Trade what you see NOT what you expect

Thanks, it could be usefull. I'm reading trough the manuals right know. But since it's not something you just read trough fast one time it will probably take a weak. I've got a lot to do in school right know as well However i will probably come which a bunch of questions later.

Cisco must have put his orders in.

Is anyone else on the north bound with me?

Nope...

My ej long was stopped out before it took off.... and missed the GU

Damn...that guy is good!

Hey Captain Great work!

Morning everyone, and thanks for those suggestions with the post Pippi. I just wanted to cover the entry but I guess I should have covered the complete trade. Missed the ride North. Daily support at 1.6250 combined with the inverted hammer on the H4 failing to close below the 50, could have been a good signal for everyone to start looking at their m15 for some reversal PA.

No worries brother you did a great job. I think I gave everyone a heads up on the support area on GU.

I'm having difficulty downloading your chart image but from the wording of your post I'm now assuming you are referring to the 1h pin formed 8-9am GMT?

If that's the candle you're referring to then you are correct in thinking that a possible long was on as that candle can be considered a hammer (reversal) formed in a down trend and at an area of potential support at 12900.

However, the prevailing trend for EJ was down and upcoming support can sometimes just cause price to bounce/pull-back before resuming the downward move. So that means it wasn't wrong to try for a long there, but being against the trend it potentially carried more risk and caution was required.

On the 15m chart you will see that an opportunity for a long at that support area presented itself a little earlier with the 15m hammer formed at 8-8.15am GMT. As was mentioned on the thread as it was happening (Pippinole posted that he had taken the trade) the next 15m candle (8.15-8.30am GMT) gave the opportunity to enter long down the wick around the 1288x area (thus giving a tighter stop loss). By entering at this earlier (lower) level you would have had the opportunity to take some profit off the table and/or move your stop loss to break even, something which is not a bad idea when taking counter-trend trades.

Ultimately, price moved up into the 15m 5/10/21 ma area and turned to resume the trend. Your trade wouldn't be classed as "wrong" only that it didn't pick a bottom turn, only a bounce/pull-back off support. At worst it would have been a break even trade and you could have re-entered a with-trend short or waited for the next area of potential support to look for PA and another possible long.

Long-winded reply I know but I've been drinking way too much coffee today to counteract my hangover

As always, this is just my take on things and there are others on here with far more experience than I. Hope it helps some.

Macc

Good morning Captain

Hi Ken could you give me some advice how to post a chart
I trade with gft
If I right click on my gft chart and click copy chart nothing seems to happen,


gft tell me to copy it to paint,I have tried to put it into paint then when I try to up load it to the thread it says my file is to big, is there an easy way?

Gladis the Pip Gladiator whats up.

Save it as a jpeg.

Looks like 1.6300 could be a show stopper?

LOl Hmm would that be gladitorina ?

What about just Glamorous Gladis?

Looks like GU, EJ, GJ all hit brick walls during the 2.45pm gmt candle.

Thanks for your chart analysis earlier Captain

Thanks Pippi !!

Probably waiting for some MPC member named Posen to speak. Noise!

Just sold 1.6295.. m15 hammer, 1.6300 resistance.