Trade what you see NOT what you expect

hi EO

its been enlightening for me to read your setups and understand the way how those numbers work.
drawdown has been more than the pips i'm taking in, most probably because of weakness in entries and exits which i want to work on and improve.
guess experience do matter, as i've been trading for less than a year.

may i compliement on your most recent post, where you gave an interpretation of the chart you posted. very informative and educational. do keep posting those charts and your thoughts on them as and when you can. it will help those new in forex (like me) to gain better understanding of how to read and manage trades. keep up the good work!

thanks.
alex

Excellent stuff in here as usual bro!!!....

Here's my 1h view

The orange line is my 10sma
The red is my 50sma
The blue is my 62ema
The green is my 200sma

Price is currently between the 50/62. The ma's are going flat and the 10 is starting to show weakness and the desire to come across the 50/62. Also, the 50/62 have been apart for awhile and they like to come back together and either bounce or cross. The 1.513x area is showing it's support pretty good here on this chart. Look at how the price has respected the low of the candle circled in green on my chart. The 1h 62 is close in price at 1.5112. If we break the 1.513x area, I would look for her to spike through the 1h 62 and look for a long from 1.51x to 1.508 with tight sl. I'll be looking to tie in with the PA on the 15m chart. I would not be willing to set a PO for this. I want confirmation of the bounce up before I pull trigger. Patience! If we break the 1.50 area, I'm looking to target the 200sma. I'll be watching to see how price reacts around the 4h 50/150 price area. If I'm in a trade short, I'll be watching my 15m chart for the entry signal long. I'll keep my SL above the 15m 50ema if it proves to show a long entry. Or, I'll close my short and go back long on her looking for the entry short again to get out of my long.

Notice how the last 1h candle is showing a solid move up from it's opening price. She never went negative. She closed damn near right at the 50sma price. Over the weekend, I've seen price above 1.5223. 1.5250 has some light resistance, but I would be looking for shorts a little higher up and SL above 1.538x no matter what price I took to go short on her. Will price respect the high of the candle circled in red on the chart?

Trade well!
EO

Got ur PM ut I still can't PM to return it

drop me an e-mail at [email protected]

In Kingston

EO... I got your PM but I can't reply to it. Feel free to e-mail me at [email protected]

Welcome Wespirl. What is your current system based on?

Nice charts and good overveiw my friend..

Every bit helps. I have been studying them today, called your last ride on friday, but to close to wkend for me. but now I am feeling more confident that I am follwing the right path to pipland.

Can't wait to see wich way she plays out, will be watching the PA carefully.

Thanks.

Si..

Good analysis for the upcoming week.

See you in the trenches.........:nerd:

HOLLA

...exactly as you said EO...thanks for sharing, and keep good work..
I will be your regular visitor in your thread...
I'm newbee, but I'm here to learn..
thank you for teaching us!

looks like a trading range on my 5m of 5103 and 5072 - can't get a feel which way it will break

Hi EoHater,

I have a question about the setup in post #24. I've seen it on numerous timeframes, and I've seen Steelhead mention it with reference to the 4 hour chart, but I don't understand why this is a good setup, as in, what is it about a candle close with no wick that says the market is setting up for a reversal?

I've been thinking about it myself, and I speculated that it perhaps says something about demand being met by a large amount of limit orders around a resistance/support area, which have been placed by institutions. A candle with a wick would indicate that there is some indecision, whereas a candle with no wick suggests that a large influx of supply has entered the market, and the only players big enough to do that are the big players.

Does that make sense and describe the trade or have I got it completely wrong?

A solid candle with no wicks indicates strong PA in the direction of the candle. So in EO's chart, the PA showed up on the last candle which would be a reversal from the bearish direction. This is my newbie guess. I've recently gone back to basics and am trying to demo trade only for the last week until I can prove to myself that I can easily identify PA, so if I'm totally wrong someone please, please, please correct me.

Apologies all, I referred to the wrong post originally, I meant 24, not 36.

Although 36 does relate to the same thing, the candle closed bullish with no wick, and this was a signal to enter short on the next candle.

We were on page 2.....

It's an easier search for me on Page 1, of the Trading Journal Page!!!!!

HOLLA

Hi

I'm new to your forum and I would like to ask you how and where can I learn to understand the chart you using to trade.

Rebecca

Go back to the beginning of the forum. I've listed which charts I use and the ma/ema's I apply on my charts.

Trade well!
EO

Next long on cable around 4315

nice chart ...

good explanation about lots/pips. Then, turtle will take some more risks when trading. Of course when he’ll be sure about how to trade on a particular pair, it’ll be also greatly profitable. If you are that sure Turtle, let us know what your next trade is!?

[quote=murpheytrade;2486927]good explanation about lots/pips. Then, turtle will take some more risks when trading. Of course when he’ll be sure about how to trade on a particular pair, it’ll be also greatly profitable. If you are that sure Turtle, let us know what your next trade is!?[/quote]


What are you talking about..........

Don't worry about me.....worry about yourself bro!!!!!!!

Sounds like your looking for trade calls....need to be committed and learn on your own!!!

HOLLA