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Mastering the Art of Trading

  • #121
  • Edited Aug 29, 2013 1:09am Aug 28, 2013 11:09pm | Edited Aug 29, 2013 1:09am
Am surprised no one has brought this one up.

Eur/USD seems to be playing the rules. Albeit in a horrible range. But looks like today is a long day.

edit: I fail... haha
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  • #122
  • Aug 28, 2013 11:12pm Aug 28, 2013 11:12pm
nice information sharing ghous.
I will try it out and post some charts soon.
Tough Times Never Last But Tough People Do
  • #123
  • Aug 29, 2013 12:32am Aug 29, 2013 12:32am
I have shorted EUR/NZD at 1.7030 after HHR and Daily Pin bar confirmation. Actually I took trade on 4H time frame.

Still doubt where to put take profit. Any advice appreciated....
80% effort, 20% luck
  • #124
  • Aug 29, 2013 1:23am Aug 29, 2013 1:23am
Quoting lenrod
Great thread ghous What's your take on Oil? I think the fake out is good + BRN and divergence but I don't like the consolidation just under the setup. {image} {image}
Hey Lenrod,

Totally agree with you. Everything good about that except the notorious consolidation box just underneath which kills it for space IMHO.

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g.
I believe . . .
  • #125
  • Aug 29, 2013 1:27am Aug 29, 2013 1:27am
Quoting PurePrice
Gold setup short on daily .. perfect setup at 1424
Not entirely perfect IMO.

I don't quite like how price didn't quite accelerate into the HHR nor dropped strong under it. Moreover, notice how we are headed straight into the 1400 BRN.

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g.
I believe . . .
  • #126
  • Aug 29, 2013 1:27am Aug 29, 2013 1:27am
Quoting Takisd
Am surprised no one has brought this one up. Eur/USD seems to be playing the rules. Albeit in a horrible range. But looks like today is a long day. edit: I fail... haha {image}
yeah well, that is a horrible range. lol.

g.
I believe . . .
  • #127
  • Aug 29, 2013 1:29am Aug 29, 2013 1:29am
Quoting loog12us
nice information sharing ghous. I will try it out and post some charts soon.
. . . . . .

g.
I believe . . .
  • #128
  • Aug 29, 2013 1:30am Aug 29, 2013 1:30am
Yeh, I generally scalp and have done so for longer than I'd like to admit. So I was blinded by the 50 pips in 1 shot I trade 1min and 5mins similar to your style but for tiny pips
  • #129
  • Aug 29, 2013 1:39am Aug 29, 2013 1:39am
Quoting KOS-fx
I have shorted EUR/NZD at 1.7030 after HHR and Daily Pin bar confirmation. Actually I took trade on 4H time frame. Still doubt where to put take profit. Any advice appreciated....
For one there is something very wrong about shorting straight into a RN like 1.700

This is so because round numbers tend to be order flow magnets. Round numbers is the currency for all the big games in the market. Options trading for instance revolves majorly around round numbers. If you're looking to short near a round number make sure its at least a few pips below it and for longs a few pips above it.

Anyways, for this particular trade the 1.7 and the swing low at it, marks your really critical first trouble area and price is just about at it. I would really worry if I start seeing a bounce here. If I were you my stop would already be at BE or at least significantly reduced. Yes that kills the trade for breathing space, but honestly I'd rather suffocate a risky trade like this than allow it come back and hurt me.

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g.
I believe . . .
  • #130
  • Aug 29, 2013 1:57am Aug 29, 2013 1:57am
Quoting Pinbar
{quote} Thanks for the information. No, you can not do that with FX-Pro or FXDD. Seems to be ok now, must have been a gremlin in the system.
Wonder if those Gremlins are not created on purpose...broker boys seem to have tricks all over...

Anyway, glad itīs working again for u, and by the way, thanks for your smart way of scanning MT4, didnīt know that trick before...
  • #131
  • Aug 29, 2013 2:00am Aug 29, 2013 2:00am
Quoting cuchuflito
{quote} Wonder if those Gremlins are not created on purpose...broker boys seem to have tricks all over... Anyway, glad itīs working again for u, and by the way, thanks for your smart way of scanning MT4, didnīt know that trick before...
Couldn't have been.

