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  • #1,401
  • Mar 13, 2013 1:06pm Mar 13, 2013 1:06pm
Quoting FxGladiator
I have a question for Seneca or anyone who can help out.
Earlier today after the Frankfurt open, G/U found support at 1.4921 (twice).
What was that level? why price shot up from there?
Any thoughts are appreciated.
It was the previous week's close, Friday 17:00 NY time.
  • #1,402
  • Mar 13, 2013 2:10pm Mar 13, 2013 2:10pm
Quoting Olarion1975
It was the previous week's close, Friday 17:00 NY time.
Thanks Olarion.
Never Trade without a defined risk, never, never, never.
  • #1,403
  • Mar 13, 2013 5:59pm Mar 13, 2013 5:59pm
Interesting action today in the four favorite pairs.

EU) Daily open trade sent price into the supply area I highlited in my earlier post. I was fortunate to exit into the supply and bank a nice little trade before going to sleep. The price then proceeded to blow through all levels and seek out a daily demand area below last week's low. The price is now trading just above that last week low and I would look for price to trigger long during Frankfurt or London and send the Euro up from the daily demand area. Of course this is just a theory and I will trade whatever happens if I trade EU tonite.

EJ) EJ was textbook in its behavior today. It triggered short off the daily open and moved nicely to the Tuesday low. The daily open was within two pips of the close from last week which made the area a very good bet. Unfortunately it didn't develop a separation and trigger until well after I was sleeping. The price also hit the weekly open from below just before Frankfurt opened. If you sold there you missed the high of the day by only four pips.

GU) Nice entry off the daily open for GU today. When the drawdown on that trade stopped at the weekly close/open and attacked the Tuesday high there was room for 1.5/1 at least. If you sold the Tuesday high you were likely stopped out as the price overshot by a bit. If long at the Tuesday high of course the trade was not successful but you were given ample opportunity to exit as price made a quasimodo formation above the level. For all you BRV fans there is another quasimodo setting up at the 1.4950 level now.

GJ) Another nice daily open trade for this pair today too. The drawdown was very close to a stop out but the trade survived and climbed all the way to the Tuesday high. The high rejected almost to the pip and price is now hovering between the weekly open and last week's close. Three days of nice trading and price hasn't moved from Friday's close.

Hope this helps in some way that is useful for you guys.
  • #1,404
  • Mar 13, 2013 7:19pm Mar 13, 2013 7:19pm
SP, the seiden levels you refer to are they the Sam Seiden ones, thanks
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #1,405
  • Mar 13, 2013 7:34pm Mar 13, 2013 7:34pm
Quoting billytt
SP, the seiden levels you refer to are they the Sam Seiden ones, thanks
Yes, the supply and demand levels he teaches. I don't use them to enter trades but I do use strong ones for exits.
  • #1,406
  • Mar 13, 2013 7:50pm Mar 13, 2013 7:50pm
Quoting Seneca pilot
Yes, the supply and demand levels he teaches. I don't use them to enter trades but I do use strong ones for exits.
thanks for that, they look familiar. i think your right with using them for exits you might be on to one. it's 02:50 am here and i'm running tests, as is usual i do it at night when its quiet.
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #1,407
  • Mar 13, 2013 11:41pm Mar 13, 2013 11:41pm
Taking a shot with this one tonite. Weekly open, daily open, and London close, all within a five pip space. It will either work out or fail spectacularly. Targeting Wednesday low for 2/1.
Attached Image (click to enlarge)
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  • #1,408
  • Mar 14, 2013 1:32am Mar 14, 2013 1:32am
Hello everybody
EG: Long from 0.8665 ; SL 0.8654 , TP 0.8695 / bias for long , enter on LDL,
EU: Long from 1.2960 ; SL 1.2940, TP 1.3010 / bias for long , enter on DO
EC: Long from 1.2350 ; SL 1.2325, TP 1.2385 / bias for long, enter on LDH
Good trades to all of you

As always, comments and critics very welcomed!
Attached Image(s) (click to enlarge)
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  • #1,409
  • Mar 14, 2013 2:01am Mar 14, 2013 2:01am
EJ a nice rejection from yesterday high.Too late to adjust my tp anyway cant complaint with +22. Thanks SP for starting this thread.Pick up few more new
method .
  • #1,410
  • Mar 14, 2013 2:17am Mar 14, 2013 2:17am
Quoting be water
Hello everybody
EG: Long from 0.8665 ; SL 0.8654 , TP 0.8695 / bias for long , enter on LDL,
EU: Long from 1.2960 ; SL 1.2940, TP 1.3010 / bias for long , enter on DO
EC: Long from 1.2350 ; SL 1.2325, TP 1.2385 / bias for long, enter on LDH
Good trades to all of you

As always, comments and critics very welcomed!
EU: exit 1.2950 , - 10p , probably will reverse trade
  • #1,411
  • Mar 14, 2013 2:22am Mar 14, 2013 2:22am
morning guys, e/u is being a pain but i'm working it lol. it has just broke out of what i call the range. lets see what happens. be good
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
  • #1,412
  • Mar 14, 2013 3:04am Mar 14, 2013 3:04am
Hello everybody
EG: Long from 0.8665 ; SL 0.8654 , TP 0.8695 / bias for long , enter on LDL,
EU: Long from 1.2960 ; SL 1.2940, TP 1.3010 / bias for long , enter on DO
EC: Long from 1.2350 ; SL 1.2325, TP 1.2385 / bias for long, enter on LDH
Good trades to all of you

As always, comments and critics very welcomed!

