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Sonic R. System

  • #9,261
  • Jan 7, 2010 8:21am Jan 7, 2010 8:21am
Quoting traderathome
Looks like another Bear Flag/Channel, just like yesterday in same area. Only today it is humonguous! Increased trading interest at the highs just now. Maybe preparing for a dump. Who knows. Lots of repeat room for a SoncR short, once we get a setup. That's how I see it.
Forget the flags, this is what I see...

Pablo
p.s. I'm still learning but I learn fast.
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  • #9,262
  • Jan 7, 2010 8:26am Jan 7, 2010 8:26am
Hi Traderathome!
Your eu trade was excellent. I see every day your fibo works very well. Is it an indi or draw it yourself? I try to make it myself but it isn't such as than you.
  • #9,263
  • Jan 7, 2010 8:35am Jan 7, 2010 8:35am
Quoting PabloOnFX
Forget the flags, this is what I see...

Pablo
p.s. I'm still learning but I learn fast.
Pablo, I dropped down from your H4 chart to an H1 chart to draw the FE. You can see it is different from yours. From your chart I cannot really tell exactly how you drew yours.

As for up or down move next. You could be right. Time will tell.
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  • #9,264
  • Jan 7, 2010 8:41am Jan 7, 2010 8:41am
Quoting Csenge
Hi Traderathome!
Your eu trade was excellent. I see every day your fibo works very well. Is it an indi or draw it yourself? I try to make it myself but it isn't such as than you.
I am just using the MT4 Fibonacci Expansion Tool, which works just a little differently than the MT4 Fibonacci Retracement Tool. I have added a few extra levels.
  • #9,265
  • Jan 7, 2010 8:47am Jan 7, 2010 8:47am
Quoting traderathome
Pablo, I dropped down from your H4 chart to an H1 chart to draw the FE. You can see it is different from yours. From your chart I cannot really tell exactly how you drew yours.

As for up or down move next. You could be right. Time will tell.
Sorry I should have said its the Red Resistance Line that I was referring too.

The FE is left over from my analysis for a continuation entry after PA hit the 50% retracement level. If it wasn't for the Red Line I would have looked to take it this morning.

I will wait for a clear signal as it could go both ways.

Waves 1st, Trendlines 2nd. Follow the Waves.

Pablo
p.s. I'm still learning
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  • #9,266
  • Jan 7, 2010 8:47am Jan 7, 2010 8:47am
is GU making a long setup?

it stays under the dragon since morning, and now it's testing the dragon. we'll see what happen next. market bias? i don't know. it seems like ding dong since monday. up and down. but that's good for the dragon. as long as it passes through the dragon, then, that's an opportunity.
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  • #9,267
  • Jan 7, 2010 8:52am Jan 7, 2010 8:52am
Quoting traderathome
I am just using the MT4 Fibonacci Expansion Tool, which works just a little differently than the MT4 Fibonacci Retracement Tool. I have added a few extra levels.
Ok, thanks.
Csenge
  • #9,268
  • Jan 7, 2010 8:58am Jan 7, 2010 8:58am
This is the trade i took this morning and now i am looking to re-enter if the setup happens. Lets see how it goes
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  • #9,269
  • Jan 7, 2010 9:01am Jan 7, 2010 9:01am
Quoting PabloOnFX
Sorry I should have said its the Red Resistance Line that I was referring too.

The FE is left over from my analysis for a continuation entry after PA hit the 50% retracement level. If it wasn't for the Red Line I would have looked to take it this morning.

I will wait for a clear signal as it could go both ways.

Waves 1st, Trendlines 2nd. Follow the Waves.

Pablo
p.s. I'm still learning
I should add ....

Some waves are just too big to catch or ride – there'll be others.
Others are too small to carry you in – there'll be others.
Some are just downright tricky to catch – there'll be others.
So steady yourself to ride the next wave!


It's a brave man that takes a long with that current set-up


Pablo
  • #9,270
  • Jan 7, 2010 9:08am Jan 7, 2010 9:08am
e/g feel free and pass comments..
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FxHome
  • #9,271
  • Jan 7, 2010 9:14am Jan 7, 2010 9:14am
Hi TAH
Great Trade
Some questions if u don't mind :
1. Regarding your Fibo Ext/Proj , why did you use that swing and not the one that I have marked on blue ?
2. I am trying to have a plan whith clear rules such as
"When TP1 is hit move your SL to BE "
When you write "SL backed off on upswing to keep trade on table"
I have no idea what is going to happen next minute ...
How do u know when not to place the SL on it's logicical/normal place , I mean last swing H/L ?
I have seen you placed your SL around point B , why not around A ?
Tks for sharing with us
David


