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  • #4,481
  • Mar 1, 2013 11:40am Mar 1, 2013 11:40am
Quoting Balhana
1) Sold EUR/CAD @ 1.3465 (3 lots).
2) Closed 2/3 @ 1.3440 (+50 pips).
3) Added one @ 1.3450 (2 lots now)
4) Closed added one @ 1.3420 for +30 pips.
5) Moved SL to 1.3410
Nice one Balhana!

Can you explain your reasoning selling at that spot? I can see the rejection bar but I thought you would want to see that a bit higher up around the DBD. (1500 -1530)
  • #4,482
  • Mar 1, 2013 11:50am Mar 1, 2013 11:50am
Quoting ljr
Nice one Balhana!

Can you explain your reasoning selling at that spot? I can see the rejection bar but I thought you would want to see that a bit higher up around the DBD. (1500 -1530)
See the above post (# 4479) for my reasoning. Yes, the higher DBD made me hesitate to go short a little bit but made a decision because of the 1H converging wedge (bear flag) into supply (ignored demand) and the false breakout on 5M.
  • #4,483
  • Mar 2, 2013 3:26pm Mar 2, 2013 3:26pm
Silver - FB into Demand Zone

It reacted to the DP in the past (few days ago at 28.35-ish as a FTB setup) and now it reacted to the Source (Visible on H4 in the picture at 27.90-ish).

What does this tell us? Does this make the FB less likely to work (Since it's not "true fresh" demand)? Or are the short breakout traders enough to make this a profitable trade and consider the additional demand kicking in from the SD zone as a bonus?

Attached Image (click to enlarge)
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I don't need easy. I just need possible.
  • #4,484
  • Mar 3, 2013 1:19pm Mar 3, 2013 1:19pm
Dagrizzly, thanks. I have almost the same levels. I am additionally watching the D zones lower, should price break down.

Good trading to all next week.


Mike
Attached Image (click to enlarge)
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Be like water.
  • #4,485
  • Mar 4, 2013 3:22am Mar 4, 2013 3:22am
Slow week last week - until Friday.

Then the following on gbpchf - 3 trades in 4 hours on the same pair.

+1R +1.6R+1.6R = +4.2R
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  • #4,486
  • Mar 4, 2013 11:16am Mar 4, 2013 11:16am
just saw "the mindset of a professional trader" and have to say BIG thank you for that ... this is it ... finally someone who can say it and feel it same way like me.

thank you!!!
  • #4,487
  • Mar 4, 2013 11:38am Mar 4, 2013 11:38am
I agree tinkerbelle, I have seen it a few times and it's probably the biggest piece of the puzzle for me.

Slow day today, though I got into a beautiful USDCAD FTB that could also be played as a FB (1.2R).

Also took a loss AUDUSD on what I thought was compression into supply, didn't quite work out.
Attached Image(s) (click to enlarge)
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  • #4,488
  • Mar 4, 2013 4:45pm Mar 4, 2013 4:45pm
Quoting freeze
I agree tinkerbelle, I have seen it a few times and it's probably the biggest piece of the puzzle for me.

Slow day today, though I got into a beautiful USDCAD FTB that could also be played as a FB (1.2R).

Also took a loss AUDUSD on what I thought was compression into supply, didn't quite work out.
I took a partial loss on the AU CP setup too...I went in with half risk because there was untested demand at 1.0146's that had to break for the CP to play out.
  • #4,489
  • Mar 4, 2013 4:47pm Mar 4, 2013 4:47pm
Quoting tinkerbelle
just saw "the mindset of a professional trader" and have to say BIG thank you for that ... this is it ... finally someone who can say it and feel it same way like me.

thank you!!!
It's my favourite webinar and the one I get the most emails about as I think it makes people think about things they haven't necessarily thought about before.
  • #4,490
  • Mar 4, 2013 4:51pm Mar 4, 2013 4:51pm
Quoting DaGrizlyBull
Silver - FB into Demand Zone

It reacted to the DP in the past (few days ago at 28.35-ish as a FTB setup) and now it reacted to the Source (Visible on H4 in the picture at 27.90-ish).

What does this tell us? Does this make the FB less likely to work (Since it's not "true fresh" demand)? Or are the short breakout traders enough to make this a profitable trade and consider the additional demand kicking in from the SD zone as a bonus?

