When Price is UP, buy; when Price is Down, sell short...

Hi Bendz, u got better entries than i well done. i hope u still got them.
i'm curious.... on which bars [and tf] did u enter those lovely shorts ?

here are mine below. you will notice i tightened SL on all of them to just above today's high.
that is because with one major fx player out of the market today due to a bank holiday, i do not which the other inter bank dealers to put me in negative territory with their sweeps, neither do i wish to loose my position [by closing them] should price continue down.

Hi sunshine,

Thanks for the guidance. I've closed audusd. Waiting for Re-entry. Today No new entries.

Bendz

Hi sunshine,

As per your suggestion, now I'm using 4h tf. Thanks for your suggestion. Because, Now I'm relaxed with the entries. No hurries. But sometime, I slipped when i saw other timeframes

Bendz

hi Bendz,

yes, that tends to happen to me as well when looking at the smaller scalping and the other intraday tf's. i let myself get trapped there too sometimes and to avoid that more often than not, i drop down as far as the 4hrs then enter from there and if i feel the need for it i may put a SL based on that tf signal..

as expected with one major fx market on holiday yesterday, the fx pairs in general went no where...forming doji's and long-legged doji's, similar to this pair EURNZD.

you're doing fine...in the beginning its a constant effort to enter trades upon receiving the hint from the market but after some time of constantly following your method and strategy, entering and exiting trades becomes "muscle memory" as automatic as other learned skills such as riding a bicycle or driving a car or flying an aeroplane.

today*, i would love to address the AUDUSD and where i feel it may go longer term, nothing guaranteed...it is just my "feeling"
obviously i missed the best entry points which was almost 3 weeks ago.

the analysis is more from a Position traders point of view.

edit:
maybe i should wait until the forex market platforms are closed for the week...? seeing that today is friday...i don't think that many (position) traders will be interested anyway.

ok, testing my "feeling" long probe in...this entry reminds me of what legendary trader, Jesse Livermore said, something along this line..."....when i get that feeling, i just have to test it and the best way to test it is to enter with a portion of my usual lot size..."

edit2:
if you are trading short for today, then that is the correct bias for today...as a pointer....
...switch to 1hr chart and enter short upon closing of that bar more or less in the region where it is now...don't let my buy probe of earlier throw u off shorts for today
...my buy probe is entered for a different timeframe and a different holding period, i could be wrong ofcourse but as i said above... i just have to test my "feeling"

edit3:
...beautiful 40 pip bearish bar in hourly just closed in an instrument that has +70 pip average dly range for the past 22 days...that is an immense move.
...so if u are short...stay there and add on additional sell signals,
...however, come back when the current hourly bar will close and if it closed Up, then if i would say the shorts are in real danger...i would most certainly bail and go long.

ok traders,it's story time...

a long time ago there lived a man called Jesse Livermore. he lived at a time of wild swings and tremendous upheavals, a time of great joy and fortune and of instant poverty and sadness...and the lessons of life that comes with the territory...but don't let me spoil the story, here follows in his own words a snippet from the book that recorded that part of his life..."Reminiscences of a Stock Operator" by Edwin Lefevre.

...Don't be a sucker!

This semisucker is the type that thinks he has cut his wisdom teeth because he loves to buy on declines. He waits for them. He measures his bargains by the number of points it has sold off from the top. In big bull markets the plain unadulterated sucker, utterly ignorant of rules and precedents, buys blindly because he hopes blindly. He makes most of the money until one of the healthy reactions takes it away from him at one fell swoop.
But the Careful Mike sucker does what I did when I thought I was playing the game intelligently according to the intelligence of others.

