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Flying Dutchman

  • #2,441
  • Aug 1, 2022 10:26pm Aug 1, 2022 10:26pm
Lines in trading.. Like all aspects of trading books could be written just on the subject of
lines and how to use them. As Viktor said and we all know pictures say alot. And as I had mentioned to Viktor statements etc can all be fudged and altered....

But what cant be altered is the charts...So if you want to learn or understand better or entertain different ideas charts of others are great tools.

So here are some charts that lay out 2 hard set data points. Time and Price...
Now time is set in stone..The opens of the London Stock Market and the New York.
On my charts and most likely your MT4 charts thats 10:00 and 16:30.
As for price. It is the open price and thats it.

And those two data points are what I will share some charts highlighting them and let you draw your own conclusions. Keep in mind trade the appropriate pairs assets at the appropriate times....
ex. dont trade the NZD/YEN at the US Equity open and expect much..

The examples I am sharing are from the FTSE. So I use the LSE open of 10:00
The SPX or NQ or US30 I use 16:30....

What you may see is how price reacts around the opening price of an asset...Thru out that sessions trading and quite often into the next sessions and even the next day.

You may wonder why price stops at an “unseen” level...quite often it is the price of that instrument at the opening of the coinciding equity open....

Like ALL Lines they can be used to trade to or from...Entries and targets etc. What is required to trade using lines is strategies deveoped around them... They dont work on their own. Context and Confluence always for your best setups/probabilitites. Price action..Patterns AND AND AND understandong Market Structure/Mechanics/Geometry....

The markets intention is to take your money..It seeks liquidity...Its job is to take money from the many to the few. So look at the charts and think “where are the current profitable trades ?” Thats where price will go... MARKET MECHANICS... Anyways enough chatter

Hope some may get a lightbulb moment when they see how price at TIME OF OPEN will react to the days trading and how you can use it to your advantage..

And lastly first chart is a trade from yesterdays UK session..The FTSE index 5 trades total 4 winners for a total of 100 points. Showing the trade history for the largest of the 4 winners....and the TARGET was the FTSE open price at TIME... LSE 10:00

All the best
Blue



And food for thought :
“The eight laws of learning are explanation, demonstration, imitation, repetition, repetition, repetition, repetition, repetition.” -John Wooden


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Master your Mind,,,Master the Market
  • #2,442
  • Aug 1, 2022 11:01pm Aug 1, 2022 11:01pm
Just a short post to add a little clarity to my FTSE trade.... IT was taken off the 1M chart with a 4 pt stop..This as a solo trade was a 9R trade.

I had mentioned a few posts back, I think, how I like to trade the wicks on a 1M with large targets. This is a decent example.
First chart shows entry on the 1M Second chart just shows the FTSE at the LSE Open and how I just place a line at that time and price
and then wait to see what develops

Cheers

Edit...I only wanted to clarify that I wasnt simply just selling a wick as it looks like in first chart of previous post. DO they all work out like that nope...But with large targets and very low risk I can afford to get it wrong "To win you have to Lose! "~ Michael Jordan

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Master your Mind,,,Master the Market
  • #2,443
  • Aug 1, 2022 11:57pm Aug 1, 2022 11:57pm
Quoting bluesteele
Lines in trading.. Like all aspects of trading books could be written just on the subject of lines and how to use them. As Viktor said and we all know pictures say alot. And as I had mentioned to Viktor statements etc can all be fudged and altered.... But what cant be altered is the charts...So if you want to learn or understand better or entertain different ideas charts of others are great tools. So here are some charts that lay out 2 hard set data points. Time and Price... Now time is set in stone..The opens of the London Stock Market and the...
No no no no no...

Volume, where is the volume indicator...can't see the volum...

What do you mean volume is shown all over the chart....
  • #2,444
  • Edited 3:38am Aug 2, 2022 3:22am | Edited 3:38am
Quoting bluesteele
Lines in trading.. Like all aspects of trading books could be written just on the subject of lines and how to use them. As Viktor said and we all know pictures say alot. And as I had mentioned to Viktor statements etc can all be fudged and altered.... But what cant be altered is the charts...So if you want to learn or understand better or entertain different ideas charts of others are great tools. So here are some charts that lay out 2 hard set data points. Time and Price... Now time is set in stone..The opens of the London Stock Market and the...
Fantastic explanation, both written and in chart form. Thank you so much.

