Sorry for not being as active as I should be, My trading like most peoples is a work in progress , You never stop learning… I had come across a thread on another site that compliments my trading style but with more of a structured strategy which I was lacking in my own. I will endeavour to complete the section on stops tomorrow.
I am going to post a chart and some text from some of the trades from what I have been studying . This maybe over somes head but others might like it..
I don't use Indicators to take trades, I have said this many times in my thread. But after watching this other thread the ma's they use are a good compliments the price action trading I prefer. They actually trade price action candle patterns and the such and use the ma's as floating Support and Resistance areas. This gives you a place for entries and exits..
I did not go this route easilly and have just watched for about 2 weeks while also looking at previous price action to verify it as a viable addition to my strategy.
What I will post is mainlly the 15 min price action where trades are taken, But you have to understand that you also look at the 1 hr the 4 hr and the dailly. Just as we have discussed earlier you should always look at higher time frames for turning areas.
Some of Fridays Trades ??
In a effort to help myself to see the trades better I have worked up a chart of some of fridays trades, Some are what I saw as possible and others are actual trades taken by EO, Infinity and others . All and any input is invited and welcome…
The first yellow arrow is pointing to the red candle which became the high of the day… 1.4040 was tested 2 candles back the prior green candle broke the area and the red turned it back down , This became our first controling candle as it is the high…
Circle A
We have a FLAT top green candle the next red pulls up a bit more but turns into a strong bearish candle with long red body, The next red candle opens retest the open of the previous candle and turns back enter short here, Close the trade on the next green pin at the 10 ema. Option B close portion and set rest to +3 , I think in scalping taking all is my favorite. Unless it looks like longer possible But as the price had been above the Ema’s for a while profit taking would worked out.
Circle B
Price comes back off the 10 ema and a green pin. Could have longed here at the open of the next green candle but price was looking a bit short (lower high and top of the day ). Next candle opens goes up but fails to go higher than previous candle short there when it turns back and crosses opening price. again could close at 10 ema , But as it pushes threw and close right on ema a partial close and stop move would look better. But close on the 21 sma as it is the first time hit in a while.
A possible bounce off the 21 ema would have worked out also , but still looking for shorts …
(This may not have been a proper trade as it is also like circle D. Not closing below the ma’s…)
Second Yellow Arrow
This Becomes our next controling pin after it fails at the 1.4040 area and
forma a god bearish pin… Short on the next red candle after it fails to pull back up short after it croses the opening price. Close at the touch of the 35/50 ma’s.
Circle C
Go long on touch of 35/50 ma’s But as EO said enter with a smaller position as the next candle good close lower and a better entry below
the ma’s could have been had… Could close at the 21 ema or adjust your position and stop. But a new entry could be had when the second green candle came back to the open of the first green candle. The next red spinning top was concerning. right on the ma’s but a s it was the second run up to them, might give it some room to breath. It did break up and would close at the 1.4040 top.
Circle D
The 2 candles are a tweezer pattern but as Infinity stated he didn’t enter on the next candle as the red tweezer had closed above the 10 ema . Which could have signaled the begining of a direction change. After the 4th candle closed below the 10/21/35 ma’s and they foremd the 1 hr pin . Then the next candle opened and retested the 10/21 ma’s could have shorted on the next red candle after it retested and passed it’s opening price. Closing on the test of the trendline at 1.3940 area,
Circle E
A long entry on the green candle after the price opens fails to make a new low and crosses back above the trendline. Adjust stop and position at ma’s as it is against the trend of the moment.
Circle F
Another set of tweezers is formed but this time the close is below the 10/21 ma’s . Infinity enetered on the retest of the opening price of the previous red candle. Take profit at the failure of the break of the trendline.
Circle G
EO took this long off the trend line. The green candle failed to make a lower low and could enter at the opeing price or the cross of the trendline back up. As the time of day and friday take profit at the second failure to break the 21 ema. Are to close above the 10/35 ma’s
Circle H
If you had closed the previus trade. You could go long here when the price came down and failed to get lower than the previous entry candle , ( you can always renter at your old entry price) This candle closed above the 10/50 ma’s so could hold it for a higher close . Close at the 35 sma and the 00 number area. Might have been a short off the touch of the 35 and 00 area if you were quick.
