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Trade what you see NOT what you expect

  • #2,341
  • Mar 16, 2009 1:05pm Mar 16, 2009 1:05pm
Quoting cisco
Hourly tweezer tops and a bearish engulfing candle shaping up.
Cisco - What do tweezers typically tell you with respect to anticipated price? That's definitely a new pattern to me that I've not seen any references to prior to this thread.
  • #2,342
  • Mar 16, 2009 1:08pm Mar 16, 2009 1:08pm
Well, that trade didn't turn out like I wanted. +3 and now I'm back on the sides.
Just digging in the trenches like everyone else!
  • #2,343
  • Mar 16, 2009 1:11pm Mar 16, 2009 1:11pm
Quoting nyjetfan
Cisco - What do tweezers typically tell you with respect to anticipated price? That's definitely a new pattern to me that I've not seen any references to prior to this thread.
Tweezer tops refers to the last two candles having nearly identical highs. Often times it can signal a reversal.

After this last hourly candle closed, confirming the engulfing pattern I was hoping to see a little retracement before considering a short. I didn't play the short at this level because we're just a few pips higher than Friday's close.

So far today, Friday's close has provided good support. Maybe EO and Infinity would have played it differently. I'm interested to hear their opinion on it.
Hi, my name is Barry and you can keep your doctor...
  • #2,344
  • Mar 16, 2009 1:12pm Mar 16, 2009 1:12pm
EO, are the 2 wicks (15min) going to come into play for longs?
  • #2,345
  • Mar 16, 2009 1:13pm Mar 16, 2009 1:13pm
I find that tweezers are relevant near tops and bottoms but not in the middle like this. It seems more like consolidation
  • #2,346
  • Mar 16, 2009 1:15pm Mar 16, 2009 1:15pm
Quoting cisco
Tweezer tops refers to the last two candles having nearly identical highs. Often times it can signal a reversal.

After this last hourly candle closed, confirming the engulfing pattern I was hoping to see a little retracement before considering a short. I didn't play the short at this level because we're just a few pips higher than Friday's close.

So far today, Friday's close has provided good support. Maybe EO and Infinity would have played it differently. I'm interested to hear their opinion on it.
I remember reading somewhere that the previous day's high, low, close and open would typically provide "significant levels" for the trading day. Might have to try to dig that one up, as it appears there could be some merit to it (at the time I didn't see it, but that doesn't mean it wasn't true).
  • #2,347
  • Mar 16, 2009 1:18pm Mar 16, 2009 1:18pm
Quoting nyjetfan
I remember reading somewhere that the previous day's high, low, close and open would typically provide "significant levels" for the trading day. Might have to try to dig that one up, as it appears there could be some merit to it (at the time I didn't see it, but that doesn't mean it wasn't true).
I don't think Infinity or I have posted the tweezer setup here in this thread. I know we have in the cable thread. Infinity took one last week that he posted and I answered a question on.
Just digging in the trenches like everyone else!
  • #2,348
  • Mar 16, 2009 1:18pm Mar 16, 2009 1:18pm
Quoting nyjetfan
I remember reading somewhere that the previous day's high, low, close and open would typically provide "significant levels" for the trading day. Might have to try to dig that one up, as it appears there could be some merit to it (at the time I didn't see it, but that doesn't mean it wasn't true).
You're right, they do hold weight. They're also the numbers that are used to calculate pivot points, if I remember correctly.
Hi, my name is Barry and you can keep your doctor...
  • #2,349
  • Mar 16, 2009 1:18pm Mar 16, 2009 1:18pm
Quoting FOURX
EO, are the 2 wicks (15min) going to come into play for longs?
I'm hoping so! I took a long position at 4080.
Just digging in the trenches like everyone else!
  • #2,350
  • Mar 16, 2009 1:19pm Mar 16, 2009 1:19pm
Quoting eohater
I'm hoping so! I took a long position at 4080.
PRIOR PA. It's always in play.
Just digging in the trenches like everyone else!
  • #2,351
  • Mar 16, 2009 1:24pm Mar 16, 2009 1:24pm
Quoting eohater
PRIOR PA. It's always in play.
Here's a chart
Attached Image (click to enlarge)
Click to Enlarge Name: chart.PNG Size: 59 KB
Just digging in the trenches like everyone else!
  • #2,352
  • Mar 16, 2009 1:25pm Mar 16, 2009 1:25pm
thanks
  • #2,353
  • Mar 16, 2009 1:34pm Mar 16, 2009 1:34pm
If we are talking about tweezers, better look at 4H. That tweezers are perfect.
  • #2,354
  • Mar 16, 2009 1:35pm Mar 16, 2009 1:35pm
Quoting eohater
Here's a chart
EO - To be clear, you are using that pin as your "controller" at this point, so you'd be long at 1.4080 and your stop los would be tucked in about 4028 (25 pips below the circled candle wick)?
  • #2,355
  • Mar 16, 2009 1:39pm Mar 16, 2009 1:39pm
Quoting nyjetfan
EO - To be clear, you are using that pin as your "controller" at this point, so you'd be long at 1.4080 and your stop los would be tucked in about 4028 (25 pips below the circled candle wick)?
That is correct. I'm also using a trendline I have on the 15m. But, I'm about ready to TP with +4 and wait. She's not getting above the 5/10 like I would like.
Just digging in the trenches like everyone else!
  • #2,356
  • Mar 16, 2009 1:49pm Mar 16, 2009 1:49pm
I'm covering my position at +3 and TP set for 4120.
Just digging in the trenches like everyone else!
  • #2,357
  • Mar 16, 2009 1:53pm Mar 16, 2009 1:53pm
If we could get price up to around the 15m 21ema then we could make a right shoulder on a small shampoo.

Anything to break out of this boring rut we're in!
Hi, my name is Barry and you can keep your doctor...
  • #2,358
  • Mar 16, 2009 1:55pm Mar 16, 2009 1:55pm
Quoting cisco
If we could get price up to around the 15m 21ema then we could make a right shoulder on a small shampoo.

Anything to break out of this boring rut we're in!
I think we can call it travel size shampoo....

Works for me!
Just digging in the trenches like everyone else!
  • #2,359
  • Mar 16, 2009 1:57pm Mar 16, 2009 1:57pm
Quoting eohater
I think we can call it travel size shampoo....

Works for me!
Hell yeah!!!!
Hi, my name is Barry and you can keep your doctor...
  • #2,360
  • Mar 16, 2009 2:04pm Mar 16, 2009 2:04pm
What I'm about to say is not meant to be bragging.

Since I took the trade off the h1 62 last night I'm up over 380 pips, and I'm quite sure I left a ton of pips on the table. I know for a fact that I haven't taken all the trades that were available because I was so cautious.

What I'm trying to say is, just using EO's playbook you can do quite well if you're patient.

Thanks EO
Hi, my name is Barry and you can keep your doctor...
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