Trade what you see NOT what you expect

Quoting terje

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I think the second part of your sentence disproved the first part. For an inverted hammer I would want to see a green body close into the previous red body (combination of inverted hammer and harami). This definitely wouldn't count IMO.

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Quoting albchr

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Hi David. How goes things?

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Quoting robgsxr

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Thanks terje,

I was just checking my library for some of the great definitions provided by Ken et all.

I think the LL and LH is the main relevance of the last hourly candle. The descent is still on for now. lets see what reaction 6160 brings, I assume a break could take it below 6100

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Quoting terje

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well it seems to be playing out. If I had been here at the time I would have taken the 15m hammer earlier in the hour. The 1h candle wouldn't fit my definition of inverted hammer but if the 15m offers a long opportunity, then definitions go out the window

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Quoting robgsxr

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This is a strong statement Terje

" if the 15m offers a long opportunity, then definitions go out the window "

If this is the norm in all successful traders minds it is the kind of knowledge that is extremely helpful as occassionally different time frames will conflict but clearly one of them is the main driver.

I will observe the charts in future with this approach

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Quoting terje

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well I think EO summed it up well yesterday when he said, "I expect nothing". Thing is that some people very well may consider that an inverted hammer -- I have two different price feeds and it's amazing how they show different candles, so some traders might not have gotten the 1 pip lower low that we had on the 1h. In any case with a nice 15m hammer at the lows like that, take it without questioning, even if only for 10-15 pips.

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Quoting robgsxr

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Edited e/j comment out (wasn't relevant)

Maybe the slow descent on gbp is ready to reverse for a while..

long at 61805 stop just below 6160

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Quoting terje

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the 12.15 almost dragonfly doji (hammer). That would have been my long entry. Personally I wouldn't have taken the first two (11.45 and 12) because they seemed to be hitting some price resistance and 5sma resistance. Other traders here might have though, it partly comes down to your risk appetite and for me the first two wouldn't have been worth trying, what with the 1h close too.

edit: by the way I would call the 12.00 candle an inverted hammer/harami but not 11.45 as it closed without a body

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Quoting johnnykanoo

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good morning guys

quick question on the 35/50 cross

do we take the trade when price crosses the 35/50 or do we wait for the 5/10 to cross then take the trade?

coz i have been taking them when price crosses. I was looking at them like fib levels sort of in that if price retraces to these levels then its current direction is "losing steam"
thanks, john

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Quoting johnnykanoo

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good morning guys

quick question on the 35/50 cross

do we take the trade when price crosses the 35/50 or do we wait for the 5/10 to cross then take the trade?

coz i have been taking them when price crosses. I was looking at them like fib levels sort of in that if price retraces to these levels then its current direction is "losing steam"
thanks, john

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