Multi-Lot Multi-Timeframe Position trading
Hi G,
I am thinking that the GJ may be a possible short coming up. The RS of the Pound is about to cross the RS of the Yen in the range of 50, kinda sorta on Nihilist's RS chart. And by my way of looking at it, the Trend on H4 and D1 is down. A nice 5X21EMA cross, and the W1 HA candle is currently red as well.
A PB under way now, so I am waiting to see how the next several hours play out. But since I have my week's take in the bank, I am perhaps too cautious. In the past my enthusiasm/greed have caused me grief.
I am thinking that the GJ may be a possible short coming up. The RS of the Pound is about to cross the RS of the Yen in the range of 50, kinda sorta on Nihilist's RS chart. And by my way of looking at it, the Trend on H4 and D1 is down. A nice 5X21EMA cross, and the W1 HA candle is currently red as well.
A PB under way now, so I am waiting to see how the next several hours play out. But since I have my week's take in the bank, I am perhaps too cautious. In the past my enthusiasm/greed have caused me grief.
Do not dwell in the past, do not dream of the future, concentrate the mind.
Still hanging 
All the good trends on Daily have stochs on wrong side even though the H2 shows possible entries for those trends
Patience is worth it from the entries I take which will go to profit more quickly and in strong trends for greater pips. Hopefully at least one will materialise before weekend.
All the good trends on Daily have stochs on wrong side even though the H2 shows possible entries for those trends
Patience is worth it from the entries I take which will go to profit more quickly and in strong trends for greater pips. Hopefully at least one will materialise before weekend.
Winners add to winning trades!
- #349
- Oct 8, 2014 7:02pm Oct 8, 2014 7:02pm
- Joined Apr 2010 | Status: Trader | 1,101 Posts
Thank you for getting back to me. I dont quite understand on your multiple entries part actually. so if lets say u have +50 or more running. How did u get a second or even third entry Also did u mean bullish/bearish engulfing for your BE?
Here's a 2-lot short trade. After the first lot went on, a pretty deep retracement occurred. The 2nd lot was put on as that retracement was ending, now another shallow retracement is occurring. Just as it ends the third lot can be put on. Does that answer your questions?
- #350
- Oct 8, 2014 7:53pm Oct 8, 2014 7:53pm
- Joined Apr 2010 | Status: Trader | 1,101 Posts
Still hanging
All I can say is be patient and wait for the trades to come to you. They will eventually, they always do.
Just finished evening scans. Nothing looks good. Gone out for some ribs.
G
Hi Graviton,
Thank you for your logical reply
Not much happening just now so to pass the time here's something that may be helpful to someone (if they agree with my logic)
This is my logic for taking trades based on Multiple Timeframe Analysis (MTFA)
A New Trend
All trends start and finish on the lowest timeframe
If the trend on the lowest timeframe is strong enough, it will cause price to start trending on the next higher timeframe, and if price on this timeframe is strong enough it will cause price on the next higher timeframe to start trending etc etc.....
The trend will continue until it is not strong enough to move to the next higher timeframe
ie The lower timeframes are the building blocks of the higher timeframes
A trend cannot progress up through the timeframes unless it is supported by the lower timeframes
Having said that, once a trend is established on a higher timeframe, it becomes more important than the lower timeframes
On any timeframe price does not just go straight up/down but tends to move in a series of rallies and retracements (also upper and lower tails on a candle indicate reversals on a lower timeframe)
The lower timeframe charts have many more candles compared to a same time period of a higher timeframe, so there is a very high probability that there will be more frequent rallies and retracements on the lower timeframes
Gravitons method makes use of the fact that price does not go straight up/down, and takes bites out of the long term trend via his trading from the lower timeframe in line with the higher timeframe and with the support of the lower timeframes, this gives a logical entry but....
