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  • #261
  • Apr 29, 2016 7:36pm Apr 29, 2016 7:36pm
Quoting ajs5274
I have been demoing this for 2 weeks 6 trades 3 losses 3 wins. With one 1 trade 1R, 1 trade 9R and another min 4R. {image} {image}
​Hello AJS. Welcome.
Please post your weekly/daily charts together or your daily/H4 charts together. I'm really having a difficult time with your charts. I prefer nearly naked charts with as little indicators as possible. thanks.
  • #262
  • Apr 30, 2016 1:34am Apr 30, 2016 1:34am
Quoting Winston Reed
{quote} Hanging man is a bearish reversal signal but it does require confirmation. In this case there was no confirmation. Lesson learned. {image}
Hi Winston, thanks, i put a sell stop below the body of the hanging man, that i know it is an aggressive entry. A conservative entry would be to enter once the price goes below the lower wick of the hanging man, right?
Is that what you mean for confirmation? Thank for explanation! Have a great weekend,

Syl
  • #263
  • May 1, 2016 2:29pm May 1, 2016 2:29pm
Quoting Winston Reed
{quote} This is my GBPUSD weekly. {image}
Hi,
I've been reading the pdf and this thread last week.
First of all I'ld like to thank Winston for putting this all on FF. Now let's see whether or not we (or some of us) can make this strategy to be a profitable system. Good luck to ya all!

I have a question on the GBPUSD chart. I drew a orange rectangle on the resistance area of the right most BeLBC. Isn't this area invalidated by the last two bullish bars following?
Attached Image
Posting Demo charts, mirroring some of them live.
  • #264
  • May 1, 2016 3:16pm May 1, 2016 3:16pm
I do not want to start of by posting all my analysis. I have some more than this EU. This one is interesting I think because of the following.
In the pdf it says: "Identify key support and resistance utilizing large bodied weekly candles." I have put the word key in bold because of the question: "How to know which support or resistance is key?
See the following EU chart. have drawn five support areas:
Attached Image (click to enlarge)
Click to Enlarge Name: Image1.png Size: 91 KB

From earlier 'knowledge' on analyzing charts I would say the key support is 5.
3 and 4 and to a lesser extend 1 and 2 have overlays which for me is a sign there has been trading in these areas so probably "nor buy orders" left. Or is this too much of s/d thinking?

Question is do we have to choose or do we follow the price action in every support area and take a trade on daily candles tell us to do so?
Or should we just skip trading EU because the weekly is in a sideways trading:
Attached Image (click to enlarge)
Click to Enlarge Name: Image2.png Size: 23 KB

But maybe this is too much "trend-trading-thiinkig". Well, I hope you guys can point me to the right way of thinking. Thanks!
Posting Demo charts, mirroring some of them live.
  • #265
  • May 1, 2016 9:05pm May 1, 2016 9:05pm
Quoting forexpiet
{quote} Hi, I've been reading the pdf and this thread last week. First of all I'ld like to thank Winston for putting this all on FF. Now let's see whether or not we (or some of us) can make this strategy to be a profitable system. Good luck to ya all! I have a question on the GBPUSD chart. I drew a orange rectangle on the resistance area of the right most BeLBC. Isn't this area invalidated by the last two bullish bars following? {image}
A weekly LBC continues fair play until a weekly candle/s completely engulfs it. Certainly one may make a judgement about whether or not to trade an unengulfed weekly LBC that has been entered many times or seems to be near being engulfed. If you study previous weekly LBCs you will find some weekly LBCs that seemed to be near complete engulfment but before they were engulfed they still produced very profitable trades. ​
  • #266
  • May 1, 2016 9:16pm May 1, 2016 9:16pm
Quoting forexpiet
I do not want to start of by posting all my analysis. I have some more than this EU. This one is interesting I think because of the following. In the pdf it says: "Identify key support and resistance utilizing large bodied weekly candles." I have put the word key in bold because of the question: "How to know which support or resistance is key? See the following EU chart. have drawn five support areas: {image} From earlier 'knowledge' on analyzing charts I would say the key support is 5. 3 and 4 and to a lesser extend 1 and 2 have overlays which...
​Large Bodied Weekly Candles in and of themselves IMHO are key support and resistance. The LBC that price is currently most near or in is the key s/r we should be most concerned about. Judgement is needed...A "smallish" LBC that is just happens to be larger than 2 or 3 previous weekly candles may not be the best one for trading purposes.

