Trade what you see NOT what you expect | Page 1420 | Forex Factory

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Trade what you see NOT what you expect

  • #28,381
  • Jan 7, 2010 11:37am Jan 7, 2010 11:37am
There you go...





Tweezer Bottom

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Two or more candlesticks with matching bottom. They can be composed of real bodies or shadows. These occur on consecutive or nearby candles. Indicates a bearish trend is ending, and perhaps a reversal is in the works.
http://www.forexfactory.com/wiki/ima...zer-bottom.gif Retrieved from "http://www.babypips.com/forexpedia/Tweezer_Bottom"
There is no top. There are always further heights to reach. Jascha Heifetz
  • #28,382
  • Jan 7, 2010 11:40am Jan 7, 2010 11:40am
Hello,

thank you all for your kind words. When I analyse my false trades I can clearly see my mistakes but I wish that when I took the trades I could see it so clearly as well.
  • #28,383
  • Jan 7, 2010 11:43am Jan 7, 2010 11:43am
just read that explanation again, and it's not very clear. It can be either bullish or bearish, depending on location- bearish at a top, and bullish at a bottom. Here's an example of two sets of tweezers today on the 15 min, also forming a double bottom
Attached Image (click to enlarge)
Click to Enlarge Name: tweezers.gif Size: 14 KB
There is no top. There are always further heights to reach. Jascha Heifetz
  • #28,384
  • Jan 7, 2010 12:01pm Jan 7, 2010 12:01pm
I'm long on EJ from 133.44, tight SL
Just digging in the trenches like everyone else!
  • #28,385
  • Jan 7, 2010 12:01pm Jan 7, 2010 12:01pm
Quoting AnonYmos
Having looked around FF extensively for a while I DEFINETELY agree with that! No thread like this one on FF! I don't understand what you guys are talking about (tweezers?) but I enjoy just following you and the great vibes. Can't wait for the weekend when I'll study these pdf's!
Here is another site you can go to for some explanation on reversal type candle stick patterns.

http://www.dailyforexjournal.com/archive.aspx
  • #28,386
  • Jan 7, 2010 12:03pm Jan 7, 2010 12:03pm
Quoting eohater
I'm long on EJ from 133.44, tight SL
Well that's enough to make me close my short! What made you go long if you don't mid me asking.. H1 looks bearish to me, and so does my H4.. combined with resistance..?
Cap
  • #28,387
  • Jan 7, 2010 12:13pm Jan 7, 2010 12:13pm
Thanks Pippi and T-131!
  • #28,388
  • Jan 7, 2010 12:16pm Jan 7, 2010 12:16pm
Quoting The Captain
Well that's enough to make me close my short! What made you go long if you don't mid me asking.. H1 looks bearish to me, and so does my H4.. combined with resistance..?
I've got my hands full with my daughter right now once she's gone, I'll be able to answer that. don't let my positions affect you though
Just digging in the trenches like everyone else!
  • #28,389
  • Jan 7, 2010 12:21pm Jan 7, 2010 12:21pm
Quoting eohater
I've got my hands full with my daughter right now once she's gone, I'll be able to answer that. don't let my positions affect you though
Roger! But that position was closed pretty fast.. The day I go against you in a trade is the day I retire from my job, and trade full time and never work again.
Cap
  • #28,390
  • Jan 7, 2010 12:22pm Jan 7, 2010 12:22pm
Quoting The Captain
Well that's enough to make me close my short! What made you go long if you don't mid me asking.. H1 looks bearish to me, and so does my H4.. combined with resistance..?
Have a look at the patterns on the link I just posted and see if a bullish pennant might look similar to the 1hr or 15 min chart.
  • #28,391
  • Jan 7, 2010 12:27pm Jan 7, 2010 12:27pm
Quoting MCFly
Hello,

thank you all for your kind words. When I analyse my false trades I can clearly see my mistakes but I wish that when I took the trades I could see it so clearly as well.

That is the way of the learning of a new skill set.
First you see it clearly after the session is over.
Second you start seeing it minutes after it is to late.
Third you start noticing the PA that leads into the trade and forms your entry signal.

When you do your analysis of bad trades. Try see what the candles would have look like as the candles formed. Like the best engulfing entry is half way up the body. But after the fact it is a wick beside a engulfing candle.
Look over the flash cards which show some of the trades one candle at a time and think about where it opened then which way it went and finally where it closed. Then think what would it look like at the best entry with the tightest stop.

It takes time but it slowlly gets better. I have said in the past learning to trade is like learning to drive. When you begin your scared and nervous on sure what to do in different circumstances. But now you jump in turn the key and go.

