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  • #16,361
  • Mar 22, 2013 9:47am Mar 22, 2013 9:47am
Quoting adamjhdavis
Would you recommend this entry?

Regards

Adam

http://charts.mql5.com/1/194/gbpjpys...ad-trading.png

I close shop in 2 hours or when my EJ trade is closed.

London will close in 2 hours. After that, anything can happen and NY will close for the weekend.

I don't open new trades on Friday during NY session not matter how good the setups look.. Only manage open trades.

Come back on Monday for GBPUSD. I doubt breakout is today, even if it is, there will still be opportunity to catch an entry on a retracement type entry.

If there is a "falling knife" next week, I will show you how to catch a falling knife using a continuation setup.

Be patient, the market will be there for us next week.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #16,362
  • Mar 22, 2013 9:49am Mar 22, 2013 9:49am
Quoting Winner1245
Great. I just eyeballed for some setups. Just like you said, smaller the inside bar the better is the breakout.
I will defintiely add this strategy in my trading plan . I will practice a lot thank you.
here is a recent DIB on GBPNZD. I understand what a fakey means. I will look into M15 first rather than 1H.
You have that keen eyes for details. Now you will develop your own 'third eye'.

I LIKE
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #16,363
  • Mar 22, 2013 9:55am Mar 22, 2013 9:55am
EJ 22 Mar H1 trade update:

just to show you how I manage this trade now.
Strong H1 pullback ???? Fear and Greed
Attached Image (click to enlarge)
Click to Enlarge Name: EJ 22 Mar H1 trade update 22-3-2013 10-50-51 PM.png Size: 64 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #16,364
  • Mar 22, 2013 10:04am Mar 22, 2013 10:04am
Quoting emmanuel7788
You have that keen eyes for details. Now you will develop your own 'third eye'.

I LIKE
  • #16,365
  • Mar 22, 2013 10:17am Mar 22, 2013 10:17am
Quoting emmanuel7788
that has nothing to do with MT4 as a platform.
it is your broker....
do you know what is slippage?
Ah, yes I've heard of it but I thought with slippage the order is still activated at some point, just with a short delay.
  • #16,366
  • Mar 22, 2013 11:12am Mar 22, 2013 11:12am
EJ 22 Mar H1 trade closed:

decided to manually close on seeing the H1 pin bar pullback from the BRN 123.00

close shop for this week.

Have good weekend everyone.
Attached Image (click to enlarge)
Click to Enlarge Name: EJ 22 Mar H1 trade closed 23-3-2013 12-06-15 AM.png Size: 53 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #16,367
  • Mar 22, 2013 12:28pm Mar 22, 2013 12:28pm
Quoting emmanuel7788
examples of H4 DIB setup with TDI 12-2 and 4-6 ...

Your TDI indicator says real-time is this a new TDI; it is not the same as the one I use
The green line on yours turns sharp then my TDI green line
Please can you give me the link. If it is a new TDI. Thank.
  • #16,368
  • Mar 22, 2013 12:34pm Mar 22, 2013 12:34pm
Quoting redfan
Your TDI indicator says real-time is this a new TDI; it is not the same as the one I use
The green line on yours turns sharp then my TDI green line
Please can you give me the link. If it is a new TDI. Thank.
Look for post nr 14694 where is TDI RT loaded
GL
JacekPreserve Precious Capital
  • #16,369
  • Mar 22, 2013 4:46pm Mar 22, 2013 4:46pm
Quoting pay tribute
Ah, yes I've heard of it but I thought with slippage the order is still activated at some point, just with a short delay.
Did you take the spread into account as it was a short trade?
  • #16,370
  • Mar 22, 2013 11:10pm Mar 22, 2013 11:10pm
Weekend 12 Excercise:

Here is an exercise for those who are keen in learning and want to practice during the weekend.

Warning! Do Not neglect your family and loved ones, especially the little ones.

Enjoy and Have Great Weekend with your loved ones.
Attached File(s)
File Type: pdf Exercise weekend 12.pdf   139 KB | 2,044 downloads
File Type: tpl training template.tpl   3 KB | 831 downloads
File Type: ex4 ! H4 Hi-Lo lines (Black).ex4   5 KB | 1,017 downloads
File Type: ex4 HeikenAshi_DM.ex4   3 KB | 668 downloads
File Type: ex4 TDI_RT.ex4   5 KB | 1,002 downloads
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #16,371
  • Mar 23, 2013 2:47am Mar 23, 2013 2:47am
2.)Candle 4 marked the end of consolidation by forming a triple inside bar(16pip range during NY session) .
Closed 1 pip above the resistance 1.5176
3.)I see two H1 setups for GU 12th week (worst possible consolidating week)
First one on 20th march
Price just below resistance, looking for long setups price failed to close above 1.5176
Went to M15 for short confirming TDI cross.(sold from resistance)
2nd one on 22nd march (price just above 1.5176 after a tripe inside bar. BO yet to form. )
Just before london a pin formed rejecting 1.5176. (bought from support)


(4.)First setup's entry could be fine tuned by using M15.Once the resistance is identified on 1hour M15 could be used for erly entry using tdi cross.
FOr Second setup , M15 entry didnt make a diffrence.


