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Thread: Funnel Trading

  1. #11
    Quote Originally Posted by ;
    That is a question for the opening poster:

    What can you do if on the daily chart the price keeps bouncing under and over the opening price and there's no clear direction about the daily bar?

    Due
    Should you see dailies, they don't pivot intraday all that frequently which is why this simple filter is beneficial. If by some chance daily is currently moving from over open to open intraday that should appear in your intraday charts which won't be giving you great entry indiion. 4h/1h would likely appear to be ranging without the electricity in any of the bars (no pin bars or outside bars or momentum bars etc..)

  2. #12

  3. #13
    Quote Originally Posted by ;
    that's an interesting point actually.
    I really don't see that article. Have to have been deleted. He did get it?

    I will answer anyways. 1W, 1D, 4h, 1h are all exactly the same fashion on this system so how is that a problem? The contrary of your concern actually. You don't need to enter on 15min/5min. I guess I should have made that part of my explanation. It is taken by you, if you see a high probablity entrance. Only thing is you will need a stop loss. However, as a general rule, higher TF is accurate. My point (that I didn't describe so well) is that higher TF has disadvantages for entrance. Notably big SL and even opportunities.

    I'm not a scalper so maybe scalpers disagree with 1w/1d filter. Personally, I believe it'd enhance probability of scalping. In any case, for my own use I'm entering TF for a position trader. I want my places to stay opened and survive for days/weeks, not minutes or hours. But at the exact same time I want to stack multiple places with SL that's why I want to put in lower TF on.

  4. #14

  5. #15
    Here is something I only did a few minutes ago. It's not an ideal instance by any means but that is what the market gave me.

    Upper left is weekly. 5ema line is horizontal so tendency is up nor down. So I will add an addendum to my principles. If weekly 5ema is level you can exchange either way. In this case on the picture that is bigger, G/U has downtrend that is weekly that is strong and that which appears to be a retrace. Red line is 10ema that I'm not using right now for anything. I am thinking about using it as my weekly trend indior but haven't decided.

    Upper right is daily. You find the daily bar is down convincingly so we have a go. The screen captures were taken after the fact that is why price is now below 1.5600.

    Lower left you notice 4h has broken or is about to break several price action indiors (capture was taken after price broke 1.5600 but limit order was placed before that). 1.5600 support entire number, 50 percent fib, 2nd bounce off diagonal trendline. So we have entry indior IMHO.

    Reduced right 5m we look for entry point (as you can see I chart with MT4 but exchange on another platform). We have a continuation flag and everything I did for first entry was input a market limitation at 1.5995 and waited for price to break from this 1.5600 support. It did so today the match is on. I waited for it to move about 15pips and them transferred SL to BE. By that time price had already moved another 15pips so I entered a second order. This moment a market order as momentum is strong so we're flying by the seat of our pants. Shortly after it moved the following 15pips approximately and I transferred SL to BE.

    As luck would have it the breakout postponed and price retraced and I was stopped out in BE on both positions. Happens all the time. Nothing ventured nothing gained. Se la vie. I will continue to watch for the next couple hours in this as price action submission indiion remains valid so bears may take a second run at it. Update, at this moment I see a W pattern forming 5m with resistance holding only below 1.5600 so I will continue to keep a close eye on this. We're handed major news for the day and now, so I don't anticipate any moves London is about to close. I'll keep an eye on it just in case.




  6. #16

  7. #17
    Quote Originally Posted by ;
    This is something I only did a couple of minutes ago....
    Nice analysis pip_daddy.

    Can you ever experiment with taking a quick profit on 1/3-1/2 of your position and allowing the rest ride using a BE stop?

    This way in case price retraces into BE, like you stated it does frequently enough, you at least have banked something on the market.

    Michael

  8. #18
    A few more items I have on the go. Btw in case it isn't clear, the triangle is an open position, the red line is that my SL, a square is a limit order (in direction of fashion).

    Date stamp is Pacific daylight time. So London Opens my time that's also new date stamp. Especially on the E/U chart, I'm bearish on these 2 pairs. I would hope not and that my opinion is based on real reality my own belief system filter or opinion that is misguided. I would be interested in other peoples observations.


  9. #19
    Quote Originally Posted by ;
    Nice analysis .

    Can you ever experiment with taking a quick profit on 1/3-1/2 of your standing and allow the rest ride using a BE stop?

    In this way if price retraces to BE, like you said it does often enough, you have banked some thing on the market.

    Michael
    Yes, I've done that. Basically, because I'm lazy, I decide to just have one spot. I also find that since I'm more about holding open positions long term (weeks or even months), the two transactions to cover my SL does not create as much sense to me. I will do it when I plan to be out of my puter for awhile and want to not have to deal with shing my SL to BE in order to maintain a zero risk commerce.

    I would be interested if anyone has a mathematical analysis of the probability of opening two positions to cover SL risk instead of 1 bigger postion with fixed SL. I am but I would defer to some statisical analysis of this topic. How it impacts a trader plogically is another matter.

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