Intraday FX Player

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Quote from yoohoo:

So after a messy day we got a great day followed by a good day that turned messy again. Remember what I said in earlier discussions - as soon as you see the 1 min turn to overlapping mess you should be alerted to the potential for it to continue like this for hours so you need to go up in TF and position trade (look for patterns). You now know what fast signals to look for - if they are not there that is screaming at you to change your style of trading quickly.

The 1 hr was beautiful - fluid up and then an engulfing reversal with a gift extreme top on the 1 min rolling over on the TF's.

This is basic stuff as you're not yet at a place to learn the fine points of aggressive trend trading when it's messy... showing different tools and techniques when you have not got up to speed on the 1 min is going to throw you off course.

But there's an easy answer: when it's a mess use your 1 hr + CCI to give you the gameplan, take your position and let time fill up the ATM. Your entry short will signal on a lower TF, be that 30 min, 15 min, 5 or as in this case the 1 min. The later messy 1 min development tells you it's probably a slide/trend so sit tight. When the 1 hr picture becomes a clear reversal short continue to sit short - it's an hourly chart so be prepared to sit tight for a few bars.

Learn guitar, chill ;)

See the attached charts. I keep the CCI displayed like this on the 1 min because it can throw up an alert that runs real fast for 50 - 100 pips. On the 1 min I've highlighted a break from congestion and it picked the top so I am in way before the breakout. Does it work every time? Nope! Does it add to PA? Yip!

Note the 1 hr fluid up, engulf reversal down... continuation signal and then reversal up signal with CCI... then fluid up and continuation signal thru PP.

So to recap: When the signals turn to mush go up in TF and expect a slide. Take a position, look for patterns and chill out.

PS: What a beautiful close... is that a gift for Monday or what?

PPS: Didn't highlight it but WMA on hourly picked great reversal points in advance. The power of MA's to project future S&R works on all TF's although I have only demonstrated it on the 1 min. Remember one TF is just a fractal of another so just as you roll TF's you roll techniques.
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Thanks a lot YH, everytimes I read CF's tread, there are something valuable contributed by you, still disgesting .. LOL

Instead of posting porn, I will post a chart this time. Doing my homework and just try to think out loud regarding Friday's HSI, yesterday was the first time that I touch those more complex PA instead of simple congestion trades..

Trade 1, this one is about price hitting resistance on a higher TF, it is doable in so many way as YH and CF explained, 2B, 1-2-3, congestion 3rd tests, TL breaks, EMA breaks and either a PA exit, or exit after the Price and Oscillator divergence;

Trade 2, again is about price hitting resistance on a higher TF, this one I pulled a paper trade on page 284 etc, the first time I try a 2B entry. It's easy to pick up if you are comfy with BO trading, will foucs on this entry nowadays.

Wasn't trading with MACD since the start of 2008, will keep this on my chart now, but will only trade pure PA, using the oscillator as a reference only, the foucs will be on divergences with price.
 
Quote from Willleung:

Thanks a lot YH, everytimes I read CF's tread, there are something valuable contributed by you, still disgesting .. LOL
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Hey Willl, thanks and I'm just glad to help out.
 
Quote from tom123:

CF....what does 'TF' mean.... and also ....'2B' ...??
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I'm not CFerret, but the 2B rule comes from Vic Sperandeo's book, Methods of a Wall Street Master. He defines the 2B rule on page 78, "In an uptrend, if a higher high is made but fails to carry through, and then prices drop below previous high, then the trend is apt to reverse." You can see a good example on Willleung's last chart of HSI.

TF is just time frame, ie, 5 min, 10 min.
 
Greetings all And Happy Mother's Day to any mothers who might be lurking.

Monday could be the day for this thing to reach some kind of conclusion. All kinds of things are confluencing (is that a word??? LOL, I doubt it, but you know what I mean). As Yoohoo said, great Friday finish --

http://i26.tinypic.com/2ljgthg.gif

EUR/USD Daily
 
Willl, here's another eg of using the recent Wick & Body levels to get a Resistance Band instead of just a single thin line. Sometimes this will get you into the trade whereas looking for perfection (hitting a single thin resistance line) will miss the entry.

Of course I use the single thin line as well, but I've learned it pays to have different ammo for different trades. If you are trading size techniques like this are useful as you might need to work your way into a trade, so you want to know where the safe zones are.

As an aside, this is a 7-Day chart. Gann often used charts of different daily time periods and the 7-day chart is a favoutire of mine that I used on the "Yum Yum This Market Loves Negatives" thread.
 

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Quote from yoohoo:

Willl, here's another eg of using the recent Wick & Body levels to get a Resistance Band instead of just a single thin line. Sometimes this will get you into the trade whereas looking for perfection (hitting a single thin resistance line) will miss the entry.

Of course I use the single thin line as well, but I've learned it pays to have different ammo for different trades. If you are trading size techniques like this are useful as you might need to work your way into a trade, so you want to know where the safe zones are.

As an aside, this is a 7-Day chart. Gann often used charts of different daily time periods and the 7-day chart is a favoutire of mine that I used on the "Yum Yum This Market Loves Negatives" thread.
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Thanks a lot for that, YH.

This is a very clever way to use a candle stick :) Will be paying attention into this from now on.

YH, you use resistance band with 1-2-3 or BO entry?
 
Quote from Willleung:

Thanks a lot for that, YH.

This is a very clever way to use a candle stick :) Will be paying attention into this from now on.

YH, you use resistance band with 1-2-3 or BO entry?
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Willl, like last time I explained how I'd trade your chart, I always have a bag of signals to look for. However if I was seeking to trade long from under a Resistance Line, I'd be gutted if the BO was the best I could do.

Taking the BO is so obvious you are going to get a good percentage of times it will come back and take out your stops before continuing to climb. It's the same for a pattern so I gave examples of trading within the pattern.

That chart's a daily S&P and when lots were posting crash warnings on ET I was saying Buy, Buy, Buy! This market loves negatives. But it's the same in the 1 minute timeframe... trade the signals and you'll have lots of profit when you meet the most popular trading zone. Then you're up against guys that can't take heat at the BO - guess who is going to win?
 
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