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  • #4,801
  • Apr 24, 2013 5:11pm Apr 24, 2013 5:11pm
One hybrid, one classic FTB. USDDKK 5m and DAX 1m among a few other less notable scalps.
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  • #4,802
  • Apr 25, 2013 12:54am Apr 25, 2013 12:54am
Quoting freeze
Some unsuccessful trades on USDJPY. And for a change a 1hour trade on NZDUSD I was just watching. {image}{image}
Couple of comments.
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  • #4,803
  • Apr 25, 2013 12:56am Apr 25, 2013 12:56am
Here were my VLTF trades from yesterday, just two, both on EURJPY.

First one was an FTB, ran it further than FLR as had some long bias on EJ at the time and closed it at a previous M5 level together with when UJ hit supply for +2.5R

Second one was a short aiming for M15 SR level after the rejection from M15 supply, would have preferred a higher entry, but this was the first opportunity that was presented +1.4R.
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  • #4,804
  • Apr 25, 2013 2:53am Apr 25, 2013 2:53am
Quoting lovejoy80
{quote} Couple of comments. {image}
Thanks, much appreciated.

Today's trade with a little too ambitious TP, plus a 1hour USDCAD trade that isn't doing too well right now.
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  • #4,805
  • Apr 25, 2013 3:13am Apr 25, 2013 3:13am
Quoting lovejoy80
{quote} I don't see any of those that you marked as short setups, what would make you short any of those? The first one is a definite no as I wouldn't go against a move like that, would want to see price show exhaustion signs first. The others are just meaningless from a PA perspective, just brief rejections but with no actual strength behind them. Why short where I did: 1. Price had now shown signs of exhaustion after the very strong move up. 2. Price couldn't push higher on the bars I based my short on i.e. higher than the previous high. 3. There...

thank you ! so in these wide areas you are waiting on lower timeframe for compression or some bearish action right?
  • #4,806
  • Apr 25, 2013 4:50am Apr 25, 2013 4:50am
Quoting freeze
{quote} Thanks, much appreciated. Today's trade with a little too ambitious TP, plus a 1hour USDCAD trade that isn't doing too well right now. {image} {image}
Hello Freeze

The continuation flag pattern off that mini RBR you noted isa little too insignificant for my liking, I’m more interested in the ‘source’of the actual move. (Solid line on attachment). Price consumed some S before the retest too which always good. Had the area marked just wasn’t at my screento trade.

Apologies for the crappy chart, unfortunately is the only wayI get to intraday trade.
Attached Image
  • #4,807
  • Apr 25, 2013 5:40am Apr 25, 2013 5:40am
Hey Tomek, I really appreciate your comment. For some reason I didn't pay any attention to that source you mentioned, even though it stands out a lot more than that crappy RBR.

According to your style, would you have entered it on a touch (much like an FTB), after buying momentum off the source, after a retest of said momentum, or perhaps a break out of the channel (or is that channel too arbitrary?).

I'm including said chart for others' convenience.
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  • #4,808
  • Apr 25, 2013 6:11am Apr 25, 2013 6:11am
Quoting freeze
Hey Tomek, I really appreciate your comment. For some reason I didn't pay any attention to that source you mentioned, even though it stands out a lot more than that crappy RBR. According to your style, would you have entered it on a touch (much like an FTB), after buying momentum off the source, after a retest of said momentum, or perhaps a break out of the channel (or is that channel too arbitrary?). I'm including said chart for others' convenience. {image}
Yeah, definitely on the touch when the level/zone and channel is so well defined, not to mention that spike into S . For me that channel is far from arbitrary, it's what's occurring within it as opposed to the graphic itself that's important to me. I'd only wait for buying or selling strength if I'm not convinced by the DP or source of an initial move via a LS, WE etc. Mark is sharper shooter so he may differ. He'll be in profit before I work out my %R.
  • #4,809
  • Apr 25, 2013 8:00am Apr 25, 2013 8:00am
Ok, makes sense. How did it not occur to me to look at it like on an SR FTB?

