Trade what you see NOT what you expect | Page 3 | Forex Factory

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Why did you start trading and what do you expect from it? 19 replies

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Trade what you see NOT what you expect

  • #41
  • Nov 16, 2008 11:33pm Nov 16, 2008 11:33pm
Quoting endroute
Not only is the 62 very powerful on the 1hr charts but so are the 365 and 150 ema. In my experience these levels hold better than traditional s/r levels and function far far better than floor trader pivots
Thank you for the ma's! I'll put them on my 1h and see what I see. Glad you've had success with them.
Just digging in the trenches like everyone else!
  • #42
  • Nov 16, 2008 11:41pm Nov 16, 2008 11:41pm
Quoting eohater
Attached is the 15m chart leading up to the 1h 62ema price. She was set up on both the 15m chart and the 1h 62ema chart for the fall. These setups scream at me to take them.
Just got back from a weekend partying with friends.

I took this trade from my Blackberry Friday afternoon @4897, set a target for 4800 and went to eat some at Buffalo Wild Wings.

Trade closed nicely after finishing my beer.

HOLLA
  • #43
  • Nov 16, 2008 11:53pm Nov 16, 2008 11:53pm
Quoting Turtle
Just got back from a weekend partying with friends.

I took this trade from my Blackberry Friday afternoon @4897, set a target for 4800 and went to eat some at Buffalo Wild Wings.

Trade closed nicely after finishing my beer.

HOLLA
Welcomed back from your weekend partying! I did a little of that myself!

Nice trade from your Blackberry! It's always nice to bag your pips and get out as soon as possible!

I rode the 1h 62ema, but only rode her for 80 pips. Damnit! Infinity and I both rode her (5 pips difference on our entry) both closed out for 80. The kicker, we didn't talk about our trades until they were done. I placed pending short orders and went to lunch. I got back from lunch and she ran right up, filled my price and fell. I didn't expect her to fall over 200 pips in just over an 1hour. Oh well! Last week was a good week and I've already started this week off with over 150 pips. The battle has begun my brother!
Just digging in the trenches like everyone else!
  • #44
  • Nov 17, 2008 12:40am Nov 17, 2008 12:40am
Quoting eohater
Welcomed back from your weekend partying! I did a little of that myself!

Nice trade from your Blackberry! It's always nice to bag your pips and get out as soon as possible!

I rode the 1h 62ema, but only rode her for 80 pips. Damnit! Infinity and I both rode her (5 pips difference on our entry) both closed out for 80. The kicker, we didn't talk about our trades until they were done. I placed pending short orders and went to lunch. I got back from lunch and she ran right up, filled my price and fell. I didn't expect her to fall over 200 pips in...
Great start to the week bro.

Yeah on Friday I heard the DOW was dropping.

I knew she was near that 1hr 62ema, so I jumped in at 2:46 @ 4897 put a s/l @ 4970 and targeted 4800.

Ate some wings, drank some beers, checked the trade at 4:00......sweet!

Yep, need a good night's sleep from all that drinking, I'm probably come in around the London close and start batlling then. :nerd:

HOLLA
  • #45
  • Nov 17, 2008 4:33am Nov 17, 2008 4:33am
Eo,

Thank you for the clarification, would be waiting to see more trade examples from you here.
I need to put up stop losses.
  • #46
  • Nov 17, 2008 5:35am Nov 17, 2008 5:35am
wow...
the more i read this thread the more i became an eo-lover
maybe you can give us some clues about when u're going to take a position, so we can learning by doing...?
but this thread is enough for helping newbies such as me to open a possibility for getting some pips from the cable
thx again EO
Money management is good for your health...
  • #47
  • Nov 17, 2008 10:12am Nov 17, 2008 10:12am
Quoting eohater
Nothing makes me happier than to be able to enter a trade and be in profit in 15min.
Ain't this the truth........................


HOLLA
  • #48
  • Nov 18, 2008 2:34am Nov 18, 2008 2:34am
Quoting 13thheaven
wow...
the more i read this thread the more i became an eo-lover
maybe you can give us some clues about when u're going to take a position, so we can learning by doing...?
but this thread is enough for helping newbies such as me to open a possibility for getting some pips from the cable
thx again EO
Thank you! I don't have a problem posting my positions when I take them, but there are many times I'll take a position without looking at the thread. Whenever I do post my position, I always post it in the cable thread. My goal is to show you what type of setups are the easiest and least draw down on your account. I'm a strong believer in not overtrading. Overtrading can lead to eating your profits. If you have 3 to 5 basic setups that are consistant and proper money management, you'll be successful at trading. I'll have more examples coming shortly to help you see the trades as they are setting up.
Just digging in the trenches like everyone else!
  • #49
  • Nov 18, 2008 10:14pm Nov 18, 2008 10:14pm
I had went short this afternoon at 4:15PM/15m/@4848, got out later at 4818. Didn't like price action.