I knew I needed to change my bucket-shop methods and I thought I was solving my problem with any change, particularly one that assayed high gold values according to the experienced traders among the customers. Most -let us call 'em customers -are alike. You find very few who can truthfully say that Wall Street doesn't owe them money.
In Fullerton's there were the usual crowd. All grades! Well, there was one old chap who was not like the others. To begin with, he was a much older man. Another thing was that he never volunteered advice and never bragged of his winnings. He was a great hand for listening very attentively to the others. He did not seem very keen to get tips that is, he never asked the talkers what they'd heard or what they knew. But when somebody gave him one he always thanked the tipster very politely. Sometimes he thanked the tipster again when the tip turned out O.K. But if it went wrong he never whined, so that nobody could tell whether he followed it or let it slide by. It was a legend of the office that the old jigger was rich and could swing quite a line. But he wasn't donating much to the firm in the way of commissions; at least not that anyone could see. His name was Partridge, but they
nicknamed him Turkey behind his back, because he was so thick-chested and had a habit of strutting about the various rooms, with the point of his chin resting on his breast.
The customers, who were all eager to be shoved and forced into doing things so as to laythe blame for failure on others, used to go to old Partridge and tell him what some friend of a friend of an insider had advised them to do in a certain stock. They would tell him what they had not done with the tip so he would tell them what they ought to do. But whether the tip they had was to buy or to sell, the old chap's answer was always the
same.
The customer would finish the tale of his perplexity and then ask: "What do you think I ought to do?"
Old Turkey would cock his head to one side, contemplate his fellow customer with a fatherly smile, and finally he would say very impressively, "You know, it's a bull market!"
Time and again I heard him say, "Well, this is a bull market, you know!" as though he were giving to you a priceless talisman wrapped up in a million-dollar accident-insurance policy. And of course I did not get his meaning.

One day a fellow named Elmer Harwood rushed into the office, wrote out an order and gave it to the clerk. Then he rushed over to where Mr. Partridge was listening politely to John Fanning's story of the time he overheard Keene give an order to one of his brokersand all that John made was a measly three points on a hundred shares and of course the stock had to go up twenty-four points in three days right after John sold out. It was at
least the fourth time that John had told him that tale of woe, but old Turkey was smiling as sympathetically as if it was the first time he heard it.

Well, Elmer made for the old man and, without a word of apology to John Fanning, told Turkey, "Mr. Partridge, I have just sold my Climax Motors. My people say the market is entitled to a reaction and that I'll be able to buy it back cheaper. So you'd better do likewise. That is, if you've still got yours."
Elmer looked suspiciously at the man to whom he had given the original tip to buy. The amateur, or gratuitous, tipster always thinks he owns the receiver of his tip body and soul, even before he knows how the tip is going to turn out.
"Yes, Mr. Harwood, I still have it. Of course!" said Turkey gratefully. It was nice of Elmer to think of the old chap. "Well, now is the time to take your profit and get in again on the next dip," said Elmer, as if he had just made out the deposit slip for the old man. Failing to perceive enthusiastic gratitude in the beneficiary's face Elmer went on: "I have just sold every share I owned!" From his voice and manner you would have conservatively estimated it at ten thousand shares.
But Mr. Partridge shook his head regretfully and whined, "No! No! I can't do
that!"
"What?" yelled Elmer.
"I simply can't!" said Mr. Partridge. He was in great trouble.
"Didn't I give you the tip to buy it?"
"You did, Mr. Harwood, and I am very grateful to you. Indeed, I am, sir. But "
"Hold on! Let me talk! And didn't that stock go op seven points in ten days? Didn't it?"
"It did, and I am much obliged to you, my dear boy. But I couldn't think of selling that
stock."
"You couldn't?" asked Elmer, beginning to look doubtful himself. It is a habit with most
tip givers to be tip takers.
"No, I couldn't."
"Why not?" And Elmer drew nearer.
"Why, this is a bull market !" The old fellow said it as though he had given a long and
detailed explanation.
"That's all right," said Elmer, looking angry because of his disappointment. "I know this is a bull market as well as you do. But you'd better slip them that stock of yours and buy it back on the reaction. You might as well reduce the cost to yourself." "My dear boy," said old Partridge, in great distress "my dear boy, if I sold that stock now I'd lose my position; and then where would I be?"
Elmer Harwood threw up his hands, shook his head and walked over to me to get
sympathy: "Can you beat it?" he asked me in a stage whisper. "I ask you 1"
I didn't say anything. So he went on: "I give him a tip on Climax Motors. He buys five hundred shares. He's got seven points' profit and I advise him to get out and buy 'em back on the reaction that's overdue even now. And what does he say when I tell him? He says that if he sells he'll lose his job. What do you know about that?"

