Simple Uncomplicated (obvious) trading

Quoting eggs

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Yo Quid. I'm quite fond of trendy trendline touches myself. It was really the only thing that got me into this AU BUY. I happened to look at the pair after you mentioned it & popped a buy in at the lows. I realize the RBA minutes might be spurring on the move as we speak but it was a solid technical setup none the less. Very tight SL less than 15 pips when I place the trade. {image}

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Quoting eggs

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Yo Quid. I'm quite fond of trendy trendline touches myself. It was really the only thing that got me into this AU BUY. I happened to look at the pair after you mentioned it & popped a buy in at the lows. I realize the RBA minutes might be spurring on the move as we speak but it was a solid technical setup none the less. Very tight SL less than 15 pips when I place the trade. {image}

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Quoting Quidsey

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GS, I'm looking at 1185 long USDCAD, it's only on demo as I've been burned so many times with this pair that I just don't look at it anymore.

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Quoting gspajon

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{quote} Do you mean 1.1185? For a minute there I was looking at gold. I'm thinking that if price comes down to that level we may start looking at ranging or reversal conditions. At leasat on my trade I would certainly cancel the longs (assuming I hadn't already triggered and stopped out)

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Quoting Quidsey

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{quote} Yes 1.1185. It's a deep pullback that's true but UC can handle that. Nothing wrong with your level at all I'm just trying to find the extremes of price. This is the eternal problem isn't it, get in early risk having to put up with some DD (something I have real problems with) or try getting in later and miss the boat. My own trading history has led me towards the latter, and I often miss the boat (AUDUSD long today missed my order by 5pips, it's gone for 50). So this is what I'm looking at. {image}

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Quoting gspajon

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{quote} I absolutely see the logic of your level. I have made an observation that I am happy to share. I am still gathering data on this supposition, but my gut tells me it is true. If price moves down to pierce the 78.6% level, even though it is a higher low, I start looking for a change in the trend winds. I have observed that a deep retrace to these levels often foretells a larger preponderance of traders of the other side of the trend and their gathering strength. Again, no stats to quote yet but many times you will see a range develop or a...

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Quoting ken911

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{quote} I do something very similar gs. Although I had a limit buy @ 61.8 fib on USCAD, it did not reach that level by a few pips. I then cancelled the limit and set a buy stop at the extreme of the IB where your buy is. However, if the retrace did drop past the 78.6% fib level, I have made it a habit to consider the trade void, more due to uncertainty of direction than the fact that it may be a bad trade, and I would have closed the 61.8 buy trade. There are many times I have had small losses doing this, and also have missed some good trades when...

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Quoting gspajon

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{quote} Ken, I am gathering data on using levels that form in my target retracement areas to fine tune entries. I like that these areas provide a smaller stop and therefore a smaller risk in any given trade. I DON'T like that the trade entry anticipates the formation of a signal that I would otherwise NOT take until complete. Many of these signals do not trigger and thus I am not at risk until they do...however trading the levels you will trigger and be at risk for more of the "failed" opportunities... Like everything, it is a balancing act. I am...

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Quoting ken911

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{quote} gs. I am uncertain as to what you call triggers, and also "levels that form inside your target retracement". To me, the retracement on "trending pairs" must be between 38 and 61% fib levels, and if possible, in confluence with S/R, Big RNs etc, which is where I draw a coloured box. Then I wait for what I call a trigger inside that box. ie PA in the form of a relevant candlestick formation. Maybe I have missed something in the thread which would explain this. Also, and I dont know why, I have been reluctant to drop down a timeframe (or two)...

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Quoting madhatter

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Hi GS been watching the thread for a while learning a lot. when I place a trade I look for the price to get between the 50 and 61.8 fib. when it does I drop to a 4hr chart to look for signs of a turn. if it's showing signs I then go to a 1hr for entry. I still put my sl off the daily but it gives me a good entry. hope this helps.

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Quoting eggs

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Hi there GS. I've been reading over your conversation regarding entries. More often than not you'll see multiple entries on my charts. I like to scale into a trade. You hear about folks talking about scaling out of a trade all the time but scaling into a trade is rarely even mentioned it. I'll begin with a smaller sized position for the 1st entry. This allows wider stops required with the more shallow retrace levels like 38 & 50. I'll then place the 2nd same or larger positioned trade around the 61.8, 3rd at 78... & so on. Just a thought. May not...

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Quoting gspajon

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{quote} Hello again Ken, to answer your questions, my "triggers" are the point where I place my pending orders for buying or selling. When price reaches that area and enters the trade I call it "triggered'. What I am referring to when I say the "levels that form inside" the target area is this: when price retraces back into the fibonacci levels, how do we know which level price will turn at? A question that has plagued me for a long time. I started using the price action signals to tell me which one and would never enter a trade "blindly" until...

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