"The market pays you to be disciplined"
- #8,202
- Nov 6, 2007 9:06pm Nov 6, 2007 9:06pm
- | Joined Apr 2005 | Status: Cruising The Outer Rim... | 2,175 Posts
- #8,203
- Nov 6, 2007 9:07pm Nov 6, 2007 9:07pm
I shorted @4660, reason is that the EUR roughly has a 100 pips daily range, we were trading @4560 before the big run, so @4660 we already reached the daily range, stoploss @4690 (30 pips), now the fall to 89 ema from here is 300 pips, this fall will be quick and fast before end of week
just trying to keep the rhythm of the thread on track as discussed by phillip in recent MP3'S . Anyways. No point in getting into a debate here. We are all here to learn and grow. wishing you all well. see you all later.Nadia.
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
- #8,204
- Edited 9:29pm Nov 6, 2007 9:15pm | Edited 9:29pm
- Joined Jul 2007 | Status: Screw Long Term 5min For Life! | 1,259 Posts
Hey great for you.
Nadia.
Cya guys next week if this big bar clears out. Still done for the month and thanks again to all posting good info about the 4hr
Keep taking CT trades, I need more money
I made my first good trade in EURUSD by TC signal at 4:00 bar yestoday and closed the trade at 1.4560 when price tounched upper trendline and weekly R1. But today, when I have time to check chart, I was surprised that EURUSD has breaked out of rising wedge. Can I re-enter the trade again by looking 1 hr chart as the price found support on 8 EMA of 1 hr chart ( see yellow arrow at 2:00 bar in 1 hr chart )? I don't how to deal with this sistuation as trend keeps going up.
Thanks for anyone's help
Ren
Thanks for anyone's help
Ren
- #8,208
- Nov 7, 2007 12:19am Nov 7, 2007 12:19am
- Joined Oct 2007 | Status: Trader | 1,381 Posts
I just looked through some pairs involving the USD on MT4, and wow the USD is getting just killed due to this news out of China.
What a lesson to learn. It is Midnight in the midwest, and the markets are just exploding. You can never sleep on the Forex market. No wonder so many of you seem to be awake all the time.
Time for me to get up earlier!
What a lesson to learn. It is Midnight in the midwest, and the markets are just exploding. You can never sleep on the Forex market. No wonder so many of you seem to be awake all the time.
Time for me to get up earlier!
- #8,213
- Nov 7, 2007 4:57am Nov 7, 2007 4:57am
- Joined Apr 2007 | Status: Trader | 1,021 Posts
Failure, is a wonderful teacher!
Hello to all. I have found this method a lot interesting and have tried to analyze a chart with this method. I HAVE UNDERSTOOD the RULES?
good spots you marked for entries. But this system is not just about them.
For me (and I rather speak about the way I use it than in general - I am far from being an expert) it is about how price acts around support and resistance and the anticipation with the market rythm. To be a bit more clear: almost all your entrances are off a support (line or MA). And that is exactly how they should be. When the price reaches a s/r area (line or MA) there are 2 things to look for. If the price breaks it, you look for a retracement and a move away. If the price is rejected then just a move away (to keep it simple: break-retrace-move away or bounce). This is how I make my plans for both long and short. Then market rythm comes into play, and I choose a prefered a direction. For example on the right side of your chart when the price retraces to the 8 or the 21 MA I prefer a move away to the upside (and prepare a plan for a possible breakthrough to the downside). The MACD is a very good indicator to confirm an anticipation (in a good trend a TC pattern most of the time). When it does, I enter the trade.
This is just a very basic of the use of s/r areas in accordance with the market rythm. I did not talk about sl, tp and multiple lot trading etc.
But don't be confused, learn the basics, go to the website and listen to the 13 lessons of Philip until you know them by heart. He explains it much more clearer and much deeper than I have. After that make through yourself the thread (I know it is much work, I "only" had to read and digest 300 pages and it was time consuming, but it really worth the effort). Don't rush it, everything will fall into its place.
You are in a good track to understand the market, and to become a highly skilled trader.
Robert
Enter Signature
Hi Alby,
good spots you marked for entries. But this system is not just about them.
For me (and I rather speak about the way I use it than in general - I am far from being an expert) it is about how price acts around support and resistance and the anticipation with the market rythm. To be a bit more clear: almost all your entrances are off a support (line or MA). And that is exactly how they should be. When the price reaches a s/r area (line or MA) there are 2 things to look for. If the price breaks it, you look for a retracement and a move away. If the price is rejected then just a move away (to keep it simple: break-retrace-move away or bounce). This is how I make my plans for both long and short. Then market rythm comes into play, and I choose a prefered a direction. For example on the right side of your chart when the price retraces to the 8 or the 21 MA I prefer a move away to the upside (and prepare a plan for a possible breakthrough to the downside). The MACD is a very good indicator to confirm an anticipation (in a good trend a TC pattern most of the time). When it does, I enter the trade.
This is just a very basic of the use of s/r areas in accordance with the market rythm. I did not talk about sl, tp and multiple lot trading etc.
But don't be confused, learn the basics, go to the website and listen to the 13 lessons of Philip until you know them by heart. He explains it much more clearer and much deeper than I have. After that make through yourself the thread (I know it is much work, I "only" had to read and digest 300 pages and it was time consuming, but it really worth the effort). Don't rush it, everything will fall into its place.
You are in a good track to understand the market, and to become a highly skilled trader.
Robert
- #8,217
- Nov 7, 2007 7:09am Nov 7, 2007 7:09am
- | Joined Apr 2005 | Status: Cruising The Outer Rim... | 2,175 Posts
Again sorry for being late with this one. Here is a written copy of the daily wrapup for the 6th of November for those who have problems in understanding the spoken English.
, very helpful.BTW, is somebody looking at aud and kiwi chart? Looks like we could have a nice setup next candle.
Ado
Whether you believe you can do a thing or not, you are right.