"I beg your pardon, Mr. Harwood; I didn't say I'd lose my job," cut in old Turkey. "I said I'd lose my position. And when you are as old as I am and you've been through as many booms and panics as I have, you'll know that to lose your position is something nobody can afford; not even John D. Rockefeller. I hope the stock reacts and that you will be able to repurchase your line at a substantial concession, sir. But I myself can only trade
in accordance with the experience of many years. I paid a high price for it and I don't feel like throwing away a second tuition fee. But I am as much obliged to you as if I had the money in the bank. It's a bull market, you know." And he strutted away, leaving Elmer dazed.

What old Mr. Partridge said did not mean much to me until I began to think about my own numerous failures to make as much money as I ought to when I was so right on the general market. The more I studied the more I realized how wise that old chap was. He had evidently suffered from the same defect in his young days and knew his own human weaknesses. He would not lay himself open to a temptation that experience had taught
him was hard to resist and had always proved expensive to him, as it was to me.
I think it was a long step forward in my trading education when I realized at last that when old Mr. Partridge kept on telling the other customers, "Well, you know this is a bull market!" he really meant to tell them that the big money was not in the individual fluctuations but in the main movements that is, not in reading the tape but in sizing up the entire market and its trend.

And right here let me say one thing: After spending many years in Wall Street and after making and losing millions of dollars I want to tell you this: It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight! It is no trick at all to be right on the market. You always find lots of early bulls in bull markets and early bears in bear markets. I've known many men who were right at exactly the right time, and began buying or selling stocks when prices were at the very level which should show the greatest profit. And their experience invariably matched mine that is, they made no real money out of it. Men who can both be right and sit tight are uncommon. I found it one of the hardest things to learn. But it is only after a stock operator has firmly grasped this that he can make big money. It is literally true that
millions come easier to a trader after he knows how to trade than hundreds did in the days of his ignorance.

The reason is that a man may see straight and clearly and yet become impatient or doubtful when the market takes its time about doing as he figured it must do. That is why so many men in Wall Street, who are not at all in the sucker class, not even in the third grade, nevertheless lose money. The market does not beat them. They beat themselves, because though they have brains they cannot sit tight. Old Turkey was dead
right in doing and saying what he did. He had not only the courage of his convictions but the intelligent patience to sit tight.

(italics, bolds, emphasis and paragraph spacing is mine)

Hi sunshine,
Thanks for your guidance. Yesterday maximum time, My system was shuts down.

Current Status of some pairs.

u welcome Bendz,
what do u mean by your system was shut down ? did u shut it down or was it out of your control ?

of all the GBP pairs i favour the GBPNZD for monday.

as for the AUDUSD, my bias for monday is still down...so the best way that i will trade it on monday, is in the hourly chart to look for a sell signal...profits to be taken around the end of the african/european session.

... u do know what a sell signal in the 1hr+Dly trading timeframe combination looks like ? if not, then u can ask and i will show by way of a chart.

PS: what do u think of Mr. Partridge in the above story as related by lengendary trader, Jesse Livermore

Hi sunshine,

I shutdown my system ;(.

I think i may take some wrong entries . So to avoid, just j turn off my system

As from the story, in fx buy or sell hold for a long period. Am i correct?

I want to learn sell signal in 1hr + daily. Please post charts and analysis and ideas

Thanks sunshine. I'm in a learning process and your ideas give me a boost up. normally I closed in Pull back. I don't know to keep it. But now I'm learning from you.

