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Auslanco - GBP/JPY and GBP/USD (newstrade)

  • #125,321
  • Oct 23, 2008 8:13am Oct 23, 2008 8:13am
Hi. Do you put a 50 sl on this?
  • #125,322
  • Oct 23, 2008 8:16am Oct 23, 2008 8:16am
Quoting gillybabe
Hi. Do you put a 50 sl on this?
yes 50, a little above m5's 50ema
  • #125,323
  • Oct 23, 2008 8:18am Oct 23, 2008 8:18am
Quoting lilmoe
yes 50, a little above m5's 50ema
1/2 for 70 pips

now at b/e
  • #125,324
  • Oct 23, 2008 8:18am Oct 23, 2008 8:18am
Quoting lilmoe
6th sense
Moe -

Aside from your sixth sense, what are you looking for when you take some profit off the table during one of these drops. I was sitting short earlier and took profit around 157. Didnt really get a bounce so I missed reentry.

What do you do to come up with your TP point? You are ussually spot on. +/- a few pips.
  • #125,325
  • Oct 23, 2008 8:20am Oct 23, 2008 8:20am
Quoting lilmoe
yes 50, a little above m5's 50ema
Hello Lilmoe

Tell me please did you leave TP open or you have any idea where it can go..Here is no buttom.

Regards
Work smart not hard
  • #125,326
  • Oct 23, 2008 8:20am Oct 23, 2008 8:20am
And following on from the last person, do you always put it just behind the 50 sma?
  • #125,327
  • Oct 23, 2008 8:27am Oct 23, 2008 8:27am
Hay Lilmoe. Do you pay much attention to the reverse head and shoulders on a 5 min chart?
There is no greater gift than to be a friend.
  • #125,328
  • Oct 23, 2008 8:27am Oct 23, 2008 8:27am
gosh this market runs like mad
  • #125,329
  • Oct 23, 2008 8:30am Oct 23, 2008 8:30am
Quoting gadawg
Moe -

Aside from your sixth sense, what are you looking for when you take some profit off the table during one of these drops. I was sitting short earlier and took profit around 157. Didnt really get a bounce so I missed reentry.

What do you do to come up with your TP point? You are ussually spot on. +/- a few pips.
there isn't anything special about the way i daily with TPs. usually, when we have something a bit more clear, i set my TP to a good fibo/FE level. that's for a normal trade. it's better to leave TP open in this current market, or make what u can and take a break if u're not greedy like me.

but now we're at extreme lows, i really never expected reaching here a month ago. i usually leave most of the TLs i draw on the chart, i don't delete them. i wait and see how price acts around any of those TLs (supported by divergence sometimes) then i make a decision.

when i thought we'd have a reversal (although price did fall 120 pips lower), i was looking at the way my m1 chart was acting, it was forming something like an ark around the monthly channel's lower TL i posted earlier. plz notice that i take PA into high consideration.

also take a look at when i said i shorted this last time. check out how your m5 candles look like before i shorted, it was supported by a bearish HD and a fibo level. i exited half of that position when i saw a reverse bullish HD on m1 and price touching m5's gann.

i don't use spread and volume analysis like Dr D and malcomb, but i know i would even do better if i did

hope that helps
  • #125,330
  • Oct 23, 2008 8:35am Oct 23, 2008 8:35am
Quoting sony
Hello Lilmoe

Tell me please did you leave TP open or you have any idea where it can go..Here is no buttom.

Regards
like i said, i closed 1/2 when price reached m5's gann, and the rest at b/e with no TP. i wait for a good level to close it (for more pips) or leave it as is till it gets stopped out. i often close trades like these for less profit than the first 1/2 if i see a potential reversal from here and there.
  • #125,331
  • Oct 23, 2008 8:37am Oct 23, 2008 8:37am
Quoting gillybabe
And following on from the last person, do you always put it just behind the 50 sma?
that's EMA not SMA.

some people may disagree, but i use a mental stop of 25-50 pips depending on the speed of movement and the strength of the divergence.

if i shorted, for example, at 50ema, then the stop would be 25 or 30 pips. but if u noticed 50ema was 25 pips away from the place i shorted at, so i added 25 pips more = 50 pips. the trade was rather smaller than the ones i make, that's how i keep my risk tight.

there is no rule for this method. it's based on personal experience. i would urge anyone to train their eyes in watching price movements while also watching how price would act when an indicator is saying somthing, it's the best teacher of all.
  • #125,332
  • Oct 23, 2008 8:39am Oct 23, 2008 8:39am
Do I see an inverse H&S ??

When the neck is broken I can see 158.60 (%61.8) and then 159.40 (%78.6) as potential targets for now.
Discipline + Patience - Fear - Greed = Success
  • #125,333
  • Oct 23, 2008 8:40am Oct 23, 2008 8:40am
i was stopped out of the second part of that short, BUT, there should've been another entry at the same spot with the same SL, i didn't take it though. i do see a classic bearish divergence on m5, but to me it's not strong enough. i would've preferred if m1's CCI was below the 100 line when we made that 2nd top.
  • #125,334
  • Oct 23, 2008 8:41am Oct 23, 2008 8:41am
Quoting lilmoe
there isn't anything special about the way i daily with TPs. usually, when we have something a bit more clear, i set my TP to a good fibo/FE level. that's for a normal trade. it's better to leave TP open in this current market, or make what u can and take a break if u're not greedy like me.

but now we're at extreme lows, i really never expected reaching here a month ago. i usually leave most of the TLs i draw on the chart, i don't delete them. i wait and see how price acts around any of those TLs (supported by divergence sometimes) then i make a decision.

when i thought we'd have a reversal (although price did fall 120 pips lower), i was looking at the way my m1 chart was acting, it was forming something like an ark around the monthly channel's lower TL i posted earlier. plz notice that i take PA into high consideration.

also take a look at when i said i shorted this last time. check out how your m5 candles look like before i shorted, it was supported by a bearish HD and a fibo level. i exited half of that position when i saw a reverse bullish HD on m1 and price touching m5's gann.

i don't use spread and volume analysis like Dr D and malcomb, but i know i would even do better if i did

hope that helps

Yea. It does thanks. Leaving a lot of pips on the table. Driving me crazy.
  • #125,335
  • Oct 23, 2008 8:43am Oct 23, 2008 8:43am
Quoting AussieAl
Hay Lilmoe. Do you pay much attention to the reverse head and shoulders on a 5 min chart?
i see it, but i'm not sure if it will play out. i have a short signal on m5 (scalp), but i'm hesitant to take it. it's looking much stronger now (the signal)
  • #125,336
  • Oct 23, 2008 8:44am Oct 23, 2008 8:44am
who is riding with me this nice U-turn ?
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  • #125,337
  • Oct 23, 2008 8:46am Oct 23, 2008 8:46am
Quoting lilmoe
i was stopped out of the second part of that short, BUT, there should've been another entry at the same spot with the same SL, i didn't take it though. i do see a classic bearish divergence on m5, but to me it's not strong enough. i would've preferred if m1's CCI was below the 100 line when we made that 2nd top.
and that's what happens when u hesitate
  • #125,338
  • Oct 23, 2008 8:49am Oct 23, 2008 8:49am
Quoting 5ysfx
who is riding with me this nice U-turn ?
Ride to where?
  • #125,339
  • Oct 23, 2008 8:50am Oct 23, 2008 8:50am
no inverse, this is going down...
  • #125,340
  • Oct 23, 2008 8:50am Oct 23, 2008 8:50am
Quoting 5ysfx
who is riding with me this nice U-turn ?
i would love to, but not quite yet.
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