I hope Ya'll took the CHF trade. Currently up 50 pips :--)
EUR looks okay to short... but i'm a little suspicious of it....
EUR looks okay to short... but i'm a little suspicious of it....
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DislikedI hope Ya'll took the CHF trade. Currently up 50 pips :--)
EUR looks okay to short... but i'm a little suspicious of it....Ignored
DislikedPhillip,
After learning the importance of 'Tails' A doubt has come to me about trend lines(I am a Master of doubts. Pl. bear with me and my questions).
When you draw trend lines, is it wise to take Tails also into consideration or is it better if we ignore Talis and draw the trend line to the 'Body' of the candles ONLY. Thanks.
-ChandraIgnored
Disliked13:00 GMT
Hi Philip,
I think I'm getting a pretty good handle on your system and would like to continue filtering until I only have the best trades. By the chart attached GBP/USD, you mentioned yesterday that it was close to the SMA and you wouldn't normally trade (ignore the fact that it followed the trend we had "hoped" for, not to mention interest rate news came out).
So, am I to understand that in this particular case (I've seen it several times), Your risk vs profit ratio was very low since the 200 EMA was very close and that's what you would have used to determine your ratio? Or was it more of that since the 200 EMA was just below the trading point, it had a good chance of bouncing up (was resistance, now support) as shown? Or is it a combination of both factors?
Thanks in advance, this system is working very well for me..... and I really appreciate all the time you put into answers everyones questions.Ignored
DislikedHi Phillip,
I missed your last lesson on tsunami and, probably, made some mistakes in the last EU swing from high to low. I just want to share my notes hopefully they can be useful to others viewing the thread:
1). Last night as price reversed from new high (1.3025) my impression was it bounced from 200SMA and I shorted the pair at 1.3008. My stop was placed at 1.3028, just 3 pips above the recent high. Target price was 1.2971. R:R ratio looked o.k. to me.
2). It turned out euro made a temporary pullback before the Asian session and started gaining again.
3). I wished I read your notes on tsunami as this is what I was hit with, or, rather, the last wave. Just 1 pip mattered! How many times do we find ourselves with such vexing situation? Alas, too late!
4). Since I found my mistake, realized that it is NOW the time to short and ride the wave, I found myself facing another dilemma - price is below 200SMA but still above major price level 1.300. What should I do? Should I wait for the breach of this level?
5). I placed a sell-stop order with my broker at 1.2993 only to see a small gain in the long run.
I atone. But can you confirm what plays a major role if you would have faced similar dilemma - 200SMA or price level? From where to start?
Thanks, Phillip, and hope these mistakes could help me and others improve trading style.Ignored
Dislikedhi phil,can i check with u abt the success rate for this system and how long have u been using it? is it possible to use it on shorter time frame? thanksIgnored
DislikedYou can look at the charts in the document and do some backtesting and see what the success rate will be for you. I have been papertrading for two years and studying the EurUsd pricemovement and read everything I could lay my hands on so for me I have about one wrong for every ten. It is not allways the system but also the experience. I did spend at least 3 hours per day on learning as much of forex for the past 2 years. There is very little indicators I did not tried. If you keep it simple and know when to hold them and when to sold them you will bo OK.
You must have a plan and you must trade that plan[/quote
Wow! u r good phil! u r almost 90% right! can u say that u have found the holy grail? have u try this system on other pairs? like Gbp/Jpy? if so,whats the settings for macd? thanks!Ignored