Maelstrom

Thanks Ed....got things up and running, and just watching at the moment. Glad you are enjoying the thread - just wish it was more active right now. M

Out of trade at 12498. YMoca, thank you! A refresh of my charts matched yours exactly. I may be offline here for a bit - I am completely done with my crappy data provider, and going to sign up with a new one right now. Absolutely unacceptable. This shouldn't take long. Thanks again YMoca! M

Attached. As I said, not sure what the follow through on this trade will be, but only two outcomes possible now! Btw, someone PM'ed me that their chart data looked different than mine (and thanks for letting me know) - anyone else getting that too? Thanks M

Short at 12510 at the completion of the down bar, stop loss set at 12533. First formation extension target area at 12429.

Moving it up to the 12511 area - waiting on the bar close to see if this is the spot. Just trailing this upward retracement, waiting for a down bar to close.

Short entry stop moved to 12507.

If anyone has recommendations on RELIABLE data providers, please let me know. I find I have to refresh a few times a day and often times, some data was missed. Updated chart below. There is a bar close below formation, now waiting for a pullback and move downward. Entry stop for short currently is 12481. Not feeling great about a short here, but them's my rules M

After several days, finally, a possible short formation has appeared. Just straight consolidation/ horizontal box formation since yesterday, but with some news coming out 9am CST, maybe there will be movement in some direction. Obviously, no trades yesterday for me, which is much preferable to what I used to do - forcing trades, and taking too many losses waiting for a move that never comes. Lets see what today brings. M

I had posted a chart earlier with extension target levels that were incorrect.... just chart and data problems. Attached is a corrected chart, again, if the market intends to move up from here. Again, levels overlapping within themselves. Would need a strong upward move through these lines to invalidate them and set a higher target.

YM 12490 has been holding firm - 3 touches/breaches, but no closes below. If price fails to make it down now, I have a feeling upside targets will be valid. Will post updated targets if the range is breached to the upside. M

Just food for thought - very small range, no clear direction, but possible flag here.

Mistake, I advise taking the first signal after a trend. For example, a market has been steadily trending down, the first completed signal up is usually the correct signal to take. Any further signals upward I do not usually take - I just manage the initial entry and try to stay in it as long as possible. I guess I would describe my method as a reversal method with confirmation (if that makes any sense) Not sure if this helps, but review the first few pages with the charts I posted, and hopefully it will be a little clearer. M

TLC..... 1. Would you be so kind to decribe more clearly about the rules that you use for entry and exit for that eurusd? I do not comprehend that picture celarly. Please see attached chart 2. Or can you show me the thead about HH/HL LH/LL formations to study. I really like simple method like this with price action. Np need to mess up with those indicators. I will try to find some documents and links that will better illustrate this - anyone out there that has a any good pdf's or sources out there, please post 3. Regarding the 100R (10 Pips), do this means every bars has 100 pips range or 10 pips range? 10 full pips, not fractional - keep in mind, the example I posted with this range may or may not be optimal for this market. 25 pips, or 50 R could be better - I was simply posting a quick example for reference as I do not trade forex (but it should be possible, just more difficult imho) 4. How can we get those chart for MT4 platform? Any free software to use for this purpose? I believe someone posted the MT4 indicator in this thread a few pages back - if it is not there, let me know - I think I still have one somewhere

Noted in chart . When these targets start overlapping - a newer one forms within the previous - I keep a look out for a touch or breach of a level, with a reversal bar for an exit. Forming within previous levels is an indication to me of weakening momentum in the move. M

Chop this morning, no indication of any trade....yet. Day after a holiday weekend is NOT a favorite time for me to trade, but I will be doing it anyway mainly for the purpose of this thread. I would not be surprised to have a couple of losses today, but that is a good thing - no holy grails here my friends

Ok guys, I will progress through a few trades step by step a little later.... hopefully that will help show the trades for you. M

Not in any trade at the moment, but for the purpose of studying price action, the trailing stop on the long entry on YM from several days ago should be moved up to 12490 - bottom of a new upward formation. M

Thanks! She is doing better, thank you....a 110lb lap dog, and a complete baby, but we love her

Thanks Makhan....more to come later.

TLC...it should. I will say that for myself, however, I do not really like forex. The fraction pips that brokers have gone to is really a pain, vast differences in data depending on the source, and you really are up against a lot of heavy hitters - central banks and such. But, with that said, how I trade is just really HH/HL LH/LL formations, and that should work in most markets. 100R (10 true pips) eurusd chart attached with some trades. Trade targets worked out very nicely, and the last trade would still be open. The key is finding a good range period that flows well.... this one actually looks pretty good for EU. M

..... have a great 4th of July! Well, for US traders that is. Enjoy your families, be safe and enjoy! M

Chart attached of the move from my last post with all exit points. White stop lines are trailing stops. Orange stop lines are extension exit points. Entry to the trade was at 12180. The last trail exit point is a bar close below 12455. Of course, this ended on a friday before a holiday weekend, and the true exit would be at the end of the day - even I am never crazy enough to hold a position over the weekend. But hopefully, you can see that the combination of these methods would have kept you in the move all the way up, locking in profit as you go. As an exercise, this week I will try to post updates either to this position or new ones as they come up, hopefully "live or before they happen. That may make things a little clearer to anyone interested. M

Not exactly targets really..... more of tighter, profit trailing stop. I use them in conjunction with the trailing stops below the formation. Basically, here it is: 1. Entry into a trade - we will assume a long for the purpose of this example. 2. I take the range of the upward intention formation just prior to the entry, and extend that 100% from the top of that formation. 3. When/if a bar closes above that extension line, the stop is moved below that crossing bar. This is a close-bar stop, just like the trailing stops. 4. Each new upward intention pattern will result in a new extension line. There are a couple of situations where you exit immediately on a touch of the extension line, but I will focus on the basics here first. Some charts to show the stop progression on a trade, though I have a feeling this will be confusing to a lot of people. If anyone would like something clarified, please ask. M

Ok, back to business.... I will try to clearly explain how I set stops, targets and exit trades. Initial Stop 1 tick above/below entry bar - this is a touch exit. If price touches that number, it's an exit. Reversals These are just that - stop and reverses. Rare occurrence. Trailing stop 1 tick above/below every new intention formation - these are closing bar exits. If price retraces to one of these, a bar needs to close above/below this level for an exit. See chart below for trailing stop examples. Next will be formation extension targets that allow (usually) much better and profitable exits.

Thanks Phil - feel free to post some charts or thoughts on your trading. Always like to see how others are trading. Good trading... M