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  • #29,601
  • Edited 9:40am Jan 21, 2014 9:02am | Edited 9:40am
EJ 1hr candles, 7 quick scalps +33.9 pips, trades on non-MT4 ECN platform lots of work for small pips

Entries and exits on lower t/f's.
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Keep It Simple
  • #29,602
  • Jan 21, 2014 9:31am Jan 21, 2014 9:31am
Quoting alfis
{quote} Hi Phx62, Can I check with you more on the PCRF trade. You mentioned it was based on strong PA, what exactly do you mean by that? And besides the pinbar/TDI, are there anything else you look at before determining an entry? Because if I was looking at the chart, I wouldn't have entered due to the really close resistance nearby. Hoping to hear your thoughts on this, thanks.
There are always other factors involved in taking any trade. If you are asking if I could predict that this trade would be successful, the answer is NO. No one can predict exactly what the market will do. However, based on the explanation I already gave, I expected price to go up.
There were some other factors I saw that confirmed my trade entry. If you look at the chart, I took my 1st trade of the week 2 hours into the market opening for the week. The PCRF at the end of that trade formed the low of this week, so far. Then the London session on the 20th set a Higher High, followed by a Higher Low on a shallow retracement. Then the PCRF formed with a pinbar, so I expected the market to move up and set a Higher High, since that is the direction the market is trending. By the term "strong PA", I meant that price moved up very strongly following the pinbar, with a very small wick at the bottom of the entry candle. That proved to be true since there are no lower wicks on the next 3 candle.
Support and Resistance are very subjective. Just because we draw a line on a chart showing previous resistance does not necessarily translate into that resistance holding when price comes to that line. Of course, weekly, monthly and even daily resistance areas are much stronger than hourly or H4 areas but often price will pull through any of the S/R areas. Just something to be aware of and plan for by doing higher time frame analysis but an hourly resistance area that has only been hit once is usually not that strong.
  • #29,603
  • Jan 21, 2014 9:36am Jan 21, 2014 9:36am
I trade mainly 4 hour charts but I have been back-testing the 1 hour again using the MTF lastingwell has added!!

I traded short on EJ, there was a double top and green crossed red on the hour!

Risk 20 pips

TP 50 pips

R:R 2.5:1
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Give yourself a chance and trade it like it's layed out...
  • #29,604
  • Jan 21, 2014 9:46am Jan 21, 2014 9:46am
Quoting Bizzzle
I trade mainly 4 hour charts but I have been back-testing the 1 hour again using the MTF lastingwell has added!! I traded short on EJ, there was a double top and green crossed red on the hour! Risk 20 pips TP 50 pips R:R 2.5:1 {image}

Perfect
  • #29,605
  • Jan 21, 2014 9:53am Jan 21, 2014 9:53am
Today NY session ej H1 ,
PA was consolidating below 200ema and at the 50% fib of last H4 swing,
TDI mbl was rising, red and green were heading down, I entered the trade with an initial 15 pips SL,
and monitored it closely, took profit at 141.10 where I saw previous support for +40 pips
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If you're going through hell, keep going. Winston Churchill
  • #29,606
  • Jan 21, 2014 9:57am Jan 21, 2014 9:57am
Quoting Imi
Today NY session ej H1 , PA was consolidating below 200ema and at the 50% fib of last H4 swing, TDI mbl was rising, red and green were heading down, I entered the trade with an initial 15 pips SL, and monitored it closely, took profit at 141.10 where I saw previous support for +40 pips {image} {image}
There was also nice bearish divergence on H1.
  • #29,607
  • Jan 21, 2014 9:57am Jan 21, 2014 9:57am
Quoting lastingwell
{quote} Perfect
Thanks just copying you
Give yourself a chance and trade it like it's layed out...
  • #29,608
  • Jan 21, 2014 9:59am Jan 21, 2014 9:59am
Quoting Imi
Today NY session ej H1 , PA was consolidating below 200ema and at the 50% fib of last H4 swing, TDI mbl was rising, red and green were heading down, I entered the trade with an initial 15 pips SL, and monitored it closely, took profit at 141.10 where I saw previous support for +40 pips {image} {image}
Great trade mate well done
Give yourself a chance and trade it like it's layed out...
  • #29,609
  • Jan 21, 2014 10:08am Jan 21, 2014 10:08am
Morning everyone,
Trades so far today are:
GBP/USD BUY H4
EUR/CHF SELL H4
EUR/GBP SELL H4
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  • #29,610
  • Jan 21, 2014 10:10am Jan 21, 2014 10:10am
Quoting Imi
Today NY session ej H1 , PA was consolidating below 200ema and at the 50% fib of last H4 swing, TDI mbl was rising, red and green were heading down, I entered the trade with an initial 15 pips SL, and monitored it closely, took profit at 141.10 where I saw previous support for +40 pips {image} {image}
I sold just like you (along with some other jpy pairs) but I'm still in, even if price pulled back by 10 pips and after candle close it left one of those half-body half-wick APB, so not a great hope of continuation. We'll see I guess.

Your TP is logical, but could you tell why you didn't stay in for more? Did something in particular make you think that only such a "small" move would occur (unlike me), or is it just your plan to head for that safest TP1?

EDIT - seems like the move continues after all, but still very interested in your opinion
  • #29,611
  • Jan 21, 2014 10:24am Jan 21, 2014 10:24am
Quoting lastingwell
{quote} There was also nice bearish divergence on H1.
Dear Lastingwell,

Could you pls explain that h1 bearish divergence by image.
I only got +30 pip today & i missed new york trade because I could not find a setup.

