DislikedJacko does the fact that we had a 59 pip retrace 1.3546 to 1.3483 hold any significance in your trading style since the trailing stop is 50 pips?Ignored
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Hello Guys is a pleasure to be here. I'm new to MT4 1 reply
Jacko's P&P Trend Trading Method 73 replies
DislikedJacko does the fact that we had a 59 pip retrace 1.3546 to 1.3483 hold any significance in your trading style since the trailing stop is 50 pips?Ignored
DislikedI was eyeing 1.3440 but we went too much below it for me to think this is only a retrace. But looking at my and your chart - 1.3600-1.3650 is looking very appetizing to look for a short setup
HEY THAT'S ALSO THE 50%! ;D
Hehehehe...let's see.Ignored
Dislikedwere you short @ 3375 ?
why not long considering all the price action.Ignored
Disliked4H trendline is down.
Daily trendline is down.
Weekly trendline is up.
Ignored
DislikedWell, the Market didnt rise up to 1.3500 for a second touch. However, I have left the 1.3500 stop buy in place.
ANOTHER BIG CALL !!!!!!!!!
I haven't gone "short"...and don't intend to go "short"...for a couple of reasons:
1. I think the opportunity passed me by, firstly when I didnt go short on the break of the 4 hr trend line at 1.3700 and secondly when I didn't go short at the break of the daily trend line at 1.3450. (Aaah but.... 20 / 20 hindsight is a beautiful thing).
2. I dont want to "chase" the opportunity and be hustled by the "irrational (negative) exuberance" of the current market.
3. My instinct/experience/gut feeling is that we are closer to the bottom of this fall than everyone thinks. I get the feeling that we were at the brink of something very serious but we have now pulled back from it.
4. Unless those smart-ass Wall St idiots have set off a truly financial nuclear weapon of mass destruction bomb, then I consider that this market may be getting close to its bottom.
5. I am not trying to say that now is a good time to buy (1.3400 is too uncertain a risk for me, but I may lower my Stop Buy to 1.3450 later)....or that the market won't go lower in the very short term...but what I am thinking is that the MAIN danger MAY have passed.
If that is the case, the relief rally (when everyone sighs a big sigh of relief and cheers each other), will be quick and intense.
6. In light of the above, I don't, at this stage, intend taking any "shorts" but will be looking to lower my Stop Buys if this market goes lower
7. Put bluntly, I didn't react quick enough to "short" the correction at worthwhile levels. However, I think that this downward correction is dying.
PLEASE NOTE I could be wwwwwrong !!!!Ignored
DislikedTo everyone,
This is one of those awful, and most dreaded, posts. It is a post AFTER I have done a transaction.
For those of you who are cynical of such posts, Please stop reading as I do not want, or need, a barrage of complaints.
For anyone who wants to read on, please feel free to treat this post from an informational point of view only.
I also want to emphasise that no bragging rights attach to these trades.
OK.....
As outlined above, I was NOT a short and I thought that the market was close to a turn.
We then watched the market have an "exhaustion spike" (from experience, I have noticed that when a fast moving market has approached a top or a bottom it will have an extreme spike which usually is a sign that a turnaround is in place).
If you look at any of the short term time frames (eg 15 mins) you will see a quick and deep spike down to 1.3359. At that point, I "thought" that maybe we were seeing a bottom. But we decided to stay out until more proof was available.
Twenty one hours later, Mark called me to say that another spike had occurred to 1.3367. (in other words, a spike...but not as low as the previous one). That to us, was the sign of market strength that we were looking for. We bought at 1.3400. (As I was away from my computer, Mark placed the trades and I didn't have the opportunity to post it here).. . Anyway, the point is NOT to try to get bragging rights....this post is just intended to explain what I did and why.
Having said that, lets see what then happened with this trade.
Market went to 1.3500 ... I added more
Market peaked at 1.3545...Trailing stop loss placed at 1.3495 (1.3545 - 0050 = 1.3495)
All trades stopped out at 1.3495
I am now flat with no market positions.
As I have said, I apologise for not posting at the time of the trade but it was not possible. Also, I know that it invites scepticism of my trading integrity. However, I consider that my "approach or reasons" for the trade is of some value, especially to some of the more experienced traders here.
.Ignored
DislikedWe then watched the market have an "exhaustion spike" (from experience, I have noticed that when a fast moving market has approached a top or a bottom it will have an extreme spike which usually is a sign that a turnaround is in place).
If you look at any of the short term time frames (eg 15 mins) you will see a quick and deep spike down to 1.3359. At that point, I "thought" that maybe we were seeing a bottom. But we decided to stay out until more proof was available.
Twenty one hours later, Mark called me to say that another spike had occurred to 1.3367. (in other words, a spike...but not as low as the previous one). That to us, was the sign of market strength that we were looking for. We bought at 1.3400..Ignored
DislikedTo everyone,
This is one of those awful, and most dreaded, posts. It is a post AFTER I have done a transaction.
..............................................
.Ignored