Yesterday, I said that I had a short order at 1.3969....
Good luck, really good luck. I'm flat now, but will not believe we are going for a long ride until we see 1.3745ish act as resistance
. Lets just play it as it comes. Later Dude
- #106,881
- Jun 5, 2009 8:07pm Jun 5, 2009 8:07pm
- Joined Sep 2008 | Status: Are you sure this is how its done? | 2,331 Posts
Good luck, really good luck. I'm flat now, but will not believe we are going for a long ride until we see 1.3745ish act as resistance
. Lets just play it as it comes. Later Dude
- #106,882
- Jun 5, 2009 8:30pm Jun 5, 2009 8:30pm
- Joined Jan 2008 | Status: HEY! WHA' HAPPENED? | 15,496 Posts
Good luck, really good luck. I'm flat now, but will not believe we are going for a long ride until we see 1.3745ish act as resistance
Later Dude
Thanks for the kind words. I'd love to see a chart of yours if you don't mind. Just curious how you got to the 3745ish conclusion.
Not all sins are created equal
- #106,883
- Jun 5, 2009 9:15pm Jun 5, 2009 9:15pm
- Joined Sep 2008 | Status: Are you sure this is how its done? | 2,331 Posts
3745 would be good for me.
Thanks for the kind words. I'd love to see a chart of yours if you don't mind. Just curious how you got to the 3745ish conclusion.
38.2 fib
I'm not smart enough to make this shit up.
- #106,884
- Jun 5, 2009 9:33pm Jun 5, 2009 9:33pm
- Joined Jan 2008 | Status: HEY! WHA' HAPPENED? | 15,496 Posts
38.2 fib
Not all sins are created equal
- #106,885
- Jun 5, 2009 9:33pm Jun 5, 2009 9:33pm
- Joined Mar 2008 | Status: He who believes has eternal life. | 3,764 Posts
38.2 fib
The things that we love tell us what we are Thanks Redsword11 and Tim Morge
- #106,886
- Jun 5, 2009 9:39pm Jun 5, 2009 9:39pm
- | Membership Revoked | Joined Oct 2008 | 2,791 Posts
Where is Ali? He still has his H&S shorts open? lol
- #106,887
- Edited 9:54pm Jun 5, 2009 9:42pm | Edited 9:54pm
- Joined Sep 2008 | Status: Are you sure this is how its done? | 2,331 Posts
- #106,889
- Jun 5, 2009 10:59pm Jun 5, 2009 10:59pm
- | Membership Revoked | Joined Oct 2008 | 2,791 Posts
lol awesome man!
yesterday i was looking to Pm you...but i was not able to find that option in ur profile.
- #106,890
- Jun 5, 2009 11:07pm Jun 5, 2009 11:07pm
- | Membership Revoked | Joined Oct 2008 | 2,791 Posts
- #106,892
- Jun 6, 2009 12:00am Jun 6, 2009 12:00am
- | Joined Feb 2009 | Status: where did my "R" go? :p | 443 Posts
TrooperCoope any chance you could share your method?
Its not what most would consider a fixed system. Its very discretionary. Basically I have horizontal R&S lines drawn on my chart for the m5 and h1. Also some trendlines every now and then if they have profen reliable in the past. No real indicators. I do throw a bollinger band in there sometimes, but I barely use it...
Then I watch the m1 chart and how price behaves when it is nearing those important levels that I marked, trying to figure out if the move is loosing strength or not. And on the first sign of a reversal I jump in. Just recently I have begun to use a tick chart from another broker as well (my MT4 broker doesnt have one) and it looks like it can further improve my hit rate. It basically shows the same behaviour as on any other larger time frame. So double tops / bottoms, followed by a reversing penetration of the base, H&S and higher / lower highs and higher / lower lows is what I am looking for.
So yeah, its counter trend trading. I stand in front of the train and expect it to stop right there, turn around and head off the other direction.
Most important: a very tight stop loss, just a few pips equaling about a 1% risk of my account. And once price moves just 5 pips into the right direction, I set my SL to break even. If I can not put the tight SL within a reasonable distance to the current price (cause of a loooong shooting star for example, or an initial reverse candle), I will not take the trade. Risk management is key. In that case I would wait for a last final push, maybe a double top or something within reasonable distance for a SL. If that doesnt happen, I just let it go.
Once my SL has been set to BE, I will just wait and let the market decide wether its a true reversal or not. And picking targets if I have hit the reversal is still something I have to learn.
That will be the real fun - be the first one to enter and take the full move if possible. - #106,893
- Jun 6, 2009 12:17am Jun 6, 2009 12:17am
- | Membership Revoked | Joined Oct 2008 | 2,791 Posts
Sorry increase, I went to bed and didnt see your posting...
Its not what most would consider a fixed system. Its very discretionary. Basically I have horizontal R&S lines drawn on my chart for the m5 and h1. Also some trendlines every now and then if they have profen reliable in the past. No real indicators. I do throw a bollinger band in there sometimes, but I barely use it...
Then I watch the m1 chart and how price behaves when it is nearing those important levels that I marked, trying to figure out if the move is loosing strength or not....
- #106,894
- Jun 6, 2009 12:23am Jun 6, 2009 12:23am
- | Membership Revoked | Joined Oct 2008 | 2,791 Posts
but i am sure u must have blew up many of ur account using this strategy.
- #106,895
- Jun 6, 2009 12:27am Jun 6, 2009 12:27am
- | Joined Feb 2009 | Status: where did my "R" go? :p | 443 Posts
good strategy for scalpers
Thats how I have been in on the first drop after the H4 H&S had just formed 2 days ago and scored 11% for the day while people were laughing about me.
Just imagine riding a drop that we have seen yesterday with a position that is sized for scalping.
Impossible? Maybe. But in my eyes one has to aim for the impossible to achieve everything that IS possible.
- #106,896
- Jun 6, 2009 12:32am Jun 6, 2009 12:32am
- | Joined Feb 2009 | Status: where did my "R" go? :p | 443 Posts
Not really. I am learning this for like 3 weeks now, after I have given up on most indicator based trend following strategys. All still demo of course, but after 177 trades I am well into profits. And that while I have to admit that most trades were closed prematurely still without proper target defining as mentioned above.
- #106,897
- Jun 6, 2009 12:48am Jun 6, 2009 12:48am
- Joined Jul 2007 | Status: Short on USD/MXN, Long on legs | 16,578 Posts
New voice message: Why are you calling me? If I need you, I'll call you!
- #106,898
- Jun 6, 2009 12:50am Jun 6, 2009 12:50am
- Joined Jan 2008 | Status: HEY! WHA' HAPPENED? | 15,496 Posts
Not all sins are created equal
- #106,900
- Jun 6, 2009 1:00am Jun 6, 2009 1:00am
- Joined Jan 2008 | Status: HEY! WHA' HAPPENED? | 15,496 Posts
Hi! How many pips you guys made on yesterday NFP?
Not all sins are created equal