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Trade what you see NOT what you expect

  • #10,401
  • Apr 29, 2009 9:17am Apr 29, 2009 9:17am
Quoting cisco
I'm thinking price needs to go to 1.4805, at least, before it heads down. Anybody else thinking of a number?

Morning everyone! I wouldn't mind seeing 4805. I'll TP and probably reverse at that point.
Just digging in the trenches like everyone else!
  • #10,402
  • Apr 29, 2009 9:18am Apr 29, 2009 9:18am
Quoting Komissar
Guys,
Another general question.

Does anybody use trailing stops?
If not, what would be the cons?
If yes, what are your usuals trailing ranges?

Thanks.
I've used them when price is trending, but when she's ranging, it'll take you out too soon.
Just digging in the trenches like everyone else!
  • #10,403
  • Apr 29, 2009 9:20am Apr 29, 2009 9:20am
komissar
this is the exact reason I like being in this thread. A simple and to some members an obvious mistake and yet nothing but genuine help and honourable acceptance of that help. This is why I believe that everyone in this thread will succeed together.

I continue to applaud you all

Something else I want to say I cannot remember all details but on one platform I used to use.....I needed to draw the fibs in the way you did originally to show the 1.27 and 1.68 fib extensions. These numbers many will know often provide good targets once price has bounced. If I can upload a chart and show this I will.






Quoting Komissar
Thanks again.

MEA CULPA
  • #10,404
  • Apr 29, 2009 9:21am Apr 29, 2009 9:21am
channel formation on 1hour chart....
Attached Image (click to enlarge)
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Trading is 80% Emotional, 20% Technical
  • #10,405
  • Apr 29, 2009 9:24am Apr 29, 2009 9:24am
Quoting eohater
I've used them when price is trending, but when she's ranging, it'll take you out too soon.
Morning, EO
I know, you prefer BE+ technique.

Let's assume this situation.

Long from 4755.
10 min later it reaches 4775. You will take some, and the rest will be BE+3. 5 min later it gets to 4790.
Would it be good idea to put trailing stop with 30 pip range?
  • #10,406
  • Apr 29, 2009 9:27am Apr 29, 2009 9:27am
Quoting Komissar
Morning, EO
I know, you prefer BE+ technique.

Let's assume this situation.

Long from 4755.
10 min later it reaches 4775. You will take some, and the rest will be BE+3. 5 min later it gets to 4790.
Would it be good idea to put trailing stop with 30 pip range?
If your not going to be able to manage the trade, then yes, that would be excellent, but if you can manage the trade, then you might get stopped out too early. Again, it goes back to whether we're ranging or trending. For example, we've been trending since the open of the Asian Session. Now, we're beginning to range.
Just digging in the trenches like everyone else!
  • #10,407
  • Apr 29, 2009 9:29am Apr 29, 2009 9:29am
Quoting cisco
I'm thinking price needs to go to 1.4805, at least, before it heads down. Anybody else thinking of a number?
Correction: 1.4811

1.4811 is a .618 retracement of the high from 4/16 at 1.5068 to a low on 4/22 of 1.4396.

Nothing says price has to go there, but's it's a logical turning point.
Hi, my name is Barry and you can keep your doctor...
  • #10,408
  • Apr 29, 2009 9:32am Apr 29, 2009 9:32am
Quoting cisco
Correction: 1.4811

1.4811 is a .618 retracement of the high from 4/16 at 1.5068 to a low on 4/22 of 1.4396.

