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  • #221
  • Apr 3, 2008 10:05pm Apr 3, 2008 10:05pm
This is a trade I took just a while ago, all based on the 5 minute.

I will show two charts; 1) 5min Line Chart, 2) 5min Candle Chart

Line Chart
Price finds Resistance at 160.44 with three taps, on the third tap I start to look for a breakout upwards, one important factor is a the third move upwards and the incline of the valleys moving upwards each time (yellow arrows) and riding along the 21 EMA (green).

This is a quick move here, on the break out we take a Long knowing there is a 7-10 pip move usually on each break, be in and out quick, because most times price likes to come right back down to test the breaking resistance line.

I took a Long for 7 pips, the exited as usual with small targets.

Next I am watching the 5 minute candle formation to give me clue when price is going to go back to test the resistance.

Next Post......
Attached Image (click to enlarge)
Click to Enlarge Name: EJ 5 min line chart Thurs.PNG Size: 27 KB
  • #222
  • Apr 3, 2008 10:08pm Apr 3, 2008 10:08pm
Quoting Syafi
The easiest way for me making money on longer term trades were..
hunches

All technical indicator, do well on certain condition and bad on other time & condition.

my GBP/CHF trades copied from M long term trades on January fail miserably as well . ( I was young then )
But 1 thing for sure, the scalp trades make the mountains.
The G/C trades were the most miserable one of all, but the great thing about it was the lesson I learned about myself.

I have become more disciplined with what and when I trade, and I for sure have focused on the EJ 100% of the time with small gains each trade.

Tonight in 15 minutes of trading I have taken a Long for 7 pips, then a quick Short for 10 pips profit. I have no other trades for now, because of my time posting here.
  • #223
  • Apr 3, 2008 10:15pm Apr 3, 2008 10:15pm
Studying your thought on the taken trades, why it were taken give great information, and it points out some of my mistakes when trading smaller timeframe . Thank you

Learn from the best to be the best
  • #224
  • Apr 3, 2008 10:18pm Apr 3, 2008 10:18pm
Now the move breaks up, I entered Long for my 7 pips.

I watch and wait for the next Resistance level to be set for the upcoming bullish move, but I know there is usually a test of the recent Resistance test (turns to support line here), so when the candle shows upward rejection I take a Short on the next candle open and ride towards the recent break out line, but never stay in for the exact move, I use a 2-3 pips cushion on my exits.

I took 10 on this short, originally I set my exit for 6 pips, but when the 15 minute closed after with a bearish candle, I extended to 10 knowing there would be a spike lower on the 15 min candle.

Price comes down and actually penetrates the resistance line at 160.44 and I wait usually to re-enter long, but not at the test line but on the next breakout upwards which would have been when price broke above 160.57 on the next upwards test of the just recent move up on a line chart.

We now see price went up to test the 160.57 and broke above for 9 pips which would have been good for another 6-7 pip gain.

Then the past 30 minutes or so price is consolidated between these two highs just set in the Asia session.

Cheers.

Ken
Attached Image (click to enlarge)
Click to Enlarge Name: EJ 5 min Candle chart Thurs.PNG Size: 28 KB
  • #225
  • Apr 3, 2008 10:19pm Apr 3, 2008 10:19pm
Quoting monarch
The G/C trades were the most miserable one of all, but the great thing about it was the lesson I learned about myself.

I have become more disciplined with what and when I trade, and I for sure have focused on the EJ 100% of the time with small gains each trade.

...........
Yes, I also did learn allot from that trade one of the best losses ever because I finally get to the steps of understanding the trades and not just copy it.

your time is well spent here, I learned one more lesson to better my trades.
  • #226
  • Apr 3, 2008 10:34pm Apr 3, 2008 10:34pm
Just one more chart, The 15 Min overall big picture.

I would think the upper area above 160.71 to Top at 160.99 is a good place to start thinking SELLOFF, if it makes it that far.

The same patterns exist from 5 second - 1min - 5min and all the way to monthly charts.

Price likes to magnetize supp/res areas, and usually test over and over, the one reason I have reduced to a 5 minute is to catch the continual move after move on supp/res breaks and test.

Not too many indicators needed, just a few EMA's to see over all trend, and watch the key lines over and over, just a blast to catch pips after pips on a small scale goal.

Few losses will occur when one takes the time to study just one pair and a few specific patterns, be in quick and get out with profits not getting greedy, but being disciplined with the little things that happen all day and night long.

Cheers to all the Cowboy's trading live with "Syafi"

Ken
Attached Image (click to enlarge)
Click to Enlarge Name: 15 min EJ thurs.PNG Size: 29 KB
  • #227
  • Apr 3, 2008 10:40pm Apr 3, 2008 10:40pm
Quoting Syafi
Yes, I also did learn allot from that trade one of the best losses ever because I finally get to the steps of understanding the trades and not just copy it.

your time is well spent here, I learned one more lesson to better my trades.
I have spent many hours and dollars to learn from my mistakes.

I have been very cautious in giving calls these days because of the effects it could have on others reading, this was one of the reasons I have backed off the posting and threads.

It has been a pleasure coming to your thread and to share for a couple of days, but I will keep it to a minimum so others have time to share their thoughts as well.

