Comments on: This Weeks Trades For Noobs

By: Alp

Alp — Thu, 04 Jun 2009 06:53:13 +0000

I caught the break of 159.2 but I had a 20 pip cushion, probably a bit overcautious but I got burned last week cos of insufficient cushion.. As for the reversal I didn’t even think to look at it, something I gotta work on I guess!

By: okanemochi

okanemochi — Wed, 03 Jun 2009 23:47:29 +0000

Nick, in your ebook you talk about trading reversal patterns that form on SR lines. In the example above, is the top of the bull candle at 159.19 acting as an SR because it is a yearly high?

By: Eric

Eric — Wed, 03 Jun 2009 21:26:37 +0000

Nick, My platform is FXDD. On my 4H chart, the second reversal was the same size as your 4th reversal candle. No trade here. BigE

By: Moa

Moa — Wed, 03 Jun 2009 20:29:37 +0000

Hi Nick,
Thanks for the breakdown, very informative and helpful to us Noobs. And yep, I took the 159.19 on my Demo a/c and was wondering if you take any patterns into consideration on your trades? Looking back over the wins/losses in my somewhat miserable trading diary I seem to make the most consistent calls after a period of consolidation showing up in triangle formations. For the 159.19, I ‘read’ an ascending triangle with 159.19 as the top line so stayed in the trade manually, watching it make 100+ pips and closing the trade when it re-traced to about 80 pips. Still, 80 pips after my recent shocker of a losing streak was worth a post!!! Just wanting to know if triangles (or other formations) feature in your decision process, either as part of an entry/exit strategy or the number of pips sought from a trade.
Thanks,
Andrew

By: jhill24

jhill24 — Wed, 03 Jun 2009 19:39:47 +0000

Thanks for the info Nick. Briefly in the chat last night you also mentioned that there was a possible short opportunity at 157.70 that came to fruition last night. Big fall from that level 50 pips would have been an easy target on that trade also.

By: damien

damien — Wed, 03 Jun 2009 18:39:35 +0000

Nick thanks for info, I did not see the reversal but went long at 159.17 on demo ,50 pips

I have not worked on master candles yet as there is loads of other info. to take in yet,

I will study this reversal to make sure I understand?
Best and thanks again.

Damien

By: ThePhoenix

ThePhoenix — Wed, 03 Jun 2009 18:01:30 +0000

I was going to go in on the 159.19 for 50, but wasn’t sure because of not enough experience with the method yet. I entered, then deleted the trade when I couldn’t be by my computer to watch the price action.

At least I’m starting to see the same things as other nickb method traders.

Missed the reversal too, as I’ve been focusing just on line breaks.

What do you think about 153.44 for a line break trade later in the week or next week nick? Scalp for 50 or a strong line for 100? Or none of the above?

By: Col

Col — Wed, 03 Jun 2009 17:46:07 +0000

Thanks Nick. Your explanations are always helpful

By: willj

willj — Wed, 03 Jun 2009 16:31:20 +0000

Thank you Nick, that was a very clear and easy to understand explanation of the trades. Unfortuneatly i didn’t get to trade these due to other reasons.

By: omar taborda

omar taborda — Wed, 03 Jun 2009 16:18:35 +0000

Nick, I took the trade as the price clear the 159.20. I went down to the 10min chart to make sure the move was strong. There was an Engulfing Candle at 1:30am indicating that the move was strong and I entered after the 20 was clear. The price stalled in front of 1.5900 (psychological number) and the Engulfing Candle at 1:30am clear this number and thus confirmed the strong move.

Working on the Reversal.

Thanks for making your system available.