Trading from an Experienced and Successful FULL TIME Trader | Page 26 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Are you a full Time Trader Or Part Time? 32 replies

Full-time student, Part time trader 7 replies

from retail trader to full-time trader 17 replies

Experienced Coder/Trader Needed to Develop Trading Strategy 0 replies

Attachments: Trading from an Experienced and Successful FULL TIME Trader
Exit Attachments

Trading from an Experienced and Successful FULL TIME Trader

  • #501
  • Jan 8, 2014 8:54pm Jan 8, 2014 8:54pm
Quoting judgemegod
I'll share some setups I took today: GPBUSD: Ryano mentioned it earlier... +40 USDCHF: Breakout -> pullback to support -> divergence -> uptrend It wasnt an A setup but I did give a shot for that, risked 20 for 40, 2:1. +40pips XAUUSD: Breakout -> pullback to support level and BB 200(strong support)-> uptrend at 1H+4H. +60 pips atm Feel free to comment :o {image} {image} {image}
i am loving how you are trading off this support and resistance!!! Remember, even without arrows, many times hits of areas that have acted as support or resistance for so long will yield very profitable trades! I would still use them until you are very seasoned...they will get you in at a pretty good level most of the time.
  • #502
  • Jan 8, 2014 8:57pm Jan 8, 2014 8:57pm
Quoting Chengy
I am a noob for forex about 3 months. Can I kindly expess my idea? It seems this methodology is based on breakout and retest. And I have observed my charts, I think maybe the MA is a better R/S, though the horizontal can be a good TP？ So,DC, would my mind goes wrong or right? If it is right，or it is can be used(I know in forex,wo couldn't say something is definite unless it has happened) with your methodlogy,then your method would be much more easier for us to use?
Hello Chengy - great observation here. Let me take it a step further. Its based on a break and retest WITH THE TREND. Dont forget that because many noobs love to go counter trend which is a losing game. The moving average is there for added confirmation and to help you with the trend bias...i would still use good old fashioned support and resistance as my primary source however. Again, make it your own but i tell you what has worked for me for such a long time. Safe trading!
  • #503
  • Jan 8, 2014 8:59pm Jan 8, 2014 8:59pm
Quoting Micron
EUR/AUD 4H {image}
interesting chart. A pretty decent area...not A+ since the first hit was so long ago...but nonetheless it did drop about 100 pips off of that. if you are in it I would certainly have a breakeven stop by now. (you are probably getting stopped out if you havent already)
  • #504
  • Jan 8, 2014 9:01pm Jan 8, 2014 9:01pm
Quoting Ryano
USD/CAD A break of the 1.0672 resistance area and a retest showing on the h1 and 30min , I don't have the indicator but the trend looked good to go long, only just seen it (too late ), but a nice setup , Did anyone catch it ?
There was actually some good setups on this late in the day on the 6th and going into the sydney open on the 7th. I REALLY hope someone caught part of this...i may attach a chart when i have time.
  • #505
  • Jan 8, 2014 9:03pm Jan 8, 2014 9:03pm
Quoting johnnyboom
I took nzdjpy trade. {image} {image}
Excellent! That trade is about as good as it gets, really. Good job! A few trades like that a week and you will do VERY well.
  • #506
  • Jan 8, 2014 9:20pm Jan 8, 2014 9:20pm
Okay guys here is a chart i was very carefully watching for trade set ups over the last day or so. I want to go over two potential set ups that popped up and give you a couple thoughts here on them and hopefully you can walk away with something here.

1. Notice this is the SINGAPORE DOLLAR chart. I include this even tho many of you likely dont trade it because the spread is pretty large; I show you this so you can see that these levels will work on any currency pair!

2. Take a close look at the 1 hour chart. Do you see all the hits of the 1.2695 level before it finally broke through? This has acted as dynamic resistance so you know that when it comes back into this level it is very likely going to bounce!!!