EU: exit 1.2950 , - 10p , probably will reverse trade / i stay out, if i donīt know what to do, the best thing is to do nothing..
EG: exit 0.8668, +3p, feel like i am on the wrong side of the trade, time will say..
EC: exit 1.2358, +8p,
done for the day, donīt feel good, better not to trade.
Good trades to all of you
  • #1,413
  • Mar 14, 2013 3:36am Mar 14, 2013 3:36am
Seneca, how exact are you regarding entries from the opening range? Yesterday I missed the short from the lower range by a few pips...
  • #1,414
  • Mar 14, 2013 4:04am Mar 14, 2013 4:04am
Quoting Seneca pilot
Taking a shot with this one tonite. Weekly open, daily open, and London close, all within a five pip space. It will either work out or fail spectacularly. Targeting Wednesday low for 2/1.
Hope you did not take this trade saw price going to your stop loss zone. Please tell us how you managed this if you still shorted or longed it.
  • #1,415
  • Mar 14, 2013 6:37am Mar 14, 2013 6:37am
Much convo regard sup/dem levels. To my understanding, these levels tend to work the best when they are fresh. Meaning these levels hold up better upon the 1st visit back to them.

My question is regarding D-W-Monthly & Open/Close levels. Do they also work best on 1st retest?

My initial observations say no. It seems to me that they will totally fail one time and be solid gold the next. jmo

Thanks
  • #1,416
  • Mar 14, 2013 6:55am Mar 14, 2013 6:55am
Quoting dedoctor
Hope you did not take this trade saw price going to your stop loss zone. Please tell us how you managed this if you still shorted or longed it.
I did take the trade. It was a mistake. I don't have an excuse. I was tired and wanted to go to sleep.

A chart to explain the proper trade:

Red vertical line is the candle representing my daily open. Price traded down to the Previous week close FIRST. This was the trade and I should have been long from there. I don't know why I chose to sell the daily open except that there were three levels stacked there and that is normally pretty strong. The whole world seems to be short the pound so long was not only the right trade per my rules but it was the right trade when viewed as a way to cause pain to weak shorts.
Attached Image (click to enlarge)
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  • #1,417
  • Mar 14, 2013 6:59am Mar 14, 2013 6:59am
Quoting Olarion1975
Seneca, how exact are you regarding entries from the opening range? Yesterday I missed the short from the lower range by a few pips...
The price levels, to include the OR, are an area not an exact price. I don't have a problem with entering a few pips from the line as there is often competition for the entry in these trades. Just adjust your trade size to allow room for the slightly larger stop. If you look at a lot of the charts I have posted my entries are often not at the exact line but taken with a few pips buffer.
  • #1,418
  • Mar 14, 2013 7:09am Mar 14, 2013 7:09am
Quoting Seneca pilot
I did take the trade. It was a mistake. I don't have an excuse. I was tired and wanted to go to sleep.

A chart to explain the proper trade:

Red vertical line is the candle representing my daily open. Price traded down to the Previous week close FIRST. This was the trade and I should have been long from there. I don't know why I chose to sell the daily open except that there were three levels stacked there and that is normally pretty strong. The whole world seems to be short the pound so long was not only the right trade per my rules but it...
I am the Marines when it comes to trading mistakes. I make more mistakes by 8AM than most people make all day.

Luckily I trade a method that lets me overcome the mistakes and make a profit. I actually took three trades last night and squeaked out a profit even with the GJ screw-up

If you guys are looking for trading perfection your on the wrong thread. You should be in the systems area where the traders only ever post their winners.
  • #1,419
  • Mar 14, 2013 7:54am Mar 14, 2013 7:54am
Quoting Seneca pilot
I am the Marines when it comes to trading mistakes. I make more mistakes by 8AM than most people make all day.

Luckily I trade a method that lets me overcome the mistakes and make a profit. I actually took three trades last night and squeaked out a profit even with the GJ screw-up

If you guys are looking for trading perfection your on the wrong thread. You should be in the systems area where the traders only ever post their winners.
Thanks for the answer. I have not seen much honesty in other trading threads as you post here. A good method is one that can recoup losses and mistakes made by trader and that is what you we see here. Although I have not started trading this method. Well done.
  • #1,420
  • Edited 8:28am Mar 14, 2013 8:09am | Edited 8:28am
Had some bad calls on my part today.

Here is recent offering.

Edit: btw, as suggested by SP, winnings on 2nd trade did exceed loss from 1st trade.

I grin, therefore.. I am. lol
Attached Image (click to enlarge)
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