DislikedWhoa DAX dropped like a rock through the compression, closed all at the start of CP, also notice how price pulled back to a 1m-DP to engulf that 5m-demand, R = 2.6Ignored
- #4,562
- Mar 26, 2013 11:15am Mar 26, 2013 11:15am
Whoa DAX dropped like a rock through the compression, closed all at the start of CP, also notice how price pulled back to a 1m-DP to engulf that 5m-demand, R = 2.6
Didn't match you R.
- #4,564
- Mar 26, 2013 4:17pm Mar 26, 2013 4:17pm
Really nice action on the indices and great charts as always from Balhana.
I saw something similar not long ago on GBPCAD, but I have no idea how to enter these apart from a pullback which didn't happen. I'm not sure if it's proper compression as I'm quite new to the concept.
Also took an FB on USDCHF. It was technically an SR FTB which I wanted to short from 0.9503 but I didn't have an order in the market when it hit. +1.5R
Unfortunately gave all profit back on another bulltrap on AUDCHF, which I traded with a bigger risk.
I saw something similar not long ago on GBPCAD, but I have no idea how to enter these apart from a pullback which didn't happen. I'm not sure if it's proper compression as I'm quite new to the concept.
Also took an FB on USDCHF. It was technically an SR FTB which I wanted to short from 0.9503 but I didn't have an order in the market when it hit. +1.5R
Unfortunately gave all profit back on another bulltrap on AUDCHF, which I traded with a bigger risk.
- #4,566
- Mar 26, 2013 5:56pm Mar 26, 2013 5:56pm
Nice. Caught the FTSE instead but missed the clearer setup 1st time round.
Didn't match you R.
. Instead I've switched my attention to trading stocks on the higher TF's (D, 2D etc...) with the same trading filosophy that Mark has teached us. I scroll through my charts once a day at the close of a trading session to look for setups, this process takes me about 1 hour. My trades are mid term and are usually kept open for several days. I find this way of trading very relaxing and far less stressing compared to intraday trading on the lower TF's. Tomek I know you're trading in non optimal cirumstances (small screen and you're boss watching you), maybe you could consider doing the same in addition to intraday trading. I don't trade the stocks directly but through a derived financial product called "Turbo's", these are leveraged instruments, the leverage ranges from 2 to roughly 10. Here are a few examples of my trades:
Pipcrawler
- #4,567
- Mar 26, 2013 6:07pm Mar 26, 2013 6:07pm
With regards AUDCHF remember that for an FB we want a build up of orders a the location, thus in this case we want a clear support zone - but what we have is a clear SR flip BUT it's not been support for long enough for a build up of orders to be established.
It could of course have still worked out if that bar was a sign of true rejection from lower demand, but from an FB perspective I'd want to see multiple tests as support first before considering an FB.
- #4,568
- Mar 26, 2013 6:36pm Mar 26, 2013 6:36pm
Hey Tomek, Mark how are you guys. Due to work obligations I've not been able to trade intraday with you guys as often as i would like to, its very busy at the company lots of new projects, damn I miss those intraday trading sessions
All is good my end hope all is well with you? Took some time off from trading due to other obligations (*Ahem* Bali
) Still couldn't keep away from the charts. (See pic)Yeah, I've dabbled with stocks before mainly through contracts for difference with a broker called ETX. Saw a special offer advertised on the London cabs lol. I followed the same work patterns as the ones you posted above i.e. evening analysis and D1 TF's only. I've been thinking of dabbling in it again but at the moment these VTLF setups are proving reliable and profitable. Each setup is equivalent to half my daily wage if at 0.5% risk so one or two trades a day is enough for me to go by. Increasing risk has it's obvious benefits. I've pretty much limited my trading hours to 09:00 to 18:00-20:00 for a bit more down time and separation from the monitor. It can get all too consuming otherwise.
Thanks for sharing.
Trade on
Tomek
- #4,569
- Mar 26, 2013 9:14pm Mar 26, 2013 9:14pm
- Joined Mar 2010 | Status: Trader | 1,635 Posts
Whoa DAX dropped like a rock through the compression, closed all at the start of CP, also notice how price pulled back to a 1m-DP to engulf that 5m-demand, R = 2.6
I will be busy from next week like you.I took a short on GN also based on CP yesterday. Here is the chart.
- #4,574
- Mar 27, 2013 5:50am Mar 27, 2013 5:50am
Tears of pain are rolling down my cheaks.
Cut FTSE the moment it tanked to the downside hitting mental target
Cut the rest near 98.64 for a total profit of +2.8R, though now it seems to be falling deep into the lowest demand I marked.
