The Darksiding of Forex

[wasp]

That's a good question.

When the price level is approaching a major S/R i narrow down to 1 hour or 30 min as these price levels act like magnets.

When we are in the mid ranges then four hour charts are better for me.

Of course I always look at the weekly and daily first.

And no indicators.

Hope that answers your question!

Yes cheers.

Additionally though, do you think that looking at an hourly chart alone, you could decipher direction from just what you see there, ie the current candle(s) and some real short term S/R and trendlines etc....?

And if not, why not!!!!!

 

[rols]

Yes cheers.

Additionally though, do you think that looking at an hourly chart alone, you could decipher direction from just what you see there, ie the current candle(s) and some real short term S/R and trendlines etc....?

And if not, why not!!!!!

No definitely not! A downtrend on the 1 hour good actually be a retrace on an uptrend on the daily. In my experience it's easily to get caught out at turning points so this is why I generally avoid the traditional places.

Second target taken. STOP for final position moved down to 1.9516 PDL(1)

 

[rols]

Third target taken!

Result;

Entry - SHORT 3 positions @ 1.9958

TP1 = 1.9525 = +33
TP2 = 1.9500 = + 58
TP3 = 1.9490 = + 68

Total pips = + 159

 

[wasp]

This is pretty textbook stuff with the trendlines but can you really call pin bars without something as a secondry aid/confirmation. ie trendlines?

Those hitting the trendlines are fine but there are plenty of others there that would have stung you.

Is there additional information surrounding those points other than trendlines and the 'eyes' around the nose of our wooden friend?

 

[rols]

Third target taken!

Result;

Entry - SHORT 3 positions @ 1.9958

TP1 = 1.9525 = +33
TP2 = 1.9500 = + 58
TP3 = 1.9490 = + 68

Total pips = + 159

So where is cable headed now?

I don't care because I'm off for a good walk spoiled.

Wait for the retrace methinks....

 

[tradewinds]

So where is cable headed now?

I don't care because I'm off for a good walk spoiled.

Wait for the retrace methinks....

Not really sure what the criteria for this thread is...but I assume it means using no indicators. I trade without indicators. well just the ATR to decide stoploss and hedge possibility.

Entered yesterday on the hourly 21 period price channel breakout. But I use an excel spreadsheet with daily data to decide whether or not the signal on the hourly chart will long or short.

The daily chart on excel told me to go any short breakout. Because false breakouts are common I then set a market order to open another position using the ATR distance from my original entry as a guide of where to enter. This happened yesterday which meant that my loss stayed at 30 pips. When the price fell through yesterdays entry then the hedge positioned was closed.

 

[wasp]

will do shortly mate. This price watching requires a tad more concentration ay, so as soon as I close this short I'll have a butchers ..




butchers = butchers hook = look... cockney rhyming slang for the naked spanish in the audience!

 

[wasp]

... and out

major trendline after 140 pip range, that'll do.... :cheesy:

 

[wasp]

... and out

major trendline after 140 pip range, that'll do.... :cheesy:

I actually find cable harder to read than other minor pairs. Maybe its because the others fly when they get going so it makes it better. Anyhow.

pin bars show exhaustion well so far but they need (for me at least) trendlines there too for additional confirmation. They provided the shorts last night and yesterday but had I taken every one since I'd have been in and out too many times.

I have this niggling in the back of my head though that there is more to be read from the action than just the current s/r and trendlines and pin bars and mr.marcus is sitting there reading this nodding his head but I just can't put my fingers on it yet!

 

[wasp]

First of all, I will stop calling "pinbars" every hammer or inverted hammer I see. I will respect the definition and wont call them like that unless it is one.

OK, this is my price reading for the day. Took the trade, got a signal to close for +2, have been spooked by reversals after breaking a previous day low the past two weeks, particularly when forming after small hammers at the bottom and failing to go to the next support level.

I made a mistake. I wont complain . price reached my first and second targets already, and the third will be met soon.

No comment on my mistake, hindsight is powerful. at the time I thought it was the right decision. Please feel free to comment on the blending of bars

Fair play for not taking it and I wouldn't complain either, risk first, profit second.

I'm still getting to grips with the bar blending and not too up on the varying candle/bar set ups (ie inverted hammers and inside bars). Definitely need to read up on them but don't want to get to close to cliche text book set ups. Rather take it as strength vs weakness in the current candles with a bit of S/R. Also its hard adapting to bars on black opposed to candles on white but anyhow...