I think his trade management is where the money is made
Thank you Graviton
The above is my interpretation of how his system works - and to me if a trade makes logical sensec, then I have more faith in taking entry signals - every signal won't result in a successful trade but should provide a true edge - and that's a must
Before taking a trade it is always advisable to check at least the next higher timeframes to ensure that price is not likely to reverse on your trading timeframe eg price is not at/near some form of S/R or some indicator signal is setting up etc etc (For a reversal to happen it must reverse on the lower timeframe first
There you go - something to maybe consider (hope it makes sense to someone)
Having written the above, I am seriously considering how I define a trend on the higher timeframes which would be relevant when considering the lower timeframes, especially the monthly chart- maybe just the direction of the last candle?
Problems, problems oh well
Thank you for your logical reply
Not much happening just now so to pass the time here's something that may be helpful to someone (if they agree with my logic)
This is my logic for taking trades based on Multiple Timeframe Analysis (MTFA)
A New Trend
All trends start and finish on the lowest timeframe
If the trend on the lowest timeframe is strong enough, it will cause price to start trending on the next higher timeframe, and if price on this timeframe is strong enough it will cause price on the next higher timeframe to start trending etc etc.....
The trend will continue until it is not strong enough to move to the next higher timeframe
ie The lower timeframes are the building blocks of the higher timeframes
A trend cannot progress up through the timeframes unless it is supported by the lower timeframes
Having said that, once a trend is established on a higher timeframe, it becomes more important than the lower timeframes
On any timeframe price does not just go straight up/down but tends to move in a series of rallies and retracements (also upper and lower tails on a candle indicate reversals on a lower timeframe)
The lower timeframe charts have many more candles compared to a same time period of a higher timeframe, so there is a very high probability that there will be more frequent rallies and retracements on the lower timeframes
Gravitons method makes use of the fact that price does not go straight up/down, and takes bites out of the long term trend via his trading from the lower timeframe in line with the higher timeframe and with the support of the lower timeframes, this gives a logical entry but....
I think his trade management is where the money is made
Thank you Graviton
The above is my interpretation of how his system works - and to me if a trade makes logical sensec, then I have more faith in taking entry signals - every signal won't result in a successful trade but should provide a true edge - and that's a must
Before taking a trade it is always advisable to check at least the next higher timeframes to ensure that price is not likely to reverse on your trading timeframe eg price is not at/near some form of S/R or some indicator signal is setting up etc etc (For a reversal to happen it must reverse on the lower timeframe first
There you go - something to maybe consider (hope it makes sense to someone)
Having written the above, I am seriously considering how I define a trend on the higher timeframes which would be relevant when considering the lower timeframes, especially the monthly chart- maybe just the direction of the last candle?
Problems, problems oh well
- #353
- Oct 8, 2014 11:19pm Oct 8, 2014 11:19pm
- Joined Apr 2010 | Status: Trader | 1,101 Posts
...Having written the above, I am seriously considering how I define a trend on the higher timeframes which would be relevant when considering the lower timeframes, especially the monthly chart- maybe just the direction of the last candle? Problems, problems oh well
This is an obvious uptrend to me. I can't see how it could be seen as anything else. A similar analysis concludes that most other timeframes are in uptrend as well, which is the reason I took a long trade in it. It went straight to profit, which most good trades will.
- #354
- Oct 8, 2014 11:46pm Oct 8, 2014 11:46pm
- Joined Apr 2010 | Status: Trader | 1,101 Posts
{quote} yup thanks ! very well explained. what about all the BEs that you've mentioned on all your post. did you mean bull/bear engulfings?
Some questions I just wont have a good answer for, like where should the stop loss be set? That depends on lots of things. How far is it to the previous major support? Are you willing to risk that much? Will you be close to your computer so if it turns against you you can bail out quickly and cut your loss short, or will you be sleeping? I'll try my best to answer the question, but that one is a difficult one with lots of things to consider. I kinda like the easy ones
G
- #357
- Edited 8:58am Oct 9, 2014 8:39am | Edited 8:58am
- Joined Apr 2010 | Status: Trader | 1,101 Posts
