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Market Structure, Support and Resistance

  • #61
  • May 18, 2016 6:58pm May 18, 2016 6:58pm
Quoting angelofx
Hi SWTRUE your results are impressive but i don't quite understand your method. How do you define your swing? If you're buying do you buy above where previous buyers were and after stoch has crossed the 50 line. Pls help clarify.
Thanks Angel.

I see swings more than likely like you do, marked by the X's on the first chart, easy enough. I'm looking to buy as close to previous buy levels as I can, entry is key for money management and trade management. But yes, I do look to get in a little BEFORE those levels as often times big money will front run, get in and take the market back up right before it gets to that level.

Second chart is a valid trade setup, swing broken and stochs has crossed...now we look to buy where big guns bought before...those area's are marked by the blue lines. Now naturally I'm not looking to buy off of each of these levels, I normally see 1 or 2 key levels, that's where I look to get in.

Hope this helps.

Seth
Attached Image(s) (click to enlarge)
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  • #62
  • May 18, 2016 7:13pm May 18, 2016 7:13pm
Quoting swTrue
{quote} Thanks Angel. I see swings more than likely like you do, marked by the X's on the first chart, easy enough. I'm looking to buy as close to previous buy levels as I can, entry is key for money management and trade management. But yes, I do look to get in a little BEFORE those levels as often times big money will front run, get in and take the market back up right before it gets to that level. Second chart is a valid trade setup, swing broken and stochs has crossed...now we look to buy where big guns bought before...those area's are marked...
Thank you!! Now it's crystal clear..
  • #63
  • May 18, 2016 7:18pm May 18, 2016 7:18pm
One more question. Must swing break and stoch above/below 50 line be simultaneous?
  • #64
  • May 18, 2016 7:38pm May 18, 2016 7:38pm
Quoting angelofx
One more question. Must swing break and stoch above/below 50 line be simultaneous?
No, doesn't have to be simultaneous, as long as they both occur before your entry...see USDJPY attached chart.

Also, one of the nuances I discussed in the first post would be only taking the FIRST pull back after everything is on board. This is the highest probabilities. You'll notice all my trades are the first retrace entry, once a new high low is made after the first entry opportunity we sit on our hands.
Attached Image (click to enlarge)
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  • #65
  • May 18, 2016 7:42pm May 18, 2016 7:42pm
Quoting swTrue
{quote} No, doesn't have to be simultaneous, as long as they both occur before your entry...see USDJPY attached chart. Also, one of the nuances I discussed in the first post would be only taking the FIRST pull back after everything is on board. This is the highest probabilities. You'll notice all my trades are the first retrace entry, once a new high low is made after the first entry opportunity we sit on our hands. {image}
I get it. Your pending orders.. i see a lot of cancelled orders at what point do you decide to cancel them EOD or when another swing is broken
  • #66
  • May 18, 2016 7:56pm May 18, 2016 7:56pm
Quoting angelofx
{quote} I get it. Your pending orders.. i see a lot of cancelled orders at what point do you decide to cancel them EOD or when another swing is broken
If the swing is broken after a pull back order is cancelled. Or if you pull up some of those orders you'll see that the market came down within a couple pips of my order and then took off. These levels are more of a zone then just a hard number, so in these cases the level was respected and if I got a big enough move that I missed I'll cancel the order. And one more scenario, you'll notice that sometimes I have a couple entry levels, if the order is filled then the market takes off I'll cancel the second order as most times the swing will be closed above.
Seth
  • #67
  • May 18, 2016 8:06pm May 18, 2016 8:06pm
Quoting swTrue
{quote} If the swing is broken after a pull back order is cancelled. Or if you pull up some of those orders you'll see that the market came down within a couple pips of my order and then took off. These levels are more of a zone then just a hard number, so in these cases the level was respected and if I got a big enough move that I missed I'll cancel the order. And one more scenario, you'll notice that sometimes I have a couple entry levels, if the order is filled then the market takes off I'll cancel the second order as most times the swing will...
Thank you for your time, Seth. It's NBA playoffs time.
  • #68
  • May 18, 2016 8:10pm May 18, 2016 8:10pm
Sure thing!

