Attachments: Trade what you see NOT what you expect

Trade what you see NOT what you expect

#11,361
May 7, 2009 2:38pm May 7, 2009 2:38pm

Kenneth Lee
Joined Nov 2008 | Status: Trade Inspiration Not Despiration . | 4,827 Posts

When going over prior charts to find major and minor support/resistance points and marking them in preparation for the current day's setups, what is a good rule of thumb to use as to how far back in time and what timeframe chart to use? I've heard 60 mins is good, but 1 day back? 5 days? what do you fellows (and ladies,if any) use?

First download the PDF page 1.. You will see that the startegy uses 15/1hr/4hr and dailly charts. A support or esitance or trendline of a higher time frame normally holds greater interest.. But all time frames can and do effect the price action. But if price hasn't been somewhere in say a year. You would have to dig up those old charts and see how it reacted then. Hope this helps some . Not any straight forward answer. Just plot the near price areas and as they break look for the next ones. But always have them marked on all your different charts . Tht way as price breaks a lower time frame .You can glance at your next higher chart for the most likelly area to watch..

If you just watch EO and Infinty's chart posts you will get it quick enough..

By the Way Welcome... Ken Lee

Good Trading To All ; Ken Lee

#11,362
May 7, 2009 2:38pm May 7, 2009 2:38pm

cisco
| Joined Sep 2006 | Status: Trader | 2,228 Posts

We're sitting right at yesterday's lows.

Nothing technical makes me think this, but, I wonder if we don't head higher after the stock market closes.

I can only guess why we've stalled out here. Maybe traders are awaiting official results of the bank stress tests.

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

#11,363
May 7, 2009 2:42pm May 7, 2009 2:42pm

Kenneth Lee
Joined Nov 2008 | Status: Trade Inspiration Not Despiration . | 4,827 Posts

Quoting cisco

Disliked

We're sitting right at yesterday's lows.

Nothing technical makes me think this, but, I wonder if we don't head higher after the stock market closes.

I can only guess why we've stalled out here. Maybe traders are awaiting official results of the bank stress tests.

Ignored

I thought that earlier and took a long position, Right before it decided to crash down... Think I will wait for a little move up and a retest this time...

Good Trading To All ; Ken Lee

#11,364
May 7, 2009 2:44pm May 7, 2009 2:44pm

Shilva
| Joined Jul 2008 | Status: Trader | 1,010 Posts

Quoting KENNETH lEE

Disliked

That little touch of the 21 ema was worth 20 pips... I took 7 LOL

Ignored

I shorted it 5005 on the first touch of the 21ema and did not take profit in time....stoped out with +4

Shorted her again about the same price.. will not let it go against me this time either.

stop at BE......if it gets me again will wait till early Asian!

#11,365
May 7, 2009 2:45pm May 7, 2009 2:45pm

Shilva
| Joined Jul 2008 | Status: Trader | 1,010 Posts

Quoting Shilva

Disliked

I shorted it 5005 on the first touch of the 21ema and did not take profit in time....stoped out with +4

Shorted her again about the same price.. will not let it go against me this time either.

stop at BE......if it gets me again will wait till early Asian!

Ignored

and stopped out....broker made more then I did

#11,366
May 7, 2009 2:49pm May 7, 2009 2:49pm

eohater
Joined May 2008 | Status: "One for all, and all for one" | 11,228 Posts

Quoting Shilva

Disliked

and stopped out....broker made more then I did

Ignored

Keep you eye on your h4 closing in 11m.

Just digging in the trenches like everyone else!

#11,367
May 7, 2009 2:49pm May 7, 2009 2:49pm

Kenneth Lee
Joined Nov 2008 | Status: Trade Inspiration Not Despiration . | 4,827 Posts

Quoting Shilva

Disliked

I shorted it 5005 on the first touch of the 21ema and did not take profit in time....stoped out with +4

Shorted her again about the same price.. will not let it go against me this time either.

stop at BE......if it gets me again will wait till early Asian!

Ignored

Hey as far as any of us know that could be $40,000.00 to you ... and I will back you up on that.. ( for a small FEE )

Attached Image

Good Trading To All ; Ken Lee

#11,368
May 7, 2009 2:51pm May 7, 2009 2:51pm

Kenneth Lee
Joined Nov 2008 | Status: Trade Inspiration Not Despiration . | 4,827 Posts

Quoting eohater

Disliked

Keep you eye on your h4 closing in 11m.

Ignored

What a PIN.... Supports Cisco long theory... Of course 9 minutes is a enternity in Forex...

Good Trading To All ; Ken Lee

#11,369
May 7, 2009 3:09pm May 7, 2009 3:09pm

EzRidr62
| Joined May 2009 | Status: Trader | 47 Posts

Quote

Disliked

"If you just watch EO and Infinity's chart posts you will get it quick enough..

By the Way Welcome... Ken Lee"

Thanks for the reply, Ken.... and the advice, and the welcome.

#11,370
May 7, 2009 3:15pm May 7, 2009 3:15pm

eohater
Joined May 2008 | Status: "One for all, and all for one" | 11,228 Posts

Quoting EzRidr62

Disliked

Greetings, EO, and All who post here:

I've been in and out, watching with interest, and trying to learn the terminology and complete reading this thread in it's entirety from beginning to now, but,like every good book, the end is worth peeking at.
That said, and also a little background. I come from a camp that does not use candle charts, but a hybrid type charting system that combines ATR, price, MA's,etc. to give a double line chart that measures price AND buying/selling pressure. As a newbie to trading in general,(6 months now) I began...

Ignored

Welcome to the thread Ez!

Ken had a great response to your post. Unfortunately, I'm swamped in my office as of late, but look forward to getting back into the thread full time soon. I have to take care of my first obligation before I focus on trading. I hope you understand. We have some great traders here in our thread. Please ask questions anytime.

Trade well!
EO

Just digging in the trenches like everyone else!

#11,371
May 7, 2009 3:16pm May 7, 2009 3:16pm

eohater
Joined May 2008 | Status: "One for all, and all for one" | 11,228 Posts

Quoting KENNETH lEE

Disliked

What a PIN.... Supports Cisco long theory... Of course 9 minutes is a enternity in Forex...

Ignored

That is a hell of a pin, but I'm not ready to fire long rockets just yet. Wrong time of day for me. I will though be looking in a couple of hours for a long position. I can see at 15m 35/50 cross and reverse order coming up that might send us back to the 497x region for a good long position. We will see of course. For now, I'm outta here. I will be on tonight though.

Just digging in the trenches like everyone else!

#11,372
May 7, 2009 3:22pm May 7, 2009 3:22pm

EzRidr62
| Joined May 2009 | Status: Trader | 47 Posts

Quoting eohater

Disliked

Welcome to the thread Ez!

Ken had a great response to your post. Unfortunately, I'm swamped in my office as of late, but look forward to getting back into the thread full time soon. I have to take care of my first obligation before I focus on trading. I hope you understand. We have some great traders here in our thread. Please ask questions anytime.

Trade well!
EO

Ignored

Thanks, eo!

I'm looking forward to finally understanding what I read here by researching what I see to get a firm handle on it. I perfectly understand having primary responsibilities, as I try to learn while I work full time.

Talk soon,
Ez

#11,373
May 7, 2009 3:44pm May 7, 2009 3:44pm