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Trade what you see NOT what you expect

  • #1,061
  • Mar 5, 2009 7:53am Mar 5, 2009 7:53am
Good morning to all....because the MAs are slightly pointing down, I am waiting for a touch of the 1H 62 ema (which is sitting by the 50 ema now) and the 50 Fib line for a possible sell....I think we are still in a bear market IMHO...

Any thoughts ???

Happy trading ...
  • #1,062
  • Mar 5, 2009 8:15am Mar 5, 2009 8:15am
I do agree with you about the bearish stance.
However I wonder if there will be any market reaction to 0.5% base rate interest reduction as previously the market has reacted to it by going northwards.

Quoting rt4x
Good morning to all....because the MAs are slightly pointing down, I am waiting for a touch of the 1H 62 ema (which is sitting by the 50 ema now) and the 50 Fib line for a possible sell....I think we are still in a bear market IMHO...

Any thoughts ???

Happy trading ...
  • #1,063
  • Mar 5, 2009 8:18am Mar 5, 2009 8:18am
I'm still on the sidlines, letting all the news announcements play out. ECB press conference should be ending, then the markets should return to tradeable movements. You can see the news impact on the markets by looking at the last two hourly candles - some huge wicks there, but trading the news has never worked for me.
  • #1,064
  • Mar 5, 2009 8:20am Mar 5, 2009 8:20am
Perhaps such a thought is contrary to the title of thread. As we have expectations rather than see what the candles and the moving resistant levels are telling us now.
  • #1,065
  • Mar 5, 2009 9:00am Mar 5, 2009 9:00am
Good morning everyone! I hope everyone is doing well!
Just digging in the trenches like everyone else!
  • #1,066
  • Mar 5, 2009 9:07am Mar 5, 2009 9:07am
Quoting eohater
Good morning everyone! I hope everyone is doing well!
Morning EO
It is evening where I live. Happy trading today.
  • #1,067
  • Mar 5, 2009 9:21am Mar 5, 2009 9:21am
Quoting shaan
I do agree with you about the bearish stance.
However I wonder if there will be any market reaction to 0.5% base rate interest reduction as previously the market has reacted to it by going northwards.

Now you've raised a fundamental point. Fundamental trading is one thing I don't do. It's too emotional!
Just digging in the trenches like everyone else!
  • #1,068
  • Mar 5, 2009 9:24am Mar 5, 2009 9:24am
EO....good morning....do you mind sharing if you are currently in a trade...??

My PO was just missed by a few pips @ 1H 62ema....
  • #1,069
  • Mar 5, 2009 9:25am Mar 5, 2009 9:25am
Quoting eohater
Now you've raised a fundamental point. Fundamental trading is one thing I don't do. It's too emotional!
Good morning everyone.......

Pairs are still wound up a little tight I see.

HOLLA
  • #1,070
  • Mar 5, 2009 9:34am Mar 5, 2009 9:34am
Quoting rt4x
EO....good morning....do you mind sharing if you are currently in a trade...??

My PO was just missed by a few pips @ 1H 62ema....
I just closed out of a trade. I was long from 4070 and targeted 4135 for TP. Waiting now for the 15m candle to close across the 15m 35/50.
Just digging in the trenches like everyone else!
  • #1,071
  • Mar 5, 2009 9:45am Mar 5, 2009 9:45am
Quoting eohater
I just closed out of a trade. I was long from 4070 and targeted 4135 for TP. Waiting now for the 15m candle to close across the 15m 35/50.
and if it doesn't...?
please DON'T copy my trades I am still learning
  • #1,072
  • Mar 5, 2009 9:50am Mar 5, 2009 9:50am
Quoting ezmystic
and if it doesn't...?
Wait for the next one and see if it does. Close across 35/50EMA is an entry signal used, and you don't see the signal stand aside until one comes along.
  • #1,073
  • Mar 5, 2009 9:54am Mar 5, 2009 9:54am
Quoting nyjetfan
Wait for the next one and see if it does. Close across 35/50EMA is an entry signal used, and you don't see the signal stand aside until one comes along.
oh ok thanks
please DON'T copy my trades I am still learning
  • #1,074
  • Mar 5, 2009 9:54am Mar 5, 2009 9:54am
Quoting ezmystic
and if it doesn't...?
Well, I took one position at 4150 when she spike through, another at 4135 when the candle closed, TP on half at 4110, the rest is at +3.
Just digging in the trenches like everyone else!
  • #1,075
  • Mar 5, 2009 9:55am Mar 5, 2009 9:55am
Quoting ezmystic
oh ok thanks
I think it was post 1 where patience was listed as a requirement. I know I'm always itching to get into a trade, but its better to be out of a trade wishing you were in, instead of in a trade wishing you were out. Another trade will be along shortly, so even if you miss some, as long as you stick to the quality setups you'll be much better off in the long run.
  • #1,076
  • Mar 5, 2009 9:56am Mar 5, 2009 9:56am
Quoting nyjetfan
Wait for the next one and see if it does. Close across 35/50EMA is an entry signal used, and you don't see the signal stand aside until one comes along.
Your exactly right! I did put together a position based upon other items, but the safer trade is to wait for the setup and take it when it happens..
Just digging in the trenches like everyone else!
  • #1,077
  • Mar 5, 2009 10:01am Mar 5, 2009 10:01am
Quoting eohater
Your exactly right! I did put together a position based upon other items, but the safer trade is to wait for the setup and take it when it happens..
Well I'm trying to just come up to speed on your "textbook" "Trade like EO 101" standard entries. Once I think I've gotten that down, I'll move on to the next class - "Trade like EO 201"
  • #1,078
  • Mar 5, 2009 10:01am Mar 5, 2009 10:01am
Good morning EO and all

Today I will try to understand a little more about how you think, I have 4 hours until i go to bed early for a very important assesment at work tomorrow
  • #1,079
  • Mar 5, 2009 10:03am Mar 5, 2009 10:03am
Quoting eohater
Your exactly right! I did put together a position based upon other items, but the safer trade is to wait for the setup and take it when it happens..
So my "EO user manual" tells me that close across 35/50EMA only gives reversal with a short wick. So was that correct to sit out going long on current candle?

Edit: Even though it looks like a winner now :-/
  • #1,080
  • Mar 5, 2009 10:03am Mar 5, 2009 10:03am
Quoting nyjetfan
Well I'm trying to just come up to speed on your "textbook" "Trade like EO 101" standard entries. Once I think I've gotten that down, I'll move on to the next class - "Trade like EO 201"


The trade was really easy to take, the resistance and the major spike was through the 15m 35/50. If she spikes that hard through, even if she closes that high, she's going to come back down to atleast touch the 15m 35/50 before continuing her journey. A positive exit is about 90% in my eyes. I've not done the math, but it works.
Just digging in the trenches like everyone else!
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