She looks a little lost. Would love to see her in that 5200 area for that nice short.

Hopefully by the US session we will have more guidance.

HOLLA
  • #50
  • Nov 26, 2008 8:41am Nov 26, 2008 8:41am
Just wanted to say Happy Thanksgiving and thanks for starting this thread and all your help!!!
Please ask questions and share your experiences with us all!
  • #51
  • Nov 27, 2008 11:57pm Nov 27, 2008 11:57pm
Quoting eohater
Attached is the perfect 1h 62ema setup. You've all heard me say it, 'I love the 1h 62ema!' This setup was idealic on how the long candle before entry closed with a little wick and tight to the EMA. Don't ask, don't question why, don't say to yourself, "It's against the trend", just pull the trigger to go short on the opening of the following candle. This draw down on this trade was only 15 pips and she fell over 200 pips. That's a nice risk:reward ratio!

Please note: Not all 1h 62ema's setup like this one did. There are times she will only run...
is this 62 ema a resistence in this trade ?
  • #52
  • Nov 28, 2008 2:13am Nov 28, 2008 2:13am
Quoting focuson
is this 62 ema a resistence in this trade ?
I do use the 62ema on the 1h chart. I treat all ma's as floating support/resistance. I highly respect the 1h 62ema, she plays out very good most of the time. As any support/resistance, it can and will be broken.
Just digging in the trenches like everyone else!
  • #53
  • Nov 28, 2008 12:34pm Nov 28, 2008 12:34pm
Quoting eohater
Hi Swap and thank you for the questions.

Regarding my first trade shown on post #24....
I also want to thank you for sharing your thinking in trading and would like to contribute to your thread with the following questions.

Firstly, do you always have an opposite pending order at your SL?

When and how do you scalp? (I don't but I know I am missing out )

If you were to give a characteristic for each MA you have on the different TFs on your charts (as indicated on the first page) what would it be?

Please keep this thread going.

Thanks
  • #54
  • Nov 28, 2008 2:51pm Nov 28, 2008 2:51pm
Quoting Vourvoul
I also want to thank you for sharing your thinking in trading and would like to contribute to your thread with the following questions.

Firstly, do you always have an opposite pending order at your SL?

When and how do you scalp? (I don't but I know I am missing out )

If you were to give a characteristic for each MA you have on the different TFs on your charts (as indicated on the first page) what would it be?

Please keep this thread going.

Thanks
Good questions! I'll post your answers this weekend along with more charts and setups to look for.
Just digging in the trenches like everyone else!
  • #55
  • Nov 28, 2008 10:58pm Nov 28, 2008 10:58pm
Quoting Vourvoul
I also want to thank you for sharing your thinking in trading and would like to contribute to your thread with the following questions.

Firstly, do you always have an opposite pending order at your SL?

When and how do you scalp? (I don't but I know I am missing out )

If you were to give a characteristic for each MA you have on the different TFs on your charts (as indicated on the first page) what would it be?

Please keep this thread going.

Thanks
I hope this answers your questions, if not, please let me know and I'll go deeper.

I do not always have an opposite pending order at my SL. There are times when she's getting ready to breakout, that I will have an opposing order at my SL. For example, if she's been playing ping pong back and forth the ma's on the 15m chart, we're getting into heavy volume time of the London or US Session and we're getting tighter highs and tighter lows. She's getting ready to pop. She's not always wanting to breakout though. She likes to breath. Look at your charts, it looks like a damn heartbeat. This leads me into your next question about scalping.

I do like to scalp during the Asian session. The 15m chart playing off the ma's and going after 15-30 pips, sometimes more if she's giving it up. The Asian session, leading into the London session usually gives a nice opportunity for scalping in my eyes. She's building up during this time for a move usually and a commitment of 100-200 pips on that move. This is when I start looking for my counter orders at my SL.

