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A very simple system - trade with arrow

  • #1,981
  • Apr 13, 2017 6:48am Apr 13, 2017 6:48am
Quoting pips29
the reasons I rather long the loonie..1.price is coming off a TL (day chart) 2. price is bouncing off the 200 ema (day chart)3..price rejected a pivot 4. previous candle was bullish outside bar and 5..go long when price closes above the high of previous candle..6..red news from the US might screw this up before the candle closes...and that's why Uk news @9.30 am and US news @1.30 pm....before H4 candle closes...this is why traders get screwed with the news...& 7 that's why we have to establish what direction the mm are planning to do and finally...
I see. So do you mean if there is red news happening during the H4 candle period, we should wait for H4 candle to close then enter? Entering before the H4 candle close is too dangerous when there is red news.
  • #1,982
  • Apr 13, 2017 6:49am Apr 13, 2017 6:49am
cable weaken nearing NYO..hope my stop won't get triggered
the cautious seldom err....C
  • #1,983
  • Apr 13, 2017 6:57am Apr 13, 2017 6:57am
Quoting antonym
{quote} I see. So do you mean if there is red news happening during the H4 candle period, we should wait for H4 candle to close then enter? Entering before the H4 candle close is too dangerous when there is red news.
no, I am not saying that ..what I am saying is we are not sure where price is going next and so we have to measure and chance the odds..I would put a stop of 25 pips below the bottom of box and maybe split the entry into two..entering one now and one near/in box
Attached Image (click to enlarge)
Click to Enlarge Name: USDCAD D1 (04-13-2017 1254).png Size: 47 KB
the cautious seldom err....C
  • #1,984
  • Apr 13, 2017 7:01am Apr 13, 2017 7:01am
Quoting pips29
{quote} no, I am not saying that ..what I am saying is we are not sure where price is going next and so we have to measure and chance the odds..I would put a stop of 25 pips below the bottom of box and maybe split the entry into two..entering one now and one near/in box {image}
Ok I see. I am wondering about the stop. How do you arrive at the 25 pip stop? I can see it's a daily prior double top resistance turned into support. But since it's a daily level, would there be a lot of variability around that level and 25 pip may not be loose enough?
  • #1,985
  • Apr 13, 2017 7:08am Apr 13, 2017 7:08am
ok pending buys set and stops set at 1.3170 and slightly below for the lower order
Attached Image (click to enlarge)
Click to Enlarge Name: USDCAD H4 (04-13-2017 1305).png Size: 49 KB
the cautious seldom err....C
  • #1,986
  • Apr 13, 2017 7:13am Apr 13, 2017 7:13am
Quoting antonym
{quote} Ok I see. I am wondering about the stop. How do you arrive at the 25 pip stop? I can see it's a daily prior double top resistance turned into support. But since it's a daily level, would there be a lot of variability around that level and 25 pip may not be loose enough?
stop is 80 pips and I think it's enough if price retraces..it won't be enough for a continuation of the downtrend...btw..it's not earth moving news
the cautious seldom err....C
  • #1,987
  • Apr 13, 2017 8:16am Apr 13, 2017 8:16am
Quoting pips29
{quote} I nearly missed taking 1/2 off for 21 pips on e/u...here's how I would draw the level which I got on my other platform ,MT4..I place more emphasis towards recent pa and on the a/u chart I drew the level lower {image}
Hi pips29,

Sorry to bother you but I have been looking at these levels you drew on the AUDUSD for a while. What I found difficult to understand is the 0.7380 level, and the two levels around 0.7312.
Especially for the two levels around 0.7312, on Jan 15 price close above it then below it. I think this should make these two level invalidated? And the 0.7380 level, it seems to me it doesn't fall on any significant candle high or low.
  • #1,988
  • Apr 13, 2017 8:19am Apr 13, 2017 8:19am
Quoting pips29
{quote} stop is 80 pips and I think it's enough if price retraces..it won't be enough for a continuation of the downtrend...btw..it's not earth moving news
I see, I think from my understanding of about the stop placement. It seems to be placed at the low of the 'pause' consolidation zone before price soar off again on around Feb 28. Another thing I am thinking is perhaps add the H4 ATR to the low of the box you drew.
  • #1,989
  • Apr 13, 2017 8:27am Apr 13, 2017 8:27am
Quoting antonym
{quote} Hi pips29, Sorry to bother you but I have been looking at these levels you drew on the AUDUSD for a while. What I found difficult to understand is the 0.7380 level, and the two levels around 0.7312. Especially for the two levels around 0.7312, on Jan 15 price close above it then below it. I think this should make these two level invalidated? And the 0.7380 level, it seems to me it doesn't fall on any significant candle high or low.
