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Price action trading - Trade like the pros!

  • #481
  • Dec 28, 2016 11:27am Dec 28, 2016 11:27am
So much selling, I don't think it's going to make it at all right now, lol.
  • #482
  • Dec 28, 2016 11:56am Dec 28, 2016 11:56am
Let's see how it goes....
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  • #483
  • Dec 28, 2016 12:13pm Dec 28, 2016 12:13pm
for EURUSD and USDCHF, trying to entrer in the 78,6 retrace of 4h range

May the Force be with you
Attached Image(s) (click to enlarge)
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  • #484
  • Dec 28, 2016 12:51pm Dec 28, 2016 12:51pm
Nice one,
Thanks for taking your time to create an educational piece like this,
Kindly explain further how to enter trades using Fibonacci
Am a newbie I see good trades but i end up having extremly high stop loss.
Thanks
  • #485
  • Dec 28, 2016 5:04pm Dec 28, 2016 5:04pm
Quoting WDays
Let's see if I caught the weekly low... {image}
wow, Im also long EU from about the same level, check out how the commercials are heavily loaded on longs on the COT. This is giving me confidence to try to hold this one
thinking outside the box
  • #486
  • Dec 28, 2016 5:30pm Dec 28, 2016 5:30pm
Quoting Mercennary
{quote} wow, Im also long EU from about the same level, check out how the commercials are heavily loaded on longs on the COT. This is giving me confidence to try to hold this one
Hi Mercennary

The commercials in the COT report are actually short the EUR not long. For Commercials they buy/sell contracts for hedging positions so you have to invert it for their view of the market.
Boxing clever since 76.
  • #487
  • Dec 28, 2016 6:02pm Dec 28, 2016 6:02pm
EA made it to TP for +50, EU I cut off entirely for a total of 35+16+20 = 71 pips, because I won't be able to monitor, Usd/Chf I cut as well for +30.
Attached Image(s) (click to enlarge)
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  • #488
  • Dec 29, 2016 3:01am Dec 29, 2016 3:01am
i only made 30 pips on each. I could done much butter
Attached Image(s) (click to enlarge)
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  • #489
  • Dec 29, 2016 4:23am Dec 29, 2016 4:23am
I follow Justin Bennets Methods which are very similar. Glad I found this site, a lot of useful info.
I want to be a Jedi Warrior like my father and his father before him!
  • #490
  • Dec 29, 2016 5:45am Dec 29, 2016 5:45am
Quoting Hugoafonso
i only made 30 pips on each. I could done much butter {image} {image}
Well done, so did I, but not to worry
  • #491
  • Dec 29, 2016 11:14am Dec 29, 2016 11:14am
Hey WD, by the way you're talking, your EU SL held up. From your posted chart, it looked like your stop might have hit, or missed by a pip or two. But maybe you got in on the way back up.

Either way, good eye catching that one.
  • #492
  • Edited 11:40am Dec 29, 2016 11:21am | Edited 11:40am
Quoting diamonddbw
Hey WD, by the way you're talking, your EU SL held up. From your posted chart, it looked like your stop might have hit, or missed by a pip or two. But maybe you got in on the way back up. Either way, good eye catching that one.
I had moved it below the 72 level because I figured it would get hit right at the low of the move down (as it would have).

1.0372 was initially where I wanted to enter, but decided to enter at the demand area above. I rushed in before it was fully tested, too, so I had to play around with my stops a bit.
Attached Image (click to enlarge)
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  • #493
  • Dec 29, 2016 8:58pm Dec 29, 2016 8:58pm
Quoting copi88
{quote} Hi Mercennary The commercials in the COT report are actually short the EUR not long. For Commercials they buy/sell contracts for hedging positions so you have to invert it for their view of the market.
Hi Sir, you're wrong, and btw Im well informed on how commercials operate but thanx anyway.

They are more long them they had been in the past 2 years, expecting euro to rally here. Already bagged 200pips and holding some for the intermediate term.

best regards
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thinking outside the box
  • #494
  • Dec 30, 2016 12:27am Dec 30, 2016 12:27am
Quoting WDays
{quote} I beg to differ, it all depends on the "on-average" timeframe you use for your trades - whether it's scalping, intraday, short term or swing time is always relevant.

I agree! I prefer longer time frames and holding the positions until a dogi. It always works for me.
I want to be a Jedi Warrior like my father and his father before him!
  • #495
  • Dec 30, 2016 12:30am Dec 30, 2016 12:30am
Quoting WDays
Merry Christmas, everyone
Same to you! Nice to meet you, and thank you for sharing your insights to trading here. Much appreciate it!
I want to be a Jedi Warrior like my father and his father before him!
  • #496
  • Dec 30, 2016 3:13am Dec 30, 2016 3:13am
Quoting Mercennary
{quote} Hi Sir, you're wrong, and btw Im well informed on how commercials operate but thanx anyway. They are more long them they had been in the past 2 years, expecting euro to rally here. Already bagged 200pips and holding some for the intermediate term. best regards {image}
Please explain how I am incorrect.

Also you are talking about the EURUSD in your first post but posted are Eurodollar chart. Which one are we talking about here?
Boxing clever since 76.
  • #497
  • Dec 30, 2016 5:33am Dec 30, 2016 5:33am
This is what he means, I assume Commercials are Net Short in an uptrend, because they are essentially hedgers and they will be selling as price goes up and buying as price goes down.
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  • #498
  • Dec 30, 2016 5:34am Dec 30, 2016 5:34am
Remember when I said EU would rally towards 1.07? I'm still thinking it should take out liquidity above 1.0670....
  • #499
  • Edited 12:04pm Dec 30, 2016 8:25am | Edited 12:04pm
Quoting copi88
{quote} Please explain how I am incorrect. Also you are talking about the EURUSD in your first post but posted are Eurodollar chart. Which one are we talking about here?
Sorry my bad, i actually confused the eurodollar, you're right

However dollar index and short positions held by the commercials compared to % of open interest hint possible weakness in the dollar on a macro level, therefore euro strenght
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thinking outside the box
  • #500
  • Dec 30, 2016 12:37pm Dec 30, 2016 12:37pm
Inserted Video


Holiday video + written guides on the two setups at the end
Attached File(s)
File Type: pdf Trend Trading Strategy.pdf   568 KB | 1,387 downloads
File Type: pdf Counter.pdf   364 KB | 1,114 downloads
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