Attachment
Friday bars are generally a weaker representation of the true price action IMO - there is a higher chance of position unwinding on a large scale occurring on a Friday bar and thus this makes a setup like that Silver less reliable IMO. I'd be looking for how price reacts to a retest from the scene of the FB and any clear LTF demand.
  • #4,491
  • Mar 5, 2013 4:51am Mar 5, 2013 4:51am
Hi LJ,
do you still holding free weekly webinars?
thanks
  • #4,492
  • Mar 5, 2013 4:35pm Mar 5, 2013 4:35pm
Quoting pex
Hi LJ,
do you still holding free weekly webinars?
thanks
Haven't done one since the Mindset webinar - was planning one for the Monday just gone but was suffering with a throat infection.

Will do some review / Q&A webinars soon.
  • #4,493
  • Mar 5, 2013 5:12pm Mar 5, 2013 5:12pm
Busy day today trading wise, couple relevant setups for this thread...

1. Dax FTB - took a partial loss on this (went in with half position size) as a) price stalled and couldn't get below that demand marked - clearly not reacting how we would expect price to move and b) the typical trend at NY open is a pop up in US equities which drags the Europeans with them too.

2. EU 5min FB following a rejection from supply (also a RS off a QM). Could have done better with the exits but PA was choppy today on most of my setups.
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  • #4,494
  • Mar 5, 2013 7:36pm Mar 5, 2013 7:36pm
Hey LJ, do you think a short on gbp/usd is legit?
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  • #4,495
  • Mar 6, 2013 1:30am Mar 6, 2013 1:30am
Quoting equivestor12
Hey LJ, do you think a short on gbp/usd is legit?
Yes I like the setup, though my entry would have been at the lower SR and I would have used the zone (as per the M1 chart below) to hide my SL behind).

It's also a QM setup too.
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  • #4,496
  • Mar 6, 2013 7:07pm Mar 6, 2013 7:07pm
l
Quoting lovejoy80
Yes I like the setup, though my entry would have been at the lower SR and I would have used the zone (as per the M1 chart below) to hide my SL behind).

It's also a QM setup too.
I didn't have the confidence to enter the trade. Kinda painful considering how nicely it worked out....I was watching eur/use at the same time too but couldn't make a decision if it was strong enough to pull the trigger, although I would have ended up with a lose. What is a QM? I believe it stands for quasimoto and is like a more advanced HS pattern.
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  • #4,497
  • Mar 8, 2013 9:29am Mar 8, 2013 9:29am
Quoting equivestor12
l

I didn't have the confidence to enter the trade. Kinda painful considering how nicely it worked out....I was watching eur/use at the same time too but couldn't make a decision if it was strong enough to pull the trigger, although I would have ended up with a lose. What is a QM? I believe it stands for quasimoto and is like a more advanced HS pattern.
That EU setup is not an FTB if that's what you were looking to trade in that chart - the FTB was as per the chart below.

Yes QM is technically quite like a H&S pattern but it does go a lot deeper than that, but it's beyond what I discuss here. For the actual technical setup I've been told 'No Brainer Trades' has a good description of it.
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  • #4,498
  • Mar 11, 2013 7:44pm Mar 11, 2013 7:44pm
lovejoy80,

I see that you have an MT4 setup with a DAX feed. The MT4 feed suppliers that I use keep removing the stock indicies. Which MT4 version/broker are you using?

Thank you!
fxt
  • #4,499
  • Mar 12, 2013 11:35am Mar 12, 2013 11:35am
It's been quiet here lately, so I'll share an AUDNZD I traded last Asia session. Looking back my SL was probably too aggressive, but I lucked out. +3.5R

I don't see a lot of possible setups in the near future, apart from perhaps AUDCAD, AUDCHF, CADJPY, EURCAD, GBPJPY, GBPCHF... looking back there actually was a decent FB on GBPCHF today, but I was away from screen the whole day.
Attached Image(s) (click to enlarge)
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  • #4,500
  • Mar 12, 2013 12:49pm Mar 12, 2013 12:49pm
Quoting freeze
It's been quiet here lately, so I'll share an AUDNZD I traded last Asia session. Looking back my SL was probably too aggressive, but I lucked out. +3.5R

I don't see a lot of possible setups in the near future, apart from perhaps AUDCAD, AUDCHF, CADJPY, EURCAD, GBPJPY, GBPCHF... looking back there actually was a decent FB on GBPCHF today, but I was away from screen the whole day.
Very quiet indeed.

Bought USD/CHF @ 0.9449 and closed 2/3 @ 0.9464 for +30 pips. SL to 0.9460
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