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  • #2,541
  • May 26, 2009 5:20am May 26, 2009 5:20am
Quoting aediaz1
Why are you cutting winners ?

Price action, fib targets have been reached as well...we are looking at an oversold market in relation to the timeframe I am recieving the information. As well we began to leave long wicks at the bottom showing larger players from higher timeframes might start considering this move down as a retracement since this move down today places it at a bargain for higher timeframes and we can be also experiencing some profit taking from todays push down. So as a trader I always reduce my risk in any trade when possible as long as it goes with the charts. Of course price might drop much further, but as I trader I only react to the current orderflow in the market.

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  • #2,542
  • May 26, 2009 5:36am May 26, 2009 5:36am
Quoting Shermenator
Price action, fib targets have been reached as well...we are looking at an oversold market in relation to the timeframe I am recieving the information. As well we began to leave long wicks at the bottom showing larger players from higher timeframes might start considering this move down as a retracement since this move down today places it at a bargain for higher timeframes. So as a trader I always reduce my risk in any trade when possible as long as it goes with the charts. Of course price...
The concept of oversold/overbought is 1 excellent way to reduce winners. Also, reducing risk can share a correlation with reducing gains if its unwisly done. If you look at your chart, you'll see that eur/usd show signs of a downtrend by making lower highs for the past 4 days. Since we hardly know when a large trend will start/end, we can do nothing else than making a educated guess. Would you let a 1h "pin-bar" tell you that the trend might end?

The spike up could have been made by a company or by traders, we can never know thats why I don't speculate who did what which is very popular in some threads here.
Measure twice, cut once
  • #2,543
  • May 26, 2009 5:53am May 26, 2009 5:53am
Hey aediaz1, how do you determine when to close your positions? A serious question, as I am beginning to see a lot more profitability if one can hold on to (and add to) winners, as opposed to setting targets and scaling out of a position...
  • #2,544
  • May 26, 2009 5:57am May 26, 2009 5:57am
Quoting aediaz1
The concept of oversold/overbought is 1 excellent way to reduce winners. Also, reducing risk can share a correlation with reducing gains if its unwisly done. If you look at your chart, you'll see that eur/usd show signs of a downtrend by making lower highs for the past 4 days. Since we hardly know when a large trend will start/end, we can do nothing else than making a educated guess. Would you let a 1h "pin-bar" tell you that the trend might end?

The spike up could have been made by a company or by traders, we can never know thats why I don't...
It all comes down to how you define trend ...this push down could simply be profit taking from all of last weeks push up ...every timeframe has a different trend so every perspsective is correct . Your view is right as well as mine ,I could be timining a larger timeframe from a smaller timeframe or viceversa , its all about how much money you put in your account based on your plan. I dont look at candle formation as entries or such ...I just see the market is buying at a current price showing me something is being attempted in the other direction of my short telling me to react as well as we have many ways to define trend.
  • #2,545
  • May 26, 2009 6:05am May 26, 2009 6:05am
Quoting Jimmy Jones
Hey aediaz1, how do you determine when to close your positions? A serious question, as I am beginning to see a lot more profitability if one can hold on to (and add to) winners, as opposed to setting targets and scaling out of a position...
Hi, there's normally 5 scenarios on how I close my position;

 

  1. SL is taken out
  2. Price is getting close to a technical level in form of trendline or other patterns.
  3. Price have formed/exceed its average daily range
  4. Price take out a high low in a uptrend or lower high in a downtrend.
  5. Trading-day is about to end.
  6. Stochs ares oversold/overbought (just kidding)

My two favorites are hiding my SL behind the last obvious HL/LH and guess that the trend will not end until I'm rich along with price heading for technical levels.

Measure twice, cut once
  • #2,546
  • May 26, 2009 6:09am May 26, 2009 6:09am
Quoting aediaz1
Hi, there's normally 5 scenarios on how I close my position;

 

  1. SL is taken out
  2. Price is getting close to a technical level in form of trendline or other patterns.
  3. Price have formed/exceed its average daily range
  4. Price take out a high low in a uptrend or lower high in a downtrend.
  5. Trading-day is about to end.
  6. Stochs ares oversold/overbought (just kidding)

My two favorites are hiding my SL behind the last obvious HL/LH and guess that the trend will not end until I'm rich along with price heading for technical levels....

