Price Action That Matters

[krugman25]

High risk events for week of 4/27

[mancamy]

Hey Amy, good to hear from you, also let me know when you are finished with the checklist and how it looks. I will use intra-day levels [B]only[/B] if we are in what I would call a text book trend and the trade is with that trend. Many times in these strong trends price will not pull all the way back to those key levels but rather find support from intraday horizontal or trend line support line.

Thanks Aaron, this is clear now…

[mancamy]

Hi Guys,

I’ve been silently lurking of late because I have been going through this thread from the beginning page for page to create my own filter checklist so I can start really refining my ability to pick the best trades and give them a five star rating…am upto page 102!!!

Anyway, a question for Aaron -

When you trade off the intraday charts I understand you recommend working out the trend on the TF you are taking PA off of, and not to worry so much about the daily chart (although trading in line with the daily trend too obviously adds confluence) but do you still only take the PA off of the key daily levels even if you are on an intraday TF chart?

Thanks

weird but none of BA’s charts are showing up on his old posts…is that just me? shame dude…

[Henry9986]

Hi Aaron

It’s end of April. Am sure you know of this saying: sell in May & go away. There is also the World Cup from 12 Jun to 13 July. Do we expect the markets (both fx & stocks) to be relatively quiet during the periods? :eek:

Henry

[krugman25]

Hi Aaron

It’s end of April. Am sure you know of this saying: sell in May & go away. There is also the World Cup from 12 Jun to 13 July. Do we expect the markets (both fx & stocks) to be relatively quiet during the periods? :eek:

Henry

Henry, I haven’t noticed any significant change in price volatility based on the time of year. You will randomly have lull periods and then have very active periods.

[mancamy]

I’ve been programming casually for over 10 years and professionally for almost 3, most of it on C based languages. MQL4 is a C like language, so I was able to learn the language and write my first indicator in 1 day. Now that I have written a few EAs, I can write one up from scratch in an hour or two. MQL4 is really basic when it comes to languages, so even someone without much programming knowledge could learn it and write a program in a few weeks.

The data quality is not as big of a deal when writing EAs that do higher timeframe trades. Most EAs are scalping, so poor data, slippage, and spreads can eat up all of profits that a person was getting during back testing. The take profit on my EA is 140 pips, and the SL is half that, so it is much more forgiving on poor quality data. Overall the effects I think will be negligible.

No, it uses various indicators to take it’s trades.

Hi Aaron,

I hope this doesn’t take us off topic, but re your post above some time ago, are there any resources, links to sites you could recommend to anyone who would like to teach themselves MQL4?

Thanks

[krugman25]

Hi Aaron,

I hope this doesn’t take us off topic, but re your post above some time ago, are there any resources, links to sites you could recommend to anyone who would like to teach themselves MQL4?

Thanks

I only use MQL4 documentation center. In terms of programming frameworks it is one of the easiest I have ever used. It uses C but the guys that created MT4 wrote the MQL4 library which is a large set of functions for using indicators and managing trades. Also if you download MT4, it will have some sample EAs that you can reference to get started. You can get your feet wet by writing a simple moving average EA and doing some backtesting practice on. If you do write some code and are having troubles, send it my way and I will be more than happy to help out.

I have an EA thread on this forum if you want to talk more about EAs. It is the “400 million in 5 years” thread.

Regards,
Aaron K.

[mancamy]

I only use MQL4 documentation center. In terms of programming frameworks it is one of the easiest I have ever used. It uses C but the guys that created MT4 wrote the MQL4 library which is a large set of functions for using indicators and managing trades. Also if you download MT4, it will have some sample EAs that you can reference to get started. You can get your feet wet by writing a simple moving average EA and doing some backtesting practice on. If you do write some code and are having troubles, send it my way and I will be more than happy to help out.

I have an EA thread on this forum if you want to talk more about EAs. It is the “400 million in 5 years” thread.

Regards,
Aaron K.

thanks aaron - you’re a legend.

[adamjn]

Hey guys, whats up? I haven’t been on the forums in a good while due to lack of time and just can’t be bothered really lol.

Got time again, so gona hang around for another while.

Anyone in any nice trades?