There will always be unengulfed weekly LBCs above and below current price action. We look for daily signals within the LBC where PA is currently in or is getting ready to enter. If price enters a bullish weekly LBC we look for a bullish daily signal. There may be a bearish weekly or even daily LBC directly above and this may influence the decision to enter a trade. These are judgement calls and I have not nor do I intend to make rules so strict that judgement is not needed.
  • #267
  • May 2, 2016 2:00am May 2, 2016 2:00am
Today i see this potential opportunity, Winston i know you don't trade jpy pairs, but what do you think about my setup?

Thanks,
Syl
Attached Image (click to enlarge)
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  • #268
  • May 2, 2016 10:26am May 2, 2016 10:26am
Quoting sylbolid
Today i see this potential opportunity, Winston i know you don't trade jpy pairs, but what do you think about my setup? Thanks, Syl {image}
As per 'rules' you should provide a weekly chart. Here is mine. I wonder whether your weekly resistance is the same
Attached Image (click to enlarge)
Click to Enlarge Name: Image1.png Size: 24 KB

My daily is like this:
Attached Image (click to enlarge)
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I do not see a trade signal on the daily yet, do you Syl?:
Posting Demo charts, mirroring some of them live.
  • #269
  • May 2, 2016 10:47am May 2, 2016 10:47am
Quoting forexpiet
{quote} As per 'rules' you should provide a weekly chart. Here is mine. I wonder whether your weekly resistance is the same {image} My daily is like this: {image} I do not see a trade signal on the daily yet, do you Syl?:
Hi forexpiet,

my weekly chart looks like yours with same support but i draw the resistance with the previous weekly BeLBC.
My pendent order on daily tf i based on a possible engulfing pattern or inside out pattern,

Thanks,
Syl
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurjpyd.png Size: 46 KB
Click to Enlarge Name: eurjpyw.png Size: 35 KB
  • #270
  • May 2, 2016 10:53am May 2, 2016 10:53am
Quoting sylbolid
Hi forexpiet, my weekly chart looks like yours with same support but i draw the resistance with the previous weekly BeLBC.
As you can see in my weekly the body of the last BeLBC was smaller then of the LBC before that one. Thats why I have my resistance in another area. I understand now why yours was at the place where you've drawn it.
Quoting sylbolid
My pendent order on daily tf i based on a possible engulfing pattern or inside out pattern, Thanks, Syl
Don't you wait for a candle to close to show what its going to be?
Posting Demo charts, mirroring some of them live.
  • #271
  • May 2, 2016 11:18am May 2, 2016 11:18am
Quoting forexpiet
{quote} As you can see in my weekly the body of the last BeLBC was smaller then of the LBC before that one. Thats why I have my resistance in another area. I understand now why yours was at the place where you've drawn it. {quote} Don't you wait for a candle to close to show what its going to be?
Hi Forexpiet,

yes, i could wait too. Sometime i see that a pending order is a great tool to enter the market, other times the price hit my order than reverse and go to my sl... Sometime i use it, sometime i don't!
  • #272
  • May 2, 2016 11:41am May 2, 2016 11:41am
Hi Winston,

maybe you have already written about that, so in this case sorry. But i would like to know how you menage your open trade. Do you go at breakeven while the trade is developing in profit? If yes, after how many pips or percentage of RR? Do you trail your trade like for example putting the sl below the previous candle (if you are buying) or above the previous candle (if you are selling)? I think how we menage the trade in term of SL and TP is the key to be safe.

Thanks!
Syl
  • #273
  • May 2, 2016 3:54pm May 2, 2016 3:54pm
Maybe I am to eager to do my first trade using this strategy. oohh well emotions ....
This is my EURAUD Weekly:
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 26 KB

And this is my daily:
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot2.png Size: 25 KB

I think a proper daily sell signal is not to be seen (yet).
I have a (slight) problem with these daily candles. They close at 24:00 hours GMT+1. Well, i'll be sleeping by then. So instead of trading the 'candles' I think I will have to trade the area's. I will start analyzing after NY close and make my decisions after that.

The screenshots are from an Oanda Metatrade Practice account wher I will always trade .01 lot. I intend to do the same trades on my (small) OANDA live account. I will be risking 0,5% of my account per trade and aim for 1,5% profit. I will adjust the units by doing so. But as I said in the beginning of this post ...oohh well emotions.....
Posting Demo charts, mirroring some of them live.
  • #274
  • May 2, 2016 6:53pm May 2, 2016 6:53pm
This was from my trade yesterday
2 May 2016: Open buy position following the H4 timeframe, in sync/confluence with London Breakout with TP 45pips, SL 90pips

Attached Image


Attached Image


Trade duration (3barsxH4) (edit: add another position upon retracement.
Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSDH4_closed.png Size: 25 KB
an attempt of compounding, from USD50+25bonus until ....burnout..haha
  • #275
  • Edited 11:56pm May 2, 2016 7:48pm | Edited 11:56pm
Quoting forexpiet
Maybe I am to eager to do my first trade using this strategy. oohh well emotions ....
G day,
Oh, what a coincident. am also shorting EAud... hmmm has to agree with fxpiet.... emotions.
Am getting too aggressive, that i shouldn't be. Sign of a bad trader

