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M5/15 RSI 50/50 Test Journal

  • #181
  • Apr 29, 2019 10:09am Apr 29, 2019 10:09am
Quoting kellycml
1st sell is a loss (50sma was red but flat), but 2nd sell entry recovered with small profit. {image}
Nicely done!
  • #182
  • Apr 29, 2019 11:27am Apr 29, 2019 11:27am
Quoting pipShine
Well, this was my second trade for the morning and it was a full loss as well. But I did learn something so I'm back in the saddle tomorrow morning if the market looks good. This Friday is the NFP report, I believe, so I expect that this week could be slow. {image} {image}
some observations on your entries if you don't mind. by doing so i am also re-enforcing/learning myself.
it's about your timing on trade entry - at the end of current trend.

1) the uptrend started from frankfurt open and by the time you entered your trade, it was the 3rd wave (i think i mentioned before, you may have forgotten about wave counting). normally a trend lasts 3 to 4 waves ---> therefore only enter your trade on the 1st and 2nd waves.
2) drawing trend line. i know this is subjective and i am showing how i draw it.
start drawing trend line when a fractal is broken.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #183
  • Apr 29, 2019 1:24pm Apr 29, 2019 1:24pm
Quoting Inthebox
{quote} some observations on your entries if you don't mind. by doing so i am also re-enforcing/learning myself. it's about your timing on trade entry - at the end of current trend. 1) the uptrend started from frankfurt open and by the time you entered your trade, it was the 3rd wave (i think i mentioned before, you may have forgotten about wave counting). normally a trend lasts 3 to 4 waves ---> therefore only enter your trade on the 1st and 2nd waves. 2) drawing trend line. i know this is subjective and i am showing how i draw it. start drawing...
I always welcome your insights and appreciate your comments and suggestions.

I seem to have a natural talent for taking entries at the tail end of the trend. You do mention right in Post #1 to only take trades on the 1st and 2nd waves.

I think I see what my problem is: I just need more practice in seeing and counting the waves. And I seem to think that when price returns to the MA that price is then 'recharged' to continue on its way and count waves in this way. But this is different from what you are saying. So I will practice counting the waves - as per your example - on my charts so that I can avoid many of the set-ups that have lost most of their potential. Yes, I do see that it can be subjective and people can argue over how exactly to count the waves or draw the trend lines, but your example is quite clear.

Thanks again, Inthebox!
  • #184
  • Apr 29, 2019 7:23pm Apr 29, 2019 7:23pm
So I went out with my wife for Chinese (hakka) dinner this evening and I figured it out.
I understand why I made all my trades last week and none of them today.
Last week I took my trades when the price on the H1 charts broke the RSI trend line.
That meant that I was catching the break-out on the first wave when price still had lots of momentum.
I think I get it now...
  • #185
  • Apr 29, 2019 9:14pm Apr 29, 2019 9:14pm
Sold GBP/NZD for 11 pips. PA is below day open and day pivot. TDI green pointing down. Lucky to get out before the spike.
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  • #186
  • Apr 29, 2019 9:33pm Apr 29, 2019 9:33pm
Buy GBP/CAD. Entry based on M15, checked H1 to make sure 50sma is sloping up.
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  • #187
  • Apr 29, 2019 10:28pm Apr 29, 2019 10:28pm
Quoting pipShine
So I went out with my wife for Chinese (hakka) dinner this evening and I figured it out. I understand why I made all my trades last week and none of them today. Last week I took my trades when the price on the H1 charts broke the RSI trend line. That meant that I was catching the break-out on the first wave when price still had lots of momentum. I think I get it now...
poor you. thinking of forex while having dinner.
in the early days, i dreamt of combining the "best" indicators. looked good in my dreams but not in reality.
i am hakka or khek but do not speak the language though i understand a little bit.
i am nosy here. were you originally from taiwan or hong kong?
ITB - Seeing Orderliness amongst 'Randomness'
  • #188
  • Apr 29, 2019 10:39pm Apr 29, 2019 10:39pm
Quoting Inthebox
{quote} poor you. thinking of forex while having dinner. in the early days, i dreamt of combining the "best" indicators. looked good in my dreams but not in reality. i am hakka or khek but do not speak the language though i understand a little bit. i am nosy here. were you originally from taiwan or hong kong?
I wanted to be nosy and asked is it the wife or the hakka dinner that made him "figured out"?
  • #189
  • Apr 29, 2019 10:42pm Apr 29, 2019 10:42pm
Quoting kellycml
Sold GBP/NZD for 11 pips. PA is below day open and day pivot. TDI green pointing down. Lucky to get out before the spike. {image}
caught you. seemed like you trade during office hours. lol
did you sell gn after the spike? if so, looks like it's your trait from what i observed.
know a bit of the fundamental. negative china news but still quite ok because numbers remaining above 50.
china news affect australia/new zealand as china gets commodities like gold from australia.
ITB - Seeing Orderliness amongst 'Randomness'
  • #190
  • Apr 29, 2019 10:53pm Apr 29, 2019 10:53pm
Quoting Inthebox
{quote} caught you. seemed like you trade during office hours. lol did you sell gn after the spike? if so, looks like it's your trait from what i observed. know a bit of the fundamental. negative china news but still quite ok because numbers remaining above 50. china news affect australia/new zealand as china gets commodities like gold from australia.
Yes, guilty as charged, I multi-task

