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Trading Made Simple

  • #37,281
  • May 9, 2014 12:39am May 9, 2014 12:39am
Thanks mrAussie! I never would have guessed that! BRN, RN.
  • #37,282
  • May 9, 2014 1:58am May 9, 2014 1:58am
Quoting darranforex
{quote} Hello Emmanuel, I like your methodology of looking at the higher time frames... something that is easy to overlook in the heat of trading the lower time frames. How did you arrive at the 110 target? Was it the previous WRB (Wide Range Bar) or the top Purple colored line? And is the top purple line a Monthly resistance line? And if so, how do you generate it? I have several indies but yours looks clean and simple. Also, in your chart you write: Here we see a Wide Rage Bar at the Historical MN price swing level. Which line (if there is one)...

Hi Darran,

The Purple colour lines are the Monthly Historical price swing levels levels which I explained in the pdf in post 37092.
110 pips is the range between the two most recent Monthly price swing and that is also 60% of the average weekly trading range which I use to set my target TP for 4H swing trades.

Note that the price had reversed and should easily hit around 210pips from the top of where it spike yesterday.

Thanks to MrAussie FX, you know what BRN and RN are. Also that James 16 thread is a great thread where I learned a lot of Price Action trading in FF.

regards,

EMMANUEL
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #37,283
  • May 9, 2014 2:44am May 9, 2014 2:44am
AUDUSD week19 9May H4

Divergence setup... what are the risks?


Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSD week19 9May Divergence setup.png Size: 32 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #37,284
  • May 9, 2014 3:01am May 9, 2014 3:01am
Quoting emmanuel7788
AUDUSD week19 9May H4 Divergence setup... what are the risks? {image}
You are inside of an established channel with HH and HLs.

Shorting here without confirmation would be risky.

Just trying to play the game.
If you are good at something, never do it for free--Joker
  • #37,285
  • May 9, 2014 3:27am May 9, 2014 3:27am
Quoting emmanuel7788
AUDUSD week19 9May H4 Divergence setup... what are the risks? {image}
Hi Emmanuel,

The image below shows what I would rather be looking for.

Like jmn5611, said above, divergence usually means going against an established trend, personally I'm not comfortable doing this without good PA to support it.

I would much rather get into a trade early after a pull back in an established trend and then enter with a Stop Order.
Attached Image (click to enlarge)
Click to Enlarge Name: 9th May 14 AUD:USD H4 Chart.png Size: 194 KB
  • #37,286
  • May 9, 2014 3:38am May 9, 2014 3:38am
EURAUD week19 H1 9May.

Only decent intraday H1 setup I see so far. Consolidation after yesterday' drop, shallow retracement and a nice small Inside Bar, toppisch Asian session, and a small SL 30pips.
Quick move to BE.

Attached Image (click to enlarge)
Click to Enlarge Name: EURAUD week19 9May IB BO .png Size: 23 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #37,287
  • May 9, 2014 3:51am May 9, 2014 3:51am
Quoting stevepatt
{quote} Hi Emmanuel, The image below shows what I would rather be looking for. Like jmn5611, said above, divergence usually means going against an established trend, personally I'm not comfortable doing this without good PA to support it. I would much rather get into a trade early after a pull back in an established trend and then enter with a Stop Order. {image}
Hi Srevepatt, Thank you for your input, the way you have explained your view and thoughts makes a lot of sense to me, a picture paints a thousand words as they say, l notice the information you have for Daily range and summary, can I ask do you work this manually or is it an indicator. all the best Tom.
  • #37,288
  • May 9, 2014 3:56am May 9, 2014 3:56am
NZDUSD week19 H4 trade.

A trade taken at the reversal at Prev W Fib 161%, TDI at a high 80-level, with PA strong candles push down and TDI PL cross MBL.

Attached Image (click to enlarge)
Click to Enlarge Name: NZDUSD week19 H4 trade.png Size: 22 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #37,289
  • May 9, 2014 3:58am May 9, 2014 3:58am
GBPUSD

Just crossed the weekly low
Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSD 5-9-2014.png Size: 59 KB
Sad i'm not trying to understand PA
  • #37,290
  • May 9, 2014 4:04am May 9, 2014 4:04am
Quoting omonisha
GBPUSD Just crossed the weekly low {image}

you mean retrace back into previous week high...?

BRN 1.6900 may hold or maybe not.

breaks my heart this GU pair.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #37,291
  • May 9, 2014 4:09am May 9, 2014 4:09am
Quoting omonisha
GBPUSD Just crossed the weekly low {image}
GBPUSD broke 100 SMA on the Hourly yesterday then did its 'last kiss' thing.

