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S&R short term bounces

  • #221
  • Mar 27, 2013 4:51pm Mar 27, 2013 4:51pm
Quoting JoeyTTU
Do y'all ever go against what the H4 predicts the graph to move? or only with it
hi JoeyTTU,

I personally just look where price stopped and bounced in the past (no matter if D1/H4/H1/M15...) and watch if price bounces
there again.most of the time it does, if itīs an obvious level.

if itīs a good setup I also look at broken levels (support became resistance or resistance became support).

I hope that makes sense to you. so if you see a level on the H4, just take it as a level. if you see something in H1, take that as a level.
I personally look more on the short term basis... but I guess higher time frame makes sense as well...

hope that answers your question

Findus
  • #222
  • Mar 27, 2013 6:29pm Mar 27, 2013 6:29pm
Quoting Findus
I personally look more on the short term basis... but I guess higher time frame makes sense as well...
I agree fully with Findus.

The higher time frames work as well but with it will bring larger volatility around the level. When looking at the shorter term levels, your stops can be brought in significantly and the setup will play out in minutes, not hours.

Are you taking setups similar to those recorded in this thread JoeyTTU?
  • #223
  • Mar 27, 2013 8:21pm Mar 27, 2013 8:21pm
Quoting sam0182
I agree fully with Findus.

The higher time frames work as well but with it will bring larger volatility around the level. When looking at the shorter term levels, your stops can be brought in significantly and the setup will play out in minutes, not hours.

Are you taking setups similar to those recorded in this thread JoeyTTU?
Sam,

Well, I think I am. I just started this and I'm learning on my own so I think I am doing it right, as far as drawing my lines but really I don't have any idea (Just being honest.) Is there a certain way you draw your lines, and what do you usually set your stops/take profit at?. That's been a big problem for me is not stopping short enough and end up taking a large loss. I usually if I'm watching will not even set a loss(how dumb is that!? lol) I like the quick trades the most; I usually only do long trades when I'm asleep or studying all day for a test.

Findus, Thanks that helps a lot; Sometimes I have done that and other times I haven't realized and didn't even catch it(looking at some of my past trades. Now that I realize what I have/haven't done hopefully I won't make the mistake again.
To maximize your gains you must minimize your losses
  • #224
  • Mar 27, 2013 8:29pm Mar 27, 2013 8:29pm
Quoting JoeyTTU
Sam,

Well, I think I am. I just started this and I'm learning on my own so I think I am doing it right, as far as drawing my lines but really I don't have any idea (Just being honest.) Is there a certain way you draw your lines, and what do you usually set your stops/take profit at?. That's been a big problem for me is not stopping short enough and end up taking a large loss. I usually if I'm watching will not even set a loss(how dumb is that!? lol) I like the quick trades the most; I usually only do long trades when I'm asleep or studying all...
- Drawing lines, idk...I just look for levels where price has reacted, as reflected in the charts shown in this thread. A lot of time watching charts and 100+ hrs backtesting actual data. I'd recommend backtesting tons, you should pretty much be able to ID a level without thinking about it.

- My TP & SL are usually 10p. Findus trades with a larger TP & SL. It all depends on what you're most comfortable with.

- Yeah, always have a SL for this type of trading. I don't know if you're just demo trading but...man, your platform crashes, you lose connection, etc., and the market starts folding, things will get ugly quick.

Don't mean to take over your thread Findus, kick me out at any time
  • #225
  • Mar 27, 2013 8:40pm Mar 27, 2013 8:40pm
Quoting sam0182
- Drawing lines, idk...I just look for levels where price has reacted, as reflected in the charts shown in this thread. A lot of time watching charts and 100+ hrs backtesting actual data. I'd recommend backtesting tons, you should pretty much be able to ID a level without thinking about it.

- My TP & SL are usually 10p. Findus trades with a larger TP & SL. It all depends on what you're most comfortable with.

- Yeah, always have a SL for this type of trading. I don't know if you're just demo trading but...man, your platform crashes,...
That's a great point for a stop loss! haha, I have made a real account but I'm not ready to play with real money yet! Also, it seems like if you estimate to open the trade at the max/min then you could have a smaller sl so maybe just use like 5sl and tp10? Or would that not give enough room to "allow the market to breathe"

Right now I'm doing a trade and as soon as it's finished I'll figure out how to post my chart and see what you think!

Also I'm just curious what "studies" do y'all use and what % of the account do you use when doing this?
To maximize your gains you must minimize your losses
  • #226
  • Mar 27, 2013 8:42pm Mar 27, 2013 8:42pm
ps, so far so good on this trade, i'm up to 4 pips now and I changed my stop loss from -10 to 1 so if anything now I'll make 1pip profit? what do you thi nk of that!?
To maximize your gains you must minimize your losses
  • #227
  • Mar 27, 2013 8:43pm Mar 27, 2013 8:43pm
Joey, keep an eye on AUD/USD @ 1.0422 range for a long bounce. You'll see what I'm talking about.
  • #228
  • Mar 27, 2013 8:51pm Mar 27, 2013 8:51pm
nice yeah, I have been watching it. Now the hard part is to decide when it's going to bounce haha
To maximize your gains you must minimize your losses
  • #229
  • Mar 27, 2013 9:17pm Mar 27, 2013 9:17pm
Quoting JoeyTTU
That's a great point for a stop loss! haha, I have made a real account but I'm not ready to play with real money yet! Also, it seems like if you estimate to open the trade at the max/min then you could have a smaller sl so maybe just use like 5sl and tp10? Or would that not give enough room to "allow the market to breathe"

Right now I'm doing a trade and as soon as it's finished I'll figure out how to post my chart and see what you think!

