Trading with Price and price only

[jacinto]

not much to say today. yesterday, took initial profits, and my view was for a fall in the afternoon. when price went above what i expected to be resistance, i just left it alone.

today, didnt get a clean setup, and when i did took a trade, and closed for +10. after that thought i had a nice setup, and took -20, so a negative day.......low loss, but negative.

 

[jacinto]

:cheesy: not bad for 90 minutes....+ 110 pips :cheesy: :cheesy:

 

[jacinto]

looks familiar :cheesy:

in from 95.35, stop at breakeven. just waiting :cheesy:

 

[jacinto]

looks familiar :cheesy:

in from 95.35, stop at breakeven. just waiting :cheesy:

this ended as a BE trade. nothing to say really.

this week i am childminding again, so havent really been able to trade. also, i am trying out my new chart, based on indicators (actually 2, but it really is one).

well, they really are not indicators, but it just draws rectangles on a selected time frame. in this case i have selected 4 hr periods, and the rectangle contains the price action in the 4 hr period (see charts)......it is great to for a day trader that wishes to trade off the 4hr bars but likes shorter time frames and uses price, although probably it would be of interest for those who use indicators.......it also is great for a trader that likes to think in terms of "sessions" (i.e. asia, asia + early europe, europe, europe + new york, new york, blank) (hint hint trendie)

anyway, today 1 trade for +15, just took the profit as my kid was not cooperating....and it was too early in the trade.

chart is interesting with the rectangles. I am extremely grateful with Ianp for sharing his indicator.

till tomorrow

 

[hornblower]

this ended as a BE trade. nothing to say really.

this week i am childminding again, so havent really been able to trade. also, i am trying out my new chart, based on indicators (actually 2, but it really is one).

well, they really are not indicators, but it just draws rectangles on a selected time frame. in this case i have selected 4 hr periods, and the rectangle contains the price action in the 4 hr period (see charts)......it is great to for a day trader that wishes to trade off the 4hr bars but likes shorter time frames and uses price, although probably it would be of interest for those who use indicators.......it also is great for a trader that likes to think in terms of "sessions" (i.e. asia, asia + early europe, europe, europe + new york, new york, blank) (hint hint trendie)

anyway, today 1 trade for +15, just took the profit as my kid was not cooperating....and it was too early in the trade.

chart is interesting with the rectangles. I am extremely grateful with Ianp for sharing his indicator.

till tomorrow

Can you please point me in the direction of lanp post regarding rectangles
I seem unable to find it

I think that trading with out incators , works well
please keep posting
regards
hornblower

 

[jacinto]

Can you please point me in the direction of lanp post regarding rectangles
I seem unable to find it

I think that trading with out incators , works well
please keep posting
regards
hornblower

hi HB, thanks for your kind comment. will do.

you can find ianp's indicator here.

http://www.trade2win.com/boards/showthread.php?t=26267

mind you, it only gives 3 rectangles, i have another that gives 2 rectangles. they need to be placed together.

im trying to attach my indicator, just bear with me

j

edit: sent you a pm indicating where to find the second part of indicator. cant post here. against the rules.

 

[jacinto]

day trading with directional bias only

hi,

i have been reviewing all the phases of trading i've been through, and i am coming back to the first set of rules i learned for day trading. it is actually not bad, and it really is pretty basic. also, i am using my rectangles. so happy to go back to the basics.

here is a chart with the rules i used....overall they havent changed. (clearly, it all has to be done in the context of the larger time frames, but kind of gives the picture.....and it is extremely textbook too)

this is EURJPY today.

j

 

[Atilla]

hi,

i have been reviewing all the phases of trading i've been through, and i am coming back to the first set of rules i learned for day trading. it is actually not bad, and it really is pretty basic. also, i am using my rectangles. so happy to go back to the basics.

here is a chart with the rules i used....overall they havent changed. (clearly, it all has to be done in the context of the larger time frames, but kind of gives the picture.....and it is extremely textbook too)

this is EURJPY today.

j

Hi Jacinto,

Can't remember if we are allowed to post charts on your thread or not but let me know if the answer is no I'll remove it happily and promise not to bear a grudge against you :cheesy:

I'm now watching the EURJPY and just doing my evening checks notice three bounces off this trend line on the 4hr charts. Also price has moved above me MAs with them about to cross. MACD & Stoch indicators also supporting the rise.

Hence, this looks like a good long opportunity to me - at least in the short run.

So I'm going to make a paper trade and go long at 158.24. SL @ 157.75.

Looking at your charts with Asia and London biases - does this mean that different continents have different preferences as to where the price should be.

Have you noticed any patterns in the sessions? Just curious if this is what you are hinting or merely stating?

 

[jacinto]

Hi Jacinto,

Can't remember if we are allowed to post charts on your thread or not but let me know if the answer is no I'll remove it happily and promise not to bear a grudge against you :cheesy:

I'm now watching the EURJPY and just doing my evening checks notice three bounces off this trend line on the 4hr charts. Also price has moved above me MAs with them about to cross. MACD & Stoch indicators also supporting the rise.

Hence, this looks like a good long opportunity to me - at least in the short run.

So I'm going to make a paper trade and go long at 158.24. SL @ 157.75.

Looking at your charts with Asia and London biases - does this mean that different continents have different preferences as to where the price should be.

