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  • #42,301
  • Oct 29, 2008 4:37am Oct 29, 2008 4:37am
Quoting zeus_ares86
PA on the 1 hr TF looks like it should be going up
Quoting zeus_ares86
open of the new candle on 1 hr tf indicates that its going down
Which one is it going to be?
If it's too good to be true, it probably is.
  • #42,302
  • Oct 29, 2008 4:47am Oct 29, 2008 4:47am
Quoting SimonK
Which one is it going to be?
long from 2689..then closed..short at 2754..i trade using the candlestick..close my position whenever it indicates the other way round..its like scalping but long term reading
  • #42,303
  • Oct 29, 2008 4:48am Oct 29, 2008 4:48am

Hi everybody

How is your trading going, I hope it is going well

I was busy in last two days with our Japanese friend who got crazy but very interesting trade

I will be back to give you my prediction

Enjoys

  • #42,304
  • Oct 29, 2008 4:48am Oct 29, 2008 4:48am
Good morning To_Be,

Looks like you did pretty well with the Wolfe Wave chart that you posted a couple of days ago. Nice going. Do you happen to have any indicators for that, or do you sight and draw those lines manually?

Thanks,
Ed

P.S. I tried to send you a private message (PM), but you have not enabled it in your profile.
Up or down, gimme a ticket
  • #42,305
  • Oct 29, 2008 5:05am Oct 29, 2008 5:05am
Riddle:
While we are eating our meal, Dessert is waiting!
  • #42,306
  • Oct 29, 2008 5:11am Oct 29, 2008 5:11am
watch out for triangle break out:
Attached Image (click to enlarge)
Click to Enlarge Name: triangle.JPG Size: 104 KB
  • #42,307
  • Oct 29, 2008 5:29am Oct 29, 2008 5:29am
I Used to have trouble with my stops. I used to chart in this forum and lost money constantly while other people made a fortune off my moves. I found out that my stoplosses were to small. I can't overstate the importance of the right stop. Think about it this way, if you are afraid to set your stop where it needs to be, then maybe you need to demo a while longer or maybe even a micro account. Once I got my stops set out where I needed them I was fine.

Use this for a guide if you are thinking about entering a trade. If you are trading off the 1 hr chart for example, then your stop needs to be about 10 pips below the last low, or 10 pips + spread above the last high when going short. If after you figure it out and its to steep for you, then wait for a better opportunity. Please trade at your own risk.

j



below the last low or

Quoting tulient
Yet somehow I manage to lose money.

Anyhow. I declared a long yesterday around 1.2355 due to the fact that there was a double bottom so close to the 50% retrace of Jan 2002. In my opinion, thats what caused the huge rally today. Yay, up 400 pips.

Having said that, I dont know what kind of action will happen if price drops below this number and hits the retracement from October 2000. I guess I would base my plan of action on how high and long this rally lasts for.

In the end, I'm still expecting price to drop in between 1.2 to 1.165 before it slows down.
  • #42,308
  • Oct 29, 2008 5:41am Oct 29, 2008 5:41am
The fall is goo, my prayer is for me to be there when the rise will come.
  • #42,309
  • Oct 29, 2008 6:10am Oct 29, 2008 6:10am
mmm double top?
  • #42,310
  • Oct 29, 2008 6:14am Oct 29, 2008 6:14am
yep...
a good double top...

where will it go now? north, and break the top? or south and make a new low?
Money management is good for your health...
  • #42,311
  • Oct 29, 2008 6:24am Oct 29, 2008 6:24am
Quoting SpecialEd
Good morning To_Be,

Looks like you did pretty well with the Wolfe Wave chart that you posted a couple of days ago. Nice going. Do you happen to have any indicators for that, or do you sight and draw those lines manually?
Here's a website I found with a simple but thorough explanation on how to calculate Wolfe Waves:

http://www.wolfewave.com/an_illustra..._the_rules.htm
  • #42,312
  • Oct 29, 2008 6:27am Oct 29, 2008 6:27am
Quoting hard1head1
I Used to have trouble with my stops. I used to chart in this forum and lost money constantly while other people made a fortune off my moves. I found out that my stoplosses were to small. I can't overstate the importance of the right stop. Think about it this way, if you are afraid to set your stop where it needs to be, then maybe you need to demo a while longer or maybe even a micro account. Once I got my stops set out where I needed them I was fine.

