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Mastering the Art of Trading

  • #921
  • Oct 2, 2013 12:22am Oct 2, 2013 12:22am
Quoting CaptainLush
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.
I too had to actually manually kill the trade towards last weeks close, as it showed no real signs of any movement. Short consolidation periods post massive fake outs isn't something that destroys the setup or the over all story but of course risk management is a whole different concept and in the end both need to be aligned to provide you with the signal.

I was considering a re-entry on Yesterday's daily bar if I had got a strong close on it, but unfortunately the close was pretty bleak.

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g.
I believe . . .
  • #922
  • Oct 2, 2013 12:25am Oct 2, 2013 12:25am
Quoting KOS-fx
Set up with right below FTA consolidation box.... {image}
Agree with Captainlush's resistance zone he drew right at the top. That's where I would have wanted a fake out. The one you've pointed out, is obviously running into a close by FTA and isn't in line with the bigger story.

g.
I believe . . .
  • #923
  • Oct 2, 2013 12:27am Oct 2, 2013 12:27am
Quoting cemfx
{quote} I don't think this qualifies since it is not at the HHR...correct me if I am wrong ghous {image}
It is an HHR price level, but of the minor swing point itself. That's what I was pointing out a minute ago in a prior post to Kos, that that HHR he pointed out wouldn't quite catch my attention as much as the true HHR further above would have.

g.
I believe . . .
  • #924
  • Oct 2, 2013 8:40am Oct 2, 2013 8:40am
There we go!

Once again no surprises.

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g.
I believe . . .
  • #925
  • Oct 2, 2013 8:51am Oct 2, 2013 8:51am
Hey Guys,

Please have a look at AUDNZD Already 4 hr chart looks good.

Neytiri
  • #926
  • Oct 2, 2013 9:02am Oct 2, 2013 9:02am
Quoting ghous
There we go! Once again no surprises. {image} g.
No surprises after such a shitty unemployment news
But im happy cause now i can laugh into the face of those ones who told me its a great trade!
It's all psychology...
  • #927
  • Oct 2, 2013 9:08am Oct 2, 2013 9:08am
Quoting Neytiri
Hey Guys, Please have a look at AUDNZD Already 4 hr chart looks good. Neytiri
Am new to this but wonder whether it is a strong enough SP?
  • #928
  • Oct 2, 2013 9:19am Oct 2, 2013 9:19am
Hi, am back, sorry for the absence. Is there any post that explains these abbreviations that you guys are using like SP, HHA, FTA, BRN, LLS, etc. ?
Patience really does PAY and a lack of patience will make YOU pay.
  • #929
  • Oct 2, 2013 9:31am Oct 2, 2013 9:31am
Quoting shahzad0able
Hi, am back, sorry for the absence. Is there any post that explains these abbreviations that you guys are using like SP, HHA, FTA, BRN, LLS, etc. ?
Hi!

Welcome back!

Check out the second post!
http://www.forexfactory.com/showthread.php?t=435416

Cheers,
Stephen
It's all psychology...
  • #930
  • Oct 2, 2013 9:33am Oct 2, 2013 9:33am
Quoting Neytiri
Hey Guys, Please have a look at AUDNZD Already 4 hr chart looks good. Neytiri
Not quite sure what you want to draw our attention too.

A chart always helps.

g.
I believe . . .
  • #931
  • Oct 2, 2013 9:36am Oct 2, 2013 9:36am
Quoting shahzad0able
Hi, am back, sorry for the absence. Is there any post that explains these abbreviations that you guys are using like SP, HHA, FTA, BRN, LLS, etc. ?
Hey Shahzad,

SP = Swing point

HHA = err...not quite sure. Never used it. Maybe you meant HHR?

