I take 10 minutes day for the Daily and maybe 10-15 minutes at night for the intraday. I tend to only get the London open to have a crack at on the intraday (I won’t go lower than the 4 hour) living in NZ.
I tend to have my laptop next to me when I’m watching TV, just surfing the net in general.
I am in NZ as well and think we are a bit disadvantaged because of or time zone … Can you let me know about your trading system and what works for you in NZ! Very interested to find the best way of trading from our time zone as we miss all the big action in NY. Thanks.
Oh personally I think NZ is one of the best places to trade from!! Particularly if you are playing mostly the daily on the NY close charts like Johnathon has advocated in this thread.
Around 70% of my trades are from the daily so I love it.
OK so this is how I do it…On my Daily charts I place just one line. This is the zone I want to see price get to and form some PA for me to trade. Ideally I am looking at pairs that have some kind of trend or really well defined range.
As an example I have posted up the AUD/USD Daily chart. I am bearish on this pair and I have my zone marked where I want to see PA form.
Then in the morning I simply flick through my pairs and if price is not near the zone I simply move to the next chart! Take about 10 mins tops to get through all my pairs.
At the moe NY close is 9am and when daylight savings switch around it is 11am. Really easy to take a quick look, even if you are at work, haha.
The 4 hour chart I tend to get the one shot when London opens because I TEND not to trade the intraday charts during the Asian session.
So again you can be literally sitting in front of TV with a laptop and it takes 10 mins to see if you have anything near a zone of interest (chances are you have had a quick peek through the day to see if things are getting closer) and if something happens around the London open then you are in. I have the same line on the daily as the 4 hour. Some do it differently but this is personally how I do it.
I won’t get into trade management too much as Johnathon asks respectfully that we hold that part back for the Private Members Forum but trust me these trades can be managed while you sleep.
Then over the weekend I usually spend a lazy hour looking over my pairs, adjusting lines where they need too etc. To be honest I don’t find this hard as I love looking at charts! That’s pretty much the basics of how I do it, hope it helps.
I’m with you on this one!
Waiting for long opportunities at VBRN of 1.0000 or next relevant S/R around 0.9930 (where the last Daily bearish pin formed)
End of Asian session/Start of London session (my morning)
4hours later
Open of US session
Usually in (my morning) i mark/re-mark any new/changed S/R levels; and you’re right, when they’re marked, it very quick to scan for a setup. And it’s best to mark in advanced when you’re not biased.
With regards to marking S/R zones: I guess everyone gets better at this with quick time, esp in your case since you’re doing your chart time :). I still find it tricky to mark S/R for some pairs, e.g GBPCAD. When i’m not sure, i usually go to a higher timeframe (e.g weekly) and start from there, and finetune on the way down.
Sorry Bryce, I think you misunderstood my post, I was curious if the 1.0 zone was a good area to look for longs. I agree that there is no signal there… YET
Well this trade that I outlined on Friday netted me 51.7 pips. Although I still would rate it at the B+. However I think It would have changed to a A- on Sunday when it made a really nice pin bar.
Johnathon,
If you are able to comment on my original trade ideas I would love to hear if you agree with my analysis or not… And why.
So I see this BEEB has formed on the D1 USD/JPY pair, and again looks to me like some strong support that could cause trouble is not far away, marked by the dashed line. It is with the trend, and it’s a nice big bar, but the bar itself seems to have used up all the space I would like to have had below the signal. I have seen this a few times with this BEEB’s, but I guess I need to see them form on bigger swings to take advantage?
I did have a SL set on that trade, but I had it set on the pin of the supply high back on 05/02/2012 at 01:00. (80.663)
I am guessing here, but I think you are going to say that because this did not break that high level back on 05.02.2012 this could not be considered a swing high and therefor should not even be considered for the trade?
Pin Bar looks must easier to define than BEEB & BUEB… When pin bar happens, we can scan for the support & resistance zones. However when BEEB & BUEB happen, they always break the zones and leave no chance to trade with them. Because there will always be a nearby support or resistance nearby.
How do you tackle this situation??
I think most of the problems we must learn from experience…
I am unsure what you mean? It doesn’t matter of it broke the level or not back on the 2/5.
Anyways the few reasons I didn’t take this were because I was already short the NZDJPY, The Pin was really small and not commanding and what really would have worried me away is how the almost pin previously had failed (this was the small pin 4 candles previously that didn’t not close within the previous candle).
This was just a really small and insignificant Pin Bar that tend to catch a lot of people out. Please note this pins high was taken out and going of the rules of the Pin Bar it would have stopped others out. I am very happy it didn’t stop you out and you got a nice winner. I do worry though about if you have set rules?
How did you come up with that stop placement? Is this what you normally do (if so that’s great)? Do you have a trade management plan?
I have to disagree sorry. I have been trading engulfing bars for many years and whilst the last few have all been sitting on support or resistance this is not always the case. You will also get the same runs with pins where they form at incorrect areas and on S/R levels.
It just means you have to be patient and not trade when they bad engulfing bars come and wait for the good ones with space.
For example check the last BUEB on the EURUSD daily chart only a couple of weeks ago. .
I think u misunderstood my qns…
What i mean is BEEB & BUEB can happen at thick strong S/R zones…
However they also can happen at no man’s land, then we must have the discipline and patience to wait for a good setup at a strong level…
For pin bar… it also can happen at thick strong S/R zones…
However they also can happen at no man’s land, the we too must have the patient and discipline to wait for a nice pin bar at a strong level …
Right?
I am not comparing the pin bar set up with BEEB or BUEB…
sound quite defensive…
Thats y i asking you most profits and losses must learn from experience right?.. i.e like how we when growing up learn mistakes by experiencing all by ourself…
The EUR/GBP set up i also will take 1) its with the dominant trend 2) pullback 3) price action which u advocate which is BEEB Question is it did not touch at S/R levels although u mention the space…
What i observe recently is even pin bar also never touch any good S/R levels and off they go.
So my qns will be…
Ultimately we must have the discipline & the patience to wait for a set up which may occur once a fortnight or longer???
Like the above example, the BEEB met almost all the common rules, however it may not touch any S/R levels. Is it Ok to trade and furthermore only with space then we trade???
