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Trade what you see NOT what you expect

  • #4,781
  • Mar 30, 2009 5:08am Mar 30, 2009 5:08am
Quoting dariuske
Anybody trade that pin bar?

I didn't because it took out the 4135 support line and was afraid it would drop until the next one (4090).
Seems i was wrong.
Maybe the fact that the candle closed above the support again, was a good sign.

No harm done. Waiting for the next one.
Well I traded it b/c it did close above the support line, and also the fact that sellers were rejected pretty strongly as they approached (but didn't break) the 4100 line. If it broke 4100 (psychological line) I'd probably have stood aside myself. Also, I'd expect some of the shorts from yesterday's Asian session are getting ready to call it a day and are taking profit when they see heavy resistance, letting the current buyers take things northbound for a bit. Of course I'm still standing by waiting to reverse at any time if the setup and PA tell me to do so. Of course the more she moves up, the further she has to fall..
  • #4,782
  • Mar 30, 2009 5:13am Mar 30, 2009 5:13am
Quoting dariuske
Anybody trade that pin bar?

I didn't because it took out the 4135 support line and was afraid it would drop until the next one (4090).
Seems i was wrong.
Maybe the fact that the candle closed above the support again, was a good sign.

No harm done. Waiting for the next one.
Well the next one might only be about 3 minutes away, as you might hear something drop about then..
  • #4,783
  • Mar 30, 2009 5:20am Mar 30, 2009 5:20am
Quoting nyjetfan
Well the next one might only be about 3 minutes away, as you might hear something drop about then..
Anyone take the last pin bar with me at 1.4160ish? (I'm at 1.41598 as my broker does fractional pips).

Well I'm out (covered quickly - possibly too quickly - as I have to take kids to school in 10 mins)
  • #4,784
  • Mar 30, 2009 5:24am Mar 30, 2009 5:24am
take care and enjoy your trip with the kids
  • #4,785
  • Mar 30, 2009 5:25am Mar 30, 2009 5:25am
Quoting dariuske
take care and enjoy your trip with the kids
Thanks. Bag a few pips while I'm gone, and then we can team up again for the US session today.
  • #4,786
  • Mar 30, 2009 5:37am Mar 30, 2009 5:37am
Market in range for the last 3-4hours. I see 1.415 support from march 19th. if this breaks then i see 1.3913 as next target.
May not happen until NY session.

Just my opinion, will watch with intrest.
  • #4,787
  • Mar 30, 2009 7:45am Mar 30, 2009 7:45am
Took a short at 50MA's, but closed out (at +3) already because it didn't really bounce off of it. Not enough movement for me, so i closed it.
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  • #4,788
  • Mar 30, 2009 7:56am Mar 30, 2009 7:56am
I'm kinda looking for a bounce north around 1.4170. Anybody else thinking north?
Hi, my name is Barry and you can keep your doctor...
  • #4,789
  • Mar 30, 2009 7:59am Mar 30, 2009 7:59am
Quoting cisco
I'm kinda looking for a bounce north around 1.4170. Anybody else thinking north?
Yes, good morning Cisco...I do have an upward bias...waiting for those candles to talk to me
  • #4,790
  • Mar 30, 2009 8:02am Mar 30, 2009 8:02am
Quoting rt4x
Yes, good morning Cisco...I do have an upward bias...waiting for those candles to talk to me
We do have a double top tweezers on the hourly, so be careful.
Hi, my name is Barry and you can keep your doctor...
  • #4,791
  • Mar 30, 2009 8:08am Mar 30, 2009 8:08am
yeah see what you mean about the bounce off 1.4170. hope not cause i am short...
  • #4,792
  • Mar 30, 2009 8:09am Mar 30, 2009 8:09am
Quoting dariuske
Took a short at 50MA's, but closed out (at +3) already because it didn't really bounce off of it. Not enough movement for me, so i closed it.
closed it too early

but i had green pips that's the most important thing
  • #4,793
  • Mar 30, 2009 8:10am Mar 30, 2009 8:10am
Quoting cisco
We do have a double top tweezers on the hourly, so be careful.
I thought tweezers were a sign of possible reverse so to me that means down. Please correct if I have it backwards or explane further.
Thanks,
Art
  • #4,794
  • Mar 30, 2009 8:20am Mar 30, 2009 8:20am
Quoting Spitfire
I thought tweezers were a sign of possible reverse so to me that means down. Please correct if I have it backwards or explane further.
Thanks,
Art
You're right. Tweezers often signal a reversal. That's why I said to be careful when I thought we might get a bounce north. The bounce would be contradictory to the tweezers.

Since there's no major news today, we might just trade with the direction of the DOW. Right now the DOW is set to open down about 170.
Hi, my name is Barry and you can keep your doctor...
  • #4,795
  • Mar 30, 2009 8:23am Mar 30, 2009 8:23am
the most common use of tweezers is indeed reversal

that's why cisco said to be carefull, cause rt4x was talking about an upward bias, but since there is a tweezer top at the 1h, he has got to keep that in mind when going north
  • #4,796
  • Mar 30, 2009 8:25am Mar 30, 2009 8:25am
Quoting cisco
You're right. Tweezers often signal a reversal. That's why I said to be careful when I thought we might get a bounce north. The bounce would be contradictory to the tweezers.

Since there's no major news today, we might just trade with the direction of the DOW. Right now the DOW is set to open down about 170.
Thanks. U were responding to rt4x up bias statmt. Being way too analytical
Art
  • #4,797
  • Mar 30, 2009 8:28am Mar 30, 2009 8:28am
Good morning everyone! I trust everyone has had some nice trades so far. I've had a very good start to the week. I'm currently short again from 4200, I've taken 50 off and covered the rest. I can see 4020 today.
Just digging in the trenches like everyone else!
  • #4,798
  • Mar 30, 2009 8:30am Mar 30, 2009 8:30am
Today is going to be an wacked out day for me to trade. I have an employee out today and I have meetings throughout the day. So, I don't know how much I'll be around.
Just digging in the trenches like everyone else!
  • #4,799
  • Mar 30, 2009 8:31am Mar 30, 2009 8:31am
Quoting eohater
Good morning everyone! I trust everyone has had some nice trades so far. I've had a very good start to the week. I'm currently short again from 4200, I've taken 50 off and covered the rest. I can see 4020 today.
Hi EO,

Did you also trade it with the 50MA's as being resistance?
  • #4,800
  • Mar 30, 2009 8:33am Mar 30, 2009 8:33am
Quoting eohater
I can see 4020 today.
How could I be so wrong? I was thinking 1.4039.
Hi, my name is Barry and you can keep your doctor...
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