A) No, I didn’t trade it. B) I don’t use several bars, I show that block because those candles contained that block is the range in your students 15 minutes chart. I don’t use several bars in daily charts to trade. You are wrong.
So for the last sentence, you agree what I’m doing here, Same as your strategy. Good. (There is no need for two Guru’s LOL in one thread.) But we are using it in a simple manner. No complications. We don’t want to use lower time frame messi charts and confusing names to trade. Whether it’s breakout, supply/demand/order flow. No, I don’t know what is meant by them. I already told what is happening in the lower time is based on daily chart. If one can easily trade from daily chart then why he use lower time frame and confusing and frustration strategies. Please don’t come here with your usual saying like ‘‘do you have problem with the breakout / order flow? I will teach them’’ etc. etc.
I think it’s good to focus on your thread to teach your students and followers. Don’t derail the thread. We will discuss and analyse our trades here and will trade it.
A quote from Warren Buffet: ''There seems to be some perverse human characteristic that likes to make easy things difficult."
Happy weekend to you all and I have work tomorrow.
I am confused by a statement you made here about not using several bars when you trade the daily charts.
Are you saying you trade any pin bar, regardless of whether it is with trend our counter-trend? That you trade pin bars in isolation, regardless of what the other bars around it are doing, or have done at those levels before?
I’m just curious what you mean by this ‘[I]I don’t use several bars in the daily chart to trade[/I]’ which seems to imply you will trade a pin bar by itself regardless of what all the other bars on the chart are doing.
I appreciate you taking the time to clarify that you trade [I]any[/I] pin bars at key support and resistance levels.
I do have a few questions that perhaps you can clarify so I understand your methods fully;
You state that if yesterday is a buy, then today is a buy. So doesn’t this contradict the trading ‘any pin bars’ if they are counter-trend? Just curious as I’m trying to understand how you rectify the two.
You also state you trade [B]any[/B] pin bars from key support and resistance areas where price action has had a strong reaction. Just curious why you didn’t trade that UJ trade you mentioned as it looks like it came from your criteria of strong S/R levels.
Also, it seems like in some of the recent posts on the EU and other charts you showed earlier in this thread, that many pin bars occurred at critical S/R levels with strong reactions - so just curious if you traded those. And if not, why, as it seems like your plan is to trade ‘any’ pin bar at critical levels with strong reactions?
One last question - do you trade off the weekly charts as well, and do you ever look at the 4hr charts?
I may trade them may not. I didn’t post those trades because I didn’t care that time.
Read above.
I will trade off the weekly and look at 4H, 1H and even tick chart.
The above post should be your last one. If you dare to post one more post in my thread you will definitely get a ban/ or you are in my ignore list which is I’m gonna use the first time.
Chris, even though I have experienced my biggest losses with breakout techniques but if I still put my “breakout” trades together and look at the losses and wins, I’m still very much profitable and that is why I don’t eliminate them altogether, when I decide to go long on a trade I simply feel more comfortable entering the trade when price is going against my intended target. Entering on retracements reduces my pip risk allowing me to increase my lot size and that way I get a better return if I have a successful trade, my techniques of finding the target to take my profit are the same for both ways so on retracements I get more pips and I’m able to enter with a slight bigger lot size because I’m risking less pips. You are right that my experience has not been too hot on breakouts because the truth is that most breakouts fail and many experienced traders agree with this, I agree with it because it has been my experience.
I am answering all future questions regarding this (and other topics brought up here) on my thread, thus allowing the main focus of this thread to continue per Salim’s request.
So please check my thread as I will be responding there, as I think you have some interesting points regarding breakouts, but perhaps also some misunderstandings on trading them.
You said that sometimes you get better results from pa using lower times frames apparently I missed the word “sometimes”, You might get times that you actually get better results but in longer term I doubt it, most of what I have read everyone seems to agree the higher the time frame the more reliable the candle signals are, but I think we are starting to go off subject here simply because of time frames and how you enter the market. It doesn’t really matter to me because since I changed to longer time frames I was able to become profitable.
Testing is very easy to do “after the fact” when you see all the candles in front of you but it is different when the fact has not happened yet.
On my next trade I will get a screen shot and I will post it or pm you, and yes I usually aim for at least 1:3 ratio, I take time to plan my sl and tp, I’m not here trying to prove anything to anybody but if that makes you happy so be it. You have to understand that this thread is all about using the daily charts as clean as possible it is strange to me as to why you seem to get bothered by it and seem to work very hard to prove that we are some how wrong. In my case I blew my first 3 accounts using the 1h charts, first with fxsolutions, and then 2 with gomarkets in Australia before fifa came about, so I have a reason to doubt your theory.