Warriors all the way!
  • #69
  • May 19, 2016 6:54am May 19, 2016 6:54am
EURGBP and USDCHF entries missed by 5 pips and market took off.

USDSEK - the first level I marked on this that I passed on gave a nice reaction as well.
  • #70
  • May 20, 2016 6:56am May 20, 2016 6:56am
EURGBP and USDSEK orders filled.
  • #71
  • May 24, 2016 8:59am May 24, 2016 8:59am
Hey buddy!, You rock! I need to train my eyes to spot those buy/sell levels. Currently up 75pips profit in GU. In hindsight i should have sold EG i thought the movement will be more in GU. Any hint on TP levels
  • #72
  • May 24, 2016 10:40am May 24, 2016 10:40am
Quoting angelofx
Hey buddy!, You rock! I need to train my eyes to spot those buy/sell levels. Currently up 75pips profit in GU. In hindsight i should have sold EG i thought the movement will be more in GU. Any hint on TP levels
Thanks angel, just takes a little time and they'll start to stand out.

I missed GBPUSD, it was a valid setup on my end, entry levels just weren't as clear. But if I were in I'd be looking to take a decent portion of now as sellers came in pretty solid at this level in the past. See chart.

Hope this helps!

Seth
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  • #73
  • May 24, 2016 11:00am May 24, 2016 11:00am
I mentioned this level last week on USDJPY, didn't take the trade due to not being with my rules, but great reaction!
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  • #74
  • May 24, 2016 11:01am May 24, 2016 11:01am
Quoting swTrue
{quote} Thanks angel, just takes a little time and they'll start to stand out. I missed GBPUSD, it was a valid setup on my end, entry levels just weren't as clear. But if I were in I'd be looking to take a decent portion of now as sellers came in pretty solid at this level in the past. See chart. Hope this helps! Seth {image}
Thank you, Seth. I exited at [email protected]. I have to work on SL and TP levels as i didn't set a SL but was constantly monitoring the trade..
  • #75
  • May 24, 2016 11:10am May 24, 2016 11:10am
USDCHF update - I was long from the arrow, market gave me about 35 pips and I moved to BE. I'm more conservative on moving my stops on the aggressive entry like this, unfortunately the market came back down, stopped me out at BE by 5 pips, then headed back up. No worries, on to the next.

If market fails to close higher conservative entry is still valid.
Attached Image (click to enlarge)
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  • #76
  • May 24, 2016 11:13am May 24, 2016 11:13am
Quoting angelofx
{quote} Thank you, Seth. I exited at [email protected]. I have to work on SL and TP levels as i didn't set a SL but was constantly monitoring the trade..
Way to get some pips locked down!
You can always set an emergency SL, which is a good idea just in case you ever loose connection/service, just something to protect you from a huge move.
  • #77
  • May 24, 2016 11:19am May 24, 2016 11:19am
your thoughts on this...
Attached Image (click to enlarge)
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  • #78
  • May 24, 2016 11:20am May 24, 2016 11:20am
EURGBP update - I didn't "feel" as good about my aggressive entry on this pair, but that's why we have rules in place and don't make feeling based decisions. I didn't like these levels as much but they correlated with GBP levels on GBPJPY and GBPUSD. I'm not a correlation fan in most aspects, don't try to use it like most traders, but do notice where buyers/sellers come in.

Typically would leave a runner at conservative entry BUT TPs were triggered during London when I was asleep.
Attached Image (click to enlarge)
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  • #79
  • May 24, 2016 11:27am May 24, 2016 11:27am
GBPJPY update - yellow lines mark both buy levels, I liked both, aggressive entry is typically the first. Again, I like to leave a runner from the conservative, but I don't live to trade, I trade to live, so I'm not going to set alarms and wake up to scale out a position.

Just moved this runner to BE, up 100 pips or so, this was the aggressive entry so the position isn't great for a runner, may just take it off.
Attached Image (click to enlarge)
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  • #80
  • May 24, 2016 11:28am May 24, 2016 11:28am
USDSEK update - another nice winner, runner just got stopped out at BE.
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