Another simple system - Time-Frame 15

The only entries that are really worth the risk in my opinion are those taken around major S/R, S/D zones. Draw the Major trend lines on the 4HTF and you see why those long wicks take on particular significance. Otherwise don't just trade long wicks and trendlines by themselves! Previous Price Action with respect to S/R and S/D and MAs for trend direction are what really gives us our EDGE.

EJ

Hi! Please, can you tell me why (the reasons) you bought in this zones?

Demand zone for the past 3 days aka Major Support. Buy low. Sell High.

Thanks!
In the last period of time, I don't seen Arjun candle too often!
Today it appears only in AJ chart, but I wasn't in the front of my PC.

Forget about looking for the 'Arjun Candle'. Focus on PA around Major S/R, S/D, and MAs to help you sort out trend direction. Keep it simple. But not simpler.

Hi Helee,

Well for me it was not. I started as EOD trader using only the day open, high,low and close prices.

Every trader requires the basic knowledge and skills whether it is scalping, intraday trading or position trading.

Trading is a profession just like doctors, lawyers, dentist, ....
and all these professional requires long hours of education and training.

Medical doctors for example need the basic medical school training then they move onto more specialised areas of medical practice. We have general practioners in family medicine who treat the common everday illnesses, then we have doctors who treat ENT ears, nose, throat, ... we have cardiologist who looks after our hearts, etc.

Traders are like doctors, we learn the basic skills in trading, then we practice, practice, practice and specialise in ways to trade the market.

Whether one decide on scalping, day tradeing or position trade involve many decision factors. The trader' personality is one factor. Lifestyle is another big factor because it is time demanding. We all need to have a work life balance.
To trade for a living, my belief is that we cannot rely just on one single trading style and system. The market is dynamic and trading requres us to identify the market type and adapt to the changes quickly.

This is a M15 method and if we simply trade the Basic Setup and look for that 10~20pips, that is scalping to me.
But if we use that Basic Setup for timing our entries for Intraday trades, we can get much more than 20 pips.
Intraday trades can also be converted to a Swing Trade under certain market condition.
This is why is so important that we trade with the higher TF trend and not just scalping the trend of the moment.

Regards,

Many already know this, but some still don't get it.

4 x M15 candles make 1 H1 candle,
16 x M15 candles make 1 H4 candle.

1,2,3,4[Close] 1,2,3,4 [Close], 1,2,3,4 [Close] 1,2,3,4[Close]

1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16[Close]

Trading is a skill based activity. It requires a process oriented thinking.

The skill in reading Price Action is a dominant skill set. Price Action will help you determine the Trend. You need to be able to see the Trend in different timframe what is commonly know as Multi-Timeframe or MTF analysis. With good reading of Price Action, you must be able to see the market Support and Resistance (or some call Supply and Demand) . You must be able to see price Momentum, to look for joining the market in its trend Continuation. You need to see price Volatility because you want price to move fast in your favour. Seeing the Market Strength and its Range is vital for trade decision. Timing is all that matters once you seen all these and you must know which market session you want to trade and the time of the day. You can then make that critical decision to join in the market.

For intraday trading:
D/H4 is your Trend to trade.
H1 is your setup chart timeframe
M15 is your timing chart for entry.

It only seems hard. But with practice, practice, practice, ... you can achieve that what is called Trading Mastery.

Trade Well!

http://www.forexfactory.com/attachme...1&d=1361930430

http://www.forexfactory.com/attachme...1&d=1361980193


Hi Jord,

Some awesome trades. Congrats!.

Questions which can help me and hopefully new traders here:

1. How do you identify the Supply and Demand for these trades and in general for day trading.

2. You use multiple entries for these trades, which I see there is very little difference in entry price. What is the purpose and advanatge in doing this multiple entries.

3. Do you consider yourself as a scalper or a intraday trader?

Thank you.

Regards,
EMMANUEL

Hi Flaviu,

You need to look for price trigger setup for entry. That sort of pin bar at 10EMA (M15) is not the only trigger to look for and for you to decide to join in the market participants.
I recommend you use M15 as timing for market entry. The setups are in the higher TFs.
Practice and follow the MTF concept in trading.

Having said these, JPY pairs are difficult pairs to trade after Monday' sharp drop.
It is well known, consolidation market type is most difficult type to trade.
Narrow ranged consolidation is even more difficult. Stay out unless you are a scalper.
Wide ranged consolidation is less difficult and require special skills for trend traders.

Note, if you want to be a scalper, there are more effective technical methods out there.

Trade Well.

AU 28 Feb view:

Be careful with this one.
2 spikes down when SYD open now when TOK open.
D is down .... but where is the support (or demand)?

When you are on M15 chart timeframe all the time, do not lose sight os wheta happening on higher Tf like H1 and H4 where we look for the high probability setup conditions.

Here is EJ example yesterday.

There was a typical H1 pullback candle (S3)
There was a H1 3-Bar reversal CS pattern after that pullback candle.
Learn to reciognise all these in M15 chart.

what were you looking for when market open on 27 Feb?
Prev D closed Day IB. Did you see that?
Where are your support and resistance? OHLC, BRB, RN, Fibo levels, Pivots, Historical S&R ... were quite prominant. But you maybe distracted with all the M15 noise and tempted with making big pips and recency bias.




Trade Well.

Thanks Emmanuel.I am at work and reading your posts help me stay awake

Always watching where price is bouncing from.

when your 'work' is so boring and make you sleepy, it is time to quit.
I quit my day job in 2007.... or rather... I fired my boss. Never look back with any regrets. So happy years came.

anyone took that trade? quickie 30pips bounce from Demand....

Actually I'll be in Parental Leave in 3 weeks.They pay me for 9 month while I am home and I wanna do exactly what you say.
I hope I make it,If not I gotta go back again

EU 28 Feb outlook:

EU D is showing 3-bar D bullish reversal.
But I shall wait in lower TF BUY low....

top chart illustrates support and resistance. it's not a demand zone.

. Gotcha buddy!
Good to see you again.
WTF! How could you have been suspended by a junior member????? What the heck for? Helping too much????