Please zoom out to see the daily and 4 hour chart...levels should be on one of those time frames..I did mention that levels on H4 and above I just draw with the same colour as I am lazy to keep changing colours...dark blue H4 and above , magenta H1 and orange m15 and below
Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSD H4 (04-13-2017 1423).png Size: 74 KB
the cautious seldom err....C
  • #1,990
  • Apr 13, 2017 8:43am Apr 13, 2017 8:43am
I have just entered into this trade with a 20 pips stop...let's see
Attached Image (click to enlarge)
Click to Enlarge Name: USDCAD m15 (04-13-2017 1442).png Size: 50 KB
the cautious seldom err....C
  • #1,991
  • Apr 13, 2017 8:47am Apr 13, 2017 8:47am
Quoting pips29
I have just entered into this trade with a 20 pips stop...let's see {image}
Are there any reason for a change of plan? it looks like a invert H&S and outside bar.
  • #1,992
  • Apr 13, 2017 8:47am Apr 13, 2017 8:47am
Quoting pips29
gone long cable as price came back up the S/R {image}
stopped out..nett loss -6
the cautious seldom err....C
  • #1,993
  • Apr 13, 2017 9:18am Apr 13, 2017 9:18am
Quoting antonym
{quote} Are there any reason for a change of plan? it looks like a invert H&S and outside bar.
those two wick on the 4 hour did bother me and hence I set a pending buy 4 pips above the higher of the two..I went down to the 1 hour and saw price was not making any new low and thought I might as well enter now and have a much smaller stop with a bigger reward...I was itching to go long after seeing the daily chart earlier and thought it was worth the gamble..and the odds were in my favour as mentioned in posts above.let's see..Poloz speaking soon
Attached Image (click to enlarge)
Click to Enlarge Name: USDCAD H4 (04-13-2017 1511).png Size: 53 KB
the cautious seldom err....C
  • #1,994
  • Apr 13, 2017 9:31am Apr 13, 2017 9:31am
I am in oil short hoping the shampoo will play out..some of you traders will know I trade oil quite often and have my fair share of success with this commodity
Attached Image (click to enlarge)
Click to Enlarge Name: USOil m15 (04-13-2017 1528).png Size: 37 KB
the cautious seldom err....C
  • #1,995
  • Apr 13, 2017 9:46am Apr 13, 2017 9:46am
Quoting pips29
{quote} those two wick on the 4 hour did bother me and hence I set a pending buy 4 pips above the higher of the two..I went down to the 1 hour and saw price was not making any new low and thought I might as well enter now and have a much smaller stop with a bigger reward...I was itching to go long after seeing the daily chart earlier and thought it was worth the gamble..and the odds were in my favour as mentioned in posts above.let's see..Poloz speaking soon {image}
taken 1/2 out and stop at b/e.... have to go for a short walk...bbl
Attached Image (click to enlarge)
Click to Enlarge Name: USDCAD m15 (04-13-2017 1544).png Size: 49 KB
the cautious seldom err....C
  • #1,996
  • Apr 13, 2017 11:33am Apr 13, 2017 11:33am
Quoting pips29
{quote} those two wick on the 4 hour did bother me and hence I set a pending buy 4 pips above the higher of the two..I went down to the 1 hour and saw price was not making any new low and thought I might as well enter now and have a much smaller stop with a bigger reward...I was itching to go long after seeing the daily chart earlier and thought it was worth the gamble..and the odds were in my favour as mentioned in posts above.let's see..Poloz speaking soon {image}
I see. Good luck with the oil trade. It seems to be dropping now. I always found oil hard to trade, mainly due to the spread.
  • #1,997
  • Apr 13, 2017 11:37am Apr 13, 2017 11:37am
Quoting antonym
{quote} I see. Good luck with the oil trade. It seems to be dropping now. I always found oil hard to trade, mainly due to the spread.
thanks mate..taken partial profits and trade at b/e...can't lose
Attached Image (click to enlarge)
Click to Enlarge Name: USOil m15 (04-13-2017 1736).png Size: 51 KB
the cautious seldom err....C
  • #1,998
  • Apr 13, 2017 12:35pm Apr 13, 2017 12:35pm
not much left on this trade..I have moved target higher and stop at b/e+50...
Attached Image (click to enlarge)
Click to Enlarge Name: USDCAD m15 (04-13-2017 1834).png Size: 50 KB
the cautious seldom err....C
  • #1,999
  • Apr 17, 2017 9:30am Apr 17, 2017 9:30am
short taken...let's see
Attached Image (click to enlarge)
Click to Enlarge Name: EURGBP m15 (04-17-2017 1528).png Size: 66 KB
the cautious seldom err....C
  • #2,000
  • Apr 17, 2017 11:08am Apr 17, 2017 11:08am
Quoting pips29
{quote} below is the 4 hour chart and I added some levels below price as I will be looking to short..I think a top has been made for now and price should move south...it's looking for a good entry that's important now, where is the LH???? On the 1 hour chart, is that a shampoo forming? {image} {image}
this is pattern trading and not the 10/34 ema trend trading method...took 2 entries today, one with the TL in mind...let's see if the shampoo play out..I traded this off the 1 hour chart
Attached Image (click to enlarge)
Click to Enlarge Name: USOil H1 (04-17-2017 1703).png Size: 51 KB
the cautious seldom err....C
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