3. The first trade set up popped up on my 15m and 30m as confirmation. Remember what I have said, I always like the first hit of the support/resistance level the BEST. There are exceptions and this chart happens to show one and Im going to explain it next!

4. Take a look at the 1 hour chart. Now look at the second white arrow up that I placed on the chart. This arrow is the second hit of this support. Now normally I like the first better but in this case I like the second better; do you see why? First, this is where the trendline meets price!! See the yellow trendline? Not only are you at GREAT vertical support (white dashed line) but you are also at the trendline! Not just that, but you are also hitting the moving average (green coral). These three things combined set up a heavenly trade! Thats why I like the second better. Also, notice price consolidated sideways to the coral...many times when you see a move up (especially a large one), when price moves back to the moving average slowly in a consolidatory way, price will continue in the direction it was previously going. So, all these things really pointed to a great trade set up. You did have arrows on the 30 minute chart on this trade set up i might point out.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: sgd15m.jpg Size: 216 KB
Click to Enlarge Name: sgd30.jpg Size: 199 KB
Click to Enlarge Name: sgd1hr.jpg Size: 205 KB
  • #507
  • Jan 9, 2014 4:32am Jan 9, 2014 4:32am
Quoting doriotcapita
{quote} Great job! I will say its not typically a trade I take but I will tell u this...if you get sideways action after a huge run like that and it comes back to the moving average (green line and especially with that many arrows) the result is often a contiuation move! I would wonder where u placed your stop loss on this? Sometimes with euphoric moves its hard to pick a stop because theres really no swings just a constant move up or down. Just remember the stop loss!
Thanks for your reply, I did set 30 SL, I thought that if the price will fall 30 pips below the shelf it will give me a sign that something is changing, I saw that my potential was 50+. So atleast 1:1.5
  • #508
  • Jan 9, 2014 12:20pm Jan 9, 2014 12:20pm
Quoting judgemegod
{quote} Thanks for your reply, I did set 30 SL, I thought that if the price will fall 30 pips below the shelf it will give me a sign that something is changing, I saw that my potential was 50+. So atleast 1:1.5
Excellent! Thats what I want to hear
  • #509
  • Jan 9, 2014 12:24pm Jan 9, 2014 12:24pm
Another simple set up here. notice the shelf that was put in and then price broke down and came back to retest the shelf and at the same time the moving average. Vertical support or resitance and moving average at the same level i would say works 70%+ even without confirmation...in this case we did have the confirmation for a nice 40 pip fall with about 10-15 pip stop. This is the NZDJPY trade 5 minute (which i caution newbies to NOT TRADE). I just want to illustrate the concept here. Remember, support and resistance are the MOST important thing you are looking for...indicators are for confirmation only! i am getting some people that are taking trades without confirmation and doing quite well here....if you are going to do this PLEASE make sure the moving average and vertical S/R is lining up at the same spot as those are the BEST ones. Still, please use confirmation.
Attached Image (click to enlarge)
Click to Enlarge Name: jan092014.jpg Size: 107 KB
  • #510
  • Jan 9, 2014 12:30pm Jan 9, 2014 12:30pm
Here is a FANTASTIC support area setting up if we can break above it. This is AUDNZD 1 hour chart and i want to see a legit breakout above this level and a retest....confirmation on the 15 or 30 minute chart. There appear to be positive divergences on the 4 hour and daily charts so this could be a very interesting one!!!!
Attached Image (click to enlarge)
Click to Enlarge Name: audnzd.jpg Size: 84 KB
  • #511
  • Jan 9, 2014 12:50pm Jan 9, 2014 12:50pm
here is yet another set up on the 15 minute chart from earlier. I want to show it for two fold reasons. First of all, notice the circle. I do not consider this the breakdown area as this is a tug of war at SUPPORT. Rememeber, we want to see a legit breakdown and if you are unsure well it probably shoudnt be taken. When in doubt, stay out! You are only looking for trades with a 80%+ success rate! Do notice this area got hit about 7 times before the breakdown...Where to sell? The Red arrow which again is NEAR THE MOVING AVERAGE (and also acting as resistance!) Note the coral is red...this is sell confirmation! A beautiful trade set up indeed. About 30 pips of profit avail so far with this if you waited for the arrow but 40-45 if you sold at this MA/vertical resistance. (again, please wait for confirmation!)

