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  • #661
  • Oct 6, 2008 4:55am Oct 6, 2008 4:55am
Quoting D liberators
Thanks for your correction.
I'll do appreciate if you can pull up a chart, i'll learn and understand better that way.
thanks.
Hello Dra,
Do you use any indicator apart from the candle formations to further confirm entry?
God's Love For You Is Sure Never You Doubt It
  • #662
  • Oct 6, 2008 5:34am Oct 6, 2008 5:34am
So far I have no trades this week....this seems to be something forming if it retraces a bitt deeper...

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  • #663
  • Oct 6, 2008 7:18am Oct 6, 2008 7:18am
Quoting D liberators
Thanks for your correction.
I'll do appreciate if you can pull up a chart, i'll learn and understand better that way.
thanks.
Hi sorry for the late chart, this is my GJ chart, notice the white trendline was not valid until price made a lower low. We are looking for a retrace back to the white trendline, on a fib retracement, and enter when it fits the 6 candle formations Dra mentioned.
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  • #664
  • Oct 6, 2008 7:56am Oct 6, 2008 7:56am
Quoting soyabean
Hi sorry for the late chart, this is my GJ chart, notice the white trendline was not valid until price made a lower low. We are looking for a retrace back to the white trendline, on a fib retracement, and enter when it fits the 6 candle formations Dra mentioned.
Good post, that should make things clearer for those who refuse to read the thread from the start and understand TLs.
  • #665
  • Oct 6, 2008 9:17am Oct 6, 2008 9:17am
Dra, congrats on your GY call from last month, you said it would go to 178 or below....
  • #666
  • Oct 6, 2008 9:34am Oct 6, 2008 9:34am
Hi Dra,

can I ask how do you avoid these trades?
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  • #667
  • Oct 6, 2008 9:35am Oct 6, 2008 9:35am
The only setup I found on Friday was the EUR/JPY with EBr from TL (dotted yellow, after price broke recent lows, TL was adjusted to candle high)

The weekly TL prevented me to enter short.
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  • #668
  • Oct 6, 2008 9:46am Oct 6, 2008 9:46am
Quoting xkuba
Hi Dra,

can I ask how do you avoid these trades?
You avoid those by staying away. Reason is the up TL that was previously broken is now resistance and also the down TL is support. So this is confusing because we have no clear direction of where the market will go. What you need to here is wait until breaks above or below the up or down respectively then trade in that direction. Remember we trade what we see so when you see confusion or crappy market conditions stay on the sidelines.
  • #669
  • Oct 6, 2008 9:49am Oct 6, 2008 9:49am
Quoting islandtrader
The only setup I found on Friday was the EUR/JPY with EBr from TL (dotted yellow, after price broke recent lows, TL was adjusted to candle high)

The weekly TL prevented me to enter short.
You did the right thing by staying away because the weekly TL was in sight. Even tho your short would have worked out the probability of the trade was low. At times these will work out but you will get burned alot.
  • #670
  • Oct 6, 2008 9:51am Oct 6, 2008 9:51am
Posted below is an entry on the euraud that went for over 1500pips. Buying the EBl on the bounce of the TL.
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  • #671
  • Oct 6, 2008 12:39pm Oct 6, 2008 12:39pm
Great call Dra, I missed it totally as I have been observing the 4H charts.

I notice you have been paying more attention to the 1H charts for entry recently, may I ask how do you decide when to use the 1hr chart? I know you have recommended us to look for entries on the 1 Hr when the candles are ltoo long so as to reduce our SL. But I was never really sure the exact timing on when to switch down to the 1 Hr.

Do you still recommend entries off the 4H charts? I realised the setups have been alot fewer these two weeks on the 4H.

Thanks alot again!
  • #672
  • Oct 6, 2008 1:43pm Oct 6, 2008 1:43pm
Quoting Dra
Posted below is an entry on the euraud that went for over 1500pips. Buying the EBl on the bounce of the TL.
Where did that tl start? I can't duplicate it on higher timeframes because there is no higher high after the higher low .. and by the time there is, the b/o has occurred.
  • #673
  • Oct 6, 2008 1:50pm Oct 6, 2008 1:50pm
Quoting TraderStar
Where did that tl start? I can't duplicate it on higher timeframes because there is no higher high after the higher low .. and by the time there is, the b/o has occurred.
Maybe i found it, does it start at low last July? next point was low on July 30 and then low on Sept 12?
  • #674
  • Oct 6, 2008 4:48pm Oct 6, 2008 4:48pm
Sorry i havn't read the whole thread so this may have already been answered, but how do you deal with TL violations when price closes below or penetrates by "a lot" of pips..say 50, but were to continue its trend.

Is the TL still valid, what do you do in that situation?

Also why use the chart patterns?...isn't a bounce off the TL all you really need as confirmation?

thanks
  • #675
  • Oct 6, 2008 5:55pm Oct 6, 2008 5:55pm
Quoting TraderStar
Maybe i found it, does it start at low last July? next point was low on July 30 and then low on Sept 12?
I got it there too (yellow)

adjusted it to the lows after break of high
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  • #676
  • Oct 6, 2008 6:11pm Oct 6, 2008 6:11pm
GBP/CAD ...one of the few pairs going up.

my long trade--->

i know the file says eur...ignore the name.
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  • #677
  • Oct 7, 2008 9:28am Oct 7, 2008 9:28am
Quoting islandtrader
I got it there too (yellow)

adjusted it to the lows after break of high
Correct. The yellow TL is still valid because its not yet been broken(read the thread for info regarding TLs break).
  • #678
  • Oct 7, 2008 9:28am Oct 7, 2008 9:28am
Quoting TraderStar
Dra, congrats on your GY call from last month, you said it would go to 178 or below....
Thanks. You remember, guess you still have my chart.
  • #679
  • Oct 7, 2008 10:15am Oct 7, 2008 10:15am
Quoting big_pipin
Sorry i havn't read the whole thread so this may have already been answered, but how do you deal with TL violations when price closes below or penetrates by "a lot" of pips..say 50, but were to continue its trend.

Is the TL still valid, what do you do in that situation?

Also why use the chart patterns?...isn't a bounce off the TL all you really need as confirmation?

thanks
As you state the answer is in the thread.
That market moves in patterns at times thats why we trade patterns. Trading patterns are just as good as trading at the TL. Also a bounce off a TL is just one criteria, not "all you really need as confirmation".
  • #680
  • Oct 8, 2008 1:59am Oct 8, 2008 1:59am
Hi Dra,

what do you think about that trade? There was crown formation so I decided to go short on gbpusd on engulfing bearish. Was it valid formation? Thanks

Kuba
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