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Professional Trading Strategy - student selection

  • #41
  • Jan 30, 2014 8:52am Jan 30, 2014 8:52am
The above trade was a recent example. I use M1 because I like this. The strategies work the same and well from tick charts to daily charts, take your pick. I use it for M1 mostly and for higher TF when I don't have time or access to a computer.

The whole idea in the above example was to make a point. The strategy is about staying out of bad trades and consolidation areas and only pick the ones you know will end up profitable.

Not cherry picked, I took the last chart from ~15 hours ago until now.

So if anybody wants to see the whole picture, here it is:

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  • #42
  • Jan 30, 2014 9:44am Jan 30, 2014 9:44am
first the support zone breaks, then it becomes resistance, then we have a 1-2-3 low then price goes back in the resistance zone
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  • #43
  • Jan 30, 2014 10:03am Jan 30, 2014 10:03am
Where is everyone that subscribed?

What happens when you have no S/R level? You go to a higher time frame and try to find something that suit your needs? (e.g. market is in consolidation period for a longer time - 1 day, etc.) You don't trade??
  • #44
  • Jan 30, 2014 10:11am Jan 30, 2014 10:11am
Quoting exchange101
Where is everyone that subscribed? What happens when you have no S/R level? You go to a higher time frame and try to find something that suit your needs? (e.g. market is in consolidation period for a longer time - 1 day, etc.) You don't trade??
I would have to look for s/d clusters and returns to those areas. Moves from areas with large engulfing bars.
  • #45
  • Jan 30, 2014 10:14am Jan 30, 2014 10:14am
Quoting z1p
{quote} skype group skype:?chat&blob=Mc6Wy2B4USVxojRHAQf784v1vUi7R-XaP0RN7pvu2Gcnsiz5_Mo0ImFLHDR9Wakzfc0HB5o
Thanks z1p, I have found something else in the meantime, I will let everyone know when I'm ready to start.
  • #46
  • Jan 30, 2014 10:14am Jan 30, 2014 10:14am
Newbie here,watching the discussion how do we identify an end of consolidating period,is it by looking at breaking of any support or resistance
  • #47
  • Jan 30, 2014 10:21am Jan 30, 2014 10:21am
I will give another example (very simple to help the newbies also). Don't cheat because it will not help you in real live trading. I just want to see how one is thinking on his/her own.
Remember: by this examples I am trying to finish the first step in choosing the students! These examples are not the final step in the selection process but here I will make my first impression.
So give your best - you don't have to be right - if you are very wrong that's no problem, if you are very right that's no problem.

After this I will exemplify the second strategy.

Here goes:

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  • #48
  • Jan 30, 2014 10:37am Jan 30, 2014 10:37am
Quoting exchange101
I will give another example (very simple to help the newbies also). Don't cheat because it will not help you in real live trading. I just want to see how one is thinking on his/her own. Remember: by this examples I am trying to finish the first step in choosing the students! These examples are not the final step in the selection process but here I will make my first impression. So give your best - you don't have to be right - if you are very wrong that's no problem, if you are very right that's no problem. After this I will exemplify the second...
my idea
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  • #49
  • Jan 30, 2014 10:46am Jan 30, 2014 10:46am
OK, maybe I wasn't clear enough and I apologize.

Where will the price go from the end of the chart marked in the image below... think of the price in the circle as price at this moment....what will happen next?

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  • #50
  • Jan 30, 2014 10:46am Jan 30, 2014 10:46am
Quoting exchange101
I will give another example (very simple to help the newbies also). Don't cheat because it will not help you in real live trading. I just want to see how one is thinking on his/her own. Remember: by this examples I am trying to finish the first step in choosing the students! These examples are not the final step in the selection process but here I will make my first impression. So give your best - you don't have to be right - if you are very wrong that's no problem, if you are very right that's no problem. After this I will exemplify the second...
By where price ends on the chart, I will enter long and exit at the next supply level.
  • #51
  • Jan 30, 2014 11:00am Jan 30, 2014 11:00am
Retest of the immediate supply zone above or break through and retest the demand zone below!
  • #52
  • Jan 30, 2014 11:23am Jan 30, 2014 11:23am
I subscribe
  • #53
  • Edited 12:38pm Jan 30, 2014 12:00pm | Edited 12:38pm
Quoting exchange101
OK, maybe I wasn't clear enough and I apologize. Where will the price go from the end of the chart marked in the image below... think of the price in the circle as price at this moment....what will happen next? {image}
Price looks like it is at the support trendline, so I would go long. I would exit at the resistance level of 1.36853
  • #54
  • Jan 30, 2014 12:58pm Jan 30, 2014 12:58pm
I read your posts, I will leave this 'case' until tomorrow so we give others time to reply.
  • #55
  • Jan 30, 2014 3:16pm Jan 30, 2014 3:16pm
I would go long and exit around 1.36780
Every cent earned is one step closer to independence
  • #56
  • Jan 30, 2014 4:14pm Jan 30, 2014 4:14pm
My attempt
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  • #57
  • Jan 30, 2014 4:48pm Jan 30, 2014 4:48pm
first of all, i make higher time frame analysis then i give my decision.

In this example 1.3680 is strong resistant and trend line broke so i take short trade definitely.
  • #58
  • Jan 30, 2014 6:09pm Jan 30, 2014 6:09pm
Here is my analysis

Wait for price to get to the red area and watch for price action to either break the level or to hold and bounce higher. If we get a bounce up I think I would let that trade go until price clears the green supply level and retests the level from the top side. I would go short when the red demand level breaks and is retested from the bottom side.

The take profit areas would be the two blue levels for a short trade.
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  • #59
  • Jan 30, 2014 6:11pm Jan 30, 2014 6:11pm
PM'd you a few days ago.

I'm Subscribed
  • #60
  • Jan 30, 2014 8:44pm Jan 30, 2014 8:44pm
Quoting exchange101
{image}
I would buy with a TP of half the previous high -- around 1.36760

Peter
Holy Grail part 1. - Cut loses short.
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