Update on the USDCAD trade from this morning. Unfortunately I had to re-enter, but I still managed to get something above 1R.
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  • #4,810
  • Apr 25, 2013 10:22am Apr 25, 2013 10:22am
Dax trade this morning - SL was above the M1 rejection bar high, made +3.2R on this.
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  • #4,811
  • Apr 25, 2013 10:48am Apr 25, 2013 10:48am
AUDUSD trade this afternoon, same concepts, using M1 to trade between higher TF zones.
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  • #4,812
  • Apr 25, 2013 10:52am Apr 25, 2013 10:52am
Quoting lovejoy80
{quote} My preferred method here is to cancel the setup or at the very least half my risk due to the reasons Freeze mentioned.
An example of why - was planning to short this FTSE FTB, but cancelled my order when price came close and hit my FLR.

Price then had a build up as resistance and of course the strong breakout occurred which was too close to the zone for it to hold.
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  • #4,813
  • Apr 25, 2013 10:58am Apr 25, 2013 10:58am
Not that I would have traded it down to current levels, but still annoying when it missed by 0.4 pips and then does this.
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  • #4,814
  • Apr 25, 2013 11:09am Apr 25, 2013 11:09am
Quoting freeze
{quote} Thanks, much appreciated. Today's trade with a little too ambitious TP, plus a 1hour USDCAD trade that isn't doing too well right now. {image} {image}
As per Tomek's reply I'd only be interested in the source area too and it was such a great area to get involved in on HTF's too (key flip area that was capping price for a fair while until the overnight breakout). Who draws channels like that too, dodgy looking channel to me.

I missed the trade myself as was watching something else at the time, but here is how I would have traded it (chart from the TR this morning).

1. Price hits demand and the DP's, can't push lower.
2. Price gets squeezed into a CP wedge.
3. Strong rejection and break of supply - look to trade on the retest (former supply becomes a demand 'cap' etc).
Attached Image (click to enlarge)
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  • #4,815
  • Apr 25, 2013 11:12am Apr 25, 2013 11:12am
Quoting tinkerbelle
{quote} thank you ! so in these wide areas you are waiting on lower timeframe for compression or some bearish action right?
Yes, I'm not trading a touch on a wide zone like that unless it's a normal FTB setup.

So am identifying any demand I want consumed, waiting for exhaustion (when a strong move like that occurs) and signs of selling strength to come in etc. Each setup is different depending on the specific circumstances...but consumption of key opposing SD / strong rejection are the number 1 things I'm looking for.
  • #4,816
  • Apr 25, 2013 11:17am Apr 25, 2013 11:17am
Another example of what I discussed on the last webinar - zooming into higher TF FB's. This time it was to create value that wasn't present on the TF the FB was on (EURGBP H1). Entries, SL and exits could have been a lot more precise but was busy with other trades at the time so had to rush a fair bit.

That's me done now until next week. For all that have registered for access to the daily review webinars you'll receive details over the weekend.
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  • #4,817
  • Apr 25, 2013 2:42pm Apr 25, 2013 2:42pm
Thanks a lot for all these charts, they're extremely helpful for developing a better understanding of price.


Here are a few more recent ones – USDJPY for -1R, and EURUSD for 4R.

With EU I was in the right place at the right time, unscheduled news helped push it down (not before the earlier selling momentum which I entered).
Attached Image(s) (click to enlarge)
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  • #4,818
  • Apr 25, 2013 2:58pm Apr 25, 2013 2:58pm
Similar situation on USDJPY – I was watching it unfold, but I didn't enter because it didn't look as clear, straightforward as EU.
Attached Image (click to enlarge)
Click to Enlarge Name: fr058_usdjpy m1.png Size: 41 KB
  • #4,819
  • Apr 25, 2013 8:59pm Apr 25, 2013 8:59pm
Quoting lovejoy80
AUDUSD trade this afternoon, same concepts, using M1 to trade between higher TF zones. {image} {image}
Hello Lovejoy:

The demand area you marked off in your second chart that you wanted to be consumed before shorting seems small compared to what I would think is demand there. I outlined what I thought would be demand in blue.

Can you please explain why the area I marked off in blue was not considered demand by you ?

Thanks

Borg


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May the Forex be with you.
  • #4,820
  • Apr 26, 2013 6:04am Apr 26, 2013 6:04am
Quoting Borg
{quote} Hello Lovejoy: The demand area you marked off in your second chart that you wanted to be consumed before shorting seems small compared to what I would think is demand there. I outlined what I thought would be demand in blue. Can you please explain why the area I marked off in blue was not considered demand by you ? Thanks Borg {image}
Annotated chart.
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