There is a 0 chance that a broker would ploy a dirty tactic on their demo platform. That's like making sure the rat knows its poison before wanting to feed it.

g.
I believe . . .
  • #132
  • Aug 29, 2013 2:06am Aug 29, 2013 2:06am
Ghous

I am looking at the EUR/MXN setup, I fluffed closing the partial trade on.

I am seeing large wicks to the upside and failure to close above the HHR.
I think if these TBLs break, it may well hit the 17.4000 area.

What are your thoughts on my way of thinking.

I am not going to jump in it, just watching.
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  • #133
  • Aug 29, 2013 2:11am Aug 29, 2013 2:11am
Quoting Pinbar
Ghous I am looking at the EUR/MXN setup, I fluffed closing the partial trade on. I am seeing large wicks to the upside and failure to close above the HHR. I think if these TBLs break, it may well hit the 17.4000 area. What are your thoughts on my way of thinking. I am not going to jump in it, just watching. {image}
Perhaps yes. In this regard, I do like the fact that even yesterday's bar ended up closing back within the HHR. These continued failed attempts could be hinting on a move down to 17.400

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Almost like the "multiple confirmations" theory of the lower time frames.

g.
I believe . . .
  • #134
  • Edited 2:25am Aug 29, 2013 2:14am | Edited 2:25am
Quoting ghous
{quote} Perhaps yes. In this regard, I do like the fact that even yesterday's bar ended up closing back within the HHR. These continued failed attempts could be hinting on a move down to 17.400 {image} Almost like the "multiple confirmations" theory of the lower time frames. g.

Thanks Ghous

Just an occasional reality check in, to make sure I am not wandering off the path, into the nettles.

Been there done that.

Yes, well it the mechanism should be fractal and work in a similar manner on all tfs.
  • #135
  • Aug 29, 2013 3:11am Aug 29, 2013 3:11am
Quoting ghous
{quote} For one there is something very wrong about shorting straight into a RN like 1.700 This is so because round numbers tend to be order flow magnets. Round numbers is the currency for all the big games in the market. Options trading for instance revolves majorly around round numbers. If you're looking to short near a round number make sure its at least a few pips below it and for longs a few pips above it. Anyways, for this particular trade the 1.7 and the swing low at it, marks your really critical first trouble area and price is just about...
I just checked that one and found you already posted some thing about that ....
But isnt that you look for? away from RN have almost 40+ pips to FTA on the bar close
just closed above the RN , not having too much difference for stop placement
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Tough Times Never Last But Tough People Do
  • #136
  • Edited 4:10am Aug 29, 2013 3:53am | Edited 4:10am
Quoting loog12us
{quote} I just checked that one and found you already posted some thing about that .... But isnt that you look for? away from RN have almost 40+ pips to FTA on the bar close just closed above the RN , not having too much difference for stop placement {image}
The poster said, he sold it at that level.

Why would you want to sell at a low price instead of a high price?
As Ghous said, the 1.7000 is a major RN, with a swing point so, we should be looking to buy here, not sell.

If you owned a shop and bought, 500 pairs of shoes for 30 bucks a pair, would you want to sell them for 20 bucks a pair?
I doubt it.

You can see that the current bar is starting to look like a bullish PB with the close 7 mins away, in the start of the London session and at the close of the Asian session.


Edit: This is where so many people go wrong in trading.
They use the H4, H1 or lower tfs but, you do not get to see the bigger picture on those time frames.
I know, I have done it myself and it makes you waste years of time, and you never get to see the more general view of things.
Take a look at the daily consolidation box.
A consolidation box is by its very nature, resistance at the upper level and support below.
We don't want to sell into support, before it breaks and retests the area.
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  • #137
  • Aug 29, 2013 4:12am Aug 29, 2013 4:12am
Ah .......... i thought he is talking about Buying.
Tough Times Never Last But Tough People Do
  • #138
  • Aug 29, 2013 4:38am Aug 29, 2013 4:38am
Quoting loog12us
Ah .......... i thought he is talking about Buying.
Yeah, I thought so.

Even so, I would not like to buy into the top of that box.
  • #139
  • Aug 29, 2013 5:03am Aug 29, 2013 5:03am
Hi Ghous

Thank you for this Great thread, help me a lot to understand price action,

Subscribed...
  • #140
  • Aug 29, 2013 5:31am Aug 29, 2013 5:31am
Hi Ghous,

I'm looking at EURCAD right now. Do you look at levels like this where we have the possibility of resistance now becoming support? Or would you consider the level to minor.
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