Have been very busy with my Futures trading. Not been trading FOREX much.
AUDCHF - BE and target set.
AUDCHF - BE and target set.
james16 Chart Thread
- #131,884
- Aug 20, 2014 12:32pm Aug 20, 2014 12:32pm
{quote} Hey Bat It's a bit more of an advanced setup for multiple reasons. Firstly it starts with the BEOB being at a swing low. But it's a VERY large beob that has a lot going for it . If we trade a break of the bar(and for me only a break) you are trading a break under a major and minor PPZ. The major PPZ is the larger red area, and a minor ppz but larger box is the purple area. With such a strong beob it offers us a lot of protection and places where price is likely to turn into resistance. Now this trade had a lot of interesting advanced concepts...
did you exit or still holding? thanks.
Market can stay irrational longer than you can stay solvent.
- #131,885
- Aug 20, 2014 1:30pm Aug 20, 2014 1:30pm
- | Commercial User | Joined Aug 2006 | 12,004 Posts
{quote} Dear Mike, im curious how have you reacted to today's spike of GBPCHF up to 1.5185?
I got taken out for a reduced loss. I still think were going to close cause the gap is still open. But at this point I lose my reference places to reduce my risk and that can be tough to stomach. But i'm always trying to take as small losses as possible as it really keeps you in the game. I bet it will trickle on down now though
Here is my final chart
Here was a much simpler trade(mgmt wise) I also closed out of today. Equities have been much more deseriable on my end the last 3 months then FX.
- #131,886
- Aug 20, 2014 1:38pm Aug 20, 2014 1:38pm
Xamarass and FXBat,
My trading style is quite simple actually. But to get to this point it has taken me a long hard 3 years.
Setups are now plenty and trading a/c is on the positive.
People here worry a lot of how the pattern looks and shape and size. While pattern is important as a trigger , more important is the location on Higher timeframe.
Now there is many ways to trade S/R. Pretty much every swing high/low, round nos can act as S/Rs and depending on the sentiment the patterns are formed and not the other way around.
But you must focus on higher TF location which is likely more stronger than the trading timeframe. E.g if you trade 4H then daily is higher TF and S/R's on Daily will be more important than 4H S/R.
I trade Daily's , so i look at Weekly S/Rs.
It will take time to study and understand S/R really ,they are very simple yet powerful Why? because institutional trading strategies are based on S/Rs.
So don't focus too much on patterns , rather study S/Rs on your trading TF and higher TF , see how price reacts , keep logs and so on...
My trading style may not be suitable because trading is depends on each individual. But it's quite simple strategy. Look for S/R on higher TF and then go down to your trading TF and look for PA. Only then PA will matter. Its all about Context. Where is the PA occurring.
Simply look for Pinbars , Outsidebars and Inside bars at these higher TF S/Rs. But to master this simple strategy it will take a lot of practice and screen time.
Don't worry too much about SL and TP , they will become obvious once you figure out S/Rs.
Also note you must have positive expectancy of your trading strategy, google expectancy if you are not aware of it. I don't let the trade simply run and keep moving stops. I try to get my R/R either 1:1 or 1:2 depending on where the trouble areas are and take my targets.
There are many things to discuss about my particular trading strategy , but that won't help you as it must suit your personality.
Also keeps things simple. Get rid of all indicators. use only a line tool and TL. master these two line tools and you are good to go.
My trading style is quite simple actually. But to get to this point it has taken me a long hard 3 years.
Setups are now plenty and trading a/c is on the positive.
People here worry a lot of how the pattern looks and shape and size. While pattern is important as a trigger , more important is the location on Higher timeframe.
Now there is many ways to trade S/R. Pretty much every swing high/low, round nos can act as S/Rs and depending on the sentiment the patterns are formed and not the other way around.
But you must focus on higher TF location which is likely more stronger than the trading timeframe. E.g if you trade 4H then daily is higher TF and S/R's on Daily will be more important than 4H S/R.
I trade Daily's , so i look at Weekly S/Rs.
It will take time to study and understand S/R really ,they are very simple yet powerful Why? because institutional trading strategies are based on S/Rs.