Once again thanks.

With regards,
Bendz

u very welcome Bendz,

i have to tell u that if u carry on in this fashion then success in what you're seeking is written for u...so congratulate yourself and feel good about your very rare and precious ability. this action of yours shows reveal several highly sought after qualities and they start life in the remote cold highest mountain peaks as just a drip, the same way a river does. :

1. a desire, a drip from the frozen ice... than,
2. willpower exercised with much discomfort and unease...sharp cold rocky edges,
3. the birth of discipline... the first trickle of water forming an infant cool refreshing stream,
4. the realisation of the immense potential, a promise, a dream... collection of streams now become a rivulet (small river) and the realisation of the potential that a properly guided rivulet hold when it matures thru its phases of its life, from a desire to birth to infant to toddler to pre-school child to raging roaring testosterone filled teenager with uncontrolled rapids to full-blown manhood with all its strength and torrents (or full-blown womanhood with all its beautiful curves and majestic flowering islands and ensnaring viles ) to gentle mellowing as it declines into old age.

​eish...as they say in the zulu tongue in my province, pardon my analogy, but u know the advert of Red Bull that says ...redbull gives u wings ?

...well, this morning i used red bull instead of water to make coffee and after 15mins of driving on the highway, i realised i let my car at home.

Hi sunshine,

Thanks for your comment. I think I'm in learning process.

Great. You're correct. That's our life

I've got no chance having redbull Enjoy

Hi Sunshine...
after I read the first page, I think this is a topic that is being smart I need now,
I belong to those who haste in opening position ,, I will try to read page by page, hopefully I can find common ground for solutions in my psychology
even though I'm less so smoothly understand the English language ,,
but I'll try to try harder,,
And later after all the pages is finished for reading and maybe there are things I need to ask,
I hope you answer ,, thanks in advance

Hey,

Thanks for sharing. I like the idea of entering off these long term charts as it means less work...and I am a complete failure at scalping...ha ha. Disaster with a capital.

I still try to crack it...but should really give up and go back to longer term stuff.

I have read the thread and the answer is probably there...but would like to be clear...could you answer a couple of questions if you have time please.

1. If I see the weekly bar close in a nice fashion...giving a bias to direction....I look for entries corresponding on the 4 hour chart....after I enter on the 4hr can I place the stop loss above the swing high / low on the 4 hour...or what do you recommend please?

2. The monthly chart looks a bit more tricky when in line graph...do we need to wait for it to break the recent swing or can you take the same approach, ie :
A nice monthly close...look for entries corresponding on the daily. Stop above the swing on the daily...or stop above the entry candle?

Thanks if you could just make it crystal clear. Sometimes its a good idea with these threads to have rules outlined on post 1 ...then you dont have to explain over again and again....but then you will still get questions.

hi Bendz,

actually, i'm not consuming red bull at all nor does any of our family, relatives and friends, we prefer the real thing straight from the bean not 2nd hand with added with other stuff that may or may not be healthy.
i just like their slogan..."red bull gives u wings..." but we get that from coffee anyway...2 cups in the morning is enough caffeine for the day.

hello rics,

you most welcome and good luck. i will try to use simpler and easy words from now on.
yes, you must wait for the bar to close that is forming the trading signal.

if you find something is not clear then please ask me to explain and i will try to make clear to you in a different way and style.
that is why i prefer to use pictures of charts because when u read the words they may not be clear to you but then you must look at the pictures and charts and try to see if u can understand better. if the harts are still unclear and muddy then please ask me again.
you can also copy and paste the text into a translator such as google has, maybe it will help.