I don't pay much attention, or haven't before at least to previous days levels, but see how the 'hammer' and then retrace would equal a reason to exit as it pulled back into the block of congestion. The following entry on the pin bars look prime too, its just a bitch its been a couple of days of fakes and whipsaws that it causes you to be more reserved. Some interesting analysis though there jacinto, have to look more at that.

Also, how do you come up with your targets? Using trendlines or do you only look at, as per your screenshots, the here and now and come up with them another way?

 

[wasp]

Managing

With targets of trendlines in view, I spent most of the trade trying to read the price and 'intent' to manage the best I could so as to give little away.

I'm not up on my candle names and certainly couldn't decipher a difference between weak and/or strong hands and actually found simple old S/R and and smaller patterns etc on the 1 minute worked just fine.

Text book stuf works fine a lot of the time really.

 

[Quercus]

Impressive trading rols, great discipline and management throughout! Also pleased to see a good effort from wasp.
I was definitely "long biased" - not sure why really but maybe partly due to the last trade being a post "US crash" Long and a winner at 79 pips. This influenced my entry and I was definitely taken in by the apparent buying support showing on the 15min chart.
Without wishing to sound as though I was using "futurological" foresight ( or skin if we want a giggle), I also blended some of these candles together in my mind and convinced myself that a HL was forming on a higher timeframe. If this sounds like gobbledegook, then I'm sorry but I'm just trying to relate to how my mind was working at the time of entry.
So a 25pt loss while I was rocking my newborn to a much needed sleep which was a long time coming, but gets better every day!
It's good to be a Dad - puts it all into perspective!
Cheers
Q
PS - also only paper at the mo' as wasp is well aware of but others may not, and I'd hate people to think I'm some sort of "Guru" -

 

[dc2000]

good thread chaps with regard to Wasps post above it is interesting to note once signalled every weak hand 20pip rally was sold by the strong hands for 50 but the last one failed to reach target 404 until Monday

Back to lurking for now

 

[Quercus]

Hi dc, good to see you here. If only I had the ability to understand your phrase "once signalled".
Cheers
Q

 

[jacinto]

Impressive trading rols, great discipline and management throughout! Also pleased to see a good effort from wasp.
I was definitely "long biased" - not sure why really but maybe partly due to the last trade being a post "US crash" Long and a winner at 79 pips. This influenced my entry and I was definitely taken in by the apparent buying support showing on the 15min chart.
Without wishing to sound as though I was using "futurological" foresight ( or skin if we want a giggle), I also blended some of these candles together in my mind and convinced myself that a HL was forming on a higher timeframe. If this sounds like gobbledegook, then I'm sorry but I'm just trying to relate to how my mind was working at the time of entry.
So a 25pt loss while I was rocking my newborn to a much needed sleep which was a long time coming, but gets better every day!
It's good to be a Dad - puts it all into perspective!
Cheers
Q
PS - also only paper at the mo' as wasp is well aware of but others may not, and I'd hate people to think I'm some sort of "Guru" -

good stuff Q, they are lovely little things.

j

 

[dc2000]

Hi dc, good to see you here. If only I had the ability to understand your phrase "once signalled".
Cheers
Q

the long was signalled at 525 this was then cancelled and turned to a short when the price hit 505

 

[wasp]

Impressive trading rols, great discipline and management throughout! Also pleased to see a good effort from wasp............

Oi, how comes rols gets all that praise and I just get 'good effort'!............?!

 

[rols]

Oi, how comes rols gets all that praise and I just get 'good effort'!............?!

Hey Mr. Seven stripes, master trader, and whole personal thread of worshipers at the shrine of Wasp, please spare a little magnanimity for the little guy. :cheesy:

BTW did I miss something. RU really in NZ? Last time I looked it was Brighton!

 

[rols]

Impressive trading rols, great discipline and management throughout!

Thanks for the kind words. The posting of the trade was a spur of the moment thing. I wish more would post the thought processes that go into actual real time day trading. We all know that back testing and paper trading has its limitations because the charts are actually unique to every tick.

You see this brings me back to the key word for all traders - perception. As every moment in the trading day is unique to us then how we perceive it and how we measure and evaluate each of these moments is sometimes an overlooked element of our own trading realities.

 

[Quercus]

"Perception" must be the real key, don't you think?
Clearly perception creates the market in itself, for without an opposing perceived viewpoint there would be a very one-sided trade flow. Not trying to be esoteric here, but clearly on that last one I perceived a turning point (wrongly I know, probably down to poor context understanding I know Marcus!), and therefore saw a reasonable R/R for a long. Whereas your perception and probably experience led you to believe in the other direction - hence a market is made!
Very simplistic I know but thought it worth a post!
Cheers
Q