TygerKrane's Pip-Pickpocketing

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aliassmith
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Re: Watching Sam Seiden again...

Postby aliassmith » Sat Sep 10, 2011 6:44 pm

TygerKrane wrote:So this is my busy season at work and since I'm too busy to have my mind focused to trade, instead I've been watching Sam Seiden video's again.
I must've watched at least 15hours of webinars from the comfort of my office desk this week. :oops:

So he puts up this slide of what a good trade setup for him is (according to his views of supply and demand), and in fact it WAS a trade that he took.

I realize it's a frustrating trade situation where I would've (and probably usually) placed the losing trade. Granted, he DOES say that nothing is 100% guaranteed with his entries, but the fact that he chose to put this chart up in his presentation as an ideal situation means a lot.

And so I started thinking...

10min chart, BTW; also he has already defined the area as a Demand Zone (i.e. good for longs) in the higher timeframe context.


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This is how I usually approach the situation:


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So then I tried to analyze the situation further:

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I even tried to 3xCC the area

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(here I switched up a color in case that makes it easier for you to read)

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I haven't studied 3xCC at all up to this point, so I ask a favor if one of you guys could tell me what the leading CC is in this area. Also, even nicer would be if you could 'talk' me through how you are reading the CC for this small snippet of a chart. :cry:

I'd rather not lose anymore to Sam and his simple setup. :x

But seriously I like to watch his stuff b/c he has a proven track record with his purely Price Action Method. His method seems to look for a lot of the same things we look for. I guess I wonder if I can separate what makes his entry/exit choices different than 'ours', it might could help me filter out which entries/targets I should aim for. (For example, if I think he has an entry opposite of me, then I should go for a smaller target in that case...instead of letting price get to him, and then he runs me over with it.)


Look at Sam's logic definition it say it all.

Price ranged in a direction because the mass collective saw free money.
They moved their stops near BE and price bounces and screams away
The trick is for "you" to be able to identify when that area is breaking down
to plan your escape. It seems that taking "good" trades goes against normal
instinct. Like he said it's not 100%
Trade Your Way as Long as It Makes Money!

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MightyOne
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Postby MightyOne » Sat Sep 10, 2011 7:54 pm

Image

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PebbleTrader
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Postby PebbleTrader » Sun Sep 11, 2011 4:43 am

TK,

Don't read too much into CC or 3 X CC. (or 1 X CC, 2 X CC, 4 X CC, 5 X CC, X X CC, whatever). It's not going to always give you this perfect ? X CC to look at.

All that matters is how you combine them in your MIND!

You could draw a box around 3 candles and then draw a box around 4 candles, it doesn't matter.

Is the lower TF creating higher TF momo or not?

Should you look to other pairs? Should you take a nap? :lol:
Life is just a journey

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Postby PebbleTrader » Sun Sep 11, 2011 5:02 am

The best thing you could do is get yourself in a position where you can give yourself 1-2 years to do nothing but trade, aka, no jobs that do not serve your trading purpose.

If it does not work out after 2 years, OH WELL!!!

You will of had more fun trading non-stop for 2 years than 2 years at job :)

You will learn more in 2 years of trading than you would in 10 years of trading and trying to juggle a job.

And to think, the advice is always, "Don't quit your day job!" LOL

:lol:
Life is just a journey

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Postby PebbleTrader » Sun Sep 11, 2011 6:48 am

As money rains down from the FX heavens, some will CHOOSE to stand under the "job umbrella".
Life is just a journey

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Postby PebbleTrader » Sun Sep 11, 2011 6:57 am

EVERYTHING is CHOICE, CHOOSE THEM WISELY.

:)
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Postby PebbleTrader » Sun Sep 11, 2011 7:23 am

"trying to juggle a job."

It is much easier to learn to juggle starting with just 1 ball, throwing it up in the air and catching it in the other hand. Then you add another ball. Starting with a ball in each hand and throwing them at the same time to transfer them to the opposite hand. Lastly, you would add the third ball.

Learning to juggle with 3 balls would be much more difficult.


:smt069

^--------------- ONE BALL AT A TIME

:D
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Postby MightyOne » Mon Sep 12, 2011 6:36 pm

PebbleTrader wrote:TK,

Don't read too much into CC or 3 X CC. (or 1 X CC, 2 X CC, 4 X CC, 5 X CC, X X CC, whatever). It's not going to always give you this perfect ? X CC to look at.

All that matters is how you combine them in your MIND!

You could draw a box around 3 candles and then draw a box around 4 candles, it doesn't matter.

Is the lower TF creating higher TF momo or not?

Should you look to other pairs? Should you take a nap? :lol:



If you just draw a box around a group of candles then you have a custom time frame.

If the number of periods encapsulated is equal to the number of shifts on the chart then you DO NOT have a custom time frame but TIMING of a SINGLE TF chart.

Again, a 3xCC on a one hour chart is a one hour chart.

A CC on a one hour chart is a three hour chart.

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Postby PebbleTrader » Wed Sep 14, 2011 6:31 am

I was just suggesting the TF's (candle sequence) might not be as SIGNIFICANT as most traders may think.

However, it is only a suggestion :)
Life is just a journey

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Postby forexjake80 » Wed Sep 14, 2011 9:22 am

TygerKrane: Price didn´t care for the supply level the 2nd time, because price was "already there before". You can observe this all the time. I am having a hard time to quantify exactly this "already there before". Maybe anyone has an Idear....
If you zoom in and only watch the right half of the chart... you would also be selling at supply, cuz you think price is there for the first time. That ist the 2nd problem i am on with this method right now.
It's time to kick ass and chew bubble gum. And I'm all out of gum.

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