I trade DAX (GER40) pretty much exclusively so I use Frankfurt and London vertical and horizontal open lines and US open vertical line but maybe I should add the horizontal line as well.
  • #2,445
  • Aug 2, 2022 3:49am Aug 2, 2022 3:49am
Quoting bluesteele
Just a short post to add a little clarity to my FTSE trade.... IT was taken off the 1M chart with a 4 pt stop..This as a solo trade was a 9R trade. I had mentioned a few posts back, I think, how I like to trade the wicks on a 1M with large targets. This is a decent example. First chart shows entry on the 1M Second chart just shows the FTSE at the LSE Open and how I just place a line at that time and price and then wait to see what develops Cheers Edit...I only wanted to clarify that I wasnt simply just selling a wick as it looks like in first chart...
I live in a world of wicks and dojis so your charts make a great deal of sense to me.
  • #2,446
  • Aug 2, 2022 8:13pm Aug 2, 2022 8:13pm
Good Morning Kelvin ,
Thank you posting valuable input for better understanding ,
I request you to give some valuable input for this Yes Forex is a zero sum game. But when you understand how orderbooks work.. balancing of orders in a Huge decentralized market to the level of precision on the charts.. Ones eyes open.. How can things balance so precise to the pip... how can price move and backfill liquidity left behind to the pip..
How does the precise amount of money come back into the market to move the market to take out clusters of stops...
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  • #2,447
  • Aug 3, 2022 1:26am Aug 3, 2022 1:26am
Quoting venkatredy
Good Morning Kelvin , Thank you posting valuable input for better understanding , I request you to give some valuable input for this Yes Forex is a zero sum game. But when you understand how orderbooks work.. balancing of orders in a Huge decentralized market to the level of precision on the charts.. Ones eyes open.. How can things balance so precise to the pip... how can price move and backfill liquidity left behind to the pip.. How does the precise amount of money come back into the market to move the market to take out clusters of stops... {image}...
One word answer - algo's
  • #2,448
  • Aug 3, 2022 1:51am Aug 3, 2022 1:51am
Quoting handy148
{quote} One word answer - algo's
Hi Handy
u mean there is no such thing buy/sell orders ?.
just taking out stoploss
  • #2,449
  • Aug 3, 2022 3:57am Aug 3, 2022 3:57am
@bluesteele
Thanks for all your examples! It really helps!

Just one question about this chart:
mostly the green line is the open, but here it seems to be (slightly) off...
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  • #2,450
  • Aug 3, 2022 4:08am Aug 3, 2022 4:08am
Quoting bluesteele
Just a short post to add a little clarity to my FTSE trade.... IT was taken off the 1M chart with a 4 pt stop..This as a solo trade was a 9R trade. I had mentioned a few posts back, I think, how I like to trade the wicks on a 1M with large targets. This is a decent example. First chart shows entry on the 1M Second chart just shows the FTSE at the LSE Open and how I just place a line at that time and price and then wait to see what develops Cheers Edit...I only wanted to clarify that I wasnt simply just selling a wick as it looks like in first chart...
A small trade as shown by Bluesteele's examples. Not exactly at London open though. Profit was taken at the first target.

Trade well all.
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  • #2,451
  • Aug 3, 2022 6:40am Aug 3, 2022 6:40am
Quoting venkatredy
{quote} Hi Handy u mean there is no such thing buy/sell orders ?. just taking out stoploss
I mean that algo's are very cleverly written to create the herd mentality (amongst other thiings) that George often talked about.

Charts are full of repeatable patterns as shown here in this thread and they're not man made.

All IMHO of course.
  • #2,452
  • Aug 3, 2022 9:27am Aug 3, 2022 9:27am
Quoting Onra
@bluesteele Thanks for all your examples! It really helps! Just one question about this chart: mostly the green line is the open, but here it seems to be (slightly) off...{image}
Good Morning Onra,

Good eye and thanks for looking at the charts in detail... I'm assuming I drew the line off the 15 or 1m is my only guess and somehow it change as I
changed timeframes ? Anyways here are my charts this morning as I look at them. With the original on my chart and then corrected... Funny my chart shows much closer. I'm using a 36" ultra wide monitor if that scales different ?? Never the less.... Good eye !!!

Heres mine again

Cheers and have a great day wherever you are ! Nice breezy sunny morning in Vancouver today

Blue

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Master your Mind,,,Master the Market
  • #2,453
  • Edited 3:42pm Aug 3, 2022 9:29am | Edited 3:42pm
Quoting whitesta
{quote} A small trade as shown by Bluesteele's examples. Not exactly at London open though. Profit was taken at the first target. Trade well all. {image}
Congrats Whitesta !!!

