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How people should really trade!

  • #221
  • Feb 5, 2009 2:37am Feb 5, 2009 2:37am
A/U now has a nice triangle, doesn't it?
Attached Image
  • #222
  • Feb 5, 2009 3:03am Feb 5, 2009 3:03am
triangle looks good, but dont know which direction it will go. My bias is short, but of course trade the charts not your opinion.
  • #223
  • Feb 5, 2009 4:39am Feb 5, 2009 4:39am
for some reason im still holding a short bias on a/u so i did not enter.
  • #224
  • Feb 5, 2009 4:43am Feb 5, 2009 4:43am
Quoting Takisd
I took that one, and in return broker decided to ruin my life by slipping me cos of my volume increase, am now disputing it.
Hrrm.....stopped out?
  • #225
  • Feb 5, 2009 5:13am Feb 5, 2009 5:13am
Quoting uncleforex
Hrrm.....stopped out?
I went to close at +30 and then go pushed off the server, so I am arguing with broker now. I will not label said broker. I ended up with a 20 pip loss. Was not happy.
  • #226
  • Feb 5, 2009 5:22am Feb 5, 2009 5:22am
Hi all,

just would like to ask if you use any other timeframe then 1h. Are you looking at the trends on a bigger scale or you use just the one(1h). Can the trend on a daily basis determine which direction you are gonna go on 1h chart. For example if bigger time frame is showing UP TREND you are gonna buy only dips and you are not gonna go short at all or it doesnt matter to you?
Thank you for the answer.
  • #227
  • Feb 5, 2009 9:14am Feb 5, 2009 9:14am
Hi Takisd,
Can I ask what is probably a dumb question.

When I started reading ur thread I thought that you traded on S/R expecting price to be rejected from that level.

After another read it seems you also trade, what I would call breakouts from S/R.

Would appreciate if you could clarify plse - Do you trade both, my understanding, dependant on the setup or only breakouts in direction of trend.??
  • #228
  • Feb 5, 2009 4:20pm Feb 5, 2009 4:20pm
Quoting stewrigh
Hi Takisd,
Can I ask what is probably a dumb question.

When I started reading ur thread I thought that you traded on S/R expecting price to be rejected from that level.

After another read it seems you also trade, what I would call breakouts from S/R.

Would appreciate if you could clarify plse - Do you trade both, my understanding, dependant on the setup or only breakouts in direction of trend.??
Both.

Its all about price action, if the price goes through, its a break, if it fails its a rejection. If you traded rejection only you'd get smashed in a trending market, if you traded breakout only u'd get smashed in range.
  • #229
  • Feb 6, 2009 12:52am Feb 6, 2009 12:52am
Quoting Takisd
Both.

Its all about price action, if the price goes through, its a break, if it fails its a rejection. If you traded rejection only you'd get smashed in a trending market, if you traded breakout only u'd get smashed in range.
Do you also look for candlestick formation ?
These all are about 3's & 5's
  • #230
  • Feb 6, 2009 3:35am Feb 6, 2009 3:35am
Hello bohebolo,

You might want to check the attachements (paper clip) on the upper right part of the thread and see if the charts he posts are in candle stick format to get an idea of of how he might answer your question.

Best regards

Dale
  • #231
  • Feb 6, 2009 3:55am Feb 6, 2009 3:55am
Am looking at a long eur/aud at the moment. am already long eur/usd and up 50 pips. Sorry about not having any charts, am rushed, trying to cook for 4 and trade at same time.

Long eur/aud may be a good trade, long term support is at 1.9412 it seems to reject that level pretty bad, there would be good pips in it if we move.

I want an aud/usd short also, long term resistance. Doesn't look too promising however.
  • #232
  • Feb 6, 2009 4:06am Feb 6, 2009 4:06am
Takisd,
How do you calculate S/R do you use pivots?
  • #233
  • Feb 6, 2009 5:29am Feb 6, 2009 5:29am
No, I use price action. Pivots are calculations, the market is more emotional than mathematical.
  • #234
  • Feb 6, 2009 5:51am Feb 6, 2009 5:51am
Hi Takisd

Just getting this thread on my update list. Some parallels with No Brainer Trades.
  • #235
  • Feb 6, 2009 9:37am Feb 6, 2009 9:37am
Quoting Takisd
Both.

Its all about price action, if the price goes through, its a break, if it fails its a rejection. If you traded rejection only you'd get smashed in a trending market, if you traded breakout only u'd get smashed in range.
Thanks T,

I have a real problem deciding whether to go for a rejection or breakout tho.

How do you decide - what is it you look for.

I find it much easier to take the rejection trade but I tend to get in too early, only to find it breaks out.
  • #236
  • Feb 6, 2009 4:45pm Feb 6, 2009 4:45pm
Quoting stewrigh
Thanks T,

I have a real problem deciding whether to go for a rejection or breakout tho.

How do you decide - what is it you look for.

I find it much easier to take the rejection trade but I tend to get in too early, only to find it breaks out.
This is where experience will kick in. you will eventually be able to read price action the same u read books.
  • #237
  • Feb 7, 2009 7:59am Feb 7, 2009 7:59am
Quoting Takisd
This is where experience will kick in. you will eventually be able to read price action the same u read books.
Or u will fail to grasp even the smallest lesson and achieve poverty rapidly . Only dreaming of that "big win" whilst brewing your tin of tea under an Overpass?Hope not though!
FF = Forex Faggots
  • #238
  • Feb 7, 2009 1:47pm Feb 7, 2009 1:47pm
Quoting 8fingers
Or u will fail to grasp even the smallest lesson and achieve poverty rapidly . Only dreaming of that "big win" whilst brewing your tin of tea under an Overpass?Hope not though!
you are the grim reaper
  • #239
  • Feb 7, 2009 7:09pm Feb 7, 2009 7:09pm
Quoting Takisd
This is where experience will kick in. you will eventually be able to read price action the same u read books.
There may be similarities between reading books and price action but it's the differences that can make you rich or poor.
  • #240
  • Feb 9, 2009 12:24pm Feb 9, 2009 12:24pm
Hi Takisd,
First of all, thank you for this great thread. Really refreshing.

I'd have two questions if I may.

1, when entering position, do you wait till candle/bar is finished or you enter anytime?

2, can you please clarify what you trade and when? I mean when do you trade breakouts and when rejection? Breakouts in ranging market and rejection in trending or vice versa?

Thank you Takisd,

Michal
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