Quoting traderathome
EU Short Trade: This took time, but Tps 1 and 2 reached. Trade closed. (SL backed off on upswing to keep trade on table).
Attached Image
  • #9,272
  • Jan 7, 2010 11:44am Jan 7, 2010 11:44am
Quoting david4u
Hi TAH
Great Trade
Some questions if u don't mind :
1. Regarding your Fibo Ext/Proj , why did you use that swing and not the one that I have marked on blue ?
2. I am trying to have a plan whith clear rules such as
"When TP1 is hit move your SL to BE "
When you write "SL backed off on upswing to keep trade on table"
I have no idea what is going to happen next minute ...
How do u know when not to place the SL on it's logicical/normal place , I mean last swing H/L ?
I have seen you placed your SL around point B , why not around A ?
Tks...
David, depending upon the configuration of the waves, there will be times that you have a choice of where to place the FE a,b,c points. At such times, evaluate the choices based upon where they place the levels in relationship to price history. This is very subjective, so if there is any "hard and fast" rule to try to abide by, it would be to position the FE where the levels best align with historic S&R.

As for SL positioning, if it is too close to current price activity, a sudden whipsaw could take you out on the "whip", and you won't be in the trade when price goes back on the "saw". On the other hand, moving the SL to BE, or better, as soon as possible is highly desireable. All of this is also very subjective, as price moves can be tame or volatile, and require different "judgements" accordingly.
  • #9,273
  • Edited 12:00pm Jan 7, 2010 11:53am | Edited 12:00pm
Quoting traderathome
On the other hand, moving the SL to BE, or better, as soon as possible is highly desireable. All of this is also very subjective, as price moves can be tame or volatile, and require different "judgements" accordingly.....
Also...if you want to trade with Hard and Fast Rules, consider using the Outer Line on the Dragon for your SL once in a trade. The rationale being that once PA breaks the Outer Line a Swing has a higher possibility.

Pablo
p.s. I'm still learning
  • #9,274
  • Jan 7, 2010 12:01pm Jan 7, 2010 12:01pm
Quoting PabloOnFX
Also...if you want to trade with Hard and Fast Rules, consider using the Outer Line on the Dragon for your SL once in a trade. The rational being that once PA breaks the Outer Line a Swing has a higher possibility.

Pablo
p.s. I'm still learning
Pablo, do you mean the Dragon Outer Line at the time Ep is first defined, at the time of trade entry, or to keep adjusting SL as the Dragon Outer Line changes?

Edit: Remember that the Dragon is a representation of price in the form of exponential moving averages of the price. The price is still the fundamental to depend upon. And on that basis, SL is usually placed just beyond the last most significant H/L. It can be moved as price waves create new, more current, significant H/Ls.
  • #9,275
  • Jan 7, 2010 12:07pm Jan 7, 2010 12:07pm
Quoting traderathome
Pablo, do you mean the Dragon Outer Line at the time Ep is first defined, at the time of trade entry, or to keep adjusting SL as the Dragon Outer Line changes?
once the Trade has hit TP1.
  • #9,276
  • Jan 7, 2010 12:22pm Jan 7, 2010 12:22pm
Quoting PabloOnFX
once the Trade has hit TP1.
Pablo, once the trade has made Tp1, there is no reason not to move SL to BE, or even a little better if that does not encroach on allowing price to do a pullback (judgement call required here) before moving on again.....regardless of where the Dragon lines are. Just my opinion.
  • #9,277
  • Jan 7, 2010 12:23pm Jan 7, 2010 12:23pm
Quoting PabloOnFX
consider using the Outer Line on the Dragon for your SL once in a trade.
Quoting PabloOnFX
once the Trade has hit TP1.
Now that could make for an interesting trailing stop in some cases
  • #9,278
  • Jan 7, 2010 1:13pm Jan 7, 2010 1:13pm
EJ Short Trade Possibility: Per attached chart. Look for price to do another pullup into Dragon, and then back out and down past Ep. Anyway, that would be the game plan. But price may behave differently.
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  • #9,279
  • Jan 7, 2010 3:54pm Jan 7, 2010 3:54pm
Hello Sonikers,

Just a reminder that tomorrow at 8:30 AM EST (NY time) is US Non-farm payrolls ...

Carry on ...

-DD
  • #9,280
  • Jan 7, 2010 5:25pm Jan 7, 2010 5:25pm
Quoting ddaytrader
Hello Sonikers,

Just a reminder that tomorrow at 8:30 AM EST (NY time) is US Non-farm payrolls ...

Carry on ...

-DD
Ddaytrader, I'm sorry but I didn't quite hear that. What did you say?
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