S/R chart you can see why I don’t like using automated levels you can ,miss so much. Just noticed the mistake on part 2 instead of support it should say resistance. Sorry it is just a line to me anyway …
Kenneth thank you so much! Been re-reading all your posts for a good while now, can’t wait for you to get to your final stages! I can tell it will be a long and worthy ride
Just a quickier, I notice you mention tight stops I’m just confused as to how tight?
Thanks so much, Sim.
Also Kenneth is there a way to PM you mate, I’ve made my set up a bit differently using all the MAs you stated in the early images, but don’t want to clutter this thread… or could you skype me on simjohal, I’d be very grateful 
What a great reply. Thank you…
Just to let you know I won’t trade but that definitely helped clear things up in my mind so I can continue studying charts
One quickie outta curiousity, would you classify a simple pinbar as PPA or PA?
PA to me is price action that is accuring right now at where price is now Like say on a 15 Min. chart, if price never broke the first wick that hit that area PA is in effect till it breaks or moves back. . PPA is when current price is holding to a area that has held price in the past not right now. Actually looking at the last chart C and D would really be PPA as it wasn’t all on the same peak. But you could have PA on a 4 hr. and PPA on a 15 Min possiblly maybe not likelly but possible. Also some people use PA off a turning signal like a pin verses the first high. I like using the first high as then if it starts breaking it you can get a earlier warning price might be continuing in that direction and not turning.
Hope this helps Ken
I just had to post this trade as it was the perfect example of the 1:00 or 5:00 trade. The 1:00 is in a uptrend. just opposite pointing to the 1:00 instead of 5:00.
Ken I see the 5:00 one, but would you take that as a bounce from the MA or as a normal pin bar, i.e. on the candle after?
Is the 1:00 the larger pin from the 0 fib line?
Thanks again mate
The 1 and 5 oclock trades are taken from the touch of the line. Plus you will find a lot of times the price never really touches as the lower mA’s move away from price as it aproaches… So some discretation is required. here later when you look at your charts and the MA’s followed your trade back it will look as if you missed soem great trades if you don’t take a bit of a risk. 1 and 5 oclock trades are with the trend trades. Also they allow you to get into a trade you might have missed the orginal entry of. that trade would have got you about 50 to 60 pips… if you took them all… This one wouldhave been easier as the 50% fib level was also there…
Just confused now about what the 1:00 entry was because you said it was with the trend? Was the one I circled another 5:00 entry? Also, is there no need for pivot lines?
The one oclock is the same trade but for a uptrend and the ema will be pointing to the 1 on the clock . The chart is showing just the 5:00 Oclock trade. The trend was down so it was pointing towards 5
Ah I see, so two 5:00 trades… interesting they were both off 38 and 50 fibs… so this is double confirmation I suppose, and I’m beginning to see how you can use such small stops
Yes I didn’t even see the first one .Plus you would have to take profit quick on that one… Stops though are normally past the next MA when like that. So your trade you circled was the 5 EMa stop should be other sifde of the 10 EMA or 15 … whatever you like. The key is always not to lose to much as once you learn all this different trade entries big and small making up small loses is nothing. It will take time though…
Plus I personally lean towards the 50 and 61 fib levels more. Just my prefernce it does turn back at 38 at times but sometimes not very far… Just my choice.
I see yeah, studying charts seems to be getting clearer, nice and slowly
No pivot lines needed?
Ken I think I’ve got my first vision of trading your style…unfortunately not with MAs yet :s though they are on the chart and look cluttery so can’t put the screenie up
But how does this sound…4h trendline connecting lows back from 2nd September 09, then today EU comes down to test this right at the pivot monthly which is conveniently on the trendline. An imminent reversal of course, and with money management the aim is to just keep riding this and preserve profits?
Thanks again man, this feels like a journey
Sim
yes in a nutshell but if you look at the Contents page you will see that the we are now fixing to get into the sections that actually show how we enter our trades then how to manage our trades. But good on your trade… Ken
This time before going straightinto the entries trigger I want to explain some of the general ideas we might like to know to help us understand why we take trades or don’t that may look alike.
Thanks again Ken for that insight, learnt some more :), could you just clarify what you mean by : “50 is the difference between the direction you look for trades” please? Thanks again
Sim
On our 15 minute trading chart if price is above the 50 ema we would prefer long trades . And short when price is below the 50 ema. Of course we trade both directions but that rule of thumb will keep you with the trend most times. Whic are notmally the bigger trades. We will talk more about this as we start studying our entries.
Ken, I noticed that there is a shooting star on the GU daily. I am playing it short, assuming we were just using MA’s would you play down to the 20? or just to the 50?
In this case I set a TP at just about the 20 (Which is 1.5800ish, with a SL above 1.6125, considering that the overall trend in the daily seems to be bearish. Whats your opinion on this trade?