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  • #98,421
  • May 20, 2009 5:51pm May 20, 2009 5:51pm
Quoting Chicky
Thanks Shamu, I will be at home waiting. I am not sure if you got a chance to read my yesterday's delayed reply - I am at East Coast, NY.
Chicky,

Here are the charts. 1H, 4H and Daily.
I use the Gann HiLo to decide where the trend is going.
For this purpose I look mainly at the 4H chart. So I think that the trend is still up.
But who knows, we might be at the reversal. If the support @ 1.3738 is breached then I'll definitely be looking for short.
For scalp trades I use the 15Min chart.
The Gann HiLo in combination with QQE and Momentum are mighty weapons in this fight.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eu 050-20 - 1h-.gif Size: 29 KB
Click to Enlarge Name: eu 050-20 - 4h-.gif Size: 28 KB
Click to Enlarge Name: eu 050-20 - 24h-.gif Size: 28 KB
New voice message: Why are you calling me? If I need you, I'll call you!
  • #98,422
  • May 20, 2009 5:55pm May 20, 2009 5:55pm
And here are the 5 min. and the 15 min that I use for scalping.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eu 050-20 - 5min.gif Size: 24 KB
Click to Enlarge Name: eu 050-20 - 15min.gif Size: 23 KB
New voice message: Why are you calling me? If I need you, I'll call you!
  • #98,423
  • May 20, 2009 5:55pm May 20, 2009 5:55pm
Quoting Larseg
At least you didn't lose 90 pips for holding your short

and gaining only 50 pips because you went away from you're strategy on GBP/usd and take the whole 300 pips... crap...

If anyone have a good solution for not taking profits to early i would have been pleased... trading in 90/300 scale...
You'll have to develop your own system for taking profits that fits into your trading style but what I do is before I even enter a trade I pick 3 points where I feel price will go and take partial profits at each point while moving my stop loss above break even after the first TP is hit.
  • #98,424
  • May 20, 2009 6:07pm May 20, 2009 6:07pm
And 1 more daily chart that explains why I think the reversal is near:
Fib 61.8 is @ 1.3851, we might get a reversal there.
But who knows, at least it is something I keep in mind and closely watch.
Attached Image (click to enlarge)
Click to Enlarge Name: eu 050-20 - daily.gif Size: 29 KB
New voice message: Why are you calling me? If I need you, I'll call you!
  • #98,425
  • May 20, 2009 6:20pm May 20, 2009 6:20pm
Quoting GrnEydGuy
You'll have to develop your own system for taking profits that fits into your trading style but what I do is before I even enter a trade I pick 3 points where I feel price will go and take partial profits at each point while moving my stop loss above break even after the first TP is hit.

The problem is that I use 4 systems on eurusd and gbpusd which I know work
since I have tested and used all of them for over one year now... But still.. I just have to take profit to early.... and off course SL runs all the way...

I still make good money but could have done so much better by doing less...

Normally keeps positions from 1-4 days.... couple of weeks happens also but is rare....

I don't like changing the SL to BE because that costs me more than giving it some space...

Just find it rare that I still take TP to early even after trading for close to two years now...
  • #98,426
  • May 20, 2009 6:26pm May 20, 2009 6:26pm
Quoting banzai
I didn't see the double bottoms yesterday. I was looking at the 3 tops. I missed a good long entry.
Your Most Excellent Post points out a couple things I really have been harping on for awhile here.

The first is the constant challenge to separate "what we see" from "what we're looking at" and interpret it correctly. You looked at one thing and "saw" something else. Extraordinarily easy to do... Bet you don't do it again any time soon tho...

The second is something I used to see alot trading geppy... it's like the Yoorow has gone a bit schizo on us and is doing the same thing with increasing frequency. Most any other time, you'd see all those bullish wicks as failed attempts to go higher and the accompanying "price exhaustion" i think they call it, and start feeling bearish. Maybe so...

But for some time now, I allow for the potential scenario of determined buyers soaking up the sell orders, then taking out the stops and pocketing the proceeds.

I think everyone should trade Geppy on a demo for a week at least to shake up your Convictions and stretch the connection between your Eyeballs and your Brain a little bit...
Attached Image


The price exhaustion theory may hold some water for some short term intrasession moves, but when you have any given level getting "hammered on" like your chart shows, it's time to ask the question "Who's really getting exhausted here...?"

I'm long, been long thru the FOMC for some nice pips and long again after the retrace from 3770, and I'm stayin long even if I may not be in a trade at any given point while stalking the Quarry...

Stay nimble...

Chart shows fib and pivot convergences... (R1 and R2 in particular)
Attached Image
FUBAR...
  • #98,427
  • May 20, 2009 6:27pm May 20, 2009 6:27pm
Quoting Larseg
The problem is that I use 4 systems on eurusd and gbpusd which I know work
since I have tested and used all of them for over one year now... But still.. I just have to take profit to early.......

Like I said... scale your positions back and always let some of it run. Thats what I do anyway.

When I first started trading live, the 1st week as a matter of fact, I lost nearly every trade because my TP were to far out and my SL was too tight.

