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  • #221
  • May 14, 2008 1:49am May 14, 2008 1:49am
Jarroo - I might be mistaken but under this method shouldn't we be looking for a short opportunity on the EUR\USD?
Leonardo Follower
  • #222
  • May 14, 2008 1:49am May 14, 2008 1:49am
Quoting blueskies
I was really tempted to take positions in EU (Long) and UC (Short) because IBs formed at 05:00 GMT. But didn't do so in the end as I thought such moves would be jumping the gun. Regret it now.
Yeah, I kind of look at how Price behaves. Meaning how hard and fast it moves through the break of the IB top or bottom. That may help.
Indicators show the past. Price Action "Indicates" the future.
  • #223
  • May 14, 2008 1:53am May 14, 2008 1:53am
Quoting shodd
Jarroo - I might be mistaken but under this method shouldn't we be looking for a short opportunity on the EUR\USD?

No. Its above the Open of the 0500 GMT. I'm using the 0500 GMT candle and others are using the 0600 GMT. Which is "OK".
Indicators show the past. Price Action "Indicates" the future.
  • #224
  • May 14, 2008 1:58am May 14, 2008 1:58am
Quoting jarroo
Enter long at 203.75
Now I think I should have taken half off at (amount of risk) and the other half to cover stop loss which is the amount of risk.
Indicators show the past. Price Action "Indicates" the future.
  • #225
  • May 14, 2008 2:01am May 14, 2008 2:01am
Quoting jarroo
Now think I should have taken half off at (amount of risk) and the other half to cover stop loss which is the amount of risk.
My risk was about 20 pips plus spread. So when Price hit +29 pips I would take half off and then that would cover my stop loss if it gets hit. If s/l hit total loss : Zero.
Indicators show the past. Price Action "Indicates" the future.
  • #226
  • May 14, 2008 2:07am May 14, 2008 2:07am
Quoting jarroo
Euro
Euro and CHF. stopped out.
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Indicators show the past. Price Action "Indicates" the future.
  • #227
  • May 14, 2008 2:08am May 14, 2008 2:08am
Quoting jarroo
No. Its above the Open of the 0500 GMT. I'm using the 0500 GMT candle and others are using the 0600 GMT. Which is "OK".
OK I see, thanks for clarifying. I had been trialling this method using midnight GMT for Open as that was what I thought Peter was using. Back to the start of the thread for me

Thanks again for answering.
Leonardo Follower
  • #228
  • May 14, 2008 2:08am May 14, 2008 2:08am
Quoting jarroo
Euro and CHF. stopped out.
Stopped and reverse. Looks good.
Indicators show the past. Price Action "Indicates" the future.
  • #229
  • May 14, 2008 2:09am May 14, 2008 2:09am
Quoting shodd
OK I see, thanks for clarifying. I had been trialling this method using midnight GMT for Open as that was what I thought Peter was using. Back to the start of the thread for me

Thanks again for answering.
We are all learning, my friend.
Indicators show the past. Price Action "Indicates" the future.
  • #230
  • May 14, 2008 2:11am May 14, 2008 2:11am
Quoting jarroo
Stopped and reverse. Looks good.
Just to clarify: Based on DIBS, are we supposed to take positions as follows: Short EU and Long UC now, based on the break of their respective IBs?
  • #231
  • May 14, 2008 2:12am May 14, 2008 2:12am
Quoting blueskies
Just to clarify: Based on DIBS, are we supposed to take positions as follows: Short EU and Long UC now, based on the break of their respective IBs?
you got it
  • #232
  • May 14, 2008 2:13am May 14, 2008 2:13am
Wow. Peter is still in this Usd/Jpy trade. Nice.
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Indicators show the past. Price Action "Indicates" the future.
  • #233
  • May 14, 2008 2:14am May 14, 2008 2:14am
Quoting mbqb11
you got it
Hey mike.
Indicators show the past. Price Action "Indicates" the future.
  • #234
  • May 14, 2008 2:16am May 14, 2008 2:16am
Quoting jarroo
Hey mike.
hahah
  • #235
  • May 14, 2008 2:18am May 14, 2008 2:18am
Quoting mbqb11
you got it
Thanks for clarification!

P.S. Just curious, if the market reverses direction again (for example, EU going up again), then do we enter another Long EU position based on the break of the IB, once again?
  • #236
  • May 14, 2008 2:18am May 14, 2008 2:18am
Quoting jarroo
No. Its above the Open of the 0500 GMT. I'm using the 0500 GMT candle and others are using the 0600 GMT. Which is "OK".
but...aren't we supposed to be looking for shorts on EU because of the daily trend setup is showing short?
trading naked.......
  • #237
  • May 14, 2008 2:20am May 14, 2008 2:20am
Quoting jarroo
Stopped and reverse. Looks good.
Break of the Daily Inside Bar.

Checking Price Action on higher time frames is always good thing to do.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #238
  • May 14, 2008 2:31am May 14, 2008 2:31am
Quoting piphitman
but...aren't we supposed to be looking for shorts on EU because of the daily trend setup is showing short?
The 0500 was a Inside Bar and I also took the Open of the day at 0500 GMT.
So at 1st I was long and now I'm looking for shorts. Or take the stop and reverse of the 0500GMT IB.
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Indicators show the past. Price Action "Indicates" the future.
  • #239
  • May 14, 2008 2:42am May 14, 2008 2:42am
Quoting jarroo
Now I think I should have taken half off at (amount of risk) and the other half to cover stop loss which is the amount of risk.
I already did as price failed to break above the weekly pivot / yesterdays high, also I have my stop at BE +1 as I hate giving back any profits.

Now we wait whilst the dollar strength - swissy and UJ - fights euro and cable weakness - result conflict in GJ = sideways
Trading Levels with WRBs
  • #240
  • May 14, 2008 2:48am May 14, 2008 2:48am
Quoting blueskies
Thanks for clarification!

P.S. Just curious, if the market reverses direction again (for example, EU going up again), then do we enter another Long EU position based on the break of the IB, once again?
That is a judgement call blue. We are looking for a defined trend for the day. If Price is moving back and forth that would mean a real trend for the day has not been established. So. it's parctise makes perfect call.
Indicators show the past. Price Action "Indicates" the future.
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