To me lower time frame is just noise, I never heard of any major organization making their investing decisions based on hourly charts but I’ve heard them talking about weekly and daily charts.
By the way, my name is Eduardo but my friends have problems pronouncing it so i’m known as just Ed.
In my own point of view, Absolutely not! His trading decision has been done on the daily chart! My trading decisions are done through the daily charts but I might use a lower time frame like the 4h or 1h to find my sl or an entry. When I decide that I’m going to enter with an order based on the daily chart I might then look at a lower time frame to get a good entry, if I use fibs for this, I can’t draw a frigging fib lines using that one candle you won’t be able to read it will you? So you go down the time frame perhaps to 4H so you can draw your fibs and look for an entry from there. Does that make any sense.
Been not well last few days due to fever and cold. But we didn’t miss anything IMK.
Let’s analyse the chart.
EU, GU,AU and ZU showing different bias. EU yesterday break down below 1.3300 and pull backed. But failed to close just above the 1.3300 Support and psychological level. Same time GU went south and supported 1.6000 level. Both are in some strong territory.
What you think? Will it break down or go up? I’m not sure.
AU and NU is hovering no man’s land. AU in a serious consolidation of 60 pips range. The last three bar showing a Pin bars and it want to go up. But struggling. Same case happened in NU, it rather 100 pips range, last three candle is containing fridays bar.
I think A Strong breakout is due. It will move any way. I’m not sure so I’m sitting sideline.
Jpy pairs halted their uptrend friday and moved to south a little. About pin bar in JPY pairs, Those all pairs not showing ideal Pin bars. Only AUD/JPY and NZD/JPY showing ideal pin bars.
If we zoon to weekly we can find all pairs is some what supporting here and there. But That’s not a good signal.
Overall these pairs may head south. IMO. Let’s see.
My plan is going to sit on my hands. There is nothing clear for me. Better signal are coming.
Sorry to hear that and I hope you get better soon.
You don’t sound to hot on the EJ Pairs but what makes you think that EJ or UJ is going to turn south, take look at the EJ chart as of now I’m up 198 pips I have the target set at 121.70 but I might close it manually depending what I see when this candle closes, I already move my stop loss 100 pips above entry, so this one is already garanteed.
What makes you think that this monster of a trend is going to turn south before it reaches the next major resistance area of 123.30? To me a pin bar showing clearly rejection by the bulls on a monster trend like this, despite of where it happens is stronger than a pin bar at support level on the EU right now, you just gotta make sure to give enough breathing room with your stop loss. This is the trend following technique, you spot a trend like this wait for a retracement until you see rejection and you enter, learn this from Kathy Lien
Now look at the next chart, UJ I’m up 126 pips and I already moved my stop 50 pips above perhaps I made a mistake here I don’t know we shall see, and now I’m in guaranteed profit for both of them and I can look for another trade tonight, perhaps the GJ, we shall see.
as you can it broke a major resistance area around 85.50 and the next major one is around 94.97, of course nothing is guaranteed to happen but that’s what I see.
I’m a total noob([B]obviously)[/B] - I just wanted to ask a question to see why you set your limit to 121.70. (testing my knowledge, the little that I have at this point) are you setting this limit based on the resistance shown on 4/6/11ish time? Thanks for your help
I missed all those pips indeed. I was so skeptikal today. Don’t know why.
About Ej, I had a line at support 117.55 from weekly chart, on GJ at 140.00 from the weekly and 88.75 on UJ from weekly and others. But some reason I didn’t care these levels. As I mentioned I was very lazy last few days.
I hope I could catch some pips from these pairs later.
You can post charts and analysis here. So I could see something that not exposed to my eyes. (but a clear chart ) We have all different view. Please don’t think I’m a pro. I’m still newbie and still learning.
I based my tp on the april 28th candle which high shows 1.2183, this where I expect some consolidation and probably another small pull back with another opportunity to go long all the way to the april 11th candle at 123.32. This system is trend riding I took bits and pieces from Kathy Lien (kathy uses some indicators like adx and I don’t I find them useless), and some other ideas from other authors, it works for me, it’s simple price action that repeats over and over again on strong trends like this one. I’m just wondering, does your broker use Sidney open and NY Close for the daily candles?
in one thread.) But we are using it in a simple manner. No complications. We don’t want to use lower time frame messi charts and confusing names to trade. Whether it’s breakout, supply/demand/order flow. No, I don’t know what is meant by them. I already told what is happening in the lower time is based on daily chart. If one can easily trade from daily chart then why he use lower time frame and confusing and frustration strategies. Please don’t come here with your usual saying like ‘‘do you have problem with the breakout / order flow? I will teach them’’ etc. etc.
) We have all different view. Please don’t think I’m a pro. I’m still newbie and still learning.