(6.)The logical stop loss for trade 1 is just above the swing high + resistance 1.5176
SL for second trade is below previous bar low which infact is also the tokyo session low.

Stuck at point 5 since i dont know much about trendlines . Trying to draw those lines on M15 on all the DIB setups yesterday we have discussed.
Its very confusing and subjective.
http://s22.postimg.org/8s0xh9tv5/image.gif

http://s22.postimg.org/59oxkvsz5/image.gif

http://s22.postimg.org/hcu98g41d/image.gif

http://s22.postimg.org/itad4bwc1/image.gif
  • #16,372
  • Edited 6:21am Mar 23, 2013 5:39am | Edited 6:21am
Thank you Emmanuel, I'll try to find some time to do the complete exercise. I am a newbie and my english is not good:

2) On the H4 chart, the candle 4 is already the 3rd inside bar, the probability of breakout is higher. I see also that candles 2 and 3 are pin bars (signal of rejection), the 4th candle it's the first positive candle (close>open).

3) I don't have access to my computer today, so i'm using your chart. I only trade the london session :
- 2d H4 candle: this H4 candle is an outside bar, on the 4th candle (in the 2d H4 candle), the TDI is near the MBL, it can act like a resistance, the next candle breaks the low, entry at 5 pips below the low (like X-man system), it's not a HPT because the Volatily lower band is near (can act like a resistance).

- 4th H4 candle: first H1 bar is a powerful pinbar (rejection), entry on the next candle but with precaution because the volatility band is near (already first touch). Not a HPT.

- 7th H4 candle: the first 2 candles have the same low (double bottom) at 50% of the previous H4 candle, the retracement is maybe finish... the 4th H1 candle breaks the high, signal of continuation, green>red>mbl, entry on the next candle.

I'll continue later...
  • #16,373
  • Edited 9:29am Mar 23, 2013 7:19am | Edited 9:29am
Week 12 excerisise
monthly
since 09.2010 pair is moving I channel 1.6250 -- 1,5300., which is narrowed then previous channel formed in 06.2009, but both of channels has same lover range of 1.5300 making this level very strong. Only two times level has been broken, once in 05-06.2010, and just lately in 02.2013. Monthly candle is showing trend up forming something like pin bar with open price close to 1.5300 zone.
weelky
charts shows reversal configuration of bullish engulfing candles pattern, with nice TDI and STOCH confirmation.
daily
charts shows to me trend continuation after nice pullback to 5EMA.
The key price level is seems to me is 1.5300, two scenarios
1. bounce back from 1.5300and changing trend to downtrend
2. break level 0f 1,5300 and after pullback, uptrend continuation

In first case I expect run down to 127% or 161.8% fib ext last swing low which confluence with S/R zones of 1.4400 and 1.3900
in second case we should have chance to get 50%, 61,8% of the last swing down on W, maybe up to the upper channel price level and further up next historical channel price of 1.6700 which is in confluence with 127% fib ext of the last (weekly) swing down
Candle "4" on your chart is same time IB and OB…
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusdmonthly.png Size: 37 KB

Attached Image (click to enlarge)
Click to Enlarge Name: gbpusdweekly.png Size: 34 KB
JacekPreserve Precious Capital
  • #16,374
  • Mar 23, 2013 11:34pm Mar 23, 2013 11:34pm
H4 High Low line in White background:

for those who PM and ask for change in background.

here is it for you.
Attached File(s)
File Type: ex4 ! H4 Hi-Lo lines (White).ex4   5 KB | 813 downloads
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #16,375
  • Mar 24, 2013 8:45am Mar 24, 2013 8:45am
Quoting Jackub
Week 12 excerisise
monthly
since 09.2010 pair is moving I channel 1.6250 -- 1,5300., which is narrowed then previous channel formed in 06.2009, but both of channels has same lover range of 1.5300 making this level very strong. Only two times level has been broken, once in 05-06.2010, and just lately in 02.2013. Monthly candle is showing trend up forming something like pin bar with open price close to 1.5300 zone.
weelky
charts shows reversal configuration of bullish engulfing candles pattern, with nice TDI and STOCH confirmation.
daily
charts...
Very good top down analysis using Monthly > Weekly > Daily.