HHR = Highest High of Resistance

LLS = Lowest Low of Support

FTA = First Trouble Area

MTA = Major Trouble Area

STA = Second Trouble Area

BRN = Big Round Number

RN = Round Number

TF = Time Frame

Can't really think of any more. Let me know if I have missed out any.

g.
I believe . . .
  • #932
  • Oct 2, 2013 9:40am Oct 2, 2013 9:40am
Quoting ghous
{quote} Not quite sure what you want to draw our attention too. A chart always helps. g.
That giant pin?
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It's all psychology...
  • #933
  • Oct 2, 2013 9:47am Oct 2, 2013 9:47am
Quoting LamerTrader
{quote} That giant pin? {image}
I thought so, but that's just a single bar fake out, running into the 150 EMA and the minor swing high. I wanted to see if he spotted that.

g.
I believe . . .
  • #934
  • Oct 2, 2013 10:00am Oct 2, 2013 10:00am
Quoting LamerTrader
{quote} That giant pin? {image}
I've got a B/E running on this targeting the low of the range. I factored in 1.14 RN as well as strong trend direction on higher TF's. I actually base traded it off the 150/RN and got taken out by the pin on a news spike last night then re-entered this morning. Let's see how it goes
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Anything can happen.
  • #935
  • Oct 2, 2013 10:08am Oct 2, 2013 10:08am
wow i missed the perfect setup (i think!) in gold 4H chart... if you move down to the 1h chart you'll see it just closes at the FTA and then shoots past it to the second trouble area at around 1319...!

now i'm seeing what you mean Ghous, when it's there's isn't a lot of consolidation nearby price moved so much more quickly.
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  • #936
  • Oct 2, 2013 11:09am Oct 2, 2013 11:09am
Hi Ghous and everybody,

Here is a point by point explanation -

1. A double bottom pattern has formed on the daily chart. Many traders would have entered long above HHR
2. Nice fakey bar has formed on the 12 hour chart at a major swing high and price is trading away from brn 1.14. Those who had entered long are now faked out.
3. On the 4 hour chart, price is trading away from the 150 ema and has closed below the low of previous support (low of the pinbar) and the consolidation box .
4.Plenty of space.

I went short when price closed below the previous support on 4 hour chart.
My FTA is 1.128 and stop loss is just above the 150 ema on the 4 hour chart.


Neytiri
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  • #937
  • Oct 2, 2013 11:12am Oct 2, 2013 11:12am
Quoting ghous
{quote} Not quite sure what you want to draw our attention too. A chart always helps. g.
I am sorry for posting the chart too late.
  • #938
  • Oct 2, 2013 11:35am Oct 2, 2013 11:35am
Ghous,

I'm actually in this Cad/Chf on a 1H pinbar, but looks like it might be setting up for a daily on your style. What are your thoughts? Still too crowded?

ThanksAttachment
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  • #939
  • Oct 2, 2013 11:57am Oct 2, 2013 11:57am
Quoting raminfx
wow i missed the perfect setup (i think!) in gold 4H chart... if you move down to the 1h chart you'll see it just closes at the FTA and then shoots past it to the second trouble area at around 1319...! now i'm seeing what you mean Ghous, when it's there's isn't a lot of consolidation nearby price moved so much more quickly. {image}
I don't trade commodities for religious reasons but this is text book stuff. You might want a print out of that and framed right in front of your monitor.

g.
I believe . . .
  • #940
  • Edited 12:40pm Oct 2, 2013 11:58am | Edited 12:40pm
RaminFX i'm in the gold trade. Got my attention on the fakey at LL 1291. but my entry was seeing support at 1300 using a small TF for entry. the SOB missed my TP by 1pip.

Don't know if any of these have been posted recently...

One's to look at..UJ broke out of long term wedge and now performing what could be a fakey on the 4h. broke through minor LL with more substancial one just below.
If it pulls back into wedge and finds support at 98.00 (this is where i apply a lower TF) then it could get interesting

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EJ fakey on 4hr, creating nice pin on daily. bit of trouble nearby but going in the direction of a strong trend. i got in early on 1h

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