lukx zline trading log + cfabian p.35 + adaseb p.48

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lukx
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Postby lukx » Wed Oct 28, 2009 1:29 pm

Thanks guys. I took this EJ long becasue I though it will work like EU I took before. I had CLOSED 4H momo long took it on pullback long and got hit. THan ptg recommended to look for 5m price action and that I might try going opposite into this 4H ZL. SO I did the saem on EJ. I had 4H RED CLOSED MOMO and I went up aiming it's 50%. Got burned. Anyway i will watch again Sam videos.

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Postby PTG » Wed Oct 28, 2009 1:55 pm

You had 4H red closed momo, but NOT another 4H green CLOSED momo.

THAT is the idea of 4H stop AND reverse. These two, after the reverse candle is closed, have formed a pivot point. A pivot point, as per SS, indicates a very strong imbalance between buyers and sellers. Reverse momo (MOMO, NOT just a small bar) indicates that price is looking for the next zone up. IN the reverse 4H bar you have to find your H1 momo that you use to catch your trade off of inside the MZ of that H1; inside that H1 you look for the first M4 momo + MZ.

Like es/pip said, if you want to trade the retrace, which is perfectly fine, you have to get in asap and not wait until the end. End = party over. You will run into the people that want to go home. Herd mentality !
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Postby lukx » Wed Oct 28, 2009 3:23 pm

So to sum up:
1) wait for 4H closed MOMO,
2) look left for next supply zone (momo shoots form demand zone).
3) go to 1H and look fof momo shooting in the same direction as closed 4H did.
4) wait for price to pull back into mz on 1H momo
5) go to 5M look for momo shooting also in same dir as 4H and 1H
6) wait for price to pullback into mz on 5M momo
7) Enter

Am I close?

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Postby PTG » Wed Oct 28, 2009 4:53 pm

lukx wrote:So to sum up:
1) wait for 4H closed MOMO,
2) look left for next supply zone (momo shoots form demand zone).
3) go to 1H and look fof momo shooting in the same direction as closed 4H did.
4) wait for price to pull back into mz on 1H momo
5) go to 5M look for momo shooting also in same dir as 4H and 1H
6) wait for price to pullback into mz on 5M momo
7) Enter

Am I close?


Getting there. However you need to SEE what is going on. I cannot explain that other than to tell you that you need to realize what the charts are telling you.
In case you don't quite see things as they are, there's nothing to worry about. It will at some point in time, as long as you keep reading and searching for answers. Maybe you need to start making paintings as per TRO's left side brain thingy :shock:

I'm saying all this because of your mentioning point 2.

The look left thing is part of Sam Seiden's way of looking at things. You shouldn't take that too literally and yet again you should.

I guess what I'm trying to say is that you shouldn't just look at the 4H but you should know where you are in the bigger
picture (days, weeks).

The way that patterns form are the same, irrespective of timeframe. You need to know where you are in terms of the bigger TF in order
to know if you are going to hit a supply zone when for instance the H4 stop and reverse 'tells' you to go long.

As I've said before, you don't want to buy into a supply zone or sell into a demand zone, simply because the profit potential is
probably not big enough.

So, in short, you need to consider the bigger timeframes and see where you are in the big picture to find out what sort of trade you
would be looking at to start with (long, short). With that in mind, having made sure that you know where those zones are and your
relative position, you go to a smaller TF to look for the entry. It's a top-down way of working that will provide you better
reward/risk ratio's.

After knowing where you are in the big picture, and knowing what sort of trade to look for in terms of long or short, you might want
to look for zones on a smaller timeframe to find s/l and t/p targets that you find more suitable to your trading style.

All of this top-down stuff will help you to increase your edge.

As for 1): for the stop-and-reverse, with the bigger picture in mind, you wait for the H4 in the opposite direction to close, where
the next target zone is far enough away to realise a -say- 3:1 profit to risk margin, the risk being your entry to s/l distance and
the profit being the entry to t/p distance.

2) I mentioned: it is a bit more than just LTTL.

3) draw a 50% line on that momo so you recognize it on a smaller TF

The rest appears to be ok, as for 6) if you look at historical examples (which you need to do so you can learn from it) you will see
that there are more than just one potential entry point. But remember: the sooner you are in the trade, the better it is in terms of
low risk/high reward. If you wait too long, the opportunity is gone and you will have to wait for another one (don't get in late in the
party !!).

Next to studying historical H4 stop/reverse situations, go and have a look again at the NLA thread that was referred to earlier (page
so and so). You should also watch the two Sam Seiden video's that were advised earlier today.

Hope this helps.
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Postby lukx » Wed Oct 28, 2009 8:41 pm

Am I missing some trade opportunities or when waiting for 4h momo it's normal to have so small amount of trades? I know I shouldn't be overtrading but as you can see with my win to loos ratio I would really appreciate some more trade opportunities to bounce of the bottom:)

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Postby PTG » Wed Oct 28, 2009 8:49 pm

You can try exactly the same on a smaller timeframe, however your profit targets will have to be smaller as well.

You could try and go down to M15 and trade directly on M5.
Don't forget to check the bigger picture first though, as I explained.

Check the history of a pair first, they are not the same. I suggest you stick to GU, because it had a nice range and lots of long wicks that you can play off of. Also, Dragon posts trades on GU on a regular basis, usually in the NLA thread.

Don't forget to write down what you want to do first. It helps fighting chaos in the head (don't ask me how I know, lol).
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Postby lukx » Thu Oct 29, 2009 5:23 am

1st trade today:
going short where orange traingle is

Image


Image

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Postby lukx » Thu Oct 29, 2009 5:24 am

price in 1H MZ

Image

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Postby lukx » Thu Oct 29, 2009 5:30 am

TP green line based on 15MZ:
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Postby lukx » Thu Oct 29, 2009 5:53 am

PTG when you say, check the bigger picture, I should basically see if I'm not entering any supp dem zones or ti make things a bit simpler for me MZ zones, on higher timferames like 1h, 4h, 1d, 1w, 1m?
What's still hard for me is that on higher tf price can be in different zones and I'm gettign lost what's which one is more important. Then my head starts to spin and I enter wrong dir (like when I entered 5m , 4h was ok 1h was ok but 15m was opposite -es/pip noticed it).

So is this thinking be okay:

monthly - between the zones and I have no idea what should I think
Image

weekly - same story as monthly for me (my head spin)
Image

Daily - same (head spinning)
Image

4H - probably left long zone so I should eb thinking long in the longer run...
Image

1h - I guess short (short momo looks like got more power)

30m -(should I even bother looking at this tf?! Just another one to mix things up in my head) anyway short I think
Image

15M- short
Image

5m - short
Image

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