PA, S/R, ZL, EXTREMES & MOMO

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ajaymein
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Postby ajaymein » Tue Mar 29, 2011 4:13 pm

paweldobkowski wrote:
spa wrote:
paweldobkowski wrote:Nice trading AJ! If it's all using 10 lots everyday on every trade than Im going to be a bit jealous ; D

Gosh! I just noticed that Oanda has MT4! Im changing broker!

if you trade on Oanda its good to have the charts with their prices.. don't trade on it for now

Aj brilliant charts things look pretty clear .. keep them coming in the next few days ..:)


I dont get it. You mean that it's not good to use Oanda only for charting?


Oanda has their h4 and daily candlesticks close based on USA time zone, not GMT which makes it horrible to use them for charting because most of the world are trading off of GMT based charts.

If you just look at timeframes lower than H4 it doesn't make a difference because below the hourly it's universal.

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newscalper
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Postby newscalper » Tue Mar 29, 2011 4:21 pm

Nice trading. Yeah it really is that easy, apart from when it spikes you out :cry:

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ajaymein
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Postby ajaymein » Tue Mar 29, 2011 4:48 pm

newscalper wrote:Nice trading. Yeah it really is that easy, apart from when it spikes you out :cry:


Screw it, let it spike you out...you will ALWAYS have another opportunity to get back in or get into another trade. With the risk to reward ratio this type of trading has if you get in at the proper price, you can get 5 losers in a row and then when you finally get in the right direction, 1 or 2 winners will put you right back over the top...

The main thing is not let your emotions get the best of you and don't be scared to get back in for fear of getting spiked out. The markets don't care if you have won 5 in a row or lost 10 in a row, its gonna follow supply and demand. That's a fact!

YOUR MIND IS YOUR GREATEST ENEMY!

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newscalper
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Postby newscalper » Tue Mar 29, 2011 4:56 pm

Absolutely

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ajaymein
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Postby ajaymein » Tue Mar 29, 2011 5:03 pm

A lot of people get excited when they see a momo and take every single one then wonder why it didn't work out. Well, you can't just take every momo...the LOCATION of the momo in the bigger picture is almost more important then the momo itself!

Here is a perfect live example where you can take this M15 momo and target that upper supply...

Image

Now it is a good looking strong momo. However, it is still in that ZONE where there are proven to be more SELLERS than BUYERS. Ask yourself, WHY would you want to BUY into ANYTHING if a million people are selling and only few are buying?

Remember tho in forex ANYTHING can happen at ANY given time. So hell, this momo could work out perfectly and net you 100 pips...but chances are it won't because you are buying into a whole heap of sellers.

If you wait for the high probability set ups, you will greatly reduce the chances of a trade hitting your SL or spiking you out. And the good setups will normally put you into + positive PIPS fast as hell and you will never even see more then a few pips draw down.

Now let's see if the big banks can stop out the sucker buyers here on this momo, or if the buyers get lucky on this go around at the casino. ;-)

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ajaymein
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Postby ajaymein » Tue Mar 29, 2011 5:07 pm

Didn't even notice until now but right above that zone is the nice psych level of 1.6000 which makes it even riskier and gives price very little breathing room to rocket up

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newscalper
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Postby newscalper » Tue Mar 29, 2011 6:29 pm

Ajay - nice post. Those are only 15 min zones as well though.

If you trade the larger zones (4hr plus) as I do, which are PLENTY wide, spikes can and do happen when you take trades in the zones from smaller timeframes. The live cad trade I posted is a perfect example of that and wasn't some daft example of going long into supply either, it was long from big support.

No complaints it's just the big players sweeping stops and not just after momo bars. It happens all the time and you have to live with it. That doesn't mean you have to like it :(

What you'll find as well if you start trading the larger zones is that price does not necesarily move from one four hour zone to the next. You can bet your bottom dollar there are 1 hour zones in between. Often price will turn at a 1 hour zone, not just for a pullback, and will blast straight through the four hour zone it previously left. Smaller timeframe zones can trump larger timframe zones. Also don't forget that bars are just illusions. Within 1 four hour bar where a 15 minute entry may have been taken price can come back at you 2,3,4 times before/if taking off.

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ajaymein
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Postby ajaymein » Tue Mar 29, 2011 8:12 pm

It looks like after some struggle the gamblers made a few pips on that momo! ;-)

You're right newscalper, there are many zones inside of the larger time frames. Even on a 3 bar straight drop on a 5min chart, there will be a few zones off the 1m chart on there that you can scalp for a few pips.

What works the best is finding a D1 zone, then a H4 zone inside that, then a H1 zone inside the H4, and so on and so forth...that's when the risk goes way down and your likelihood of making pips is really good.

spa
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Postby spa » Tue Mar 29, 2011 9:02 pm

aj...GU developed very nice ..scanning the eu on the same time didn't pan out aswell... see the zones marked on 15 min..dialing down to 5 min charts we don't get those nice mom0-zl as the ones in cable
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TygerKrane
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Postby TygerKrane » Tue Mar 29, 2011 10:44 pm

Does anyone pay attention to the day open price, as a line to observe for PA?

**Krane catches Tyger** !>I'm here to chew bubble gum and make major pips...and I'm all out of bubble gum.<!

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