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Trade what you see NOT what you expect

  • #21,881
  • Edited 6:42pm Aug 9, 2009 6:10pm | Edited 6:42pm
Took 2/3 at +25 stop to +3.. Risk free stress free now..

Took 2/3 as don't want to give 1/2 back . But it needs breathing room..
Might rethink when account gets healthier because I am also limiting gains. I had to step out to carry trash or would have added 1/3 back at the 35 sma retest. Oh well Stop now +10
I closed the last 1/3 at +40 Lots of JPY news in 10 min.. will look for a seat after.. I don't trade during noise yet...
Good Trading To All ; Ken Lee
  • #21,882
  • Aug 9, 2009 10:36pm Aug 9, 2009 10:36pm
My View:

I favour long positions at the moment, looking for a current retest of the previous highs. If we fail at previous highs, then, lower we go. It's as simple as that. Previous lows must be takenout for me to alter.
  • #21,883
  • Aug 10, 2009 1:11am Aug 10, 2009 1:11am
Quoting AmeriTrini
My View:

I favour long positions at the moment, looking for a current retest of the previous highs. If we fail at previous highs, then, lower we go. It's as simple as that. Previous lows must be takenout for me to alter.
Based on the weekly close, I'm favouring shorts until 6580-6600... I think we could reverse there....I got in at 6716 off my m15 and just booked 60 pips... covered the rest and going to bed.. next tp at 6616... either that or +2 on the rest til us session... Looking forward to a good week.. trading and otherwise...
Patience + Discipline - Greed = Success
  • #21,884
  • Aug 10, 2009 1:23am Aug 10, 2009 1:23am
Quoting Infinity
Based on the weekly close, I'm favouring shorts until 6580-6600... I think we could reverse there....I got in at 6716 off my m15 and just booked 60 pips... covered the rest and going to bed.. next tp at 6616... either that or +2 on the rest til us session... Looking forward to a good week.. trading and otherwise...
here is my weekly.... I think we should test at least the 5ema around 658x... caution MUST be exercised in this area.
Attached Image (click to enlarge)
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Patience + Discipline - Greed = Success
  • #21,885
  • Aug 10, 2009 2:55am Aug 10, 2009 2:55am
Quoting Infinity
here is my weekly.... I think we should test at least the 5ema around 658x... caution MUST be exercised in this area.
My Brother!

658x is the area that I have as well. I will see you in the US Session.
Just digging in the trenches like everyone else!
  • #21,886
  • Aug 10, 2009 3:03am Aug 10, 2009 3:03am
Quoting tdeu
eohater,

If there is a short wicked candle when crossing 35/50 are there times when you use the PO 20-30 pips higher instead of going short at the next candle open?

Do you always place your SL 20-25 pips above the high/low of reversal candles you trade?

Price often misses 1hr 62EMA by a few pips. Does it makes sense to enter early? Does it makes sense to place SL below above S/R instead of a fixed pip amount?

tdeu
There are times where I will use a PO 20-30 pips higher instead of going against the grain on the next candle. I still keep the same SL in place as if I went short on the next candle.

My SL is not always 20-25pips higher than the wick, the key is keeping it on the other side of key S/R and the ma's.

It does make sense to enter early on the h1 62ema, I'll usually enter about 10 pips early than the price of the h1 62. Remember, the ma's follow price and when price is charging towards the h1 62, the price of the h1 62 changes.
Just digging in the trenches like everyone else!
  • #21,887
  • Aug 10, 2009 3:04am Aug 10, 2009 3:04am
Quoting KENNETH lEE
Took 2/3 at +25 stop to +3.. Risk free stress free now..

Took 2/3 as don't want to give 1/2 back . But it needs breathing room..
Might rethink when account gets healthier because I am also limiting gains. I had to step out to carry trash or would have added 1/3 back at the 35 sma retest. Oh well Stop now +10
I closed the last 1/3 at +40 Lots of JPY news in 10 min.. will look for a seat after.. I don't trade during noise yet...
Good job Ken!
Just digging in the trenches like everyone else!
  • #21,888
  • Aug 10, 2009 3:06am Aug 10, 2009 3:06am
Quoting Infinity
Based on the weekly close, I'm favouring shorts until 6580-6600... I think we could reverse there....I got in at 6716 off my m15 and just booked 60 pips... covered the rest and going to bed.. next tp at 6616... either that or +2 on the rest til us session... Looking forward to a good week.. trading and otherwise...
Your 6616 TP was just hit! Excellent trading!

Glad to have you back bro!
Just digging in the trenches like everyone else!
  • #21,889
  • Aug 10, 2009 3:33am Aug 10, 2009 3:33am
I've filled a long position at 6623 w/ SL at 6605 I'm targeting the m15 35/50.
Just digging in the trenches like everyone else!
  • #21,890
  • Aug 10, 2009 3:39am Aug 10, 2009 3:39am
Quoting eohater
I've filled a long position at 6623 w/ SL at 6605 I'm targeting the m15 35/50.
Booking 10, moving SL upto 6610.
Just digging in the trenches like everyone else!
  • #21,891
  • Aug 10, 2009 3:46am Aug 10, 2009 3:46am
Quoting eohater
Booking 10, moving SL upto 6610.
Hi Eohater,

I just too a short : Just try to use MA, on 5M bearish engulfing pattern just below MA21, short on the next opening candle at 6623, but you are long, what wrong with my position ?
Thanks
Sailor
Trade with the momentum
  • #21,892
  • Aug 10, 2009 3:47am Aug 10, 2009 3:47am
So you missed the short around the 200 sma on the 1 hr. GBP which moved 110 pips.. What now. You didn't have to wait for it to turn at Infinity's target or where EO just went long. We all start trading at different times and must start noticing the follow up entries. They are always there.. especially when crossing the major Ma's. Here is a chart..

