i did not hold this one. took all off at BB near M3 on my chart
Attached Image (click to enlarge)
Simple Method of Scalping any pair on 5 min chart , specially GBP/JPY - by Imran Sait
- #3,963
- Nov 1, 2007 2:12am Nov 1, 2007 2:12am
Mat, this trade was tricky for the same reasons i posted in # 3957.
I am happy that you played the trade well and you were able to get GOOD pips out of it.
IT IS ALWAYS BEST TO TRADE WITH THE TREND.
However, we must acknowledge that market trends change and we have nested cycles within various TFs. As you gain experience, you will be better able to identify the TURNING PERIODS.
FOR THOSE WHO JUST CANT RESIST -
Trade on DEMO many, many times before you try this with real $$$
During a TURNING PERIOD, assume that the trade is CT.
Because IT IS, until the new trend is firmly established.
one thing you have to be able to identify is whether the setup is counter trend or w/main trend. see thunderwolf's prior post 3952.
THIS IS FOR CT TRADES
if u still like the setup, u can wait for the PB before entering on the CT trade. If you miss it, not to worry.
Once the mkt starts to retrace and goes into the B to C leg, draw a fib from the swing HI (in this case ) BEFORE the arrow/signal to Point B in order to calculate Point C retracement zone.
Take note of the CLOSE price at the signal and look for a better fill price at Point C provided that the bias of the orignal signal is still intact.
Now...this is what happens to ppl that tradeCT and dont realize the setup is CT.
1. they ENter in the MIDDLE of leg A to B
2. Mkt starts to retrace from B to C
3. They end up exiting near Point C with a small loss
4. The mkt turns back around but they have already exited
OR
1, then 2 then
3. They hold it and the main trend resumes
4. They exit with an even bigger loss.
SO BE FOREWARNED...
I am happy that you played the trade well and you were able to get GOOD pips out of it.
IT IS ALWAYS BEST TO TRADE WITH THE TREND.
However, we must acknowledge that market trends change and we have nested cycles within various TFs. As you gain experience, you will be better able to identify the TURNING PERIODS.
FOR THOSE WHO JUST CANT RESIST -
Trade on DEMO many, many times before you try this with real $$$
During a TURNING PERIOD, assume that the trade is CT.
Because IT IS, until the new trend is firmly established.
one thing you have to be able to identify is whether the setup is counter trend or w/main trend. see thunderwolf's prior post 3952.
THIS IS FOR CT TRADES
if u still like the setup, u can wait for the PB before entering on the CT trade. If you miss it, not to worry.
Once the mkt starts to retrace and goes into the B to C leg, draw a fib from the swing HI (in this case ) BEFORE the arrow/signal to Point B in order to calculate Point C retracement zone.
Take note of the CLOSE price at the signal and look for a better fill price at Point C provided that the bias of the orignal signal is still intact.
Now...this is what happens to ppl that tradeCT and dont realize the setup is CT.
1. they ENter in the MIDDLE of leg A to B
2. Mkt starts to retrace from B to C
3. They end up exiting near Point C with a small loss
4. The mkt turns back around but they have already exited
OR
1, then 2 then
3. They hold it and the main trend resumes
4. They exit with an even bigger loss.
SO BE FOREWARNED...
OK this was a tricky one and I hope the more experienced traders can comment on this.
As you can see at the red line, all the indicators lined up BEAUTIFULLY (can't get any better than this!). Both lags crossed the 0.85 level and going down, stocs positive to negative AND the red arrow has appeared.
BUT (and this is a BIG but if I can say), this happened at 9.20pm EST which is during the morning asian session, which as you know is a very quiet time for forex trading. In addition to that, overall trand was up therefore, this is countertrend.
I went into this trade with caution, ready to close at the first sign of failure. From the red line to the pink line, price didn't move much but kept it open as the red lag was still downtrend. After the pink line however, the price start to move downwards. I closed at the blue line with 40 pip profit when the price has hit the 200ema.
Why I said this was tricky is because this happened during the morning asian session and this is where I would appreciate comments from the seniors.
