Mastering the Art of Trading | Page 15 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Mastering Swing Trading using Market Framework 437 replies

Mastering the Art of Stop Loss 40 replies

Mastering short timeframe scalping 3 replies

Mastering Price Action - tunguska Journal 18 replies

Mastering the Art of Trading vs Impatience 0 replies

Attachments: Mastering the Art of Trading
Exit Attachments

Mastering the Art of Trading

  • #281
  • Sep 2, 2013 2:23pm Sep 2, 2013 2:23pm
AUDJPY H4

Clear SFP.

Acceleration in to the level.

Plenty of room and clear air to FTA.

There is the possibility of retest at 89.38 though.

And there's a gap to be filled [if you go in for that sort of thing].......
Attached Image (click to enlarge)
Click to Enlarge Name: AUDJPY.JPG Size: 89 KB
  • #282
  • Edited 2:52pm Sep 2, 2013 2:37pm | Edited 2:52pm
Quoting Pinbar
Here is a quick question for new people to this method. Experienced people don't need to answer it, to give the new people a chance. If you would take this trade or even would not take this trade, supply the reasons for either. {image}
Little late reply though...

Pros
1.HHR is happening at a very deep swing point
2. Very clear fake out bar at HHR.

Cons
1. Pattern price came to the HHR is not good.
2. FTA very close and there are lot of barriers to the down side.

ohhhhh man this 50 50 chance

I would say it is worth to wait for a better set up rather short this
80% effort, 20% luck
  • #283
  • Sep 2, 2013 2:50pm Sep 2, 2013 2:50pm
Quoting ghous
Here's one I am keenly watching beyond the EUR/USD trade that I am in: Look at that nice accelerated progression into the HHR. We have a fake out but notice the strong close on the fake out bar itself. It managed to close under the HHR but we have very limited information with respect to the actual stop hunting efforts of the pros. I will be looking forward to a second or perhaps even a third confirmation of price finding some real resistance at the HHR to consider a short based off the 4H here. {image} g.
Dear Ghous

"It managed to close under the HHR but we have very limited information with respect to the actual stop hunting efforts of the pros"

is this because small wick of the fake out bar??????????????/

and do you looking your second and third confirmation also forming a bar with big wicks or just a testing of HHR
80% effort, 20% luck
  • #284
  • Sep 2, 2013 2:53pm Sep 2, 2013 2:53pm
Quoting Gt3rs
AUDJPY H4 Clear SFP. Acceleration in to the level. Plenty of room and clear air to FTA. There is the possibility of retest at 89.38 though. And there's a gap to be filled [if you go in for that sort of thing]....... {image}


Yep, i've been waiting for this all day. Waiting for a nice break below 89.00
  • #285
  • Sep 2, 2013 4:48pm Sep 2, 2013 4:48pm
New day and first trade of the week.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPSEK.jpg Size: 67 KB
  • #286
  • Sep 2, 2013 4:55pm Sep 2, 2013 4:55pm
GJ daily, still short from H4 close
Attached Image (click to enlarge)
Click to Enlarge Name: 0WR2HOk.png Size: 36 KB
  • #287
  • Sep 2, 2013 5:19pm Sep 2, 2013 5:19pm
Here's a H4 level on usdchf I'm watching
Attached Image (click to enlarge)
Click to Enlarge Name: fwbkno8.png Size: 34 KB
  • #288
  • Sep 2, 2013 5:35pm Sep 2, 2013 5:35pm
Quoting kdrago
GJ daily, still short from H4 close {image}
IMO it isn't a good setup FTA is near and USDJPY today broke the upper TL, sorry now I can't upload a chart to show what I mean. btw I'd be careful shorting now JPY crosses. Just my opinion though
  • #289
  • Sep 2, 2013 6:08pm Sep 2, 2013 6:08pm

Thanks again for yesterdays comments Ghous and Pinbar.

Ghous as requested I have tried to do the commentary on this EU Daily chart myself.

Gentlemen if you have time your take would be greatly appreciated. I am figuring a long entry at 1.3205 ie above the BRN

Kind Regards

Anthm

Attached Image (click to enlarge)
Click to Enlarge Name: eurusddaily.png Size: 43 KB
When you're in the land of HOPE, you're done, get out of there, WALK AWAY
  • #290
  • Edited 9:19pm Sep 2, 2013 9:02pm | Edited 9:19pm
People did very well in thinking about this hypothetical trade.

Personally, I would not have traded it for the following reasons.

1: Large bearish bar, with the close a long way from the level.
The bearish PB while showing order flow, gets us in after the fact, we want to be able to get in close to the people Stops who find themselves, on the wrong side of the trade. Their stops will get hit thus, reversing the buy to a sell order. As in Forex this is the only way to close a trade even if you close it manually.
This creates more liquidity for price to move in the opposite direction to the people on the wrong side of the fence.
This also creates a very large stop which, if we have clear space is on but in this example, that is not the case.

2: FTA is right below the bar, price could easily bounce there.

3: Notice the stair like trickle back to the level,we want to see more momentum on the swing back.
Also, these former resistance and support areas work more like ZONES than a line on the chart.