Will no doubt test the 200 SMA
Attached Image (click to enlarge)
Click to Enlarge Name: tmsgbpusdh1.png Size: 40 KB
  • #37,292
  • May 9, 2014 4:16am May 9, 2014 4:16am
Quoting emmanuel7788
EURAUD week19 H1 9May. Only decent intraday H1 setup I see so far. Consolidation after yesterday' drop, shallow retracement and a nice small Inside Bar, toppisch Asian session, and a small SL 30pips. Quick move to BE. {image}
Hi EMM and thank you for your continued support, what you teach is priceless, with regard to the EURAUD I did see the consolidation and shallow retrace and inside bar, but I backed away from entering because of the size of the pullback tail, where I have indicated, what gave you confidence to go short, as I saw it there was a high shadow bar followed by inside bar followed by a pullback shadow closing back inside the PAC, The trade you took was good but I had no cross on TDI, confused rookie, please help.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 239 KB
  • #37,293
  • May 9, 2014 4:17am May 9, 2014 4:17am
Quoting stevepatt
Took two trades yesterday and one today, I know I'm posting late but that's life. The reason I exited where I did on the NZD/USD trade was because it's getting very close to all time highs. {image} {image} {image}
The USD/CAD trade hit it's targets

The USD/CHF trade hit it's first TP and the reversed on me.

The three trades closed out for 399 pips, in total, which sounds impressive but that is equal to 2.11 R less than 1R per trade which isn't so impressive.

It's important to know what percentage of return those 399 pips are making to your bank and not just the pip count.

The R factor is something I need to work on but with the market as it is at the moment that's not so easy.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 9th May 14 USD:CAD D1 Chart.png Size: 155 KB
Click to Enlarge Name: 9th May 14 USD:CHF D1 Chart.png Size: 138 KB
  • #37,294
  • May 9, 2014 4:17am May 9, 2014 4:17am
Quoting hostwey
{quote} GBPUSD broke 100 SMA on the Hourly yesterday then did its 'last kiss' thing. Will no doubt test the 200 SMA {image}

yup, the reaction at 200SMA is something traders will look closely at. That is also the Day 10EMA and BRN region, not forgetting the weekly open is just below.
if this week close below the weekly open, then we will have a bearish week candle. If this close above, means we have a bullish week candle for next week to trade with.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #37,295
  • May 9, 2014 4:21am May 9, 2014 4:21am
Quoting Piprader
{quote} Hi Srevepatt, Thank you for your input, the way you have explained your view and thoughts makes a lot of sense to me, a picture paints a thousand words as they say, l notice the information you have for Daily range and summary, can I ask do you work this manually or is it an indicator. all the best Tom.
It's an indicator I picked up from Dadas thread.
Attached File(s)
File Type: ex4 Daily_Range_Stats.ex4   22 KB | 463 downloads
  • #37,296
  • May 9, 2014 4:25am May 9, 2014 4:25am
Thank you Emmanuel!
  • #37,297
  • May 9, 2014 4:32am May 9, 2014 4:32am
Quoting stevepatt
{quote} It's an indicator I picked up from Dadas thread. {file}
Thank you Stevepatt
  • #37,298
  • May 9, 2014 4:34am May 9, 2014 4:34am
Quoting emmanuel7788
{quote} yup, the reaction at 200SMA is something traders will look closely at. That is also the Day 10EMA and BRN region, not forgetting the weekly open is just below. if this week close below the weekly open, then we will have a bearish week candle. If this close above, means we have a bullish week candle for next week to trade with.
Dare say we will have to put up with all the 'false break' shenanigans below the 200 SMA as well
  • #37,299
  • May 9, 2014 4:37am May 9, 2014 4:37am
G/U did not behave accordingly. Lost some on £ crosses but made on G/U but -ve overall. I am looking to see if we get a bounce off the 10 ema inside the uptrend channel
Attached Image (click to enlarge)
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the cautious seldom err....C
  • #37,300
  • May 9, 2014 4:43am May 9, 2014 4:43am
Short was taken on G/Y when trendline was broken. As for A/U I took a short with small S/L of 16 pips. Hopefully the shaded area holds as resistence
Attached Image(s) (click to enlarge)
Click to Enlarge Name: pic39.png Size: 63 KB
Click to Enlarge Name: pic40.png Size: 58 KB
the cautious seldom err....C
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