Nothing says price has to go there, but's it's a logical turning point.
Logic is good since we hate the emotion. I'm eyeing the h4 set to close in 1h 30m. I'm covered green from 4710 and I've taken profit, but sellers have shown interest already.
Just digging in the trenches like everyone else!
  • #10,409
  • Apr 29, 2009 9:33am Apr 29, 2009 9:33am
Quoting eohater
Morning everyone! I wouldn't mind seeing 4805. I'll TP and probably reverse at that point.
My longs would love that price..
Patience + Discipline - Greed = Success
  • #10,410
  • Apr 29, 2009 9:34am Apr 29, 2009 9:34am
Quoting eohater
Logic is good since we hate the emotion. I'm eyeing the h4 set to close in 1h 30m. I'm covered green from 4710 and I've taken profit, but sellers have shown interest already.
Great job, bro!
Hi, my name is Barry and you can keep your doctor...
  • #10,411
  • Apr 29, 2009 9:35am Apr 29, 2009 9:35am
Quoting eohater
Logic is good since we hate the emotion. I'm eyeing the h4 set to close in 1h 30m. I'm covered green from 4710 and I've taken profit, but sellers have shown interest already.
Great price bro! I was long last night from 4620 and had an order to close at 4750.. I went long again this morning at 4720, took 50 pips and covered the rest...
Patience + Discipline - Greed = Success
  • #10,412
  • Apr 29, 2009 9:35am Apr 29, 2009 9:35am
Quoting fx local
channel formation on 1hour chart....
Good to see you bro!

I like, here's my eye on it.
Attached Image (click to enlarge)
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Just digging in the trenches like everyone else!
  • #10,413
  • Apr 29, 2009 9:38am Apr 29, 2009 9:38am
Quoting Infinity
Great price bro! I was long last night from 4620 and had an order to close at 4750.. I went long again this morning at 4720, took 50 pips and covered the rest...
Outstanding bro!

Here's why I got in where I did. I didn't have diddly in the Asian/London, but grabbed this seat with my son this morning.
Attached Image (click to enlarge)
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Just digging in the trenches like everyone else!
  • #10,414
  • Apr 29, 2009 9:38am Apr 29, 2009 9:38am
Quoting fx local
channel formation on 1hour chart....
Excellent chart bro!..
Patience + Discipline - Greed = Success
  • #10,415
  • Apr 29, 2009 9:41am Apr 29, 2009 9:41am
Quoting eohater
Outstanding bro!

Here's why I got in where I did. I didn't have diddly in the Asian/London, but grabbed this seat with my son this morning.
Excellent bro! I entered mainly because of the m15 50s...
Patience + Discipline - Greed = Success
  • #10,416
  • Apr 29, 2009 9:44am Apr 29, 2009 9:44am
The DOW is going bonkers. Go figure. Terrible GDP numbers, but consumer spending is up.

For the euro players, Germany expects a negative 6% GDP.
Hi, my name is Barry and you can keep your doctor...
  • #10,417
  • Apr 29, 2009 9:49am Apr 29, 2009 9:49am
Quoting Infinity
Excellent bro! I entered mainly because of the m15 50s...
Sellers keep showing interest bro! H4 is building one hell of a hanging man.
Just digging in the trenches like everyone else!
  • #10,418
  • Apr 29, 2009 9:52am Apr 29, 2009 9:52am
Short?
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  • #10,419
  • Apr 29, 2009 9:54am Apr 29, 2009 9:54am
Quoting cisco
Correction: 1.4811

1.4811 is a .618 retracement of the high from 4/16 at 1.5068 to a low on 4/22 of 1.4396.

Nothing says price has to go there, but's it's a logical turning point.
Im agree, Are we using the same broker??.. althought is now between 50 & 61.8 retracement lines... also I have a horizontal resistance around 1.4770 (4hr TF), so could go down now... Let see what charts & candles show us.
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"Even A Thousand Mile Journey Begins with the First Step"
  • #10,420
  • Apr 29, 2009 9:54am Apr 29, 2009 9:54am
Quoting eohater
Sellers keep showing interest bro! H4 is building one hell of a hanging man.
That is why I took profit at 70.. I am not adding to this position atm... but I am not shorting yet either because we are well above the m15 10 and the 5 is still holding... That h4 close in an hour will be interesting.. either a hanging man or a hammer me thinks..
Patience + Discipline - Greed = Success
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