THats a beauty of a trade. PFH BRN and A DT And good R:R BOOM !

Edit : and look where it hit BRN 1.21 (1.20998). Huh...who would have guessed
Master your Mind,,,Master the Market
  • #2,454
  • Edited 4:34pm Aug 3, 2022 11:56am | Edited 4:34pm
Quoting venkatredy
when you understand how orderbooks work.. balancing of orders in a Huge decentralized market to the level of precision on the charts.. Ones eyes open.. How can things balance so precise to the pip... how can price move and backfill liquidity left behind to the pip.. How does the precise amount of money come back into the market to move the market to take out clusters of stops
There are fewer than 20 large banks that make up about 80% of Forex transactions. These banks invest millions of dollars to carve out the market structure that we clearly see on the Day and 4H charts. They then maintain this market narrative until a fundamental announcement changes their thinking and/or direction. In my mind, it would be unlikely if PA was not as precise as it is on the charts. Why would a bank trader spend money to challenge the charts, when the banks have already signaled their intent? Every professional trader (bank, retail, whatever) understands the risks of trading around the edges of structure, but also the rewards of trading to those edges.
  • #2,455
  • Aug 3, 2022 7:47pm Aug 3, 2022 7:47pm
Quoting whitesta
{quote} A small trade as shown by Bluesteele's examples. Not exactly at London open though. Profit was taken at the first target. Trade well all. {image}
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Hi whitesta, thanks for sharing your chart. I know that pfh=peak formation high, brn=big roung number, but what does DT stands for?

May I know why did you not enter at the red arrow where the candle has hit the big round number?

Thank you.
Always hunting for pips, even in the dark
  • #2,456
  • Aug 3, 2022 9:38pm Aug 3, 2022 9:38pm
Quoting jaddy
{quote} {image} Hi whitesta, thanks for sharing your chart. I know that pfh=peak formation high, brn=big roung number, but what does DT stands for? May I know why did you not enter at the red arrow where the candle has hit the big round number? Thank you.
DT = Double Top
  • #2,457
  • Aug 3, 2022 11:27pm Aug 3, 2022 11:27pm
Just a short post and follow up chart to Whitesta's...The question from Jaddy re the other candle.. Valid entry trading the wick.
You never know for sure if the market will reverse off of one wick or not...So getting an entry on the wick with a tightish stop
or waiting for a confirmation candle to follow..Choices we all have.

The second entry that Whitesta took was a higher probability trade in my opinion.

Note how price travels back to the Equity candles open..same in US session.

Cheers
Blue

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Master your Mind,,,Master the Market
  • #2,458
  • Aug 4, 2022 1:38am Aug 4, 2022 1:38am
Self explanatory - you get a lot of these. Very useful targets.
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  • #2,459
  • Aug 4, 2022 6:15am Aug 4, 2022 6:15am
Quoting GEfx
{quote} There are fewer than 20 large banks that make up about 80% of Forex transactions. These banks invest millions of dollars to carve out the market structure that we clearly see on the Day and 4H charts. They then maintain this market narrative until a fundamental announcement changes their thinking and/or direction. In my mind, it would be unlikely if PA was not as precise as it is on the charts. Why would a bank trader spend money to challenge the charts, when the banks have already signaled their intent? Every professional trader (bank,...
Hi GEfx,
When is the first week of the month for banks? For example if the 1st August is Friday (it includes also July), do we count it as first week or start counting from next week?
Thanks
  • #2,460
  • Aug 4, 2022 11:12am Aug 4, 2022 11:12am
Quoting Ihlas
{quote} Hi GEfx, When is the first week of the month for banks? For example if the 1st August is Friday (it includes also July), do we count it as first week or start counting from next week? Thanks
Hi Ihlas. The month ends on the last day of the month (for accounting and regulatory reasons, to name a few). There are activities that occur at month end that can impact trading and PA. The week begins when the market opens for trade at the beginning of the week. The weekly trading plan will include month-end activities, if the month ends during the week (month-end activities actually begin well ahead of the last day of the month so they can soft close the monthly books on day zero and hard close on day 1 of month-end processing), and activities associated with the beginning of the month if the frst few days of the month fall within the week. The week begins when the markets open on Monday/Sunday, depending where you live.
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