Yep all of those are good...specially the last one their is no exact way of defining such event , but fibbs help me define it when targets are meet as well as the daily range. Thats why I dont use anything butt fibbs trendlines and support and resisitance
  • #2,547
  • May 26, 2009 6:13am May 26, 2009 6:13am
Quoting Shermenator
Yep all of those are good...specially the last one their is no exact way of defining such event , but fibbs help me define it when targets are meet as well as the daily range. Thats why I dont use anything butt fibbs trendlines and support and resisitance
I forgot the fibo the day i opened my eyes a little wider. Just measure huge chunks of data from time to time, nothing else. Aediaz, my man, you still think of opening a V2 place of yours?
  • #2,548
  • May 26, 2009 6:22am May 26, 2009 6:22am
Quoting belekas
I forgot the fibo the day i opened my eyes a little wider. Just measure huge chunks of data from time to time, nothing else. Aediaz, my man, you still think of opening a V2 place of yours?

Hope I dont open my eyes a little wider since this is the way I make a living as a fulltime trader. But what works for me might not work for others.
  • #2,549
  • May 26, 2009 6:29am May 26, 2009 6:29am
Quoting belekas
I forgot the fibo the day i opened my eyes a little wider. Just measure huge chunks of data from time to time, nothing else. Aediaz, my man, you still think of opening a V2 place of yours?
I am when I get some time on my hands. The stars of the show will be;

 

  1. Flat surfaces as S/R
  2. TL from extremes whereas combs will be a sub-category.
  3. Patterns (channels/triangles/wedges etc) á la Igrok.

This is simply a reproduction of Igroks work but I think it could provide a nice lecture in how to use lines efficient, which is rather rare around here.

I also think it could be nice for people who are tired of all the classical (hybrid) way(s) of applying lines and want a more mechanical approach. None of us likes that-looked-nice-in-hindsight-setups which I consider as an major flaw in many classical commonly known TA patterns.

Measure twice, cut once
  • #2,550
  • May 26, 2009 6:33am May 26, 2009 6:33am
Quoting Shermenator
Hope I dont open my eyes a little wider since this is the way I make a living as a fulltime trader. But what works for me might not work for others.
I dont care what works for the others. My money is all that matters. Lets see where we at in 5 more years.
  • #2,551
  • May 26, 2009 6:35am May 26, 2009 6:35am
Quoting aediaz1
I am when I get some time on my hands. The stars of the show will be;

 

  1. Flat surfaces as S/R
  2. TL from extremes whereas combs will be a sub-category.
  3. Patterns (channels/triangles/wedges etc) á la Igrok.

This is simply a reproduction of Igroks work but I think it could provide a nice lecture in how to use lines efficient, which is rather rare around here.

I also think it could be nice for people who are tired of all the classical (hybrid) way(s) of applying lines and want a more mechanical approach. None of us likes that-looked-nice-in-hindsight-setups...

Straight forward plan and those stars looking very bright indeed Just think if its worth the hussle if you know what i mean.
  • #2,552
  • May 26, 2009 6:39am May 26, 2009 6:39am
Quoting belekas
I dont care what works for the others. My money is all that matters. Lets see where we at in 5 more years.
I agree, great minds think alike! Good luck with your journey my friend, leave some pips for me lol.
  • #2,553
  • May 26, 2009 7:04am May 26, 2009 7:04am
Now that the market is starting to retrace a bitt I will be looking to start adding to my position since only 10 percent of the trade is left in risk ...


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  • #2,554
  • May 26, 2009 9:07am May 26, 2009 9:07am
Alright the eurusd has gone after my remainder 10 percent and stopped me out , overall a very easy trading day. Like taking candy from a baby lol..... Alright guys take it easy

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  • #2,555
  • May 26, 2009 9:08am May 26, 2009 9:08am
nice trade Shermenator!
  • #2,556
  • May 26, 2009 6:28pm May 26, 2009 6:28pm
Quoting aediaz1
... á la Igrok.

This is simply a reproduction of Igroks work but I think it could provide a nice lecture in how to use lines efficient, which is rather rare around here. ...
  • #2,557
  • May 27, 2009 1:07am May 27, 2009 1:07am
Looking to buy the eurusd if I get the correct price action...

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  • #2,558
  • May 27, 2009 2:23am May 27, 2009 2:23am
Alright I am currently long in the eurusd I will watch price action in the market...

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  • #2,559
  • May 27, 2009 3:07am May 27, 2009 3:07am
Looking to see if the rising trinagle will hold and retest yesterdays high as first target...I will watch price action and see if the my oponion is wrong and go in the other direction...or at least reduce my risk involved.

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  • #2,560
  • May 27, 2009 4:20am May 27, 2009 4:20am
My analysis concerning E/U with S/R based on Fibs and TP based on Demark.
Critics welcomed.

Airmos
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simple....
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