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the key to the mint

  • #3,321
  • Mar 27, 2008 6:46am Mar 27, 2008 6:46am
thanks guys pippocket, CindyXXXX and ozziedave i think its all clear now and i managed to login the trading room
  • #3,322
  • Mar 27, 2008 7:26am Mar 27, 2008 7:26am
Here is my trade for the day. GBP is in an up trend on daily. It's above the 60 EMA and we have L H, LH, HH. The one candle just before the up move starts breaks the previous low but notice that it did not close below the low point. Price actions comes up and makes a 123. The 3 point comes down and bounces off of the Resistance becomes support line (green line). Notice how many times price tested the green line. If I see a nice bullish candle forming before point 2 I get in, so I was in @2.0118. The fib expansion TP levels are at 2.0143 and 2.0176. Price action breaks through the 143 level so I keep the trade open and it gets to the 176 level. Exit @ 2.0168 for +50 pips.
Attached Image (click to enlarge)
Click to Enlarge Name: 270308 gbp long t12.gif Size: 40 KB
  • #3,323
  • Mar 27, 2008 7:50am Mar 27, 2008 7:50am
kindly direct me to the trading room.

thanks
  • #3,324
  • Mar 27, 2008 7:50am Mar 27, 2008 7:50am
ossie give me a call
  • #3,325
  • Mar 27, 2008 7:55am Mar 27, 2008 7:55am
Quoting cementman
thanks guys pippocket, CindyXXXX and ozziedave i think its all clear now and i managed to login the trading room

Great...glad I was able to help. Thank you Mr. C for the feedback. Now I know I am on the right track. Seems I am derailed most of the time!

regards
pippocket
  • #3,326
  • Mar 27, 2008 8:02am Mar 27, 2008 8:02am
Quoting watchout4me
kindly direct me to the trading room.

thanks
Go to www.tradingrooms.com , sign up (it is free), login, go to community trading rooms, then click on key to the mint. Hope this helps.

regards
pippocket
  • #3,327
  • Mar 27, 2008 8:36am Mar 27, 2008 8:36am
Quoting pippocket
Go to www.tradingrooms.com , sign up (it is free), login, go to community trading rooms, then click on key to the mint. Hope this helps.

regards
pippocket
thank you
  • #3,328
  • Mar 27, 2008 9:22am Mar 27, 2008 9:22am
ozziedave where did the targets come from again..i think harold mentioned 1.272, 1.618 and 2.00 so why r your targets lines says 1.00 and 0.618.
  • #3,329
  • Mar 27, 2008 9:36am Mar 27, 2008 9:36am
Quoting cementman
ozziedave where did the targets come from again..i think harold mentioned 1.272, 1.618 and 2.00 so why r your targets lines says 1.00 and 0.618.
Sorry...I haven't changed the original expansion settings. I typically use 138, 161 and 200 for take profit levels. I believe Harold uses 127, 161 and 200.
  • #3,330
  • Mar 27, 2008 10:25am Mar 27, 2008 10:25am
Hi, This is show how good is this system irrespecitve of what time frame we use. A right entry could give 115 pips though i manage to get 50.
Attached Image (click to enlarge)
Click to Enlarge Name: 50.gif Size: 21 KB
  • #3,331
  • Mar 27, 2008 12:16pm Mar 27, 2008 12:16pm
Thanks for posting your chart. It really helped me a lot. I thought the lows and heights were measured by the candle shadows. I wasn't looking at the close of the candles, but at the shadows reach. Now I understand the lows and heights much better. I want to thank you and Harold for being the light of many of us newbies.
  • #3,332
  • Mar 27, 2008 1:47pm Mar 27, 2008 1:47pm
Quoting harold4x
Ok T4l I Am Going To Try And Answer All Your Questions #1 To Determine Where Number 1 Begins Is Lets Say The Daily Says Its A Down Trend And The Price Is Going Up Makes A High Then Retraces Part Of The Way Then Takes Out The High Then Retraces But The Next Push Up Doesnt Take Out The High Before It Starts To Come Down There Is A Problem Then With The Uptrend Since An Uptrend Consists Of The Market Making Higher Highs And Higher Lows So That Last High Becomes # 1 And The Retracement Becomes #2 And The Retest That Failed To Take Out The High Is #3 Question#2 That 653 Is For The Zigzag Indicator I Use It As A Visual The Use The Fib Extention We Always Start With Point 1 Then Drage It To Point 2 Then To 3 Question#3 We Use The Fib Retracement Tool To See Where The Price As Said Before Made A High Then Retracedso We Take It Fron The High To The Pullback Low And See Where Point 3 The Failed Retest Of The High Went To Either 50% 61 % 78% If 50 Then Use 127 As Target If 61 Then Use 161 As Target If 78 Then Take It To 200 I Think I Have Answered All The Question
Is the above targets still valid as far as placing them based on the retracement 50 -127, 61-161, 78-200. Or are you guys doing something different. And I also had a question about a comment I had read earlier about when you place your fib ext. you double click and move the second leg to point 3. Could someone maybe possibly post a example of what that means. I think that I understand but just want to clarify. To my understanding if you move the "second leg" to point 3 you should more or less have a straight line as opposed to having the 3 point angled line. Hope that makes sense. And thanks and God Bless.
Live today as if you will stand before God tomorrow.
  • #3,333
  • Mar 27, 2008 2:50pm Mar 27, 2008 2:50pm
Artifiz i think it is mesured by the shadows not closes, could some body help us out here please.
  • #3,334
  • Mar 27, 2008 3:57pm Mar 27, 2008 3:57pm
Quoting cementman
Artifiz i think it is mesured by the shadows not closes, could some body help us out here please.
Yes that is my understanding as well. High and low, not open and close.