Have you noticed any patterns in the sessions? Just curious if this is what you are hinting or merely stating?

hi atilla,

absolutely allowed. please do. happy to get visitors around here...kind of lonely

regarding the sessions....err, no, neither hinting or stating, just reading price ....at times the london bias is not taken, and it just continues......just read the 4 hr charts. however, this type of pattern make me think to a larger range.

with regards to your chart, to be honest, i dont know. short, long, i take it as it comes. however, if you ask my opinion, the move should be down......but then again, who knows. i feel this is a rather long consolidation (related to last paragraph)

anyway, that paper trade can be good. support now should be 158.00....for the time being :cheesy:

ah, and thanks for the visit. appreciate it.
j

 

[Atilla]

hi atilla,

absolutely allowed. please do. happy to get visitors around here...kind of lonely

regarding the sessions....err, no, neither hinting or stating, just reading price ....at times the london bias is not taken, and it just continues......just read the 4 hr charts. however, this type of pattern make me think to a larger range.

with regards to your chart, to be honest, i dont know. short, long, i take it as it comes. however, if you ask my opinion, the move should be down......but then again, who knows. i feel this is a rather long consolidation (related to last paragraph)

anyway, that paper trade can be good. support now should be 158.00....for the time being :cheesy:

ah, and thanks for the visit. appreciate it.
j

Thanks Jacinto, your thread is my pleasure... Do pop in and read it. Never know where I might pick up gems from - even if I don't respond. Keep up the good work.

I concur with what you say and we have another good size move down but a rise in the short term.

The Weekly trend line goes back to July 2006 so imo it's strong support as well as the three bounces off it. The long drop from 165 regions picked up support off this trend line too so fairly significant imo.

On a FA level if I may add, I think the US will respond to the crises by reducing rates, which will strengthen the Yen imo.

Europe will respond to the inflationary pressures after the US acts first I'd guess. Thus we may see a small bounce followed by more falls in EURYEN as the carry trades unwind.

The charts support this FA. Or I'm making up the FA to fit in with the TA. Just my pennies worth.

 

[hornblower]

looking at the 15 min chart for euro/jap
we have had several lower highs, and lower lows

and now we have a higher high and a higher low ,
this may indicate a change in trend ,
in the short term

h

 

[jacinto]

looking at the 15 min chart for euro/jap
we have had several lower highs, and lower lows

and now we have a higher high and a higher low ,
this may indicate a change in trend ,
in the short term

h

good morning hornblower,

yep, see what you mean. but time to wait for the 4hr close. price action in the low timeframes around that close should give hints towards direction.

so will have my chart for that in 30 mins, such that i capture the last and the first 15 min bar of the "change of session"

j

edit: looks promising. i cant trade. wanted to do so this morning, but my child is just impossible. if it takes the high at 8:20, i would expect a pullback to test the 4 hr open-close and then go up. anyway, hopefully i can do something in 1 hr

 

[jacinto]

well, hornblower, hope you caught that move. nice entry, good for 50 odd pips.

this is how i see whats coming, just when i get 30 mins quiet time from the monkey, i get no tradeable setup......potential 4 hr inside bars accross the pairs i favour to trade.

guess i will have to sit on my hands.

good day.

 

[hornblower]

I did not trade it
it did not tick all my boxes
It did not cross the down trend line
it not cross the gann cross line
at the bottom of the up trend ,I put a 45 degree gann line , and it cross that
to the down side
and it did nod not cross the 40day ma
and several other things that I will not bore you with

 

[jacinto]

this is the trade i have open at the moment. stop is at BE. tempted just to take the small profit on offer due to the bars at the top....wondering if i should just exit.

however, will stay in....its a free trade. and have to wait till the next close to assess.

still child minding. but an easy trade.

Edit: well, should have closed at the close of the 60 min bar. instead waited and took a BE trade. too bad.

 

[hornblower]

euro /jap sold a 11am @157.36
closed @ 157.21 =15 pts

its nice to know we are thinking along the same lines
good trading
hornblower

my grandson returned to school today , we will now have a little time to look at things

 

[jacinto]

good for you H, well done.

i feel a bit stupid, should have taken my profit. but well. the move up appeared to be an AUD move only, as this yen pair was decoupling from the rest. the correlation had to kick in at some point i guess , but then again, had the doubt and had to give the benefit of the doubt. and simply didnt think of a short ....well, at least it's not a loss.

i find it hard to be a fulltime dad when the kid is on holiday, and still trade, and monitor other pairs simultaneously, sounds like an excuse, but it really isnt....i guess its a question of priorities

what did you mean "thinking along the same lines"? didnt understand.

good trading to you
j

 

[Splitlink]

good for you H, well done.

i feel a bit stupid, should have taken my profit. but well. the move up appeared to be an AUD move only, as this yen pair was decoupling from the rest. the correlation had to kick in at some point i guess , but then again, had the doubt and had to give the benefit of the doubt. and simply didnt think of a short ....well, at least it's not a loss.

i find it hard to be a fulltime dad when the kid is on holiday, and still trade, and monitor other pairs simultaneously, sounds like an excuse, but it really isnt....i guess its a question of priorities

what did you mean "thinking along the same lines"? didnt understand.

good trading to you


j

Hi Jacinto,

Pardon me, but I've just started to read your thread. Very interesting. I didn't before because I thought it was not my instrument. It doesn't matter, the arguments and the problems are just the same. Anyway, I'm reading it from now on!

I only use price, too. It makes sense to post the ones that got away and ask why.

Split

 

[jacinto]

hi Split,

thanks for your comments. i guess that price is price and should be the same across markets.....with the disadvantage/advantage of having volume. bit of a problem in FX if you ask me, but well.

guess this journal has evolved into a price pattern / support resistance textbook kind of thread but what can i say. im still learning

happy trading

j

 

[jacinto]

having an awful day. currently -70 on a couple of euryen trades. not much to say other than

trade what you see and not what you think.

im taking a break, and possibly will come back later. not a good start. i am the only one to blame.