I quit trading for a week while I analyzed every trade and discovered that my SL were being set where I actually should have been entering the trades. I was so furious because it was nearly to the pip every time. I thought Oanda was stop hunting me, but I was just not paying close enough attention.

After making those 2 adjustments things turned around significantly for me.

Hope you find your solution soon.

Peace
  • #98,428
  • May 20, 2009 6:31pm May 20, 2009 6:31pm
Quoting babyleaps
...to everyone who has taken the time and energy to post to this thread. I have learned more lurking here than in many active Skype rooms..........

Hats off to you!
No one has said welcome yet so; Welcome aboard. You need to know only two things---- one; If you are woman stay away from Gator. And two--- If your a farm animal stay away from Gator.
Keep one and two in mind, and happy trading
  • #98,429
  • May 20, 2009 6:31pm May 20, 2009 6:31pm
For example... what does your 15m/30m chart show right now...?

A textbook shampoo or a continuation north? It ain't a shampoo till the neckline breaks and clears on some decent TF...
FUBAR...
  • #98,430
  • May 20, 2009 6:33pm May 20, 2009 6:33pm
Quoting knuckledrag
You need to know only two things----
Geez knucklehead, you owe me another keyboard.

Rootbeer this time...
FUBAR...
  • #98,431
  • May 20, 2009 6:35pm May 20, 2009 6:35pm
dollar index has bullish divergence, however today might be too early.

Might risk piecing in.
  • #98,432
  • May 20, 2009 6:37pm May 20, 2009 6:37pm
Quoting GrnEydGuy
You'll have to develop your own system for taking profits that fits into your trading style but what I do is before I even enter a trade I pick 3 points where I feel price will go and take partial profits at each point while moving my stop loss above break even after the first TP is hit.
did you enjoy the trip? i got an indication in the short term it will go bounce of 4910.(a little over shot is normal).. we will see..but my bigger time frame showed it bouncing off 4958 slower time frame are less reliable.
those who can, do. those who cant, talk about those who can
  • #98,433
  • May 20, 2009 6:40pm May 20, 2009 6:40pm
Quoting ak4x
Geez knucklehead, you owe me another keyboard.

Rootbeer this time...
Sorry
  • #98,434
  • May 20, 2009 6:40pm May 20, 2009 6:40pm
Quoting KillerWhale
And here are the 5 min. and the 15 min that I use for scalping.
Thanks Shamu. I gonna study them right away. Basically, I am trying to find a way of maximizing profit by considering some adjustment to my method. See what comes out. Thanks again Shamu.
The Thief of Wall Street
  • #98,435
  • May 20, 2009 6:41pm May 20, 2009 6:41pm
my plan is to wait for 1.3730s to re-enter long
  • #98,436
  • May 20, 2009 6:44pm May 20, 2009 6:44pm
Quoting GrnEydGuy
Like I said... scale your positions back and always let some of it run....

Yes, so the trick is actually to blow an account for really understanding
and then you will keep to you're strategies

I think I am to aggressive which comes from daytrading stocks where you only have one day (unless you like the open/closing gaps)...

I love to use fixed pips and will continue using it (because of the range I am trading).


In stocks I also did the same adjustment where SL was suppose to be my entering point... ( I think we just see what other people don't see to early and believe they see it too or hold on? is it the other way around....


Have to print out some papers telling me to leave the setups/ SL/TP alone!!!!
  • #98,437
  • May 20, 2009 6:49pm May 20, 2009 6:49pm
Quoting gatorinla
did you enjoy the trip? i got an indication in the short term it will go bounce of 4910.(a little over shot is normal).. we will see..but my bigger time frame showed it bouncing off 4958 slower time frame are less reliable.
Absolutely... so far so good.

Basically I entered on 4 things:

Strong Support
23.6 Fib
Stoch Divergence
Mid channel bounce inside of a triangle formation

This is purely technical I have not mastered the addition of outside correlations as of yet... especially with this pair.

I am targeting the bottom of the channel for my short... but if you have good evidence of this going back up I will take partial profits and move SL to BE.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy 52009.gif Size: 33 KB
  • #98,438
  • May 20, 2009 6:53pm May 20, 2009 6:53pm
Quoting GrnEydGuy
Absolutely... so far so good.

Basically I entered on 4 things:

Strong Support
23.6 Fib
Stoch Divergence
Mid channel bounce inside of a triangle formation

This is purely technical I have not mastered the addition of outside correlations as of yet... especially with this pair.

I am targeting the bottom of the channel for my short... but if you have good evidence of this going back up I will take partial profits and move SL to BE.
Actually after closer inspection my TP is in the 146.50 neighborhood +/- 20 pips or so.
  • #98,439
  • May 20, 2009 7:04pm May 20, 2009 7:04pm
Quoting GrnEydGuy
Actually after closer inspection my TP is in the 146.50 neighborhood +/- 20 pips or so.
no not yet... i was playing it both ways.. you should be ok.. im never comfortable counter trend..lets see what japan does now.. keep on toes just in case.. this is the beast..
those who can, do. those who cant, talk about those who can
  • #98,440
  • May 20, 2009 7:12pm May 20, 2009 7:12pm
AI Forecast EOD - 21/05:

High: 1.3882
Low: 1.3727
2,936 traders viewing now, 1 is registered:
oggalan