English is also not my first language. in the rural village where i grew up in my country, South Africa, people considered english a foreign language.

hi Forexmeoff, foxy play of words

thank you for putting the effort by reading the thread, sometimes i find that after a few weeks or months or even years when i re-read a book, paragraph or sentence then only i get the meaning. this was the case of the story from Jesse Livermore that i posted...only on the 2nd read and years after i first read the book did i get the meaning, the essence, the heart of what he was trying to say very clearly...i saw it the 1st time but what he said but it did not sink in the 1st time.
because the 1st read of a thread that interests us we normally look for specific things and the other stuff we just skim offer we miss the core message.

ok, let me answer your questions:

Question 1.
If I see the weekly bar close in a nice fashion...giving a bias to direction....I look for entries corresponding on the 4 hour chart....after I enter on the 4hr can I place the stop loss above the swing high / low on the 4 hour...or what do you recommend please?
Answer 1.
yes correct. Weekly + 4hr
the Weekly chart tell us which way to trade in the lower timeframe, in other words as u said, the Weekly gives us our trading bias for next week
which Weekly chart ?
...we look at how price closed last Friday, the most recent Friday that we can see on our charts. in other words, if today is Tuesday than we look at last Fridays close on the Weekly chart.
...now, entry signals are generated or formed in the 4hr chart, we wait until the current 4hr bar close in the direction of the Wkly close then we enter.

after we enter on the 4hrs we now place our Stop Loss above the high of the signal bar if it is short or below the low signal candle for a buy. got it ?

Question 2.
The monthly chart looks a bit more tricky when in line graph...do we need to wait for it to break the recent swing or can you take the same approach, ie : A nice monthly close...look for entries corresponding on the daily. Stop above the swing on the daily...or stop above the entry candle?
Answer 2.
yes correct. the monthly is not more tricky it is only your reception.
we need a Monthly close below (for shorts) the Last Swing High (LSH) and not just a break or violation of the LSH.
what is this close below the LSL telling us ?
... it is telling us that the Monthly Trend has probably changed from up to down, so it will be to our advantage to trade short in the present month. foe example... it is December now and the last month, November, closed below the LSH so now we look for shorting signals in the Daily chart.
...Stop is placed above the high of the bar that formed the signal in the Daily, not above the Swing high.
the above is the essentials, the basics... it applies to the Weekly as well... Weekly+ 4hr goes together...Monthly+ Daily is a pair. got it ?

however, we do not have to wait for the Monthly to close below the LSH, lets say the Mthly price is still very far away from its LSH but last month, November, closed down, then we do the same
...because we got a Mthly red bar close, we now switch to Dly tf and trade shorts when short setups forms...
​please tell me if the explanation is crystal clear otherwise i will try again.

and u made some good suggestions, thank you... i found that repetition is the mother of memory-recall...mind memory or muscle-memory, it works.

see post 425 above as i'm not in the habit of quoting myself... in that post i spoke of a "feeling" that i have regarding the AUDUSD pair and i put into my own words a quote from legendary trader, Jesse Livermore.. so now yesterday it appears as if my subconscious was right because the pair moved up much more then its normal average daily range and if it closes up this week then it would have completed a very bullish continuation signal.

so , my lonely buy entry from lat week is still alive...as is usual when trading off these subconscious signals of mine, i'm too early by about a day or 2.

What am i saying ?

.. i am recommending to trade Ozzie long only, take buy signals only...do not consider shorts for Swing trades, and should this week close up then we all know which way to trade next week ? yes ?

Attached Image

and here are some of my other entries...see that 4hr pin bar on top of the up run ?
...it says ...a retracement down may follow so if u still want to buy then wait until the danger signs are over, cancelled and eliminated.

we do not know the future, we do not know what may happen, therefore we as humans has developed certain signals, tracks, spoors that taught us to learn from history and learn and not to repeat futile actions that have bring temporary joy.
...by way of example...what have we as humans learned and know from our history but thinks that it doesn't apply to us just because we are a super power or we control the super power or we have powerful friends ?
...we have not learned that ...if u take by force then u have to control by force just to keep what u have stolen, appropriated or usurped. we never learn. when the chickens come home to roost then we want to cry.

Hi Sunshine, hope u r well!

Just curious are you still short EA for a swing trade?