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An interesting read - Daily and 60 Min Strategy - Charts included 3 replies

Attachments: The System (Irony included)
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The System (Irony included)

So with the current 'V' setup on the EUR/USD are you looking to go long at the close of today's candle or....will you wait until breaks the high of 11/9 or....is this long trade too risky since we are in uncharted territory?

Would like to see commentary from a trade as it happens.

I think I'll like this trading off of the daily's once I learn it. I'm too busy throughout the day....even if I traded for a living it would be nice to do it on the daily's so that you could have a life.

Scott
Still haven't found what I'm looking for...
Quoting Markj
Yes although from time to time I am getting some complaints from my workmates.

You should stand up and do jumping jacks whenever they complain. I promise they won't bother you with it again.

Clockwork
Hey clockwork

still looking to kill the kiwi???

I heard a rumor that you made a killing the other day LOL

Peace
Peace
Quoting leighsww
Chris -

Just be careful to not incur a situation like what I had described in Post #295

You want to wait for the close of the 2nd candle and enter on the 3rd candle only when it breaks the 2nd candle, because if you enter anywhere prior to that, it could end up being a bad situation (like what is depicted in the scenarios of the post I linked you to).

Read the two subsequent posts after that, as well, as feb confirms that this is the case and why he waits for the close of the 2nd candle and waits for the break.

You may get away with entering early sometimes, but in the long-run, getting confirmation is a much more safer, consistent, profitable method.
No worries.....I chose to play it safe at the 600-700 level with a trailing stop. Pulled out 30 pips. If a trade fails I use anti hedge and let the market pick up the fallen soldier at another point in time.

Chris
Quoting Scooter
So with the current 'V' setup on the EUR/USD are you looking to go long at the close of today's candle or....will you wait until breaks the high of 11/9 or....is this long trade too risky since we are in uncharted territory?

Would like to see commentary from a trade as it happens.

I think I'll like this trading off of the daily's once I learn it. I'm too busy throughout the day....even if I traded for a living it would be nice to do it on the daily's so that you could have a life.

Scott
I don't know I remember I saw a V formation but I haven't check the charts today. Maybe I place a bet, milk the cow, or do nothing. Anyway I'll take a look and despite what I do I'll try to give you a hint ok???

Peace
Peace
Quoting feb2865
Hey clockwork

still looking to kill the kiwi???

I heard a rumor that you made a killing the other day LOL

Peace
Yes, because the entire time I have been following/trading Forex, it's been straight to the moon - it's boring me.

Besides, how can one take the Kiwi seriously? I have met several people from there, and they are good at two things.......Rugby, and out-crazying the Aussies, which isn't very easy to do.



As far as the trade - beautiful.....I wasn't there to see it get in OR out. I just checked the computer and the Forex Fairies added the pips. I must have done something honorable or worthy over the last few days, although I am sure it wasn't on purpose.



Clockwork
Quoting Cmartin371
No worries.....I chose to play it safe at the 600-700 level with a trailing stop. Pulled out 30 pips. If a trade fails I use anti hedge and let the market pick up the fallen soldier at another point in time.

Chris
Hey chris

anti-hedge is an old school slang.

where did you get it??
Peace
Quoting feb2865
Hey chris

anti-hedge is an old school slang.

where did you get it??

http://www.forexfactory.com/showthread.php?t=27286


the first page of this thread is great!
I don't like what I see on E/U

I see a failure form 1.4750 area...not good in my opinion. Smells choppy to me. I still have to cross analyze.

I got a funny feeling Uncle Ben was speaking today. Can anybody confirm this?? He has an unique way to screw the markets , The markets need greenspan back !!!!!!

for now I'll sit on my hands. I don't have a reason to trade not to even milk the cow

Peace
Peace
Quoting feb2865
I don't like what I see on E/U

I see a failure form 1.4750 area...not good in my opinion. Smells choppy to me. I still have to cross analyze.

I got a funny feeling Uncle Ben was speaking today. Can anybody confirm this?? He has an unique way to screw the markets , The markets need greenspan back !!!!!!

for now I'll sit on my hands. I don't have a reason to trade not to even milk the cow

Peace
Heh. Was thinking the same thing. I wouldn't trade EU right now for anything.
Mr. Trend
Quoting feb2865
for now I'll sit on my hands.
LOL, you would have to anyway, based on the criteria hasn't been met yet :, right, my honorable mentor?

This is my humble opinion, but I don't see how any of us, not even our guru here, can make a decision to do anything until the previous candle has its high broken, right?

Am I missing something with having had all this talk about the V-Formation and where it's safe to get in? lol.

I mean, isn't that the criteria/rules of this current feb's method? (I say current, just in case it ever changes in the future, lol)

Now once the previous high's candle has been broken, then there might be some strategies as to where on the current daily bar to get in at ... whether to wait for the 4hr to give us a better, discounted price, or if it doesn't look like it's going to give us that, thus to enter at the best price we can get.

But until then, how can anybody predict the future of where this candlestick is going? lol

Is this not what we've been talking about?

* edited - btw, Scooter, this is in no way at all directed to your particular post http://leighswishingwell.com/lp/emotes/hug.gif, lol, these are probably rhetorical questions of mine ... I just want to make sure I'm understanding this method and all, myself, lol
I think all markets are getting a hit due this sub-prime crisis. This is the time when I have one ear on the ground.

Smells like something happened at the bank sector today. I need to find out.

Peace
Peace
Quoting feb2865
I don't like what I see on E/U

I see a failure form 1.4750 area...not good in my opinion. Smells choppy to me. I still have to cross analyze.

