Up and under price pattern

I stick to the majors and out of those I'm 75% EURUSD. You really don't need to go off into the long grass looking for set-ups. The majors behave technically very well and I set alerts to warn me of price approaching an interesting level.

I use 'sell limit' and 'buy stop' orders.

Remember not every QM is going to be a home run, set realistic TP's and be prepared to act if the market blows through a level.

Don't try and trade every little swing that presents itself, be selective, keep to the major swings where you see strong clear rejection.

Build confidence gradually and keep a journal of what's working for you and what isn't, you'll start to understand more and more how to trade successfully.

All the best Q

Been a while.....

A little contrarian trade on this quiet 11 november.

Overnight trades are the freakin' best.

While Rambo's off killing dragons in la la land the trade is left in peace to do it's thing, win or lose, no interference from old Freddy fat finger.

USDJPY



AUDUSD (don't trade this that often, higher commission costs, but couldn't resist the set-up)

A question came up about the levels indi.
Pivots I have Monthly, Weekly, Daily. R1-3, S1-3.
Yesterdays Hi/Lo and the opening price.
I mark vertically the London/New York session opening times too.

They are all easy to find on the internet and work reliably.

QM and SR levels I mark up manually.

Thank you for the indi explanation Quidsey

aly

Nothing for me on EU at the moment so having to look elsewhere.

The AUDUSD trade long.

Very Nice Quidsey. You're cleaning up

Thanks, yeah seems to be one of those moments where it's all coming together, the analysis, the market and maybe most importantly the head.

Here's another Aussie long @8705, SL8690, TP 8746. If it doesn't hold then I'll reverse, initial SL8725 looking for 8670.

There, that should kibosh the winning streak

Initial long trade quickly showed itself to be wrong. No point in hanging around wishing and hoping the market will prove me right, I'm wrong get out, cut the trade, take the hit.

Don't chase....wait.... if price comes back to the level in a controlled way (the classic rounded retest) then reverse and hit it short, there's a higher probability that it'll hold than if it jerks back quickly (a fake break).

Sometimes it'll go without you, that's tough but at least you're out of a bad trade. Sometimes it'll chop you and you'll have 2 losses on the books. If this happens STOP trading and go and have a cup of tea.

Take your revenge another day.

Some intraday trading on UJ, just wanted to show how this pattern signaled a reversal on the 5m chart.

Brilliant ! Well played ledge

you make a lot of sense when you do that ....thanks

My trade of USDCAD - "Up and under price pattern"

Quidsey, In your post 372 I understand trades#5 and #8 only ;(((( .... maybe I missed something

you demon Sir! awesome trade. I haven't got the balls to hold over the weekend like that but I take my hat off to you. Price would have shaken me out of that.

Yes 5 & 8 are the QM trades which go with the thread, the rest is just my SR intraday trading that I stuck on just to show how it's all part of the same trading ideology.

I trade very simply, the only difference between me and other S&R traders is how I draw the levels. After that it's cutting losing trades quick and trying to max out on those that you get right. That's it

I'm not perfect, I miss patterns and get involved in trades I should probably leave alone all the time..... you can still make money as an average trader but only if you cut those bad trades imho .

This is a pretty average day for me:

[quote=Quidsey;7892479.......the rest is just my SR intraday trading that I stuck on just to show how it's all part of the same trading ideology. I trade very simply, the only difference between me and other S&R traders is how I draw the levels. After that it's cutting losing trades quick and trying to max out on those that you get right. ...... quote]


Will you share your S&R strategy?

It's all in the thread really Fib, I thought I was sharing it

I'll give you a quick rundown if you like but it's standard fare.

The premis is that 'broken support becomes resistance' and conversely 'broken resistance becomes support'...... right, nothing new there I hope.

Ok, so where is it? that's the question.

The problem is that it takes many forms and you can find it everywhere and on any scale, and there's really no 'right' or 'wrong' level so you end up with zones.

If you get your trade in the right zone then you're half way there. Wrap some conservative MM around that entry and trade.

My own take on all this is shown in those UJ charts. I don't trade like that every day, but at least twice a week I'll go at it. You've got to be up for it as it takes a lot of concentration. I normally start early european and finish before NY, depends how the markets behaving and if I can muster the courage.

I've put some notes on fridays GBPUSD chart that I hope will elucidate the matter.



So we start by marking out the "champs de bataille". I want to know quickly if price is nearing a major swing, either to trade it or bat it back onto the pitch.

Coming into our trading session we can see that price is in a little consolidation range down at these swing lows.

Above is an "untested" broken support level @1. This would be my first trade SHORT but I'm prepared to be wrong. The market will tell me quick enough and I will reverse and go long on a retest. If it fakes me again I will stop and regroup.

Price falls and closes below the previous spike. I'm SHORT again on the retest of broken support @2.

The price is showing the way, I have no preconceptions of which direction "I think" it should go.

So, yoopee! we've got a runner and arrive screaming into the previously marked 'potential QM' level. If I haven't closed the short trade already (I probably have) then this is a definite exit level.

@3 I would go LONG. I would let price retest the level once then SL to BE. I would be stopped BE.

@4 I would go LONG again probably blind but most certainly after those pin candle formations. Again first target would be at that previous swing (R) but if that broke through hard and fast as it seems to have done then I'd be hanging on for more but I'd exit @5.

@5 it's a no brainer SHORT broken support becomes resistance. I would certainly be out of this trade before it got to 6.

@6 I wouldn't have gone long even though it's a SR flip because I would be looking for a push a little lower, so I'd miss this one.

@7 SHORT my QM level but aware this could backfire and find support off level 2 & 5. Got to be on the ball here, this is NY open time. Nice even run down to 6 first target or a brave man might try for more.

The battle ends........ and at this time of day I would retire from the field. I've marked @8 just to point out another QM level.

.............. well you did ask

ha, I took #8 but lost my bottle and closed during that last green candle before it predictably sh*t itself....never mind

caught this one on USD/JPY that made up for it though, a savage push down with an 'oh, bollocks' engulfing candle then nicely back up again.