Trade what you see NOT what you expect | Page 736 | Forex Factory

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Trade what you see NOT what you expect

  • #14,701
  • Jun 8, 2009 8:48am Jun 8, 2009 8:48am
Quoting Turtle
Good morning......hope everyone had a great weekend.

I took that same trade and got stopped out. When I look back I see the 1HR being bullish, plus when I looked at price levels, I figured buyers wanted to test old support @ 5940 area.

So I did go back short at 5931, took profit and covered.

HOLLA
Brother! Excellent observation. I had 5960 on my h4 for buyers wanting to test. You can see we only got to 5949 and the sellers jumped in. I'm short myself from 5940 along with the remaining short position from Friday. Yes, I carried one through the weekend but the price was too good to let go of.
Just digging in the trenches like everyone else!
  • #14,702
  • Jun 8, 2009 8:54am Jun 8, 2009 8:54am
Quoting eohater
brother! Excellent observation. I had 5960 on my h4 for buyers wanting to test. You can see we only got to 5949 and the sellers jumped in. I'm short myself from 5940 along with the remaining short position from friday. Yes, i carried one through the weekend but the price was too good to let go of.
eo if you dont mind me asking, what is your s/l for 1.5940?
Keep It Simple Stupid
  • #14,703
  • Jun 8, 2009 8:56am Jun 8, 2009 8:56am
Quoting Komissar
Morning, fellows

Based on these assumptions:
- trends are down
- Euro markets are down
- pin on 15 min
- 61.8% retracement on 15M
- 35/50 cross/reverse
(see chart)

I took short on GU from 5895, SL at 5945, 25 pips above pins wick.

Could anybody tell me what I've done wrong, and why it did not work?

Thanks in advance.
Hey bro! Don't get frustrated, just don't forget to look at your higher time frames as well. I see the pin on the 15m you took the short off of, but the h4 was calling for a move north a little higher. We broke some key support areas and the retest of the support to become resistance was in the cards. I've made some notes on your chart, let me know if this helps you.

EO
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Just digging in the trenches like everyone else!
  • #14,704
  • Jun 8, 2009 8:57am Jun 8, 2009 8:57am
Quoting Alastair
eo if you dont mind me asking, what is your s/l for 1.5940?
I've taken some off at 5900 and covered at +3 on that position.
Just digging in the trenches like everyone else!
  • #14,705
  • Jun 8, 2009 9:02am Jun 8, 2009 9:02am
Quoting eohater
Hey bro! Don't get frustrated, just don't forget to look at your higher time frames as well. I see the pin on the 15m you took the short off of, but the h4 was calling for a move north a little higher. We broke some key support areas and the retest of the support to become resistance was in the cards. I've made some notes on your chart, let me know if this helps you.

EO
Thanks, EO
You are right, I forgot to take a look on higher TF.
So, let me rephrase it:
I should not take that short, because it was during bullish H4 candle. And it could not make new low comparing to May 26 pin, right?

One more, are you expecting GU can reach that level (5780) now?
  • #14,706
  • Jun 8, 2009 9:05am Jun 8, 2009 9:05am
Quoting Komissar
Thanks, EO
You are right, I forgot to take a look on higher TF.
So, let me rephrase it:
I should not take that short, because it was during bullish H4 candle. And it could not make new low comparing to May 26 pin, right?
Right! Now, the key will be to break the low of the pin from the 26th and we'll be headed to 150 ema (5740) on the h4. I'm actually looking a little deeper towards 567x.
Just digging in the trenches like everyone else!
  • #14,707
  • Jun 8, 2009 9:30am Jun 8, 2009 9:30am
Cause I love a good row, I'm short from 5973. I'm willing to add to this position.
Just digging in the trenches like everyone else!
  • #14,708
  • Jun 8, 2009 9:34am Jun 8, 2009 9:34am
I'm long from 5900. But you got me by a pip on the earlier short.

How was your weekend?
  • #14,709
  • Jun 8, 2009 9:36am Jun 8, 2009 9:36am
Quoting PippiNole
I'm long from 5900. But you got me by a pip on the earlier short.

How was your weekend?
It was good bro! How about yours?
Just digging in the trenches like everyone else!
  • #14,710
  • Jun 8, 2009 9:38am Jun 8, 2009 9:38am
Quoting eohater
It was good bro! How about yours?
Had a good one just hanging by the pool.

I had a nice threesome ride down last night.
  • #14,711
  • Jun 8, 2009 9:40am Jun 8, 2009 9:40am
Quoting PippiNole
Had a good one just hanging by the pool.

I had a nice threesome ride down last night.
Excellent bro! How high are you looking for on your long position?
Just digging in the trenches like everyone else!
  • #14,712
  • Jun 8, 2009 9:44am Jun 8, 2009 9:44am
Quoting eohater
Excellent bro! How high are you looking for on your long position?
I only have a small position left long and it is covered +35.The 1 hr 62 would be nice but your short may be the play.
  • #14,713
  • Jun 8, 2009 9:45am Jun 8, 2009 9:45am
Quoting eohater
Excellent bro! How high are you looking for on your long position?
uok bro, would be very surprised to see move above 1.6030 area myself, im looking to sell a squeeze up,
Trading is 80% Emotional, 20% Technical
  • #14,714
  • Jun 8, 2009 9:52am Jun 8, 2009 9:52am
15 min 200 sma coming up at 6022. It would be a 50% retrace of Fridays high.
  • #14,715
  • Jun 8, 2009 9:57am Jun 8, 2009 9:57am
Quoting fx local
uok bro, would be very surprised to see move above 1.6030 area myself, im looking to sell a squeeze up,
I feel I'm ok as well bro! I went into the position knowing and willing I might need to add to it. The h1 62 would be my next level to add at.
Just digging in the trenches like everyone else!
  • #14,716
  • Jun 8, 2009 10:01am Jun 8, 2009 10:01am
Quoting eohater
I feel I'm ok as well bro! I went into the position knowing and willing I might need to add to it. The h1 62 would be my next level to add at.
yep iwill add to mine also should it get there

Trading is 80% Emotional, 20% Technical
  • #14,717
  • Jun 8, 2009 10:01am Jun 8, 2009 10:01am
Quoting PippiNole
15 min 200 sma coming up at 6022. It would be a 50% retrace of Fridays high.
That's right in line with the h1 50 as well.
Just digging in the trenches like everyone else!
  • #14,718
  • Jun 8, 2009 10:07am Jun 8, 2009 10:07am
Quoting eohater
That's right in line with the h1 50 as well.
Yes, I took a short with you at 5986.
  • #14,719
  • Jun 8, 2009 10:11am Jun 8, 2009 10:11am
Quoting PippiNole
Yes, I took a short with you at 5986.
Welcome aboard the short bus! Now, we can depart the station anytime she's ready.
Just digging in the trenches like everyone else!
  • #14,720
  • Jun 8, 2009 10:14am Jun 8, 2009 10:14am
Quoting eohater
Welcome aboard the short bus! Now, we can depart the station anytime she's ready.
Will your double decker leave when London close?
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