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  • #3,541
  • Aug 28, 2014 9:08am Aug 28, 2014 9:08am
Quoting PipRocket
I have finally made it through all the pages of the thread! Only now do I realise how many times my first question posted here had been answered before! Thank you all for your patience. stevepatt, thank you for your reply, I certainly cannot argue with the evidence you posted! Lets see where it goes. Fortunately I took the trade on a demo account as I am still in the very early stages of testing these indicators and clearly have much to learn! I look forward to learning as much as I can from the experienced traders here Now, lets find some pips!...
Well done! Now your goal is to find the right method which will suit your own trading style and risk.

Many indicators, few different templates for different methods ... Have fun!
MT4/MT5 EAs/Indicators/Alerts coder
  • #3,542
  • Aug 28, 2014 9:28am Aug 28, 2014 9:28am
Quoting PipRocket
I have finally made it through all the pages of the thread! Only now do I realise how many times my first question posted here had been answered before! Thank you all for your patience. stevepatt, thank you for your reply, I certainly cannot argue with the evidence you posted! Lets see where it goes. Fortunately I took the trade on a demo account as I am still in the very early stages of testing these indicators and clearly have much to learn! I look forward to learning as much as I can from the experienced traders here Now, lets find...
Congratulations on reading the whole thread piprocket. Wish you many green pips.
  • #3,543
  • Aug 28, 2014 11:11am Aug 28, 2014 11:11am
Quoting fx_mig
Some words about MA and trend. Before referring to the template or any indicators to start playing this game(called FX) belongs to think. Can not play mindlessly because it showed some indicators. If you want to use indicators you must have the context and the price must be in the right place. Every signal given by the indicator should be filtered by PA. If you do not know Price Action is the least common sense. You can not (should not) play long position on resistance or short position on support. Are of course exceptions , but in the beginning...
This, along with support and resistance levels, is all we need to trade the market.
  • #3,544
  • Aug 28, 2014 11:45am Aug 28, 2014 11:45am
Quoting stevepatt
{quote} This, along with support and resistance levels, is all we need to trade the market.
GOOD ADVICE....
  • #3,545
  • Aug 28, 2014 11:59am Aug 28, 2014 11:59am
I hope you guys don't mind, but I learn best by trying and asking lots of questions What do you think of the NZDUSD at the moment?

The daily shows it testing a descending resistance

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 44 KB


Both the H1 and H4 show price to have tested the line and continued down

Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot2.png Size: 43 KB


Although there is some resistance as indicated. Does this look like it might be a potential setup, especially on the H4? The next major support I found was at 0.83100 or so.
  • #3,546
  • Aug 28, 2014 1:38pm Aug 28, 2014 1:38pm
Quoting PipRocket
I hope you guys don't mind, but I learn best by trying and asking lots of questions What do you think of the NZDUSD at the moment? The daily shows it testing a descending resistance {image} Both the H1 and H4 show price to have tested the line and continued down {image} Although there is some resistance as indicated. Does this look like it might be a potential setup, especially on the H4? The next major support I found was at 0.83100 or so.
No need to overcomplicate things. First, decide what TF you want to trade and then trade it alone. If you look at H1, H4 and daily at the same time you get confused and that's it.
But NZDUSD has given no short signal on neither TF mentioned by you. Even not close to it.
  • #3,547
  • Aug 28, 2014 1:49pm Aug 28, 2014 1:49pm
Cannot post a cahrt, but went short CHFJPY tp 80 pips.
  • #3,548
  • Aug 28, 2014 1:53pm Aug 28, 2014 1:53pm
Quoting Indrek
No need to overcomplicate things. First, decide what TF you want to trade and then trade it alone. If you look at H1, H4 and daily at the same time you get confused and that's it. But NZDUSD has given no short signal on neither TF mentioned by you. Even not close to it.
Oh, I thought it might be sensible to take a look at the TF above and below the one I trade. So if I'm trading H4, I would check H1 and Daily to make sure there is no contradictory evidence. Is this not something that is commonly done?
  • #3,549
  • Edited 3:02pm Aug 28, 2014 1:55pm | Edited 3:02pm
Quoting Indrek
{quote} No need to overcomplicate things. First, decide what TF you want to trade and then trade it alone. If you look at H1, H4 and daily at the same time you get confused and that's it. But NZDUSD has given no short signal on neither TF mentioned by you. Even not close to it.
Hi Indrek,

Don't know that I would agree with you about no trade signal, but maybe that's just me.