Thanks
Helanka
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Helanka
  • #29,612
  • Jan 21, 2014 10:30am Jan 21, 2014 10:30am
Quoting Helanka
{quote} Dear Lastingwell, Could you pls explain that h1 bearish divergence by image. I only got +30 pip today & i missed new york trade because I could not find a setup. Thanks Helanka {image}
Helanka you're doing good, but if I may say so, your last couple of trades were a bit late. The setups were good nonetheless, but maybe if you entered before the candle closes you could improve your RR a lot keep up the good work though
  • #29,613
  • Jan 21, 2014 10:33am Jan 21, 2014 10:33am
Quoting Imi
Today NY session ej H1 , PA was consolidating below 200ema and at the 50% fib of last H4 swing, TDI mbl was rising, red and green were heading down, I entered the trade with an initial 15 pips SL, and monitored it closely, took profit at 141.10 where I saw previous support for +40 pips {image} {image}
Nice trade imi,
previous two candle have wick on both sides.so pls advise why you did not consider that candles.

Helanka
Helanka
  • #29,614
  • Jan 21, 2014 10:33am Jan 21, 2014 10:33am
Oh and well done Imi and Bizzle... as always I am tempted to try MTF as well, except the last few times I've tried using lower tfs to enter it has been a disaster
  • #29,615
  • Jan 21, 2014 10:41am Jan 21, 2014 10:41am
Quoting WDays
{quote} Helanka you're doing good, but if I may say so, your last couple of trades were a bit late. The setups were good nonetheless, but maybe if you entered before the candle closes you could improve your RR a lot keep up the good work though
Thank you WDays,

I wait till break yesterday High to enter that trade,Pls advise what is the correct Place I should enter.
And also advise What is the RR.


Thanks
Helanka
Helanka
  • #29,616
  • Jan 21, 2014 10:48am Jan 21, 2014 10:48am
Quoting Helanka
{quote} Thank you WDays, I wait till break yesterday High to enter that trade,Pls advise what is the correct Place I should enter. And also advise What is the RR. Thanks Helanka
Like Phx62 said, support and resistance is subjective. Usually, when there is momentum, on lower tfs i.e intraday, price can go through levels easily, but a higher TF candle may close below the S/R if it is strong enough. This hardly concerns us, I guess... I mean in a sense it does, because it's a new setup opportunity, but as far as our first trade goes, if the setup is correct, price will most likely reach TP regardless of S/R levels. In this particular case, the entry was on the break of the pinbar's high. Everything I look for was there - APB changed color, TDI crossed at the open of the candle and tokyo open momentum was there.

RR means risk-reward ratio. In other words the amount you risk and the amount you stand to win.
  • #29,617
  • Jan 21, 2014 10:49am Jan 21, 2014 10:49am
Quoting emmanuel7788
{quote} Hi Greenb, You highlighted a potetial trouble area. Very crowded area with recent resistance, fibo 50%, and the famous D 10EMA. That previous H4 candle is WRB so that should flash a red light in our mind. If I want to enter the market now, I would look for a Fib38/50 of that WRB for a better entry price. Looking at it right now, I would prefer to look in lower timeframe H1 and M15 for an entry so long the price action is above 141.17. The potential TP is 142.50 and we see a breakaway trend, there is 143.00 which is 60% of the average weekly...
Thank you for the advice Emmanuel, i ended up not feeling confident for EJ trade last night and decided to call a day off. Prove to be the best approach as this morning i see EJ has fallen back to 141.2. If i had just gone with feeling last night, would have lost up to 35 pips at least before i can break out of the trade.

Thanks
Daniel
  • #29,618
  • Jan 21, 2014 10:50am Jan 21, 2014 10:50am
Quoting Lane
{quote} I sold just like you (along with some other jpy pairs) but I'm still in, even if price pulled back by 10 pips and after candle close it left one of those half-body half-wick APB, so not a great hope of continuation. We'll see I guess. Your TP is logical, but could you tell why you didn't stay in for more? Did something in particular make you think that only such a "small" move would occur (unlike me), or is it just your plan to head for that safest TP1? EDIT - seems like the move continues after all, but still very interested in your opinion...
I saw support at 141.10 previous swing low, and expected a bounce , I didn't think the 50 pips could be achived on the first run,
and exited the trade there. As I mentioned the mbl was still rising, it is just now turning flat, and were too many hurdles on the way
like PDH, price even hesitated there too.
If you're going through hell, keep going. Winston Churchill
  • #29,619
  • Jan 21, 2014 10:51am Jan 21, 2014 10:51am
Quoting WDays
{quote} Like Phx62 said, support and resistance is subjective. Usually, when there is momentum, on lower tfs i.e intraday, price can go through levels easily, but a higher TF candle may close below the S/R if it is strong enough. This hardly concerns us, I guess... I mean in a sense it does, because it's a new setup opportunity, but as far as our first trade goes, if the setup is correct, price will most likely reach TP regardless of S/R levels. In this particular case, the entry was on the break of the pinbar's high. Everything I look for was there...
OK & understood
Thank you

Helanka
Helanka
  • #29,620
  • Jan 21, 2014 10:54am Jan 21, 2014 10:54am
My trade on EJ H1
At the time I entered the candle color was red. I think I was a bit impatient and got in early because the green TDI was not sloping down at that time. Should have waited for next candle?
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