We will all be here to support you. Ken
Good Trading To All ; Ken Lee
  • #28,392
  • Jan 7, 2010 12:41pm Jan 7, 2010 12:41pm
Quoting PippiNole
Have a look at the patterns on the link I just posted and see if a bullish pennant might look similar to the 1hr or 15 min chart.
Thanks Pippi.. I think I see it on the H1 and can see the upside breakout you are probably talking about. That is a tough pattern to spot.
Cap
  • #28,393
  • Jan 7, 2010 1:02pm Jan 7, 2010 1:02pm
Quoting The Captain
Thanks Pippi.. I think I see it on the H1 and can see the upside breakout you are probably talking about. That is a tough pattern to spot.
No problem! I like to play this both ways. I already have longs from 4 different places from below so I still take small positions short in my other account. I have a short from 133.52.
  • #28,394
  • Jan 7, 2010 1:14pm Jan 7, 2010 1:14pm
Quoting eohater
I'm long on EJ from 133.44, tight SL
I went short exactly there. Now... to watch how long it can stay short...
  • #28,395
  • Jan 7, 2010 1:34pm Jan 7, 2010 1:34pm
I've decided to take a few seconds away from my evil plans of world domination and send a quick thank you note.

I have been lurking for a very long time, and in that time I have been getting to the point that I spot trades as they develop...What an awesome feeling that is. The only reason of course is through perseverance and the awesome training found in this thread.

This is the only thread I have found that doesn't have a few people who ruin it for everyone with negative comments etc. You guys seem to continually be there with good advice and camaraderie, a rarity for sure. The overall tone of this group is awesome. I hope to be a part of it for a long long time.
Thank you EO and all the regular contributors/trainers.

PS...Ken, any chance of adding to the flash cards?

Now back to my plans to pillage by pippage
  • #28,396
  • Jan 7, 2010 1:56pm Jan 7, 2010 1:56pm
Quoting zapper
I went short exactly there. Now... to watch how long it can stay short...
I hope you booked some pippage on your short.

Mine was closed out at BE when my daughter wanted to go for a walk (she's 2) I did reenter long though after the m15 candle closed FLAT and I grabbed a new seat at 133.26
Just digging in the trenches like everyone else!
  • #28,397
  • Jan 7, 2010 2:14pm Jan 7, 2010 2:14pm
EO please tell y did u long @ 133.44 ,is it because of the rising wedge ??if so please tell wat was the confirmation candle on 15 min
  • #28,398
  • Jan 7, 2010 2:28pm Jan 7, 2010 2:28pm
Quoting KENNETH lEE
That is the way of the learning of a new skill set.
First you see it clearly after the session is over.
Second you start seeing it minutes after it is to late.
Third you start noticing the PA that leads into the trade and forms your entry signal.

When you do your analysis of bad trades. Try see what the candles would have look like as the candles formed. Like the best engulfing entry is half way up the body. But after the fact it is a wick beside a engulfing candle.
Look over the flash cards which show some of the trades one candle at a time and...
Thank you for your help again.
  • #28,399
  • Jan 7, 2010 2:38pm Jan 7, 2010 2:38pm
Quoting jaggu86
EO please tell y did u long @ 133.44 ,is it because of the rising wedge ??if so please tell wat was the confirmation candle on 15 min
We came down onto the m15 35 and yes the rising wedge if you want to view it that way.
Just digging in the trenches like everyone else!
  • #28,400
  • Jan 7, 2010 2:41pm Jan 7, 2010 2:41pm
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Join Date: Dec 2009
Posts: 1


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HI Ken,

I have been going through your thread and its really helpful. Thanks for the info that u are sharing. I have some doubts. I dont know if i am not doing exactly what you are saying or where else am i going wrong. Please be kind enough to explain where and what did i do wrong
yesterday i took a trade GBPUSD around 1.6040 (248 ma 15 min and 1 hr 62 ema) and put my SL around 1.6060. the price went up to 1.6062 and hit SL and start coming back. Remembering ur advice i shorted again and was right this time. it came down and i took the profit.
The next trade that i took is at 1.5994 and kept my SL at 1.6015 The price went up til 1.6011 and hit my SL(4 pips spread) and start falling down. i didnt dare to take that trade again because the previous bul candle was going up so fast.

there are few trades like this. Almost all trades are the same type .

I have read posts by you on stops and entries . I am sure that there is something wrong in what i am doing. But i find som edifficulty in finding that out. so i need some expert help in this. Can you please take some time to explain where am i going wrong. thanks a lot !
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Good Trading To All ; Ken Lee
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