As far as I'm concerned NZD/USD D1 has been in a down bias since the 20th July, seeing a pullback in the trend to an old support level would be a trade signal for me as long as there's no support/demand in the way.
Attached Image (click to enlarge)
Click to Enlarge Name: 28th Aug 14 NZD:USD D1 Chart 2.png Size: 114 KB
  • #3,550
  • Aug 28, 2014 2:00pm Aug 28, 2014 2:00pm
Quoting stevepatt
{quote} Hi Indrek, Don't know that I would agree with you about no trade signal, but maybe that's just me. As far as I'm concerned NZD/USD D1 has been in a down bias since the 20th July, seeing a pullback in the trend to an old support level would be a trade signal for me as long as there's no resistance/demand in the way. {image}
What I call a signal can occur only at the close/open of a candle. Overall bias means nothing if at candle close/open there is no clear entry signal. If not then I forget the pair until next close/open. What we see in the middle of daily or H4 or whatever candle has no relevance.
When trading daily charts I look for entry at every midnight, when trading H4 charts - after every 4 hours. Meanwhile no need to analyze anything.
  • #3,551
  • Aug 28, 2014 2:04pm Aug 28, 2014 2:04pm
Quoting PipRocket
{quote} Oh, I thought it might be sensible to take a look at the TF above and below the one I trade. So if I'm trading H4, I would check H1 and Daily to make sure there is no contradictory evidence. Is this not something that is commonly done?
You may do this if you have enough experience to avoid confusion. I personally trade every TF strictly alone.
  • #3,552
  • Aug 28, 2014 2:12pm Aug 28, 2014 2:12pm
Quoting Indrek
{quote} What I call a signal can occur only at the close/open of a candle. Overall bias means nothing if at candle close/open there is no clear entry signal. If not then I forget the pair until next close/open. What we see in the middle of daily or H4 or whatever candle has no relevance. When trading daily charts I look for entry at every midnight, when trading H4 charts - after every 4 hours. Meanwhile no need to analyze anything.

Hi Indrek,

This is what I see and how I would set the trade up for tomorrow.

I always use pending orders to enter a trade that way if the market turns against me I have a good chance of not being triggered into a trade.
Attached Image (click to enlarge)
Click to Enlarge Name: 28th Aug 14 NZD:USD D1 Chart 3.png Size: 118 KB
  • #3,553
  • Aug 28, 2014 2:18pm Aug 28, 2014 2:18pm
Quoting stevepatt
{quote} Hi Indrek, This is what I see and how I would set the trade up for tomorrow. I always use pending orders to enter a trade that way if the market turns against me I have a good chance of not being triggered into a trade. {image}
That is something totally different and has nothing to do with the system(s) and way of trading discussed in this thread.
About pending orders: I used them in the past until I understood that I prefer to enter when there is real momentum, not when market maybe suddenly touches my pending order. So, I enter directly at candle close/open or not at all.
For me, last entry for NZDUSD was at the open of the candle with arrow, i.e 8 days ago. Now, no more entry before there is at least a retracement.
Attached Image (click to enlarge)
Click to Enlarge Name: nzdusd-d1-admiral-markets-as.png Size: 63 KB
  • #3,554
  • Aug 28, 2014 2:25pm Aug 28, 2014 2:25pm
Chart for entry posted earlier
Attached Image (click to enlarge)
Click to Enlarge Name: chfjpyh4.png Size: 54 KB
  • #3,555
  • Aug 28, 2014 2:38pm Aug 28, 2014 2:38pm
Quoting stevepatt
{quote} Hi Indrek, This is what I see and how I would set the trade up for tomorrow. I always use pending orders to enter a trade that way if the market turns against me I have a good chance of not being triggered into a trade. {image}
Hi Steve, I have just PM you. Thanks
  • #3,556
  • Aug 28, 2014 2:45pm Aug 28, 2014 2:45pm
Quoting Indrek
{quote} That is something totally different and has nothing to do with the system(s) and way of trading discussed in this thread. About pending orders: I used them in the past until I understood that I prefer to enter when there is real momentum, not when market maybe suddenly touches my pending order. So, I enter directly at candle close/open or not at all. For me, last entry for NZDUSD was at the open of the candle with arrow, i.e 8 days ago. Now, no more entry before there is at least a retracement. {image}
Hi Indrek,

