Attachments: Mastering the Art of Trading

Mastering the Art of Trading

#901
Oct 1, 2013 7:37am Oct 1, 2013 7:37am

pipslearner1
| Joined Oct 2011 | Status: Trader | 22 Posts

Quoting raminfx

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{quote} I was just about to post this chart and you beat me to it. If it does close like this then it would have rejected BRN .90 as well. Ghous, thoughts on possibly taking this trade if it setups correctly?

Ignored

Hi Neytiri... why dont U wanna take the trade on the daily time frame...?

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#902
Oct 1, 2013 8:29am Oct 1, 2013 8:29am

Neytiri
| Joined Sep 2013 | Status: Trader | 402 Posts

Quoting pipslearner1

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{quote} Hi Neytiri... why dont U wanna take the trade on the daily time frame...? {image}

Ignored

Hi Pips,

I am taking the trade on the daily time frame.

My main criteria is that it should close above 0.9068 at least on the 4 hour chart. By closing above 0.9068, it will have closed above the trendline and the 4 hour ppz. I anticipate that if price closes above 0.9068, it might trickle its way to 0.9128.
Its not a A+ setup for sure. Let's see how it goes.

Intraday is stressful for me too and makes me nervous.

Neytiri

#903
Oct 1, 2013 8:51am Oct 1, 2013 8:51am

CaptainLush
| Joined Jul 2013 | Status: Trader | 85 Posts

Neytiri I was tempted to take the same trade on 4hr.

Entered the AU on 4hr, not a great entry but RN rejection, in a medium trend, out of a TL, previous LL closed the gap. and i now have a tight SL.

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#904
Oct 1, 2013 9:10am Oct 1, 2013 9:10am

Neytiri
| Joined Sep 2013 | Status: Trader | 402 Posts

Quoting CaptainLush

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Neytiri I was tempted to take the same trade on 4hr. Entered the AU on 4hr, not a great entry but RN rejection, in a medium trend, out of a TL, previous LL closed the gap. and i now have a tight SL. {image}

Ignored

Great. Waiting for a close above 0.9068.

Neytiri

#905
Oct 1, 2013 11:04am Oct 1, 2013 11:04am

ghous
Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts

Quoting raminfx

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{quote} I was just about to post this chart and you beat me to it. If it does close like this then it would have rejected BRN .90 as well. Ghous, thoughts on possibly taking this trade if it setups correctly?

Ignored

I do appreciate the fact that the fake out is off of a major long term LLS and the BRN confluence of 9000 just takes the credibility miles ahead. That said, I also believe that the trade is running into some traffic as you guys identified. A small immediate consolidation box followed by a major PPZ.

It certainly isn't a no-brainer for sure. My decision is still pending. Perhaps I'll require a pull back to the LLS as buying that high (if we close strongly) would make me very nervous heading straight into those trouble areas.

Still just a thought though. When I am thinking too much about a setup it often ends up as a pass, but this won't be as easy due to the locational pros.

g.

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I believe . . .

#906
Oct 1, 2013 11:09am Oct 1, 2013 11:09am

ghous
Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts

My girl friend ditched me but I still love her.

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I believe . . .

#907
Oct 1, 2013 11:15am Oct 1, 2013 11:15am

ghous
Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts

Quoting Neytiri

Disliked

{quote} Hi Pips, I am taking the trade on the daily time frame. My main criteria is that it should close above 0.9068 at least on the 4 hour chart. By closing above 0.9068, it will have closed above the trendline and the 4 hour ppz. I anticipate that if price closes above 0.9068, it might trickle its way to 0.9128. Its not a A+ setup for sure. Let's see how it goes. Intraday is stressful for me too and makes me nervous. Neytiri

Ignored

Waiting to trade that high, makes no sense for me.

Consider the scenario where, in taking an entry that high, price is headed straight into a major consolidation box low that should make, me personally, very nervous and jittery.

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I believe . . .