I got a funny feeling Uncle Ben was speaking today. Can anybody confirm this?? He has an unique way to screw the markets , The markets need greenspan back !!!!!!

for now I'll sit on my hands. I don't have a reason to trade not to even milk the cow

Peace

He did speak....another reason why I trailed my long today. I was up 95 pips until he hit the scene. Stopped out with 30. I too will sit out EU until the picture is a little more clear
Quoting leighsww
LOL, you would have to anyway, based on the criteria hasn't been met yet :, right, my honorable mentor?

This is my humble opinion, but I don't see how any of us, not even our guru here, can make a decision to do anything until the previous candle has its high broken, right?

Am I missing something with having had all this talk about the V-Formation and where it's safe to get in? lol.

I mean, isn't that the criteria/rules of this current feb's method? (I say current, just in case it ever changes in the future, lol)

Now once the previous high's candle has been broken, then there might be some strategies as to where on the current daily bar to get in at ... whether to wait for the 4hr to give us a better, discounted price, or if it doesn't look like it's going to give us that, thus to enter at the best price we can get.

But until then, how can anybody predict the future of where this candlestick is going? lol

Is this not what we've been talking about?

* edited - btw, Scooter, this is in no way at all directed to your particular post http://leighswishingwell.com/lp/emotes/hug.gif, lol, these are probably rhetorical questions of mine ... I just want to make sure I'm understanding this method and all, myself, lol

yeah I know but there's some people who want to play the breakout and I have to be attentive to their needs you know?? I mean it's valid I am just saying what I would do...nothing LOL


well, it's good to have an idea but the truth is that, after you place a trade, market risk is unavoidable. This why you must put your stops in a sensible place

You just try to make an educated guess based on market conditions.

Peace
Peace
I think I'm just going to sit on my hands for a long time......no matter what I do the market goes the opposite way.....
Still haven't found what I'm looking for...
Quoting Scooter
I think I'm just going to sit on my hands for a long time......no matter what I do the market goes the opposite way.....
mmm

what criteria are you using for trading???

Peace
Peace
Quoting Scooter
I think I'm just going to sit on my hands for a long time......no matter what I do the market goes the opposite way.....
Scooter,

That is not a solution, my dear http://leighswishingwell.com/lp/emotes/console.gif

I think confusion has set in, lol. This is why, you follow a "make sense" kind of method and follow it diligently.

Where confusion sets in, is when you start trying to mess with the rules/criteria. It's when we deviate from what's working that screws us up.

This is such a simple, practically mechanical type of method. There shouldn't be any confusion about it.

I have studied the charts using feb's method, and more times out of any, following the rules/criteria, had most of the trades going the right way.

Of course, there are always exceptions to the rule, but that's true for everything in life, but you put the odds in your favor when you follow the rules to trading more consistently.

I can't emphasize that word enough ... consistency!

A person can make a million $ once, twice even, but if they lose it all time-and-again, then what the heck good is that? That's not successful.

Success is when you can "keep" those profits and build it. "Making it" is not a sign of success, because many people can do that, but it's keeping and building wealth, that many have a harder time doing.

I've played BlackJack in the past (not professionally, but at Vegas on vacation) and although I never studied counting cards, I studied strategies that put the odds in my favor. Every time I stuck to the rules (like hitting, standing, doubling up, etc. depending on what the dealer is showing), more times out of any, I came off that table with profits. LOL, where I gave a chunck of it back, was tipping, haha (but that's okay, you gotta give to receive).

Strategies of putting the odds in your favor work! But, where most fail, is lacking the discipline enough to stick to them!

Okay, you guys can do whatever you want, lol, but I have made a commitment to myself and I am going to stick to that commitment. I will play this method by the book (like I played BJ).

Will I lose some trades, sure, of course I will ... will I win some trades, you betcha! I feel, however, I will win more than lose if I keep to the rules of the method/strategy.

Again, I am looking for consistent, not confusing or difficult! feb's method is just that!

Yes, it may be slow going in the beginning, but anybody who knows what compounding is, knows that slow in the beginning doesn't mean slow in the future, lol.

I'm not looking at the short-term, I'm looking at the bigger picture for the long-term! Heck some of you are younger than me, so you have even more ahead to look forward to, but whatever life I have left, I am going to approach it wisely, lol.

Anyway, I wish all of you much success and best wishes in your trading! http://leighswishingwell.com/lp/emotes/hug.gif
For anybody interested ...

Here's EUR/USD with Fractals.

If a higher low on the 4hr develops at some point in time, then that could be a very good sign.

However, I will still wait for the break of the previous candle on the Daily before making any decisions on this currency pair
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD6.png Size: 441 KB
I think that's a nice observation Leighs!!!!!

we still need to see what happens next

A ot of scared money as a "monkey in a suit " talking about the e-trade crumble (like I care, I don't give a pit about e-trade). But you know, that makes a heavy load.

The other monkey ..uncle Ben, also talking today...oh boy a lethal dose of stupidity to the markets. here we go...bombs away!!!!!

My friends take note, this is a classic. The soap opera of those who sell hard into the close most of them for a loss...and the sharks saying "come to papa!!!! a neverending story.

Yes, that includes E/U and some others, I haven't look other charts...I bet the cable went down as well HA!!! ..

Don't let this situations fool you. You know what you're looking for. Stay focus. Play smart. Be strong (not army strong...that's too strong LOL)

Just a little rant, I apologize for any inconvenience. It amuses me how irrational the markets are.

O yeah we should wait...I am with you sister!!!!!

P.D I need a big favor maybe Mr Trend could help me out.

I am having problems with my charts tonight. Could anybody tell the the open interest for S&P as today??? Thanks in advance

Peace
Peace
Nevermind

I finally got the charts up. Seems like a server problems

Peace
Peace
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