just above.
So in saying this do you like to trade daily highs/lows around these "seiden levels" hoping its just a stop hunt up/down that will reverse after say 10-20 pips? Or do you prefer to stay away from such areas as this stop hunt may turn into something more?
nollej is power..
  • #687
  • Feb 13, 2013 7:44pm Feb 13, 2013 7:44pm
Quoting nollej
So in saying this do you like to trade daily highs/lows around these "seiden levels" hoping its just a stop hunt up/down that will reverse after say 10-20 pips? Or do you prefer to stay away from such areas as this stop hunt may turn into something more?
I ignore Seiden levels usually. Occasionally I will take profit at one that i think will be particularly strong. I will always trade the daily highs and lows no matter where a Seiden level is. Once in a while I will miss an entry because a Seiden level stops price before my level. Most of the time however its the other way around.
  • #688
  • Feb 13, 2013 7:46pm Feb 13, 2013 7:46pm
Quoting Seneca pilot
The problem with the Seiden levels is simply that there are too many of them..
You said it. Majority of the ones that push price can be traced back to some sort of timely hi/lo or close or swing hi/lo and if that's the case why not just learn to trade those. The concept of the levels themselves is pretty solid if you give thought to what really moves prices but its a steep learning curve if you want to filter the good from the bad confidently and successfully. I'm of the opinion that without some understanding of order flow or player interest then it's quite the difficult task to undertake almost impossible.
  • #689
  • Feb 13, 2013 8:08pm Feb 13, 2013 8:08pm
Quoting Seneca pilot
I ignore Seiden levels usually. Occasionally I will take profit at one that i think will be particularly strong. I will always trade the daily highs and lows no matter where a Seiden level is. Once in a while I will miss an entry because a Seiden level stops price before my level. Most of the time however its the other way around.
alright cheers senecca


Quoting Good Lookin
You said it. Majority of the ones that push price can be traced back to some sort of timely hi/lo or close or swing hi/lo and if that's the case why not just learn to trade those. The concept of the levels themselves is pretty solid if you give thought to what really moves prices but its a steep learning curve if you want to filter the good from the bad confidently and successfully. I'm of the opinion that without some understanding of order flow or player interest then it's quite the difficult task to undertake almost impossible.
yeh hes right about the levels, they are everywhere and its tough finding the ones that will hold.. exactly the reason im looking at the various opens/closes to hopefully filter them for the better..
nollej is power..
  • #690
  • Feb 13, 2013 8:18pm Feb 13, 2013 8:18pm
Hello there! Been away from this forum for almost 2 or 3 years (away from forex I should say) and come back and the first tread I see is this one. Loved the tittle LOL! Have ramblings of my own although with your experience they may seem as basic lessons I have yet to learn. I'll keep an eye out for any debate that may come out...

Cheers...
Please pull my head out of my ass, I am running out of oxygen...
  • #691
  • Feb 14, 2013 3:25am Feb 14, 2013 3:25am
Quoting Xhale12
Aren't they the same thing? I'm a bit confused.....

edit- Ah I see..... Do you use the closing price of sunday night as the weekly open? I was using the opening price of Sunday....
My week closes on Friday 21:00 GMT(00:00 EAT), which by default becomes my next Weekly Open price on monday.
  • #692
  • Feb 14, 2013 4:09am Feb 14, 2013 4:09am
Hi SP just wanted to say what an amazing thread and thankyou so much for starting it.
Your method is similar to something I am trying to get to work

Regarding todays E/U, the weekly close has now broken so waiting patiently for a retest...patiently is the VERY important word here...
  • #693
  • Feb 14, 2013 5:02am Feb 14, 2013 5:02am
Break of d open with strong momentum. In on retest
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What is any ocean but a multitude of drops?
  • #694
  • Feb 14, 2013 5:13am Feb 14, 2013 5:13am
Quoting Xhale12
Break of d open with strong momentum. In on retest
Great trade!
  • #695
  • Feb 14, 2013 6:06am Feb 14, 2013 6:06am
Great Thread.
  • #696
  • Feb 14, 2013 6:54am Feb 14, 2013 6:54am
Quoting andys0506
Hi SP just wanted to say what an amazing thread and thankyou so much for starting it.
Your method is similar to something I am trying to get to work

Regarding todays E/U, the weekly close has now broken so waiting patiently for a retest...patiently is the VERY important word here...
Dark blue is last week low. Red and purple this week open last week close. Might be a good area to take a short.
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  • #697
  • Feb 14, 2013 6:55am Feb 14, 2013 6:55am
Quoting Xhale12
Break of d open with strong momentum. In on retest
Excellent!
  • #698
  • Feb 14, 2013 7:27am Feb 14, 2013 7:27am
Quoting Seneca pilot
Dark blue is last week low. Red and purple this week open last week close. Might be a good area to take a short.
Yep I'm watching 360 for the retest. I made a mistake and played a long at 330 expecting a pullback to 360 but got stopped out with my tight SL.

Now making a list of lessons learned from my failed trades - this one says just trade the levels, not the pullbacks - keep it simple.
  • #699
  • Feb 14, 2013 8:29am Feb 14, 2013 8:29am
Quoting Seneca pilot

Any method that you can use that ties you into order flow and gets you trading strategically and not simply entering all over a chart will be successful when traded with discipline.
It is very exciting to see many people successfully trading SP's method.

His comment above really sums it up. A trade entered in no-man's land is an expensive ticket for the roller coaster.
Entry at a significant level, whether SP's or any others you identify, means quick feedback and an affordable loss or a nice win. (Of course, RR & MM always required.)

I can see my work here is finished. All that remains is to solicit your vouches. My evil, alter ego Psychofant received one but he and the vouch are gone. Thank you in advance for your co-operation and support.

Great job SP!
  • #700
  • Feb 14, 2013 8:43am Feb 14, 2013 8:43am
Quoting Theodolite
Great Thread.
Thank you. Stick around we have some fun discussing trading.
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