Welcome to the Traders Laboratory.

Technical Analysis The technical discussion forum for traders.

Like Tree42Likes
Reply
Old 07-07-2014, 08:30 AM   #321
MBX

Join Date: Sep 2011
Posts: 2
Ignore this user

Thanks: 0
Thanked 0 Times in 0 Posts

Re: What Really Works for Technical Traders

Hi Phantom,

just want show this chart with price rejection right before NFP announcement. As I was already in EURCAD short so I did not take it, however it was a textbook example I think.

Your method is very powerful so thanks for sharing it.

However, my question is, for some reason, I was quite able to spot price rejections mainly going short in currencies, almost none going long.

Is this in your experience as well (as your examples are mostly short) or I am not reading correctly yet.

Please comment.

Thanks

MBX
Attached Thumbnails
What Really Works for Technical Traders-nfp_eu.png  
MBX is offline  
Reply With Quote
Old 01-12-2017, 02:25 AM   #322

Join Date: Jul 2009
Location: Rhodes
Posts: 2
Ignore this user

Thanks: 2
Thanked 0 Times in 0 Posts

Question Re: What Really Works for Technical Traders

Quote:
Originally Posted by phantom »
I received a PM asking about this trade.

I missed this trading signal last night because of its timing, but for those of you around the globe who were up and monitoring the EC, I thought I'd go through it for you...

The euro market had been channeling for several hours. Just after midnight (GMT +7) the market broke upwards out of the channel. We see the price action waiver around for awhile and then retrace to the breakout zone, followed by a quick move upwards and back down.

The market proceeded to move through the channel and downward, followed by a test of the lower channel zone. A doji formed at the test point. A downward break of this doji around the 1.4220 area led to a sharp decline to the 1.4120 area, a $1200 (plus or minus) profit per car for those involved. Not bad for a $200 risk...

Notice how waiting for the doji test of the channel zone kept one from taking the breakout to the upside and getting stopped out.

Similar signals in this market happen all the time.

Question is, are you getting these R/R ratios in your trades?


Luv,
Phantom



I realise this is fairly old news but I am still interested in this after losing this thread for years and happening upon it again this week

Isn't there a false breakout/reversal with a hammer 5 bars earlier which would have provided a better entry point 1.424 with a much tighter stop loss and consequently better R:R ratio? Curious minds would like to know!

BTW Like many other before me I've found this thread invaluable and would personally like to buy you a one merry day phantom

cheers
aztrix
aztrix is offline  
Reply With Quote
Old 01-13-2017, 12:09 AM   #323

Join Date: Jul 2009
Location: Rhodes
Posts: 2
Ignore this user

Thanks: 2
Thanked 0 Times in 0 Posts

Question Re: What Really Works for Technical Traders

Quote:
Originally Posted by phantom »
I would have shorted a break of the bar 2 bars to the left of the #1 bar (ie the doji) or on a short of the #2 bar, had it occurred.

I would only take a signal if the next bar broke the signal bar.


Luv,
Phantom
As per your statement "Just use the 20 period moving average as your trend filter and NEVER trade against the trend on the 15 minute chart." I'm slightly confused with this strategy which seems to fly in the face of trading with the prevailing trend i.e. long.

The price has retraced to the 20 EMA with a nice doji setup, would you not have a buy stop 1 tic above the doji and a stop loss 1 tic below it? Or is the R:R to small?

cheers
aztrix

Still learning the ropes
aztrix is offline  
Reply With Quote

Reply

Tags
candlesticks, chart patterns, day trading, technical analysis, trend analysis

Thread Tools
Display Modes Help Others By Rating This Thread
Help Others By Rating This Thread:

Similar Threads
Thread Thread Starter Forum Replies Last Post
What leverage is??? How it works?? nishant Forex Trading Laboratory 11 11-19-2012 07:48 AM
Are Day Traders 100% Technical? Soultrader Technical Analysis 8 08-16-2011 09:51 AM
Correlation Trading and Why It Works So Well Lucid Day Trading and Scalping 14 07-22-2010 10:29 PM
Ex-trader Works As Wall St Tour Guide Soultrader Market Analysis 1 07-10-2009 01:13 PM
Knowing Your System Works and then Doing It. Easier Said Than Done. brownsfan019 The Candlestick Corner 3 12-16-2008 04:34 AM

All times are GMT -4. The time now is 04:12 PM.
Copyright ©2000 - 2018, Jelsoft Enterprises Ltd.
CS to VB integration by DeskLancer
2006-2011 Traders Laboratory, All Rights Reserved.