All I'm doing is using the indicators, supplied by Nihilist, in a way that fits my trading style which is PA.

The last two days NZD/USD has retraced to previous support as seen by the Ultra Trend indicator.

I hope using basic PA structure isn't going against the system
Attached Image (click to enlarge)
Click to Enlarge Name: 28th Aug 14 NZD:USD D1 Chart 3.png Size: 132 KB
  • #3,557
  • Aug 28, 2014 2:57pm Aug 28, 2014 2:57pm
Quoting stevepatt
{quote} Hi Indrek, Don't know that I would agree with you about no trade signal, but maybe that's just me. As far as I'm concerned NZD/USD D1 has been in a down bias since the 20th July, seeing a pullback in the trend to an old support level would be a trade signal for me as long as there's no resistance/demand in the way. {image}
You may want to edit your post and chart. Resistance = supply and Support = demand, not the other way around.
Hidden in plain sight.
  • #3,558
  • Edited 3:15pm Aug 28, 2014 2:59pm | Edited 3:15pm
Quoting stevepatt
{quote} Hi Indrek, This is what I see and how I would set the trade up for tomorrow. I always use pending orders to enter a trade that way if the market turns against me I have a good chance of not being triggered into a trade. {image}
i agree with indrek, we are forgetting that this thread is dedicated to trend trading (at least so far). this means that the pair NZDUSD was a trade to be entered short in mid July and for late entry it is 8 days ago when price closed below Kijun sen after a 4 days retracement of the overall trend. also if you look at the ADX window you will realize that there has been ADX power ever since mid July. if you read the thread keenly you will discover that we enter a trade on the first candle.
as Nihilist says severally in this thread "it is recommended always to enter the trade on 1st signal or first bar".
Hope this helps. thanks
  • #3,559
  • Aug 28, 2014 3:12pm Aug 28, 2014 3:12pm
Quoting stevepatt
{quote} Hi Indrek, All I'm doing is using the indicators, supplied by Nihilist, in a way that fits my trading style which is PA. The last two days NZD/USD has retraced to previous support as seen by the Ultra Trend indicator. I hope using basic PA structure isn't going against the system {image}
I meant that you are using the indicators in too different way. I will not discuss it further because for me your pending order is at absolutely random place. Such trading is against my every logic. Which does not mean that you are wrong. But to discuss it, I would open another thread because it will clearly confuse newbies in this thread when they come to it.
  • #3,560
  • Aug 28, 2014 3:15pm Aug 28, 2014 3:15pm
Quoting jazzclef
{quote} i agree with indrek, we are forgetting that this thread is dedicated to trend trading (at least so far). this means that the pair NZDUSD was a trade to be entered short in mid July and for late entry it is 8 days ago when price closed below Kijun sen after a 4 days retracement of the overall trend. also if you look at the ADX window you will realize that there has been ADX power ever since mid July. if you read the thread keenly you will discover that we enter a trade on the first candle. Hope this helps. thanks
Hi Jazzclef,

Fair enough, I see so many different templates being used, though, I thought it was more a matter of finding what works for the individual rather than one method fits all.

Anyway I'll back off and let you guys carry on.
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