Sitting on a long from earlier, just locked it in at +2 (its +8 at the moment) to ride out the news. Hopefully the news will give her liftoff, but if not I'm two pips closer on my quest for a million pips 
Trade what you see NOT what you expect
- #2,702
- Mar 18, 2009 7:18am Mar 18, 2009 7:18am
PMN - Not sure about which candles you are referring to, but the ones to the left of the first pin (first circled candle) were during my sleeptime, but EO was probably awake then (he never sleeps..). Looking at the chart, we had a "lull before the storm" which would've allowed folks to do some scalping across the MA's as things "ping-ponged" back and forth.
There have been several posts about how to scalp in this type of environment - try these posts (which are also in the pdf) for starting points:
1155, 27 (and I'm sure there are others)....
- #2,704
- Edited 7:33am Mar 18, 2009 7:22am | Edited 7:33am
Sitting on a long from earlier, just locked it in at +2 (its +8 at the moment) to ride out the news. Hopefully the news will give her liftoff, but if not I'm two pips closer on my quest for a million pips
In honor of EO's generosity of buying when he gets +3 pips (and taking into account his pip size vs mine) - order up, round of tap water on me!
Edit: My charting software shows 3926 as the peak of the recent surge...whew, got lucky on that one! Well upon further review, it appears the move had at least another 15 pips in her (possibly more), but I'll take 35 any time I can get'em.
- #2,705
- Mar 18, 2009 7:31am Mar 18, 2009 7:31am
- Joined Feb 2008 | Status: Trader | 5,732 Posts
I wonder if we'll get a shampoo off 4050....
Patience + Discipline - Greed = Success
- #2,707
- Mar 18, 2009 7:38am Mar 18, 2009 7:38am
- | Joined Sep 2006 | Status: Trader | 2,228 Posts
Hi, my name is Barry and you can keep your doctor...
- #2,708
- Mar 18, 2009 7:41am Mar 18, 2009 7:41am
- Joined Feb 2008 | Status: Trader | 5,732 Posts
Patience + Discipline - Greed = Success
- #2,709
- Mar 18, 2009 7:43am Mar 18, 2009 7:43am
- | Joined Sep 2006 | Status: Trader | 2,228 Posts
Morning... I agree... but I think it will retest the broken neckline around 4000 first... I'll be watching that area...
Hi, my name is Barry and you can keep your doctor...
- #2,710
- Mar 18, 2009 7:45am Mar 18, 2009 7:45am
- Joined Feb 2008 | Status: Trader | 5,732 Posts
I agree wholeheartedly, doctor!
Patience + Discipline - Greed = Success
- #2,712
- Mar 18, 2009 7:51am Mar 18, 2009 7:51am
- | Joined Sep 2006 | Status: Trader | 2,228 Posts
Hi, my name is Barry and you can keep your doctor...
- #2,713
- Mar 18, 2009 7:51am Mar 18, 2009 7:51am
- Joined Feb 2008 | Status: Trader | 5,732 Posts
that would be nice, it's about my 1h 62ema
Patience + Discipline - Greed = Success
- #2,714
- Mar 18, 2009 7:51am Mar 18, 2009 7:51am
Hey NY.
Why were you long at 1.3890 ?
See the attached chart. I ignored the long spike candle as that was news, but after the news, I saw the two candles by arrow - they were what I considered my "controlling pin" and played off the 3866 low/resistance area. My entry was about at the open of the green that is two to the right of the candle with the arrow under it. It appears I left some pips on the table, as I had set a TP when I opened it, and covered at ~+8 as we were heading into the news.
So for this one my SL was at 1.3841 (25 pips below the low of - again, ignoring the long wick of the previous news) and I looked for +35 (more arbitrary but it puts me at +101 for the day) - of course looking now I could be pretty near +100, but as the old saying goes - another bus will be along shortly. (My biggest challenge to date has been patience in times like this and waiting for the next trade to develop, as opposed to getting back in regardless of setup.)
Hope you find this useful, if not feel free to ask additional questions and I'll try to explain further.
Side note: I typically try to stick to the setups documented in the PDF, but they aren't always "clear cut" to the letter as we'd like. While I'm grateful and amazed by EO, Infinity, et al's abilities, you have to take what's been presented and figure out how you can make it work for you. I read somewhere that all indicators/systems *WORK*, but 99% of them won't work for you (or I). So I can say this one is definitely working for me to date, but yet I feel like I've barely scratched the surface. My personal opinion is that putting together the PDF was a huge benefit in learning and understanding the system and setups, as it required me to scour the entire thread for every possible nugget worth mentioning/including there.
Best of luck!
Morning... I agree... but I think it will retest the broken neckline around 4000 first... I'll be watching that area...
Thanks to ALL of you for support ...let's get them green pips !!!
- #2,720
- Mar 18, 2009 8:02am Mar 18, 2009 8:02am
- | Joined Sep 2006 | Status: Trader | 2,228 Posts
Hi, my name is Barry and you can keep your doctor...