Attached Image (click to enlarge)
Click to Enlarge Name: EURAUDDaily_3may.png Size: 21 KB


update: stopped out at BE during RBA announcement (while floating at +35pips ).
Attached Image (click to enlarge)
Click to Enlarge Name: EURAUDH4_kicked_out_hard_on_the_butt.png Size: 20 KB
an attempt of compounding, from USD50+25bonus until ....burnout..haha
  • #276
  • May 3, 2016 6:26am May 3, 2016 6:26am
Quoting ajs5274
I have been demoing this for 3 weeks 6 trades 3 losses 3 wins. With one 1 trade 1R, 1 trade 9R and another 9.5R. {image} {image}
Here is my weekly and daily chart.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: USDCHFWeekly.png Size: 27 KB
Click to Enlarge Name: USDCHFDaily.png Size: 25 KB
  • #277
  • May 3, 2016 10:38am May 3, 2016 10:38am
Quoting forexpiet
Maybe I am to eager to do my first trade using this strategy. oohh well emotions .... This is my EURAUD Weekly: {image} And this is my daily: {image} I think a proper daily sell signal is not to be seen (yet). I have a (slight) problem with these daily candles. They close at 24:00 hours GMT+1. Well, i'll be sleeping by then. So instead of trading the 'candles' I think I will have to trade the area's. I will start analyzing after NY close and make my decisions after that. The screenshots are from an Oanda Metatrade Practice account wher I will always...
Well, let me try to evaluate this trade. Emotions are gone. Well are they??? 199 more trades like this and over and out.
Last week was a huge weekly bar. Who is in control FP? The bulls aren't they? EurAud is moving north like a freight train. Don't go standing in front of a freight train.
On the daily you forgot to draw a support area. I will do that for you and look at H4 though D would do also. Look and see:
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 20 KB

So there is a strong move up. Would you rather look for longs or shorts? Maybe prefer longs above shorts huh? At what level would you like to go long? Exactly, in the daily support level. Just below where you entered short! Ooh, and I drew this yellow line. You tried to use that before, retrace to breakout level. Seems to me it would have worked out (this time).
Well, now you were sleeping when price entered that area. The choice you had for a long: limit order at a level below the H4 candle or a stop order above. Difference is about 110 pips. your choice.
Oh and by the way did you have a look at the FX calendar? You did not. Well, that is a choice too. Neglecting upcoming news. Again your choice.

Maybe you like shorts more than longs. You forgot about it when thinking of a trade in EurAud, but you had a sell limit order in AudUSD. Well, of course that one triggered nicely in the daily resistance area:
Attached Image (click to enlarge)
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It is a pity though you did not have this one on your life account
Posting Demo charts, mirroring some of them live.
  • #278
  • May 3, 2016 10:51am May 3, 2016 10:51am
Quoting haikanoz
{quote} G day, Oh, what a coincident. am also shorting EAud... hmmm has to agree with fxpiet.... emotions. Am getting too aggressive, that i shouldn't be. Sign of a bad trader .......
Hi haikanoz,
Do you think we could have done better in our analysis? Or was this just bad luck because of the news? Does news matter at all?
Do you agree with my evaluation?
Thanks, FP
Posting Demo charts, mirroring some of them live.
  • #279
  • May 3, 2016 11:50am May 3, 2016 11:50am
Analyzing GBPUSD:
Weekly, two bars strong move up running into W resistance
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 22 KB

Daily:
5 to 6 overlapping candles, losing upwards momentum, no sell signal on the daily
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot2.png Size: 22 KB

H4:
Sell signal at the close of the large bearish engulfing
Attached Image (click to enlarge)
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Follow up: draw a resistance on H4 and enter sell on signal candle.
Probably I will not be able to follow on H4.
Comments please
Posting Demo charts, mirroring some of them live.
  • #280
  • May 3, 2016 12:04pm May 3, 2016 12:04pm
Hey friends,

one question: What do you do, if you have too much good trading setups? Do you trade them all? Most times of course we waiting for good setups and do nothing, but sometimes, like today, we get more than 5 ggod setups. We have today grate pinbar on USDCHF, USDJPY, EURUSD, a Engulfer with pinbar on GBPUSD and so on. The problem is, that mostly in such cases the reason for the good setups is the same move. In other words, IMHO wether nearly all trades will give us good profit or all will be loser.

So what to do? Do you trade all setups or do you choose only one or two?
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