So don't focus too much on patterns , rather study S/Rs on your trading TF and higher TF , see how price reacts , keep logs and so on...
My trading style may not be suitable because trading is depends on each individual. But it's quite simple strategy. Look for S/R on higher TF and then go down to your trading TF and look for PA. Only then PA will matter. Its all about Context. Where is the PA occurring.
Simply look for Pinbars , Outsidebars and Inside bars at these higher TF S/Rs. But to master this simple strategy it will take a lot of practice and screen time.
Don't worry too much about SL and TP , they will become obvious once you figure out S/Rs.
Also note you must have positive expectancy of your trading strategy, google expectancy if you are not aware of it. I don't let the trade simply run and keep moving stops. I try to get my R/R either 1:1 or 1:2 depending on where the trouble areas are and take my targets.
There are many things to discuss about my particular trading strategy , but that won't help you as it must suit your personality.
Also keeps things simple. Get rid of all indicators. use only a line tool and TL. master these two line tools and you are good to go.
- #131,888
- Aug 20, 2014 9:56pm Aug 20, 2014 9:56pm
- | Joined Feb 2011 | Status: Aspiring J16 trader | 343 Posts
Hi all,
E/U is breaking out of it's downsloping wedge-consolidation - to the downside.
But since there is fib confluence at 1.3250, I'll be closely looking for this one to become a BUOB on D1.
Thanks in advance for feedback!
E/U is breaking out of it's downsloping wedge-consolidation - to the downside.
But since there is fib confluence at 1.3250, I'll be closely looking for this one to become a BUOB on D1.
Thanks in advance for feedback!
It's a sport, an artform and a science.
- #131,889
- Aug 21, 2014 2:02am Aug 21, 2014 2:02am
{quote} Hey Bat I got taken out for a reduced loss. I still think were going to close cause the gap is still open. But at this point I lose my reference places to reduce my risk and that can be tough to stomach. But i'm always trying to take as small losses as possible as it really keeps you in the game. I bet it will trickle on down now though
nice one! Indicies gave us some good opportunities last days. I already closed 2/3 on ES, the rest still going with sl high above the BE. Same situation was on YM. (Demoing futures and stocks so far)
Closed half on EJ, TP2 is 138.40
AUDUSD was good for quick small profit
Cheers!
Follow my trading on Twitter and FB: @pumlitch
- #131,891
- Aug 21, 2014 5:28am Aug 21, 2014 5:28am
{quote} Like grid hedging. It can be very powerful strategy if used correctly. I am making some experiences with it in a demo account and i have nice results so far. Unfortunately this strategy can easily destroy your account if not used correctly.
as I often see prices return I don`t set SLs. Looking for "cheaper entry" or hedging if price runs away too far. But still experimenting with it.
Like to know your hedging strategy....
Have a nice day
- #131,892
- Aug 21, 2014 9:34am Aug 21, 2014 9:34am
{quote} Hey Bat I got taken out for a reduced loss. I still think were going to close cause the gap is still open. But at this point I lose my reference places to reduce my risk and that can be tough to stomach. But i'm always trying to take as small losses as possible as it really keeps you in the game. I bet it will trickle on down now though
If not up, then down, otherwise sideways :-)
- #131,894
- Aug 21, 2014 10:11am Aug 21, 2014 10:11am
Xamarass and FXBat, My trading style is quite simple actually. But to get to this point it has taken me a long hard 3 years. Setups are now plenty and trading a/c is on the positive. People here worry a lot of how the pattern looks and shape and size. While pattern is important as a trigger , more important is the location on Higher timeframe. Now there is many ways to trade S/R. Pretty much every swing high/low, round nos can act as S/Rs and depending on the sentiment the patterns are formed and not the other way around. But you must focus on higher...
please keep posting charts with trades, and also if possible the S/R where the PA setup occured, thanks again !
Market can stay irrational longer than you can stay solvent.
- #131,897
- Aug 21, 2014 11:24am Aug 21, 2014 11:24am
- | Commercial User | Joined Aug 2006 | 12,004 Posts
- #131,898
- Aug 21, 2014 11:36am Aug 21, 2014 11:36am
- | Commercial User | Joined Aug 2006 | 12,004 Posts