Thanks and regards
Matt
- #3,967
- Edited 3:07am Nov 1, 2007 2:57am | Edited 3:07am
Brother please show me the light.
If your tongue fails to be instructive, my ear will no longer remain attentive.
VSDobre (dobre?
) is right in that CT signals appear to be a bit better and I noticed that many of the best trades that end up going with the trend, initially were CT trades.That being said, it's no point bashing around here and using unfriendly adjectives to qualify systems or people that use them. The English language is expressive enough to be able to make a point without using any adjectives at all... dobre?
If you have any qualms with what is being published here, please either present improvements or just let it go and leave...
Ohka
- #3,968
- Nov 1, 2007 2:59am Nov 1, 2007 2:59am
- Joined Jan 2007 | Status: Feed The Piggy With Pips! | 1,733 Posts
Vesko -- solution is easy -- dont listen -- go to another thread that suits your trading style. A real trader would not take the time to write such long postings -- if he really thought it was stupid, he would just laugh and walk away. It takes bitterness of heart to post what you have.
I am enjoying the chats and learning a lot from reading the comments made on them -- keep them up and thanks.
Here is the link to the mp3s -- about the Mind of a Trader. Good stuff.
Unfortunately I have not found any other way than via ITunes to get them, but ITunes is free too
http://phobos.apple.com/WebObjects/M...t?id=262257566
All the best to all -- thanks
Jill R
I am enjoying the chats and learning a lot from reading the comments made on them -- keep them up and thanks.
Here is the link to the mp3s -- about the Mind of a Trader. Good stuff.
Unfortunately I have not found any other way than via ITunes to get them, but ITunes is free too
http://phobos.apple.com/WebObjects/M...t?id=262257566
All the best to all -- thanks
Jill R
- #3,974
- Nov 1, 2007 3:55am Nov 1, 2007 3:55am
- | Joined Oct 2007 | Status: Lord of the RINGGITS | 41 Posts
Mat, this trade was tricky for the same reasons i posted in # 3957.
I am happy that you played the trade well and you were able to get GOOD pips out of it.
IT IS ALWAYS BEST TO TRADE WITH THE TREND.
I must admit that I was 50/50 about entering as this was a countertrend. But I entered anyway so that I can learn from this experience.
I would NOT have entered if it was only 1 or 2 of the indicators that were in line. But when all the indicators were in line, I just had to see how this works out, being ready to close the trade if it doesn't work out.
And yes I agree, it is always best to trade with the trend, whether its forex, futures, stocks etc
I'm a money magnet! Thank You, Thank You, Thank You!
- #3,976
- Nov 1, 2007 4:06am Nov 1, 2007 4:06am
- Joined Jan 2007 | Status: Trader | 11,838 Posts
Trading Levels with WRBs
Just noticed something neat...Look at the yellow line near the Red Lag...
If you follow the 1 Hour chart--Red Lag...you would have gotten in around 234.60 area and still be in it--that's about 600 pips so far...
:Very good stuff! Hope everyone is having fun and making money.
Happy pipping,
Fx Diva
Hi all,
I am back from my mini hiatus, I had to study for my language test yesterday. Anyhow I missed a quick short a while ago since Blue and Red Lag are pointing down although it was a risky call since Blue EMA was above Red EMA (bullish trend) and it was around the news time. I think that was a juicy 100+ pips.
The second trade was probably a suicidal long since Blue and Red Lags weren't pointing upwards and it was more like the price was retracing with Stoch showing a oversold trend. I entered and exited for a small 23 pips.
Nonetheless I still think it was really risky!
I am back from my mini hiatus, I had to study for my language test yesterday. Anyhow I missed a quick short a while ago since Blue and Red Lag are pointing down although it was a risky call since Blue EMA was above Red EMA (bullish trend) and it was around the news time. I think that was a juicy 100+ pips.
The second trade was probably a suicidal long since Blue and Red Lags weren't pointing upwards and it was more like the price was retracing with Stoch showing a oversold trend. I entered and exited for a small 23 pips.
Nonetheless I still think it was really risky!