regards
pippocket
  • #3,335
  • Mar 27, 2008 5:23pm Mar 27, 2008 5:23pm
Quoting pippocket
Yes that is my understanding as well. High and low, not open and close.

regards
pippocket
Hi All,

Each person needs to decide how he/she wants to interpert candles and wicks. To me it's just a bit of common sense. Just remember there are no hard and fast rules for every situation in Forex, that's why we call these methods "descretionary methods". If you asked 10 traders to interpert candle sticks and wicks you would get 10 diferent interpertations. Every one needs to observe what is happening with price action and interpert the price action on the chart. Say you have a 123 set up long and point 3 comes down and breaks below point 1 by 2 pips, but closes above the close of point 1 by 10 pips leaving a long wick to the bottom of the candle. Now price action at point 3 continues up and breaks through point 2. The Daily Trend is up. Do you mean to tell me that you wouldn't take this trade because point 3's low was 2 pips below point 1??? I know what I would do. If you study the charts, especially the time from the open of the day GMT time until the first few hours of the London session you will find these types of moves all of the time. I call them "head fakes". Say the trend is up, coming into the day price action is in a narrow range, up and down. The London session starts and you get what appears to be a breakout to the down side. The breakout candle is say 10 pips above the last peak and you think to yourself, here we go and you jump in short. Five minutes later the candle reverses and your 10-15 pips down before you can say "damn, that turned on me fast". You end up taking a 20-25 pip loss and it screws up your head for the rest of the day. So I say...Come on people let's use a little common sense here and use what's between your ears to interpert price action. No indicator can do this for you. All indicators are lagging...the only indicator that is not lagging is price action. Sorry for such a long and rambling response. I hope this helps some of you.
  • #3,336
  • Mar 27, 2008 6:01pm Mar 27, 2008 6:01pm
ozziedave. Dave, I don't mean this to be derogatory or, a put-down, in any way. It's just my thinking on things. You've helped a lot of people in this thread, including me, and we're all thankful. It's a little thing - I think even price is a lagging indicator. By the time we see it on our charts, what we see has already happened. It's close to real time but "not exactly". And, if we wait until the bar or candle finish forming it's even more "lagging". I do admit that it's as close as we can get to real time. Just my thoughts: I'll get off my soapbox now. Have a great day & trade well. Bob
Hej.
  • #3,337
  • Mar 27, 2008 6:56pm Mar 27, 2008 6:56pm
Quoting Stitch961
ozziedave. Dave, I don't mean this to be derogatory or, a put-down, in any way. It's just my thinking on things. You've helped a lot of people in this thread, including me, and we're all thankful. It's a little thing - I think even price is a lagging indicator. By the time we see it on our charts, what we see has already happened. It's close to real time but "not exactly". And, if we wait until the bar or candle finish forming it's even more "lagging". I do admit that it's as close as we can get to real time. Just my thoughts: I'll get off my soapbox now. Have a great day & trade well. Bob
Hummmm....well price action is the closest thing you will get to "real time". Not sure what else you would look at, if you did not look at price action, to determine what is hapening on the chart? What I did say about candles was "you" as an individual trader will have to decide if you wait for a close of a candle or you trake the break of a candle high or low. You also will have to decide if you have a long wick and it breaks below or above a candle is it meaningful to you or not. Again, there is no right or wrong answer here, it's up to you to decide what works best for you.
  • #3,338
  • Mar 27, 2008 7:00pm Mar 27, 2008 7:00pm
hi folks there were a few nice setups today hope you got in on a few as far as wiating for candle to close i have stated not to. if we have a 123 setup in the works you can put on a limt order with stop and limit if the pattern is broken before the market takes you in just delete the limit order. price does not lag anything think about we enter based on price it has to lead. if i have a order in place to buy or sell and i am now waitng isnt that leading and not lagging? i am going over into the room now
  • #3,339
  • Mar 27, 2008 7:07pm Mar 27, 2008 7:07pm
Dave, didn't mean anything, really. Just a little silly idea of mine. Bob
Hej.
  • #3,340
  • Mar 27, 2008 9:23pm Mar 27, 2008 9:23pm
Quoting Stitch961
Dave, didn't mean anything, really. Just a little silly idea of mine. Bob
Hi Bob..

No worries here mate. I'm just trying to understand your questions so I can answer them in a way that makes sense to every one. Harold, just made my point about waiting for a close or getting in with a break of the candle. He perfers to get in as the hi or low point is broken by the current candle. Now if you talk to 5 other people they may tell you something different..lol. I actually do both depending on what I am seeing with price action and momentum.
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