I also want to go over the flip side. See the top dashed line? This was acting as resistance in the channel. Notice you had a legit breakout above this area and it was a pretty significant one at that. Normally, we would take a long when it comes back to the dashed line area but remember what i said earlier, dont take a trade when price is rocking down or up and thats what was going on here...in fact, if you go down to the 5 minute all you will see is sell sell sell! alot of selling action as price came into this area and remember, you want to get in after the market is telling you its time to buy in a case like this. When markets are tanking like this you def wont get any arrows! Hence the reason for confirmation. Even without confirmation it wouldnt take many brains to figure out you dont want to go long until price at least starts to slow down and move up a bit...but this didnt happen...there was TONS of selling going on when it came back down. Trade safe!
Attached Image (click to enlarge)
Click to Enlarge Name: jan092014aud.jpg Size: 277 KB
  • #512
  • Jan 9, 2014 12:51pm Jan 9, 2014 12:51pm
Hi, DC. I have a very serious question that I'd like your opinion to help.

I always have an impression that divergence is meaningless. Either it from MACD or STOCH or RSI is useless.

my reason is very simple: if RSI(24) divergence is seen at two peaks, how can we connect/compare these two peaks if there are more than 24 bars between these 2 peaks? If more than 24 bars inbetween, these 2 peaks are apple and orange, how can we compare them?

I have not been able to find anything convince me that divergence has statistical significance. But I do see you and some other trader keep considering it. However, I guess your way is great due to S/R. Without divergence, you will be same profitable. Since I never seriously study this divergence issue, I'd really like to hear your insights on this.

Been loyally following this thread......

Thanks.

Quoting doriotcapita
Here is a FANTASTIC support area setting up if we can break above it. This is AUDNZD 1 hour chart and i want to see a legit breakout above this level and a retest....confirmation on the 15 or 30 minute chart. There appear to be positive divergences on the 4 hour and daily charts so this could be a very interesting one!!!! {image}
  • #513
  • Jan 9, 2014 12:55pm Jan 9, 2014 12:55pm
AN is approaching historical low now, one LOT calm and patient long will make one rich soon, been watching it for some days now.

This might be a great scout entry aiming daily trend. But on daily TF, i still see more bear attempts.

