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Trade what you see NOT what you expect

  • #281
  • Feb 25, 2009 9:03am Feb 25, 2009 9:03am
Quoting rt4x
This would take us to revisit yesterday lows...and to touch the 10 ema once again

How do you tell if this turning around to visit that area would mark a reversal for the day or just a retracement to continue down movement? Is there an actual way of telling?
Took the short at 4318.
Just digging in the trenches like everyone else!
  • #282
  • Feb 25, 2009 9:07am Feb 25, 2009 9:07am
Quoting eohater
Took the short at 4318.
Here's why I took my short. Notice the candle circled in red. The prior 1h candle was bearish to support the downward movement. As well, the ma's are all pointing south which supports the short.
Attached Image (click to enlarge)
Click to Enlarge Name: chart.jpg Size: 137 KB
Just digging in the trenches like everyone else!
  • #283
  • Feb 25, 2009 9:08am Feb 25, 2009 9:08am
Quoting rt4x
This would take us to revisit yesterday lows...and to touch the 10 ema once again

How do you tell if this turning around to visit that area would mark a reversal for the day or just a retracement to continue down movement? Is there an actual way of telling?
There's no way of telling except for PA. Let the candles lead the way..
Just digging in the trenches like everyone else!
  • #284
  • Feb 25, 2009 9:09am Feb 25, 2009 9:09am
Quoting eohater
Took the short at 4318.
EO - Couple of quick questions if you don't mind.

What is your typical goal for a week/month? (ie 100 pips/week, 400/month)

What is your typical trade management approach? (Do you take half/partial profits at a set amount? Move SL to BE at a specific number of pips/time in the trade?)

Just interested in trying to understand your approach, as I think I'm starting to "see" things the way you do (somewhat), and I find the shorter TF's suit my trading personality and the NY session definitely fits my lifestyle (live in EST timezone).

Thanks.
  • #285
  • Feb 25, 2009 9:11am Feb 25, 2009 9:11am
Quoting eohater
Here's why I took my short. Notice the candle circled in red. The prior 1h candle was bearish to support the downward movement. As well, the ma's are all pointing south which supports the short.
This is AWESOME trading EO....I have much to learn....congratulations on those green pips !!!
  • #286
  • Feb 25, 2009 9:17am Feb 25, 2009 9:17am
Quoting nyjetfan
EO - Couple of quick questions if you don't mind.

What is your typical goal for a week/month? (ie 100 pips/week, 400/month)

What is your typical trade management approach? (Do you take half/partial profits at a set amount? Move SL to BE at a specific number of pips/time in the trade?)

Just interested in trying to understand your approach, as I think I'm starting to "see" things the way you do (somewhat), and I find the shorter TF's suit my trading personality and the NY session definitely fits my lifestyle (live in EST timezone).

Thanks....
I don't so much have a pippage goal as I do have a $ amount goal. I've been averaging around 1000 pips per week.

I like to take half of my position off at 50. When I enter the trade, my TP on half my position is set for 50 right off the bat. If it is hit quickly, then I move the remaining position to +3. I'll use my ma's to manage my SL once she continues to move. For example, the last short I took, I've already taken 50 off, SL is at +3 on the rest and I'll move my SL to above the 5ema on the 15m once we get 2 candles past my entry.

