Advanced trading lessons - page 40

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two possable third points

i plotted two possible third points. in conjunction with the pin bar.

at thees points expect a four hour time frame up candle reflection

of the points lows at the trend line ,, that's a trap. high one high two

or high 3 trap. the most common trap in this type of place is the high three.

they want to ketch the fish !!!

 

Thanks boe to share useful tips with us. It helped me much to learn about forex trading.

 
jdpnz:
Because I find this a really interesting discussion I will add my two cents.

Thanks to everyone participating in this thread.

I am currently slowly getting out of buys and getting into sell side - above 3150 actually.

My SL is in the 3250-3320 range.

Reason can be seen on the daily chart:

I am of the conviction that the 3200 is a fairly strong resistance line and that, in "normal" market conditions this will not be taken out at this time.

Fundamentally I am hoping that finally the ECB will reach agreement - if so we may talk again round about 2750-2600 levels. Also, if they do it will be on the weekend/ late Friday night (when the markets are closed - they like doing that.)

On the other side - if there is a country within the EU with the political will they can break the 3200 resistance for a relatively "small" investment at present. If that is the case we will continue the upwards walk for at least another week or so (see 3550-3600 maybe??).

As Simba's chart is pointing out - we are setting up to begin the downwards move... (maybe.)

jdpnz,

I am of the same/similar opinion ...Based on price distribution,I believe we are going to see either 1.36000 or 1.24500 in a few weeks,and,as of now, I see 1.24500 as more probable

New trade,please take a look at the chart,practically the same setup,4 points,2 highs or lows near exactly at the same price plus a higher tf candle based TL breakout/breakdown...There is a higher high in the middle and this creates the perfect distraction.

Short at 1.31043 SL 1.31370 TP 1.30315(Expected low of swing 1.30280+3.5) ...As soon as we take yesterday´s lows at 1.30765 I will move SL to be.

JFYI I have a probable end of downmove(in case the downmove happens ) at 1.30120-1.30280...And,in case I am absolutely wrong and this is a trap,we can expect resistance at 1.32280-1.32340.

Boe:Thanks for your explanations,when you add charts to explain your concepts,then communication improves...a lot.

Regards

S

 

still long 1.3082 sl 1.3064 tp 1.3204 2nd tp 1.3291..sl moved to BE..

 

the above dig is more CLEAR of what you are talking about

the way, i see forex -- never come to this close to daily bashing candle-- of course we want to know in advance the high point and low price point 1 to 2 day in advance

there is one thing we never able to figure out ourself, -- how much exposure, keeping losses can we handle, just like spongebob animation -- how tough are we, really

have we thought about some breakeven concept like roll-over and losses-held -- simple breakeven

this is quite a good thread , I guess 20 to 50 people will read your literature in this thread

heard a joke about santa claus

why santa sneak into other people house and give away money --- hehehehe

 
philt:
still long 1.3082 sl 1.3064 tp 1.3204 2nd tp 1.3291..sl moved to BE..

Good trade Philt.

I was stopped out from my shorts.I have 1.31680 as a potential turning point,I may reenter from there or from either 1.31960 or 1.32280.

On GMT and CET basis today we have had lower lows and lower highs than yesterday,so,I am looking for shorts...this perception may change with the start of the USA session.

There is either a nice TL trap in the making(M1 chart with M15 candles lows of the 09:00 and 09:30 GMT based candles) with the potential for a rebound to new highs....or a breakdown,again

S

 
SIMBA:
Good trade Philt.

I was stopped out from my shorts.I have 1.31680 as a potential turning point,I may reenter from there or from either 1.31960 or 1.32280.

On GMT and CET basis today we have had lower lows and lower highs than yesterday,so,I am looking for shorts...this perception may change with the start of the USA session.

There is either a nice TL trap in the making(M1 chart with M15 candles lows of the 09:00 and 09:30 GMT based candles) with the potential for a rebound to new highs....or a breakdown,again

S

That TL gave me a good short entry short@ 1.31412 SL 1.31400(BE+potential slippage) TP 1.30315

Regards

S

 

hi boe

give us your analysis on GBP / USD daily

i.e. monday, you state the day -- then predict the HIGH / LOW of tuesday

and tuesday you predict or analysis what should happen on wednesday

and tell us how we should do it

-----

I think GBP should go very strong this year

1. olympic, must bring a lot of athlete families tourists

2. land price, some richie rich new factory owner , after they earn, they buy the most expensive home in england, those are not worth it, but they are counting bank notes

3. despite europe got more poor, and less student will opt for england to study these day

england universities has long been rely on overseas students to pay triple in their countries for shitty low quality education (just look at the equipment and teacher standard , it is low)

england still maintain it got no business on its dying economy, lot of people have to buy 2nd hand stuff -- and recycle student belonging int he 2nd hand shop ---- england govt must be very rich, they survive well without business using euro

as a result of all of these , in this year, I think GBP sterling pound will get stronger

what is your daily view on that

 

Yes nice short Simba..I didnt catch that but have entered another long @ 1.3103 sl 1.3089 targets are the same as trade entered this morning.

 

Yes nice short Simba..I didnt catch that but have entered another long @ 1.3103 sl 1.3089 targets are the same as trade entered this morning.

seems like some of you are having success with the system. i am not using it but am interested in following..

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