Pa @ s/r

[James Austin]

I have no idea if an edge can be extracted from this approach but I'll give it a shot,
posting set-ups in real time starting here next week.

1] draw up horizontal S/R: 60, 240, 1440, weekly when trading off 60M; 240, 1440, weekly when trading off 240M
2] look for set-ups (as shown in image) at S/R on 60M and 1440M
3] trade in trend direction only (for time being) for the TF that set-up shows up on
3] open @ start next bar, SL above/below set-up, TP next S/R, RR 1:1 or greater
4] no trading at news time

*your view welcomed and encouraged

 

[James Austin]

bit of a stretch re trading with the trend.....just seeing what i can do

 

[James Austin]

counter-trend but interested to see if target reached

 

[NVP]

hey James

nothing wrong with a little breach trading ...........sometimes it works ....sometimes it doesnt

personally I would look at trading bars (as you suggest)


only trade in direction of last bar
make sure that bar had a decent ATR ......
Wait for a retrace from opening........
go into trade as direction reverses into trend again

depending if you enter still inside the last bar close then you have

T1 opening bar price
T2 last bar high (Low)
T3 .....whatever

T1 is last bar high/low if you enter after breaching back through the opening price

knowing when to recognise that the price is turning back is the key ....and the foundation of all long term profitability

on a 4 hour bar you have plenty of time to assess each trade and clearly some good pippage on offer
on a 30min bar you are basically scalping ...


Hard ?...........of course its hard ..........trading is hard

N

 

[neil]

Hi NVP

hey James

nothing wrong with a little breach trading ...........sometimes it works ....sometimes it doesnt

personally I would look at trading bars (as you suggest)


only trade in direction of last bar
make sure that bar had a decent ATR ......
Wait for a retrace from opening........
go into trade as direction reverses into trend again

depending if you enter still inside the last bar close then you have

T1 opening bar price
T2 last bar high (Low)
T3 .....whatever

T1 is last bar high/low if you enter after breaching back through the opening price

knowing when to recognise that the price is turning back is the key ....and the foundation of all long term profitability

on a 4 hour bar you have plenty of time to assess each trade and clearly some good pippage on offer
on a 30min bar you are basically scalping ...


Hard ?...........of course its hard ..........trading is hard

N

Hi N,
Yes, I sometimes look for breakout bars that close at extremes of the bar range and see if momentum on that bar carries through into following bar. Maybe entering on a buy/sell limit ten points in front of closing price of breakout or high momentum bar. With small stops and discipline one gets some nice trades. And agree, four hour bars or above usually provide the movement necessary to grab a few pips. Location is important.But it is a waiting game requiring discipline.

 

[James Austin]

hi Neil, my PM isnt working, so i will respond here
----------------------------

thanks, i'm not planning on reading too much, what you see in post 1 is pretty much it

i view this type of trading as more an art than a science, hence screen time, not reading, is the teacher

feel free to post your set-ups at this thread

 

[James Austin]

trade 1

 

[James Austin]

trade 2

 

[James Austin]

trade 3

 

[James Austin]

trade 4

 

[James Austin]

trade 5

 

[James Austin]

trade 6