The NY Session is a great session to trade. Plenty of pips to be had.
Just digging in the trenches like everyone else!
  • #287
  • Feb 25, 2009 9:18am Feb 25, 2009 9:18am
Quoting rt4x
This is AWESOME trading EO....I have much to learn....congratulations on those green pips !!!
Thanks bro! You have to trust the candles and take the trade. Fear cannot stop you. If your SL is hit, fine, next setup please. You'll get your pips back.
Just digging in the trenches like everyone else!
  • #288
  • Feb 25, 2009 9:23am Feb 25, 2009 9:23am
Look at your 15m charts. The working candle and last closed 15m has a bottom of 4256. Matching bottoms here could send us northbound. I might be jumping ships.
Just digging in the trenches like everyone else!
  • #289
  • Feb 25, 2009 9:24am Feb 25, 2009 9:24am
Quoting eohater
Look at your 15m charts. The working candle and last closed 15m has a bottom of 4256. Matching bottoms here could send us northbound. I might be jumping ships.
If I do jump ships, my SL will be on the other side of 4256. Plus, look at the working 15m candle. Could give us a hammer close.
Just digging in the trenches like everyone else!
  • #290
  • Feb 25, 2009 9:31am Feb 25, 2009 9:31am
We're not going to get a hammer, but I would still be willing to take a long around 4275 with SL on the other side of 4256. I'm also looking at 424x to be an area of heavy support.
Just digging in the trenches like everyone else!
  • #291
  • Feb 25, 2009 9:41am Feb 25, 2009 9:41am
Quoting eohater
We're not going to get a hammer, but I would still be willing to take a long around 4275 with SL on the other side of 4256. I'm also looking at 424x to be an area of heavy support.
Did anyone take the long around 4275?
Just digging in the trenches like everyone else!
  • #292
  • Feb 25, 2009 9:42am Feb 25, 2009 9:42am
Quoting eohater
Did anyone take the long around 4275?
sure did....thanks...and congrats !!!

are you in????
  • #293
  • Feb 25, 2009 9:45am Feb 25, 2009 9:45am
Quoting rt4x
sure did....thanks...and congrats !!!

are you in????
Not yet, get covered, or TP and let her come back down. I'll get in if she comes back down to the 427x area. The 15m 5 has to reject it atleast once.
Just digging in the trenches like everyone else!
  • #294
  • Feb 25, 2009 9:48am Feb 25, 2009 9:48am
Quoting eohater
Not yet, get covered, or TP and let her come back down. I'll get in if she comes back down to the 427x area. The 15m 5 has to reject it atleast once.
Closed out 14+ will catch it again

Please check your e-mail...was not able to pm you...
  • #295
  • Feb 25, 2009 9:49am Feb 25, 2009 9:49am
Quoting rt4x
Closed out 14+ will catch it again
Good job, I'm looking to get in myself now. My shorts are still open, but I'll close and reverse. I have PO at 4275 to close and reverse.
Just digging in the trenches like everyone else!
  • #296
  • Feb 25, 2009 9:54am Feb 25, 2009 9:54am
Quoting eohater
Good job, I'm looking to get in myself now. My shorts are still open, but I'll close and reverse. I have PO at 4275 to close and reverse.
I'm in at 4275, but not sure I'm going to like the outcome.
Just digging in the trenches like everyone else!
  • #297
  • Feb 25, 2009 9:57am Feb 25, 2009 9:57am
Quoting eohater
I'm in at 4275, but not sure I'm going to like the outcome.
I'm in at 4268...willing to add if it goes down to 4225-30...
  • #298
  • Feb 25, 2009 9:58am Feb 25, 2009 9:58am
Quoting eohater
I'm in at 4275, but not sure I'm going to like the outcome.
Not looking good, should 4256 get taken out, my long will be taken out as well. As I type, I'm out. SL hit at 4250
Just digging in the trenches like everyone else!
  • #299
  • Feb 25, 2009 9:59am Feb 25, 2009 9:59am
Quoting rt4x
I'm in at 4268...willing to add if it goes down to 4225-30...
I'm willing to get back in around there. Infinity is seeing 423x, I'm seeing 424x. I'll let PA dictate my entry.
Just digging in the trenches like everyone else!
  • #300
  • Feb 25, 2009 10:18am Feb 25, 2009 10:18am
Quoting eohater
I'm willing to get back in around there. Infinity is seeing 423x, I'm seeing 424x. I'll let PA dictate my entry.
I might have missed the better entry, but there will be another opportunity.
Just digging in the trenches like everyone else!
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