Aus67 wrote:CJ
When looking for trade setups, do you usually start in the bigger time frames? ie Weekly, Daily?
and then move down to smaller to look for entry into those larger patterns?

I can see the stop hunts, M's W's, traps, etc...but am still thinking 'where do I get in on this??'

I am guessing it is fine to stick with a 15m chart and trade that, but keep an eye on the bigger for any traps that you may be walking into?

I feel this is an ambiguous question and a little imbisilic as well...but just want to get my methodology sorted.

I guess being in Australia doesn't help as i would have be nocturnal to be able to trade NewYork...
like most trading, it takes place in the wee hours.

cheers
Daryl

f451 wrote:Saw this comment over on the NB 10.4 thread and a lightbulb went phzzzing! in head.

"Those are "buyers" but not the type you think. They bought the story that price was going to drop further and entered SHORT orders. Those SHORTS were stuck there or closed out by now. If there is a change in trend direction planed, you will see wicks like these on the next few daily candles, each presenting a higher low than the last. They will almost be following the yellow line you drew on the chart. This is called "trapping volume" and it sticks a bunch of SHORT orders at the bottom before a rise in price. You can watch to see if this develops and it offers numerous trades on the D1.

CJ"

Never really knew what to make of those grindy up or down trends with long wicks. Now i do. "Trapping volume" and forcing the weak holders out at their stops to fuel the move in the direction the foxes want to go! The HH LH or LL, HL are still the key to the direction, but the wicks show you lots of aborted attempts to go the other way... and just who is benefiting...

Captain Jack wrote:

f451 wrote:Saw this comment over on the NB 10.4 thread and a lightbulb went phzzzing! in head.

"Those are "buyers" but not the type you think. They bought the story that price was going to drop further and entered SHORT orders. Those SHORTS were stuck there or closed out by now. If there is a change in trend direction planed, you will see wicks like these on the next few daily candles, each presenting a higher low than the last. They will almost be following the yellow line you drew on the chart. This is called "trapping volume" and it sticks a bunch of SHORT orders at the bottom before a rise in price. You can watch to see if this develops and it offers numerous trades on the D1.

CJ"

Never really knew what to make of those grindy up or down trends with long wicks. Now i do. "Trapping volume" and forcing the weak holders out at their stops to fuel the move in the direction the foxes want to go! The HH LH or LL, HL are still the key to the direction, but the wicks show you lots of aborted attempts to go the other way... and just who is benefiting...

Another way to look at is that those "SHORTS" reached the end of their rope!

They also do it to validate the S/R and fibo levels, pivots and mid points. It gives the illusion of support there at that level, when actually there is no support. It wasn't buyers who brought price up, it was the fox and he validated the level and left "false support" in his wake.

CJ

Captain Jack wrote:Spread widening at close today. This is how they hit stops in those pins and why some of your orders never close or seem to close before you intend them to. Tricks, tricks and more tricks....

CJ

Aus67 wrote:

Captain Jack wrote:Spread widening at close today. This is how they hit stops in those pins and why some of your orders never close or seem to close before you intend them to. Tricks, tricks and more tricks....

CJ

Unbelievable!

Angat wrote:Hi CJ, thanks for all your trading tips so far, they have really opened my eyes. If you could post a couple of trades setups as and when they happen, I'm sure that will assist me and others in what to look for. (I don't care about the quick buck, I just want to be consistently profitable).

Cheers