Markets I trade have been pretty quite recently, got a nice trade on WTI oil at the moment and shelled on GJ and Gold this week, other than that, not much. Oh, also got a buy on S&P 500.

[krugman25]

Hey guys, whats up? I haven’t been on the forums in a good while due to lack of time and just can’t be bothered really lol.

Got time again, so gona hang around for another while.

Anyone in any nice trades?

Markets I trade have been pretty quite recently, got a nice trade on WTI oil at the moment and shelled on GJ and Gold this week, other than that, not much. Oh, also got a buy on S&P 500.

Hey adam, I am in a trade right now, I will post results with analysis once I close it out.

[adamjn]

Hey adam, I am in a trade right now, I will post results with analysis once I close it out.

Nice nice, I am just waiting on this H4 candle closing on GJ and UJ to get more confirmation before I set my orders, I got a feeling this move could be big, but maybe not.

[krugman25]

[B]EURNZD 2BR - 3.5 Star Quality[/B]

Pros
*Nice large 2BR
*Formed at a key level
*Good R:R setup

Cons:
*Multiple areas of minor resistance(noise) for price to get hung up on

[darthfrancis]

GJ looks like a good setup d1 beeb off S/R, tp to rising tl.

[rPIP]

[B]EURNZD 2BR - 3.5 Star Quality[/B]

Pros
*Nice large 2BR
*Formed at a key level
*Good R:R setup

Cons:
*Multiple areas of minor resistance(noise) for price to get hung up on

Hi, is the entry point a 50% retracement for a 2BR like in pinbar entries?

[krugman25]

Hi, is the entry point a 50% retracement for a 2BR like in pinbar entries?

Yes, given the size of the 2BR, a retracement entry really made sense in this case.

[krugman25]

@darthfrancis

GJ looks like a good setup d1 beeb off S/R, tp to rising tl.

Yes, I also noticed that one. If the trend lines breaks which is entirely possible, there could be some larger movements down.

[Henry9986]

Cons are it’s (i) counter-trend plus (ii) going against ascending triangle?

Yes, I also noticed that one. If the trend lines breaks which is entirely possible, there could be some larger movements down.

[wm247]

Hey W!
I am doing great. That is exciting to hear about, keep me up to speed on how it goes for you! I have read around that some of these exams are not the easiest, which is good because they don’t want any old schmoe off the street becoming certified in managing other money. I am setting slowly setting aside cash to take the exams, so it may still be a few weeks/months down the road. To become fully licensed for stock/options trading(getting series 3/7 and CTA) is probably around 2500. Getting the licensing to trade Forex for others is another 2,500 on top of that. I am not fully ready to trade OPM yet so I am not in a hurry, but I do have the goal in front of me and am marching towards it.

Are we perhaps going to see you more in these parts?

Regards,
Aaron K.

Haha, the captains house is still on fire here, almost burnt down your getting closer and closer to your investment firm, that’s great., Willy. Are you enjoying the job?

Thanks for the kind words, guys. As much as I enjoy my job, I always believe that being your own boss is infinitely better than being bossed around. But well, it’s the necessary evil until I’m ready to lead my own firm.

On the side note, I have indeed passed my CMT level 1 exam last week! Yay! Just one tiny baby step, but I’m getting there. Someday, I’ll once again be active on this thread and help everyone with my knowledge and experience on Wall Street.

Cheers!
W

[krugman25]

Cons are it’s (i) counter-trend plus (ii) going against ascending triangle?

This isn’t a counter trend, please re-read my article on trends.

Whatever way the triangle decides to break, my guess is the move will be big.

[adamjn]

Cons are it’s (i) counter-trend plus (ii) going against ascending triangle?

Hey man,

This is my view.
This ain’t counter trend, the market is currently ranging.

About the wedge, there is no set rule as to what side a wedge has to breakout, generally speaking, an uptrend, and a wedge = upside breakout, downtrend = downside breakout. Given the GJ, it has been in an uptrend for some time now (big picture), but to validate a buy, I would be looking for a solid break of the trend line on either side, and then I will take my position once I get the signal to do so.

The move will be BIG! My GUESS is that it will break to the upside, but I have no bias. I will take anything I see good to trade.