Quoting doriotcapita
Here is a FANTASTIC support area setting up if we can break above it. This is AUDNZD 1 hour chart and i want to see a legit breakout above this level and a retest....confirmation on the 15 or 30 minute chart. There appear to be positive divergences on the 4 hour and daily charts so this could be a very interesting one!!!! {image}
  • #514
  • Jan 9, 2014 5:51pm Jan 9, 2014 5:51pm
Hey DC great thread! Can you look at the gold and tell your opinion? I'm trying to learn your system..Thanks a lot!
  • #515
  • Jan 9, 2014 10:45pm Jan 9, 2014 10:45pm
Quoting charvo
Hi, DC. I have a very serious question that I'd like your opinion to help. I always have an impression that divergence is meaningless. Either it from MACD or STOCH or RSI is useless. my reason is very simple: if RSI(24) divergence is seen at two peaks, how can we connect/compare these two peaks if there are more than 24 bars between these 2 peaks? If more than 24 bars inbetween, these 2 peaks are apple and orange, how can we compare them? I have not been able to find anything convince me that divergence has statistical significance. But I do see...
Hello Charvo - Here are my thoughts on divergences. ..when I started trading years ago I tried to trade them but since they are counter trend it seemed I always got the trade wrong. On the flip, if you can find divergences WITH the trend, they are usually pretty accurate. Those divergences show up as the straight lines on the THV (not the dashed). Again, they are preferred at support areas so I could still trade without them; they are merely for the sake of more confidence. I do condsider them however when I look at taking a trade. Many times they will keep me out of a trade. For example, lets say I want to go long at support on the USDCAD but I go to the 4 hour and there is a strong negative divergence indicating a fall....I will NOT take the trade. This has kept me out of several bad trades I might add; Im pretty sure I touched on this earlier in the thread...its so important! if you dont understand what Im talking about please let me know and Ill attach some charts with examples! Safe trading!
  • #516
  • Jan 9, 2014 10:46pm Jan 9, 2014 10:46pm
hey guys, the hourly CHFJPY is hitting this 105.70-105.90 a 5th time!!! This is something to watch tomorrow into next week. A significant breakout and then retest of this level would be a great long, if we get it! Keep your eyes open!
  • #517
  • Jan 9, 2014 11:03pm Jan 9, 2014 11:03pm
Quoting kirkland
Hey DC great thread! Can you look at the gold and tell your opinion? I'm trying to learn your system..Thanks a lot!
Hello Kirk, I have attached a chart to illustrate what seems to be going on here....it looks like a head and shoulders bottom is trying to appear on gold right now. Do you see the arcs on the bottom? i use those to illustrate the left shoulder, head and right shoulder. The idea is this...sellers pushed price down to the left shoulder, buyers then came in and bought it up to resistance, and then more sellers came in and took it even lower before buyers came in and again took it up to that same area of resistance. (1231 area) Finally, more sellers came in BUT THIS TIME they could not make new lows or even push it to the prior low, forming a right shoulder. This is very bullish as price is failing to make new lows...higher lows in fact...which is the first step to establishing a new uptrend! Its telling us that perhaps the downtrend is coming to a halt. We appear to be breaking higher (above this resistance) at the moment...I would like to see a significant breakout to about 1237-1240 or so and then a retest of the dashed lines with a confirmation on the 15 or 30 minute at that support level! By then the coral should be green and you should be good to go! Coral is already green on 4 hour as this is in an up trend on the 4 hour chart (green coral and higher highs and higher lows even). Thats currently what Im seeing on this.
Attached Image (click to enlarge)
Click to Enlarge Name: goldchart.jpg Size: 206 KB
  • #518
  • Jan 9, 2014 11:05pm Jan 9, 2014 11:05pm
please remember non farm payroll is in the morning and i am not taking any trades no matter how good they look until at least 30 minutes after the release!!!!!
  • #519
  • Jan 10, 2014 12:05am Jan 10, 2014 12:05am
hey doriot,

I was looking at taking chfjpy today.

I got signal on 5m to go long, but 15m showed divergence so I didn't take it.

1h and 4h there was no divergence.

What do you think?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: chfjpy-15m-100114.png Size: 81 KB
Click to Enlarge Name: chfjpy-5m-100114.png Size: 73 KB
  • #520
  • Jan 10, 2014 12:11am Jan 10, 2014 12:11am
Quoting johnnyboom
hey doriot, I was looking at taking chfjpy today. I got signal on 5m to go long, but 15m showed divergence so I didn't take it. 1h and 4h there was no divergence. What do you think? {image} {image}
I always say, when in doubt stay out! i always look to higher time frames for divergences...if I see one chances are i will stay out unless i have support + trendline + coral all at the same spot...those usually work out (i need tons of confirmation if there is divergence cautioning a potential reversal)....that chart was kind of sloppy for my liking so I didnt take it Im only looking for 5-10 GREAT set ups a week so if something is off even a little bit i stay out. My goal is to win 80%+ my trades and you wont do that if you take questionable trades. Hope this helps!
0 traders viewing now