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Trading for a living using price action @ S&R levels

  • #1
  • First Post: Edited 7:18am May 19, 2015 6:58am | Edited 7:18am
Hello all,

I began trading (mainly FX) in 2009, I had now decided to begin trading for a living.

Here some short description of how I trade:

  1. I use only price action in order to get into a trade, I use NO indicators at all, indicators are a bunch of junk.
  2. I look for price patterns as such: (for more details, please read j16 stuff on the commercial content forum)

    1. PB
    2. BEOB
    3. BUOB
    4. IB

  3. With some trades, I tend to take action on a pullback to flip of support and resistance areas (aka: PPZ), this method of trading also known as "touch trading", it's a more risk type of trade with no price confirmation
  4. I trade irregular TF using price aggregator script, I aggregate bars mainly on the 1H chart but will also do so on a 15m chart if I spot a good location, you can find that script in here
  5. I tent to move SL very quickly to a place where price should test and confirm a specific level, there is no need IMO to stick and leave your SL on its initial spot, thus, I rarely take a full bar lose.

That's all for now, hope to post some trades in the near future.

  • #2
  • May 19, 2015 11:51am May 19, 2015 11:51am
I wish you the best on your decision to trade full time for a living. That is my goal for myself one day. I will watch closely to see what I can learn from you in pursuit of trying to reach my goal.

Nice to have another thread to watch and learn from.
  • #3
  • May 19, 2015 1:46pm May 19, 2015 1:46pm
This is an example of a setup of flip between support and resistance (Yellow box), what you see is a live screenshot.

We got a 9H BEOB on that level, now price is coming back to that level so most odds sellers should take control now.

I didn't take that setup since it looks kinda strange to me, not the clearest setup, could be very tricky to play as we get into the end of the day.

Let's look what price will do in that level...
Attached Image (click to enlarge)
Click to Enlarge Name: EURCHFH9.png Size: 81 KB
  • #4
  • May 19, 2015 2:39pm May 19, 2015 2:39pm
honestly, just random.........
It might work, it might fail....

not the right pair...
  • #5
  • May 19, 2015 2:41pm May 19, 2015 2:41pm
Good luck!
  • #6
  • May 19, 2015 2:44pm May 19, 2015 2:44pm
Quoting ChanhXanh
honestly, just random......... It might work, it might fail.... not the right pair...
Hey ChanhXanh,

This setup was an example to how I trade the financial markets, sure it can work or fail but I can tell you that if you play those setups in the right way, it will more likely work than fail.

As for the pair, my trading method is for all FX pairs and to tell you the truth, is for any instrument out there that you can think of.
  • #7
  • May 19, 2015 2:52pm May 19, 2015 2:52pm
Quoting TraderXL
{quote} As for the pair, my trading method is for all FX pairs and to tell you the truth, is for any instrument out there that you can think of.

Extremely wrong statement.... its not going to be profitable on all FX pairs...
  • #8
  • May 19, 2015 2:58pm May 19, 2015 2:58pm
Quoting Pippington
I wish you the best on your decision to trade full time for a living. That is my goal for myself one day. I will watch closely to see what I can learn from you in pursuit of trying to reach my goal. Nice to have another thread to watch and learn from.
Thanks Pippington
  • #9
  • May 19, 2015 2:58pm May 19, 2015 2:58pm
Quoting Motish
Good luck!
Thanks Motish
  • #10
  • May 19, 2015 3:01pm May 19, 2015 3:01pm
Quoting ChanhXanh
{quote} Extremely wrong statement.... its not going to be profitable on all FX pairs...
I see, and you write this stuff based on what???
  • #11
  • May 19, 2015 3:28pm May 19, 2015 3:28pm
DKK, CHF, EUR, SEK

All those pairs with central bank intervantion, I believe that price action is much harder to read on those and would favore other pairs
  • #12
  • May 20, 2015 12:22am May 20, 2015 12:22am
Quoting ChanhXanh
DKK, CHF, EUR, SEK All those pairs with central bank intervantion, I believe that price action is much harder to read on those and would favore other pairs
Even with all the intervantion, price action should keep you safe, as we say, it's all in the chart.
  • #13
  • May 20, 2015 12:27am May 20, 2015 12:27am
Quoting TraderXL
This is an example of a setup of flip between support and resistance (Yellow box), what you see is a live screenshot. We got a 9H BEOB on that level, now price is coming back to that level so most odds sellers should take control now. I didn't take that setup since it looks kinda strange to me, not the clearest setup, could be very tricky to play as we get into the end of the day. Let's look what price will do in that level... {image}
Just a quick update on that one, when price gives you the push below (and in such cases of flips, it will), there is no reason to leave your SL in its initial place.

The SL should move to BE or above the high of the last bar, which will reflect a very minor risk on the table.

IMO, trading is not about the technical side but more the risk and money management side.

Let us see what price will do now...
Attached Image (click to enlarge)
Click to Enlarge Name: EURCHFH9.png Size: 81 KB
  • #14
  • May 20, 2015 12:59am May 20, 2015 12:59am
Quoting TraderXL
Hello all, I began trading (mainly FX) in 2009, I had now decided to begin trading for a living. Here some short description of how I trade: I use only price action in order to get into a trade, I use NO indicators at all, indicators are a bunch of junk. I look for price patterns as such: (for more details, please read j16 stuff on the commercial content forum) PB BEOB BUOB IB With some trades, I tend to take action on a pullback to flip of support and resistance areas (aka: PPZ), this...
Wishing you the best.

Regards
In trading, you have to be defensive and aggressive at the same time
  • #15
  • May 20, 2015 1:01am May 20, 2015 1:01am
Quoting Davit
{quote} Wishing you the best. Regards
Thank you Davit
  • #16
  • May 20, 2015 1:51am May 20, 2015 1:51am
Quoting TraderXL
{quote} Just a quick update on that one, when price gives you the push below (and in such cases of flips, it will), there is no reason to leave your SL in its initial place. The SL should move to BE or above the high of the last bar, which will reflect a very minor risk on the table. IMO, trading is not about the technical side but more the risk and money management side. Let us see what price will do now... {image}
Okay, price had moved to the last minor swing low point, if I had taken it, I would be out by now.

This move could have been a ~1.15R gain.

Hope to post some live setups soon.
Attached Image (click to enlarge)
Click to Enlarge Name: EURCHFH9.png Size: 81 KB
  • #17
  • May 20, 2015 10:35am May 20, 2015 10:35am
I had missed this wonderful PB (50M TF) on a very nice flip of support and resistance on the lower TF.

I had missed this by a few minutes...

EU is going to the last minor swing point and more likely will break it to the down side IMO.
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD+25MM50.png Size: 74 KB
  • #18
  • May 20, 2015 11:25am May 20, 2015 11:25am
I have the same opinion about EU.

Quoting TraderXL
I had missed this wonderful PB (50M TF) on a very nice flip of support and resistance on the lower TF. I had missed this by a few minutes... EU is going to the last minor swing point and more likely will break it to the down side IMO. {image}
  • #19
  • Edited 10:26am May 21, 2015 8:31am | Edited 10:26am
Quoting Pippington
I have the same opinion about EU. {quote}
I think that the correction to the upside from yesterday is over...

But, you can never know in trading
  • #20
  • Jan 1, 2023 2:59pm Jan 1, 2023 2:59pm
After 7.5 years, I'm back to FF

Hope to share from my knowledge for all members, particularly new ones
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