WE get a lot of why didn't you give a heads up. It really can't be done on this type forum . We will have to just learn what is obvious and start noticing them on our own.. But we do get areas to watch for but we are required to watchout near them ..

With this secondary entry you could have still pulled 80 pips from that move... I will take that any day.

Trade Well Ken
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Good Trading To All ; Ken Lee
  • #21,893
  • Aug 10, 2009 3:58am Aug 10, 2009 3:58am
hey ken thanks for all the lessons. that thing you wrote up about the wicks was them most helpful thing ive read in some time
  • #21,894
  • Aug 10, 2009 3:58am Aug 10, 2009 3:58am
Off for my morning bike ride around the island.. Everyone Trade Happy. If you don't enjoy it don't do it.. This is one job where you do have a choice..

Later Winners ,, Ken
Good Trading To All ; Ken Lee
  • #21,895
  • Aug 10, 2009 4:00am Aug 10, 2009 4:00am
Quoting eohater
I'm going to make one post right now and I'll be back in a couple of hours to make some more posts. Here's my weekly, nice big ass pin we got isn't it? Everyone is ready to short it and run for 1.35 all over again, but are they? I'll be back later to elaborate and I'd love to hear some input before I get back on everyone's thoughts. One thing about this chart, I've only adjusted one S/R since 3 weeks ago and that's the top resistance.
There were some good responses to this and I thank you. Sorry I ddin't get back on to get more charts posted, but let me explain what I was looking at when I was looking at the past weekly closed candle. I was looking for price to open this week and at very least test the price of last weeks opening price which was at 1.6722 and then pull back off of it. This is the area I would have waited to enter short off of last weeks weekly candle. I did not get the chance to add to my short position because of other obligations but there were two very clear opportunites on the m15. The 658x-654x area is an area where I see buyers. We have htf high respected ma's lying in this area as well. But, if you go back to your previous worksheets, you will see another reason why this area is a key area. Will last weeks weekly closed candle be enough to push price beyond the 658x-654x area, it could, but we need to go and remind ourselves of last months monthly closed candle. We closed out a bullish candle over the 38.2% retracement of the prices 2.116-1.3501 which opens up the 50% retracement price.
Just digging in the trenches like everyone else!
  • #21,896
  • Aug 10, 2009 4:00am Aug 10, 2009 4:00am
Quoting johnnykanoo
hey ken thanks for all the lessons. that thing you wrote up about the wicks was them most helpful thing ive read in some time

Thanks John.. Glad it helps someone besides me.. LOL A great week is in the making... Ken
Good Trading To All ; Ken Lee
  • #21,897
  • Aug 10, 2009 4:04am Aug 10, 2009 4:04am
Quoting eohater
There were some good responses to this and I thank you. Sorry I ddin't get back on to get more charts posted, but let me explain what I was looking at when I was looking at the past weekly closed candle. I was looking for price to open this week and at very least test the price of last weeks opening price which was at 1.6722 and then pull back off of it. This is the area I would have waited to enter short off of last weeks weekly candle. I did not get the chance to add to my short position because of other obligations but there were two very clear...

Thanks EO,, I am just now getting used to the 4 Hr. and Dailly .. Although I know the Weeklly and Monthly also hold the path.. Actually was using Weeklly last week when price was in new territory.. This is why I am glad your around to lead the way... Thanks Ken
Good Trading To All ; Ken Lee
  • #21,898
  • Aug 10, 2009 4:09am Aug 10, 2009 4:09am
Quoting sailor68
Hi Eohater,

I just too a short : Just try to use MA, on 5M bearish engulfing pattern just below MA21, short on the next opening candle at 6623, but you are long, what wrong with my position ?
Thanks
Sailor
I'm sorry I don't trade the m5, but it sounds like you let one candle close into the 21ema, then the next candle be a bearish engulfing candle, then you entered. If this is the case, you missed your entry by 1 candle. Your entry should have been after the candle closed on the 21ema.

Hope this helps, if not, please post a chart showing when you entered.
Just digging in the trenches like everyone else!
  • #21,899
  • Aug 10, 2009 4:11am Aug 10, 2009 4:11am
time for a a nap!
Just digging in the trenches like everyone else!
  • #21,900
  • Aug 10, 2009 4:16am Aug 10, 2009 4:16am
Quoting eohater
I've filled a long position at 6623 w/ SL at 6605 I'm targeting the m15 35/50.
I've booked more at 6644, SL moved to BE. Next TP of 6670
Just digging in the trenches like everyone else!
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