I'm not sure I understand your question about giving a characteristic to the MA's I have on my charts. I hope this is what your looking for. On the 15m chart, I respect the 35sma along with the 50sma/ema more than the others. Once we have a breakout, I'm looking at the 10/21 next to confirm the movement and get into the trade if I missed the intial entry point. After she breaks out, she will usualy pullback near the 10 first, confirm the move and fall more. If she doesn't fall farther than her current low, she's coming back to the 21. If the 21 doesn't hold, she'll goto the 35 next. On the 1h chart, I highly respect the 62 along with the 50. Now, we don't usually see the 62/50 area everyday, so my next respect is on the 10. Whatever side the 10 is holding her on, I'm looking for trades in that direction primarily (IE She's being held under the 10, I'm looking for short setups). I don't rule out long setups though. This is where price action comes into play. If you don't know about price action, please go study up. On the 4h chart. I value the 10 over the 5. I'm not entering trades off the 4h charts anymore because I'm not looking for one trade to hold over a day or more. Trading off the 4h chart is a great opportunity and allows you to set a trade and walk away. This is a great way to trade, don't get me wrong, but I can make 3x+ by trading her for her movements than only making 1 trade per day.

I hope I've answered your questions. Please let me know if you have any questions at anytime. Trading is not that hard once you see it for what it is.

Trade well!
EO
Just digging in the trenches like everyone else!
  • #56
  • Nov 28, 2008 11:34pm Nov 28, 2008 11:34pm
I so wish I could have traded the US Session the day after Thanksgiving. I dedicated to day to family time. I look back at the day though and say YUMMY! This was a hell of a day to make some great money. I've circled some candles that I absolutely love to see after she's made a move. Once the circle candle closes, I'm opening my orders on the next candle's open. Patience is key here, don't try and get in before the candle forms and closes. I've seen current working candles that I would swear were going to close the way I wanted and in the last 30 sec of close, she fills out and takes away the setup. If you get in before the candle has a chance to close, you could be on the wrong side of the tracks all for what, a couple of pips. PATIENCE.
Attached Image (click to enlarge)
Click to Enlarge Name: 15.jpg Size: 175 KB
Just digging in the trenches like everyone else!
  • #57
  • Nov 29, 2008 4:02am Nov 29, 2008 4:02am
Thank you for the answer eo.

I base all my trading decisions on Fib Levels and use price action as confirmation of my trade. A few more indicators confirming a trade won't hurt.

Regarding the characteristics of the MAs you are using, your answer covers my question completely. It will be easier to analyze the market reaction to them knowing how you see them.

I understand that you rule your entry based on the price action of the 15M. My issue with scalping is that I don't have a pre-defined exit and a price where I can place my SL at. For me these are two very important elements of every trade. Could you demonstrate these using the chart above (15M 28th November)

Thanks
  • #58
  • Nov 29, 2008 10:38pm Nov 29, 2008 10:38pm
Quoting eohater
I hope this answers your questions, if not, please let me know and I'll go deeper.

I do not always have an opposite pending order at my SL. There are times when she's getting ready to breakout, that I will have an opposing order at my SL. For example, if she's been playing ping pong back and forth the ma's on the 15m chart, we're getting into heavy volume time of the London or US Session and we're getting tighter highs and tighter lows. She's getting ready to pop. She's not always wanting to breakout though. She likes to breath. Look at your charts,...
Great explanation..... (even though for some reason part of the quote got cut off)

Thanks for the early Christmas present!!!

HOLLA
  • #59
  • Edited 10:43pm Nov 29, 2008 10:42pm | Edited 10:43pm
Quoting eohater
I so wish I could have traded the US Session the day after Thanksgiving. I dedicated to day to family time. I look back at the day though and say YUMMY! This was a hell of a day to make some great money. I've circled some candles that I absolutely love to see after she's made a move. Once the circle candle closes, I'm opening my orders on the next candle's open. Patience is key here, don't try and get in before the candle forms and closes. I've seen current working candles that I would swear were going to close the way I wanted and in the last 30...
I caught one of them, but had to take care of personal business. (cutting the quote again)

But they were some nice setups!

HOLLA
  • #60
  • Nov 30, 2008 5:30am Nov 30, 2008 5:30am
Quoting eohater
.....On the 15m chart, I respect the 35sma along with the 50sma/ema more than the others. Once we have a breakout, I'm looking at the 10/21 next to confirm the movement and get into the trade if I missed the intial entry point. After she breaks out, she will usualy pullback near the 10 first, confirm the move and fall more.....
Nice to see this thread bro.

I have a question about M15 ema35 and 50 breakout and then wait on 10/21 to confrim the movement. Is it eligible both for short and long ?
I only trade XAU/USD. Based on USD news & Fib SR & BB20
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