#908
Oct 1, 2013 11:28am Oct 1, 2013 11:28am

ghous
Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts

Quoting pipslearner1

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EUR/USD 4hour time frame... pls ghous and all, say smthing about it... I appreciate... {image}

Ignored

These make up for extremely aggressive trades and so for me are really like an action thriller that I'd prefer to enjoy over a couch.

Sometimes, the order flow within a consolidation box, is too evenly matched to enable price to break through. It will, at times, need to fake out off one end to allow for the positions to unload before price can actually break through - THE OTHER END.

Sounds crazy but actually makes sense. So if really we want a break to the downside from this consolidation box, does it make difficult for the pro sellers to unload their positions in a highly liquid market where buyers match up to the sellers almost head to head? Does it make sense to trigger some retail buying over at the other end to allow the pros to unload their positions (that too at the best available prices) and push price back into the consolidation box and all the way through for a true breakout the other end?

Don't get me wrong, of course the consolidation box under all that pro selling is going to create trouble areas and make trade management real tough, but its fun to watch (I said watch not trade) price battle its way through all that traffic and eventually give the pros what they want. This does happen quite often, and it just makes you sit and wonder at the level of control that the pros have versus the "illusion of control" the retail traders think they operate with.

g.

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I believe . . .

#909
Oct 1, 2013 11:31am Oct 1, 2013 11:31am

cemfx
| Joined Mar 2008 | Status: Trader | 73 Posts

Quoting pipslearner1

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Hi Ghous and All, Just find this on USD.SEK daily time frame... it appears to be a fake out... Am I right..? if am right, can I sell if it closes below the resistance line..? {image}

Ignored

Was a beautiful trade..thanks for pointing it out pipslearner1

#910
Oct 1, 2013 11:43am Oct 1, 2013 11:43am

ghous
Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts

Quoting cemfx

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{quote} Was a beautiful trade..thanks for pointing it out pipslearner1

Ignored

Hold your horses there. What trade, what setup are we talking about here? It certainly can't have anything to do with a fake out.

I believe . . .

#911
Oct 1, 2013 12:11pm Oct 1, 2013 12:11pm

cemfx
| Joined Mar 2008 | Status: Trader | 73 Posts

Quoting ghous

Disliked

{quote} Hold your horses there. What trade, what setup are we talking about here? It certainly can't have anything to do with a fake out. g.

Ignored

This was the trade ghous and yes was a nice fakey right into the trouble area which gave extra reason for price to head back down

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#912
Oct 1, 2013 12:17pm Oct 1, 2013 12:17pm

ghous
Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts

Quoting cemfx

Disliked

{quote} This was the trade ghous and yes was a nice fakey right into the trouble area which gave extra reason for price to head back down {image}

Ignored

That is not a fake out. At least not the way we trade it.

You have drawn a lowest low of support level, and fake out off of it, would be price heading into it from above and receiving rejection to give off a bullish setup that you go long off. What I am seeing you do here, is simply take a short off a former support zone. This is mixing up different styles up to a dangerous extent.

g.

I believe . . .

#913
Oct 1, 2013 2:02pm Oct 1, 2013 2:02pm

LamerTrader
Joined Jul 2012 | Status: Ninja | 537 Posts

Where is pinbar?!
Steve you alive?

It's all psychology...

#914
Oct 1, 2013 5:48pm Oct 1, 2013 5:48pm

CaptainLush
| Joined Jul 2013 | Status: Trader | 85 Posts

hi all, True the US/Chf is heading into traffic but an early entry on the first 4hr pinbar style fakey candle would have given time to adjust SL to BE and cross fingers.

Ghous I entered the US/CAD you mentioned in post #906, it was on the daily timeframe on 20/9 at 1.0278. Unfortunately I moved SL to BE when price looked like it was passing through early traffic and reached 1.0338. Was stopped out a few days back. Good trade just moved to BE to early due to lack of monitor time. I will look to re-enter again.

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