Note monthly has not close and next week will decide how the MN candle will close.
Weekly candle pattern looks bullish and we need to see a follow through of week 12 candle. and close above the high of week 12 candle.
With key news data release next week, market may go sideway with swing up and down, and the W candle end up a spinning top.
We will know when we follow the market day by day.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #16,376
  • Mar 24, 2013 9:03am Mar 24, 2013 9:03am
Quoting emmanuel7788
Weekend 12 Excercise:
Here is an exercise for those who are keen in learning and want to practice during the weekend.
Thanks for your time.

2) Because it's the last inside bar and the next one just breaks out so there is a high probability a new trend is formed, either continue or reversed. Based on that break out (candle 5), it'd be continue?
3-5) Don't really know how to answer it literately/by writing
6) For long, I usually put the SL below the prev swing high or prev big support, instead of low MA (e.g. 4MA, 60MA etc) because these areas indicates the potential of the markets. Phy, on the order hand, is good so that if the price goes against him for 20-30pips or it takes long to follow his predicted directions, he'll get out/move SL to BE. I'm learning that SL style.
7-10) Don't know how to answer in writing, I haven't got plans for next week yet but most likely will see how EU goes with these Cyprus news. It's interesting to watch how market behaves to such big news. And how it'll have effect in the long term. If Cyprus gets out, EU down?


Quote
I am sure you will have questions, please post them for the benefit of all traders when I reply
them in the thread.
Just one question. Assuming you use TMS to trade H1 during LO, and from the given chart in your PDF, the H4 charts says "enough inside bars, let's go up", will you attemp short on the next day, if the PA & the TDI/Stoch signal come up?
back... and more dangerous.
  • #16,377
  • Mar 24, 2013 9:20am Mar 24, 2013 9:20am
Quoting kbp
...

Just one question. Assuming you use TMS to trade H1 during LO, and from the given chart in your PDF, the H4 charts says "enough inside bars, let's go up", will you attemp short on the next day, if the PA & the TDI/Stoch signal come up?
Yes, I would short on intraday basis if there is PA showing a setup.
Just looking at the two bullish W candles, the probability of pullback on lower TF is highly likely. Also when I look at the D candles, it shows 2 bullish D.
We need to look at how Asian session trade tomorrow, then follow the market movement. I will pay attention to the Tokyo _5H range. to help me see if there will continuation upwards or an intraday correction, which can set the London session low on Monday.

What is important for me is that I must know which is the trend of the moment and I decide to take the trade based on Price Action Support and Resistance (PASR).
Attached Image
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #16,378
  • Mar 24, 2013 9:30am Mar 24, 2013 9:30am
Hi,

For those who have done the weekend exercise, I thank you and I hope that will help you be prepared when market opens later.
For those who are still working on the weekend exercise, perhaps my post mortem of week 12 may help you understand how I view my charts and how I look for trades.

Here is my GU week 12 POMO in pdf. I have done this in H1 only and you can see things on your own M15 chart.

Time for me to hit the sack as it is near midnight my time. I will be awake when NY open later today.
Attached File(s)
File Type: pdf GU week 12 POMO.pdf   152 KB | 765 downloads
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #16,379
  • Mar 24, 2013 10:37am Mar 24, 2013 10:37am
Hi everyone,

I'd like some feedback from the more successful traders out there.

One thing I don't recall seeing is talk of the difference between brokers that use data with a New York close candles and those that don't. It makes a big difference on the charts, mostly for those that trade the 4hr and Daily. With 5-day candles (5 vs 6 candles per week) you don't get the small Sunday candle and that changes what your candles look like, especially at turns in the market. I've attached the same 4hr euro chart from different brokers so you can see what I'm talking about.
Attached Image (click to enlarge)
Click to Enlarge Name: ScreenHunter_32 Mar. 24 10.18.jpg Size: 196 KB
  • #16,380
  • Mar 24, 2013 11:47am Mar 24, 2013 11:47am
Hello Traders,
there is situation which makes me worry all the time. I have two accounts from different brokers, one offers me exact GMT time, and other GMT +2. It makes differences in charts between them. Sometimes differences are irritating bcoz different size and even color of candles, but ok I can live with it, still have to play what can see on the screen. But what about with PIVOTs, daily open close? Does make sense to keep daily open/close, pivots etc. according broker time, or adjust it always to US close ???
Any advice will be appreciated
Jacek
JacekPreserve Precious Capital
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