Good luck to you too, Happy trading
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DislikedGuys,
Correct me if I'm wrong :-
1. zero line reject, trend continuation pattern - Intrend trade
2. Double top, Head & Shoulder, Lower high, Higher low - Counter trend
Anyone can comfirm this?
Thanks in advanceIgnored
DislikedI haven't really thought of it in terms of each signal being a counter trend or with trend. Since Phillip and I think it was either Chandra or Tamkars summed it up nicely that
-if the price is above the 89 sma it is inherently in an uptrend "mood", and any signal giving a short is countertrend, and any signal giving a long signal in with trend.
-If the price is below the 89 sma, it is inherently in a downtrend "mood", and any signal giving a long is countertrend and any signal giving a short is with trend.
-Example: the eur/usd is above 89 right now, so trending up, it just retraced to the 21 ema which would have been a short opportunity, but because it is above the 89, we "know" that it should come back up after bouncing off the 21 ema because the market is in an uptrend "mood".
Edit: The rule is currently being followed perfectly on the eur/usd - see chart 12:08 GMT
maybe didn't quite answer your question exactly, but hopefully it helps!Ignored
Dislikedlong USD/CAD @1.1640
1 lot TP @1.1670
1 lot - free ride
All S/L @1.1616
will see tomorrow how it turns out.Ignored
DislikedIf a we get a close of a 15min bar underneath 1.3125,then im going short ,target eventually would be 1.3035 .( move to b/e even after 25pips)
Sl to be placed at 1.3177Ignored
DislikedI've got a small test trade in (long) and my stop is right at 1.3125. If it breaks that, then I consider all trading on the eur/usd to be off for me until some sort of action happens to break out of this pattern. You may be good if you short when that breaks, but not sure what were seeing here. It's a little frustrating, but I'm holding onto my patience as much as possible.
Don't forget the FED is speaking in 10 minutes.Ignored
DislikedI just came back from work and found that the Eur has turend around. I am very surpriced to that. Got stopped out on trailing stop at 1.3259 with entry at 1.3138 for 21pips gain. I was hoping for the trend to continue. It just show the value of partial profit taking and breakeven settings.
We are back at the 21EMA. But watch the angle getting flatter on the 21EMA also finding some sort of resistance at current price levels with the gap between 8 and 21 getting closer. I will be very cautious. MACD has shown short signal the past two bars. Only time will tell.
I am going to believe the MACD giving a short as well as the evening star that formed with the turnaround around the trendline resistance.
I went short at 1.3138 with first target and breakeven setting around 1.3100. Stoploss 28pips
The current situation is not very clear. Looks like lions country. The Gbp does not help either to read some sort of direction. I might have been to quick with the short but I went with the MACD. Will wait and see.
Update
Must add my money were my mouth are.Ignored
DislikedHow is everyone doing? Those who were long with this trade are finally rewarded. Thank you for your patience. Moving second lot to 1.1657.
Oh, this trade nicely rounded up my MACD-traded pips to 400. Waiting for the next signal. Yours, Tamkras.Ignored
DislikedThanks, Dire. There is no quick penny. Your recent post on woodchucks was excellent and I enjoyed reading it. When you position yourself in the market, observe your win and lose chances. I'd rather have more win chances to back up my entry. Please, see my post how I approached this transaction:
http://www.forexfactory.com/showthre...=14630&page=44
and then post 718.
Once I am in, I stick to the plan.Ignored
DislikedThanks, Dire. There is no quick penny. Your recent post on woodchucks was excellent and I enjoyed reading it. When you position yourself in the market, observe your win and lose chances. I'd rather have more win chances to back up my entry. Please, see my post how I approached this transaction:
http://www.forexfactory.com/showthre...=14630&page=44
and then post 718.
Once I am in, I stick to the plan.Ignored
DislikedIs anyone looking at the GU? It looks like it formed another round top...Ignored
DislikedHey All,
Here is what I got on the 4 Hour pound. Im new to this strategy. Am I on the right track with the tight pennant formation. Looks like something coming soon. Any help would be appreciated. Just learning.
Thanks, JimIgnored