I sold GN just before the news. Am aware China's news affect Aud and Nzd. On hindsight probably should avoid taking trade just before and right after news.
  • #191
  • Apr 29, 2019 11:18pm Apr 29, 2019 11:18pm
just sold aj.
h1 price under 50 sma red though still sloping up. took the risk because price could not close above the 3rd wave up trend.
m15 price under 50 sma red sloping down. also a 3 bar reversal continuation of current trend.
ITB - Seeing Orderliness amongst 'Randomness'
  • #192
  • Apr 30, 2019 12:16am Apr 30, 2019 12:16am
listening to art garfunkel and paul simon.
to me garfunkel has the best voice ..........
Inserted Video

Inserted Video
ITB - Seeing Orderliness amongst 'Randomness'
  • #193
  • Apr 30, 2019 1:01am Apr 30, 2019 1:01am
Quoting Inthebox
just sold aj. h1 price under 50 sma red though still sloping up. took the risk because price could not close above the 3rd wave up trend. m15 price under 50 sma red sloping down. also a 3 bar reversal continuation of current trend.
.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #194
  • Apr 30, 2019 1:07am Apr 30, 2019 1:07am
Quoting kellycml
{quote} I wanted to be nosy and asked is it the wife or the hakka dinner that made him "figured out"?
i think it's the wife's figure. get it?
ITB - Seeing Orderliness amongst 'Randomness'
  • #195
  • Apr 30, 2019 1:15am Apr 30, 2019 1:15am
it's the jpy strength in asia session.
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ITB - Seeing Orderliness amongst 'Randomness'
  • #196
  • Apr 30, 2019 1:16am Apr 30, 2019 1:16am
Quoting Inthebox
{quote} i think it's the wife's figure. get it?
  • #197
  • Apr 30, 2019 1:20am Apr 30, 2019 1:20am
when there is momentum and price moves, if using indicator ===> get the meat middle part of the current trend.
which is enough. no need to get in at the top or bottom.
ITB - Seeing Orderliness amongst 'Randomness'
  • #198
  • Apr 30, 2019 1:30am Apr 30, 2019 1:30am
i want to say until now, i think one knows enough arsenal to trade if conversant with the method shown in this thread.
i have shown it all without holding anything back in my years of trading experience.
here is your short cut saving all those years of seeking. hope you can participate.
ITB - Seeing Orderliness amongst 'Randomness'
  • #199
  • Apr 30, 2019 1:36am Apr 30, 2019 1:36am
Quoting Inthebox
i want to say until now, i think one knows enough arsenal to trade if conversant with the method shown in this thread. i have shown it all without holding anything back in my years of trading experience. here is your short cut saving all those years of seeking. hope you can participate.
Thanks, will go through the journal to learn.
  • #200
  • Apr 30, 2019 1:59am Apr 30, 2019 1:59am
currently ej taking the lead on jpy strength
Attached Image
ITB - Seeing Orderliness amongst 'Randomness'
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