Good job folks
Attached Image (click to enlarge)
Click to Enlarge Name: Q.png Size: 29 KB
  • #291
  • Edited 10:25pm Sep 2, 2013 9:05pm | Edited 10:25pm
Quoting LamerTrader
Anyway, @Pinbar, did you completely quit playing the jarroo method?

The two methods can work in tandem.

I am looking at them both as confluence.
The thing with HCR-LCS is, I often found price would miss hitting them and I would not get an entry.
With the Fake out, we appear to have more people getting trapped on the wrong side of the fence.
I feel this is probably because, more people will be looking at a SP high than a HCR in the swing point.
Hope you get what I mean.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: w.png Size: 67 KB
Click to Enlarge Name: d.png Size: 72 KB
  • #292
  • Edited 11:36pm Sep 2, 2013 11:16pm | Edited 11:36pm
I have a question for Ghous about the possibility of an early sign of a failure signature.
If we get a fake out at a good SP and then the next bar or even the next bar, takes out the high of the FOB, can this be an early sign of a possible failure.
I actually took this trade on GBP/JPY in demo to see if it will show me a sign of the the failure.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpcaddaily.png Size: 51 KB
Click to Enlarge Name: gbpjpydaily.png Size: 61 KB
  • #293
  • Sep 3, 2013 12:50am Sep 3, 2013 12:50am
This method is testing my patience at its maximum......

But..................... I like this...............

Thank you GHOUS, PIN BAR and all other senior members......
80% effort, 20% luck
  • #294
  • Sep 3, 2013 1:50am Sep 3, 2013 1:50am
Good morning guys....I am watching these too pairs, that could find SF pretty soon

Attached Image (click to enlarge)
Click to Enlarge Name: GCHF.png Size: 19 KB


Attached Image (click to enlarge)
Click to Enlarge Name: Uchf.png Size: 21 KB
  • #295
  • Sep 3, 2013 2:32am Sep 3, 2013 2:32am
Quoting dipie
Good morning guys....I am watching these too pairs, that could find SF pretty soon {image} {image}
GBP News coming in 1 hour. Let's see how react at that point.
  • #296
  • Sep 3, 2013 4:02am Sep 3, 2013 4:02am
Quoting dipie
Good morning guys....I am watching these too pairs, that could find SF pretty soon {image} {image}
I guess that GBP/CHF made a nice SF, despite the good PMI from UK....candle closed too far from HCR, so I set a sell-limit to HCR...We see what happens :-)
  • #297
  • Sep 3, 2013 6:36am Sep 3, 2013 6:36am
Quoting Gt3rs
AUDJPY H4 Clear SFP. Acceleration in to the level. Plenty of room and clear air to FTA. There is the possibility of retest at 89.38 though. And there's a gap to be filled [if you go in for that sort of thing]....... {image}
I see that some people took the initial 4H fake outs on the yen pairs, and would have got caught on the whipsaw.

I made a video about my thoughts on these Yen setups as well as the more general logic behind waiting for multiple confirmations on lower time frames.

Will share it when I have it uploaded.

g.
I believe . . .
  • #298
  • Sep 3, 2013 6:38am Sep 3, 2013 6:38am
Quoting KOS-fx
{quote} Dear Ghous "It managed to close under the HHR but we have very limited information with respect to the actual stop hunting efforts of the pros" is this because small wick of the fake out bar??????????????/ and do you looking your second and third confirmation also forming a bar with big wicks or just a testing of HHR
I have covered this in the video

But simply the length of the fake out bar and just simply the fact that it was the initial fake out that made me feel that I needed more information.

g.
I believe . . .
  • #299
  • Sep 3, 2013 6:41am Sep 3, 2013 6:41am
Quoting antoniomago
New day and first trade of the week. {image}
Interesting trade.

I particularly like the BRN (1.3) confluence with the HHR. I'd have the stop loss slightly further above though as its sitting pretty close to 1.3 anyway.

g.
I believe . . .
  • #300
  • Sep 3, 2013 6:57am Sep 3, 2013 6:57am
Quoting Pinbar
I have a question for Ghous about the possibility of an early sign of a failure signature. If we get a fake out at a good SP and then the next bar or even the next bar, takes out the high of the FOB, can this be an early sign of a possible failure. I actually took this trade on GBP/JPY in demo to see if it will show me a sign of the the failure. {image} {image}
Not really.

It actually means the end of the trade for us as the stop goes beyond the fake out high/low anyway lol. But what I mean is, that price merely breaking the high/low of the fake out bar isn't enough to trigger a solid signal for the fake out failing. It might mean an end to a trade, but a trade remember, stems from a system, and a system simply extracts its merits from generalizations and elements of a market phenomena that are consistent and repeatable.

Getting back to the point, Price may break the fake out high/low yet still close back within it and start off with subsequent bars indicating implicit divergence. In that case, Every bar that follows the sequence only strengthens the setup further. It might look bizare at first, but beyond taking an initial loss on the trade the "fake out scenario" may prepare itself for yet another more promising setup for you. This is very common on the lower time frames. In fact that's actually where the idea of the using multiple confirmations on the lower TFs came from.

Here's a recent example:

Attached Image (click to enlarge)
Click to Enlarge Name: pin bar.png Size: 35 KB


g.
I believe . . .
1 trader viewing now