Also I'm just curious what "studies" do y'all use and what % of the account do you use when doing...
SL & TP, you'll have to do your backtesting and see what works best for you.

I don't use any studies. Acct risk varies for me, 1-3%/trade.

Quoting JoeyTTU
ps, so far so good on this trade, i'm up to 4 pips now and I changed my stop loss from -10 to 1 so if anything now I'll make 1pip profit? what do you thi nk of that!?
I'm not a fan of breakeven trading but that again boils down to your backtesting and what you've proven works.

Quoting JoeyTTU
nice yeah, I have been watching it. Now the hard part is to decide when it's going to bounce haha
A single lot example of the Aussie trade I pointed out below. I closed for just shy of 6pts after spread, which is pretty brutal (4pts round trip).
Attached Image (click to enlarge)
Click to Enlarge Name: au1lot.png Size: 136 KB
  • #230
  • Mar 27, 2013 9:23pm Mar 27, 2013 9:23pm
Keep an eye on GJ @ 142 Joey. Obviously, with these yen pairs, wider stops are recommended, especially with this level as it's a bit more of a range.
Attached Image (click to enlarge)
Click to Enlarge Name: gj.png Size: 118 KB
  • #231
  • Mar 27, 2013 9:26pm Mar 27, 2013 9:26pm
Yeah, I'm not really a big break-even fan myself, however more so than a "negative" trader haha. And wow! I've apparently been putting way too much into this. I've been ranging from 30%-60% into a single trade... I'm still waiting on the AUD?USD, I think it's going to fall to roughly 1.0415-1.042 but we'll see!
To maximize your gains you must minimize your losses
  • #232
  • Mar 27, 2013 9:27pm Mar 27, 2013 9:27pm
Quoting sam0182
Keep an eye on GJ @ 142 Joey. Obviously, with these yen pairs, wider stops are recommended, especially with this level as it's a bit more of a range.
Do you have any "type" of pairs that you trade with or just whatever is liquid?
To maximize your gains you must minimize your losses
  • #233
  • Mar 27, 2013 9:51pm Mar 27, 2013 9:51pm
Another shot at this Aussie level but this time with 10 lots.
Attached Image (click to enlarge)
Click to Enlarge Name: anothershot.png Size: 291 KB
  • #234
  • Mar 27, 2013 9:53pm Mar 27, 2013 9:53pm
Quoting JoeyTTU
Do you have any "type" of pairs that you trade with or just whatever is liquid?
I try to stick with the lower spread pairs...but sometimes a good setup is worth paying the higher spread.

Mostly EU/EJ for me. Some GJ/GU/AU.

I'm curious to what all pairs Findus watches.
  • #235
  • Mar 27, 2013 10:01pm Mar 27, 2013 10:01pm
GJ 30pts out from the buy zone, keep an eye on it.
  • #236
  • Mar 27, 2013 10:06pm Mar 27, 2013 10:06pm
Okay I know this probably looks a mess, but this is what I am looking at. As of now its a trade gone wrong lol. it was going good now it shot down
Attached Image (click to enlarge)
Click to Enlarge Name: dd.png Size: 735 KB
To maximize your gains you must minimize your losses
  • #237
  • Mar 27, 2013 10:06pm Mar 27, 2013 10:06pm
I should've just taken my 5 pips or whatever and walked away haha
To maximize your gains you must minimize your losses
  • #238
  • Mar 27, 2013 10:08pm Mar 27, 2013 10:08pm
Nah, if you're on demo, hang in there. You had a really nice 1hr close, I think the big boys are just pushing out the breakout traders now and this will shoot up.

That being said, I don't trade PA...I trade levels. And I closed out the 10lot trade @ +5 and won't be putting any more on this level.
  • #239
  • Mar 27, 2013 10:23pm Mar 27, 2013 10:23pm
Quoting sam0182
Nah, if you're on demo, hang in there. You had a really nice 1hr close, I think the big boys are just pushing out the breakout traders now and this will shoot up.

That being said, I don't trade PA...I trade levels. And I closed out the 10lot trade @ +5 and won't be putting any more on this level.
I think I'm a little confused on what you mean you trade levels?
To maximize your gains you must minimize your losses
  • #240
  • Mar 27, 2013 10:26pm Mar 27, 2013 10:26pm
Quoting JoeyTTU
I think I'm a little confused on what you mean you trade levels?
ie I trade levels with little discretion towards price action (PA). Me telling you to hang in this Aussie long was a PA call...and I giving you a disclaimer that I'm not a very good PA trader

You still hanging in there on demo?
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