Cheers "S"

Trading with you has always been a blast.

Ken
  • #228
  • Apr 3, 2008 10:50pm Apr 3, 2008 10:50pm
God Bless
  • #229
  • Apr 3, 2008 11:10pm Apr 3, 2008 11:10pm
Today Cowboy Free Signal

Sell Stops........Short E/J 160.24 SL 161.20 & short more @ 159.50 SL 160.20 TP up to your taste I target 70 pip on each.

Sell Stops GJ 204.43 SL 105.20 TP 202.70 area
  • #230
  • Apr 3, 2008 11:19pm Apr 3, 2008 11:19pm
Quoting Syafi
Today Cowboy Free Signal

Sell Stops........Short E/J 160.24 SL 161.20 & short more @ 159.50 SL 160.20 TP up to your taste I target 70 pip on each.

Sell Stops GJ 204.43 SL 105.20 TP 202.70 area
You Shorted at 160.24 or going to Short when price drops below 160.24??

Ken
  • #231
  • Apr 3, 2008 11:22pm Apr 3, 2008 11:22pm
Going to short... Sell stops not yet activated.
  • #232
  • Apr 3, 2008 11:32pm Apr 3, 2008 11:32pm
Quoting monarch
I would think the upper area above 160.71 to Top at 160.99 is a good place to start thinking SELLOFF, if it makes it that far.
Price came up to 160.72 and found hard resistance, looking at the 5 minute chart you can see price staying under this area which is key selloff area, I am watching for one more stab at this level with a spike hopefully up to 160.85 or so, which would be 10-15 from the upper 160.99 resistance line. Overall top is 161.05.

For now price is still above the support 160.44/42 which was key earlier and the upper area of 160.72 which should remain as possible Resistance.

I will be watching for these supp/res lines as we move into Frankfurt hour in 30 minutes, then when it breaks up/down, I jump in and take 7 pips or so.

Will reply in a bit.

Ken
  • #233
  • Apr 3, 2008 11:42pm Apr 3, 2008 11:42pm
Note the Last low on the 5minute was 160.14 (view out on the 5 min chart and see the dip area), and the recent high was 160.72.

That is the range for now, which puts the median of the range at 160.43 which is right at the previous resistance I was trading on earlier.

A key to the upcoming 20 minutes would be a move below this 160.42/44 area, and or a break above 160.72 or below 160.18.

EJ loves to range and loves to break out, lows are getting higher and highs are getting higher, but the overall high at 161.05 has yet to be tested and breached or rejected.

I am not going to predict where it is going, but I could, the important thing to do is trade where it is going and that is by tracking where it has been and by placing a barrier to hold price in.

If the dam breaks the water flows, for now we set the dam and watch for break, then jump in with the flow catching the move.

Never try to resist the flow of a rapid move.

Price taps 160.72 right now again, let's see if it holds here or goes another 10 pip segment???

Ken
  • #234
  • Apr 3, 2008 11:45pm Apr 3, 2008 11:45pm
This was the second 5 minute candle that tapped the 160.72 line, and possible rejection is forming on the 5 minute, will watch the next candle here to see if it breaks above or stalls???
  • #235
  • Apr 3, 2008 11:55pm Apr 3, 2008 11:55pm
Yes, true.. I have my scalps there too, but the bad thing is its almost impossible to post scalp trades ..

Therefore I post the 1H P&V Trading breakout today. for the cowboys which I also trade.
  • #236
  • Apr 3, 2008 11:57pm Apr 3, 2008 11:57pm
Quoting Syafi
Yes, true.. I have my scalps there too, but the bad thing is its almost impossible to post scalp trades ..

Therefore I post the 1H P&V Trading breakout today. for the cowboys which I also trade.
True, by the time we post a scalp we are out. LOL

I did like the Doji 5 minute there that closed forming into a bearish formation, but will wait to see where price flows here after the top of the hour.

I like to look at the hour, but seem to grow impatient waiting for my type of setup, that is the reason I have focused on the 5 minute for my actual strategy.

But, I am wanting to learn much more, keep the cowboy calls rolling.

TOP OF HOUR - Now will be watching for some movement, would think a small move down should happen here, but will not enter till I get a call to come and play.
  • #237
  • Apr 4, 2008 12:04am Apr 4, 2008 12:04am
the euro is killing me I read the whole thread and still it's in this 7 pips range
  • #238
  • Apr 4, 2008 12:08am Apr 4, 2008 12:08am
Quoting Mina
the euro is killing me I read the whole thread and still it's in this 7 pips range
Are you in position now with E/J? or another Euro pair???

I like when price traps itself in a closet, just around the corner comes the move, watch close when you see it start to squeeze tight.

The best moves happen in this arena.
  • #239
  • Apr 4, 2008 12:10am Apr 4, 2008 12:10am
Quoting Mina
the euro is killing me I read the whole thread and still it's in this 7 pips range
Today NFP news........... trading stalled until near the news.....
  • #240
  • Apr 4, 2008 12:11am Apr 4, 2008 12:11am
eurusd and just when I was about to long, spread widened
this is becoming more and more annoying anybody noticed this on ibfx the last couple of days or is it just me ?
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