Use this for a guide if you are thinking about entering a trade. If you are trading off the 1 hr chart for example, then your stop needs to be about 10 pips below the last low, or 10 pips + spread above the last high when going short. If after you figure it out and its to steep for you, then wait for a better opportunity. Please trade at your own risk.

j
Good advice. Stop Losses are certainly the hardest thing for me to figure out. I can make 10 great trades in a day and still (after 6 months) get into trouble on one bad one where I did not handle SL correctly. Thanks Jim.
Up or down, gimme a ticket
  • #42,313
  • Oct 29, 2008 6:28am Oct 29, 2008 6:28am
I took profit of about 40-45pips on the way down.

hmmm...there is something about those fibs....I need to figure this out.
  • #42,314
  • Oct 29, 2008 6:28am Oct 29, 2008 6:28am
Quoting doblece
Here's a website I found with a simple but thorough explanation on how to calculate Wolfe Waves:

http://www.wolfewave.com/an_illustra..._the_rules.htm
Thanks Doblece. I'll check it out.
Up or down, gimme a ticket
  • #42,315
  • Oct 29, 2008 6:37am Oct 29, 2008 6:37am
Quoting hard1head1
I Used to have trouble with my stops. I used to chart in this forum and lost money constantly while other people made a fortune off my moves. I found out that my stoplosses were to small. I can't overstate the importance of the right stop. Think about it this way, if you are afraid to set your stop where it needs to be, then maybe you need to demo a while longer or maybe even a micro account. Once I got my stops set out where I needed them I was fine.

Use this for a guide if you are thinking about entering a trade. If you are trading off the 1 hr chart for example, then your stop needs to be about 10 pips below the last low, or 10 pips + spread above the last high when going short. If after you figure it out and its to steep for you, then wait for a better opportunity. Please trade at your own risk.

j



below the last low or
good post. I have the same problem but your post is kind of what I'm starting to do now. It is hard though to do some times because the drawdown can be bad if you have a losing streak. You know if risk and reward ratio is bad then you must have more winners then losers OR adjust the number of units purchased to a higher amount at times when you think there is a greater chance for your system to get a win on a particular trade.
  • #42,316
  • Oct 29, 2008 6:47am Oct 29, 2008 6:47am
Quoting SpecialEd
Good morning To_Be,

Looks like you did pretty well with the Wolfe Wave chart that you posted a couple of days ago. Nice going. Do you happen to have any indicators for that, or do you sight and draw those lines manually?

Thanks,
Ed

P.S. I tried to send you a private message (PM), but you have not enabled it in your profile.

Good morning SpecialEd
Sorry for late post.

Yeah, the wolfe wave did it, but it took longer than what I expected.

Usually I figure out the wolfe wave manually, but I found a wolfewave indicator for metatrader.
you have to be aware for wolfewave rules and you have to match these rules for the given indicator sign. And don't use it for small frame time (1M, 5M)
I didn't go deep with this indicator since my broker doesn't use metatrader as its trading platform.
And remember, the most important rule for wolfe wave is ( DO NOT force the chart to give you a wolfe wave, if it is not a Walfewave then it is not Walfewave)

Is it allowed to post external link here ?
If yes I will upload this indicator for you.

Thanks for notifing me about private message, it is enabled now.

Yes

  • #42,317
  • Oct 29, 2008 7:11am Oct 29, 2008 7:11am
Quoting To Be
[left][font=Times New Roman]
Yeah, the wolfe wave did it, but it took longer than what I expected.
Thanks for saying that - I did point that out several hours ago.

Please attach the files so that we can use them in MT4

Many thanks in advance.
  • #42,318
  • Oct 29, 2008 7:15am Oct 29, 2008 7:15am

Quoting eddiemiller
Thanks for saying that - I did point that out several hours ago.

Please attach the files so that we can use them in MT4

Many thanks in advance.

that's cool.

here is the indicator :

http://www.4shared.com/file/68860334.../WolfWave.html

guys
check out 4H chart, you might find one nice wolfe wave

  • #42,319
  • Oct 29, 2008 7:21am Oct 29, 2008 7:21am
no way to predict how the market will react to rate cut. If greater than .50$ cut it might be worth jumping in long for a short term trade.

Otherwise cuts will be inline, expected and cooked in. With ECB rate cuts looming, I guess EURO longs lose their appeal as well. You never know for sure, however.

Witgh all the changes in the world - uncontrollable issues like hedge fund and mutual fund redemptions, deleveraging and the such - Might be best to lie low and look for the "new" forex patterns and relations.

Good luck all...thanking my lucky starts this week.
  • #42,320
  • Oct 29, 2008 7:24am Oct 29, 2008 7:24am
Quoting To Be




that's cool.

here is the indicator :

http://www.4shared.com/file/68860334/e96f9bdb/WolfWave.html

guys
check out 4H chart, you might find one nice wolfe wave

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