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Trade what you see NOT what you expect

  • #28,421
  • Jan 8, 2010 7:59am Jan 8, 2010 7:59am
Question to the experienced guys - when playing 5 o'clock trade, do you wait for the candle to close or you jump in when the price retraces to MA10?



Today, the 35/50 just played out nicely.
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  • #28,422
  • Jan 8, 2010 8:08am Jan 8, 2010 8:08am
Watch 15m twissors setting up e/j
  • #28,423
  • Jan 8, 2010 8:09am Jan 8, 2010 8:09am
I shorted e/u at 1.4410 had a 50-cal waiting at 1.4450 area
  • #28,424
  • Jan 8, 2010 8:10am Jan 8, 2010 8:10am
Quoting perez
Question to the experienced guys - when playing 5 o'clock trade, do you wait for the candle to close or you jump in when the price retraces to MA10?

at least for me, which works often enough that i continue the habit, i nab it when it touches the MA, or appears to be in the area where the MA will be next candle.

this way i can usually move to BE before the candle even closes, and divert my attention to another pair for a minute.

if you wait for the candle to close, often times youll miss that slight retrace away from the MA and youll have to wait til the close of the next candle to move to BE. more work, more stress watching and waiting.

it doesnt always work, like everything else. the candle could blow past where you thought it should stop. this is why i wait patiently for a very clean trend (one in which the candles form a predictable pattern) and look very much like a staircase. this way your chances of picking the right spot by looking at the previous stops is much much higher.

this is how i make the majority of my pips. hope this helps.
  • #28,425
  • Jan 8, 2010 8:11am Jan 8, 2010 8:11am
Quoting 4fun
Watch 15m twissors setting up e/j
sorry, I can not see that. the current one shorter than the previous one from top and is higher from bottom.
Dancing with Candlesticks
  • #28,426
  • Jan 8, 2010 8:11am Jan 8, 2010 8:11am
Quoting iForex
Hi, EO, kEN
Where are you? is it our strategy to switch off computer during NFE time?
NFP is one of the biggest news events of the month. So even a very large profit could be wiped out. But as you can see now that rise during London was a hint to the news Maybe. But nothing is quarnteed with news. EO looks at News as noise as most don't get near his stops . If you aren't coverd well good ways to your stop . You might want to close before news. Plus if your Broker doesn't honor stops during news ( Mine Doesn't)

So no good answer.. LOL Sorry. Happy Friday Ken
Good Trading To All ; Ken Lee
  • #28,427
  • Jan 8, 2010 8:15am Jan 8, 2010 8:15am
Quoting perez
Question to the experienced guys - when playing 5 o'clock trade, do you wait for the candle to close or you jump in when the price retraces to MA10?



Today, the 35/50 just played out nicely.
is that chart suppose to be showing a 5:00 oclock entry where arrow is ?
Good Trading To All ; Ken Lee
  • #28,428
  • Jan 8, 2010 8:16am Jan 8, 2010 8:16am
Going to short e/j on those wicks stop above
  • #28,429
  • Jan 8, 2010 8:20am Jan 8, 2010 8:20am
Hi, Ken
Thanks for excellent explaination!
I have one more question: does our 1/5 O'clock apply to news period such as NFP?
Dancing with Candlesticks
  • #28,430
  • Edited 8:43am Jan 8, 2010 8:21am | Edited 8:43am
Thank you Snowmeizer. I too find it less stressful to enter at the MA.


Quoting KENNETH lEE
is that chart suppose to be showing a 5:00 oclock entry where arrow is ?
yes. i thought the price shall fall to somewhere between the MA35 and 50.

Know what you mean - missed the part "minor MA should cross major MA"
  • #28,431
  • Jan 8, 2010 8:29am Jan 8, 2010 8:29am
Quoting iForex
Hi, EO, kEN
Where are you? is it our strategy to switch off computer during NFE time?
News is just noise to me. If your not in a position though, I do recommend not taking one about 15-30m before news and for about 15-30m following. Let the PA on price levels determine if your going to take a trade in the middle of the noise. As Ken said, you need to have your position covered when noise comes out, or just stand on the sides and let it happen.

REMEMBER: This is technical trading, NOT FUNDAMENTAL. NEWS IS FUNDAMENTAL. FUNDAMENTAL = EMOTIONS Emotional trading is something I cannot do. I have enough emotional inputs in my life that I don't need it when it comes to the markets.
Just digging in the trenches like everyone else!
  • #28,432
  • Jan 8, 2010 8:29am Jan 8, 2010 8:29am
Quoting iForex
sorry, I can not see that. the current one shorter than the previous one from top and is higher from bottom.
Watching this 15m candle see the value of patience b/4 jumping right in, look at the previous two candle tops
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  • #28,433
  • Jan 8, 2010 8:35am Jan 8, 2010 8:35am
Good morning EO
" When the ship starts to sink, don't just pray. JUMP "
  • #28,434
  • Jan 8, 2010 8:36am Jan 8, 2010 8:36am
Quoting perez
Thank you Snowmeizer. I too find it less stressful to enter at the MA.



yes. i thought the price shall fall to somewhere between the MA35 and 50.

iForexHi, Ken
Thanks for excellent explaination!
I have one more question: does our 1/5 O'clock apply to news period such as NFP?

You can take any setup you want during news but it is riskier and your choice.
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Good Trading To All ; Ken Lee
  • #28,435
  • Jan 8, 2010 8:41am Jan 8, 2010 8:41am
Quoting Gladis Night
Good morning EO
Good morning!
Just digging in the trenches like everyone else!
  • #28,436
  • Jan 8, 2010 9:04am Jan 8, 2010 9:04am
notice the reversal off the 200sma on the daily...i took it but closed way early
  • #28,437
  • Jan 8, 2010 9:05am Jan 8, 2010 9:05am
E/j looking ready to make a move the 1hr just closed above the 50ema
  • #28,438
  • Jan 8, 2010 9:12am Jan 8, 2010 9:12am
Quoting 4fun
E/j looking ready to make a move the 1hr just closed above the 50ema
I prefer G/U today. The PA looks much better from my point of view.
  • #28,439
  • Jan 8, 2010 9:13am Jan 8, 2010 9:13am
Quoting Shilva
notice the reversal off the 200sma on the daily...i took it but closed way early
Hi Shilva

Are you referring to the Daily 200sma on GU or EJ? I've come to learn that my charts (and ma's) are a little off from other's charts but my GU price is nowhere near my Daily 200sm.

Thanks

Macc
  • #28,440
  • Jan 8, 2010 9:14am Jan 8, 2010 9:14am
G/U cross 15m 35/50ma, ready to long
Dancing with Candlesticks
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