Trade what you see NOT what you expect | Page 1578 | Forex Factory

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Trade what you see NOT what you expect

  • #31,541
  • Feb 11, 2010 9:45am Feb 11, 2010 9:45am
Quoting macc
EO you should be ashamed. When the weather is like this we should be looking out for our elderly neighbors. Can't you at least throw him down some Hot water into his trading pit

Macc
Remind me later to send the pizza delivery guy to your house!
  • #31,542
  • Feb 11, 2010 9:47am Feb 11, 2010 9:47am
Quoting The Captain
Here's what I'm seeing Dak.
good call...curious
  • #31,543
  • Feb 11, 2010 10:21am Feb 11, 2010 10:21am
Good Morning EO,

Am I thinking right?

When we closed with the 4hr candle marked with the red arrow above the purple PA line we had a DBLHC on the 1hr.

Was this closed 4hr candle the cause for the fast 90 pips ride north?

At the start of the next candle we briefly tested the lows to pick some stops just to launch north.

Is my thinking right???

Or was it just because of the round number?

cheers

tdeu
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  • #31,544
  • Feb 11, 2010 10:48am Feb 11, 2010 10:48am
Looks like a good short opportunity coming up. 5700 + H4 resistance + descending trendline on H4 posted earlier. If the m15 closes stay below the top of the wick of the 12:15 shooting star I will be buying a ticket south.
Cap
  • #31,545
  • Edited 11:21am Feb 11, 2010 11:08am | Edited 11:21am
I've got this situation. The current PA looks bullish. I really like that my sell line is supporting price for several candles. Any thoughts?


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  • #31,546
  • Feb 11, 2010 11:08am Feb 11, 2010 11:08am
Quoting The Captain
Looks like a good short opportunity coming up. 5700 + H4 resistance + descending trendline on H4 posted earlier. If the m15 closes stay below the top of the wick of the 12:15 shooting star I will be buying a ticket south.
my 5M shows me a short alredy. i'm short at 5695..but that's me.
got a really tight stop on this one
  • #31,547
  • Feb 11, 2010 11:19am Feb 11, 2010 11:19am
Quoting dakrusha
my 5M shows me a short alredy. i'm short at 5695..but that's me.
got a really tight stop on this one

stopped out. not biggy. that's why i had such a tight stop. i knew i could have been in early.
  • #31,548
  • Feb 11, 2010 11:23am Feb 11, 2010 11:23am
Quoting dakrusha
stopped out. not biggy. that's why i had such a tight stop. i knew i could have been in early.
695 and you got stopped out? What did you have a 4 pip SL?
Cap
  • #31,549
  • Feb 11, 2010 11:23am Feb 11, 2010 11:23am
Anybody thinking a sell off on the DOW between 3 and 4 to bring the gbp/usd back down?
Please ask questions and share your experiences with us all!
  • #31,550
  • Feb 11, 2010 11:24am Feb 11, 2010 11:24am
Quoting dakrusha
stopped out. not biggy. that's why i had such a tight stop. i knew i could have been in early.
When you are wrong you are wrong, no need for a 30 pip s/l....
Please ask questions and share your experiences with us all!
  • #31,551
  • Feb 11, 2010 11:24am Feb 11, 2010 11:24am
Hi all - I have been part time trading for about 18 mths and have kept my account alive (just) I have not read this whole thread yet so not sure if this has already been covered but is this a level playing field? At certain times of the day eg 17: 15 gmt on the 15 min the price seems to freeze my prediction is that after 20:00 this will drop - the only reason I ask is that my brother is big into sports spread betting he has been doing it for a year he is 38 and has retired he said he wouldn't touch forex with a bargepole because of Market manipulators - I am desparate to prove him wrong but the more I look at pa at key times in the day and prior to big moved the more I am inclined to believe him - I welcome any comments
Sleeping boys catch no fish
  • #31,552
  • Feb 11, 2010 11:29am Feb 11, 2010 11:29am
Looks like we were both wrong Dak. I guess a 4 pip SL was a good idea!!!
Cap
  • #31,553
  • Feb 11, 2010 11:30am Feb 11, 2010 11:30am
Quoting wmloto
Hi all - I have been part time trading for about 18 mths and have kept my account alive (just) I have not read this whole thread yet so not sure if this has already been covered but is this a level playing field? At certain times of the day eg 17: 15 gmt on the 15 min the price seems to freeze my prediction is that after 20:00 this will drop - the only reason I ask is that my brother is big into sports spread betting he has been doing it for a year he is 38 and has retired he said he wouldn't touch forex with a bargepole because of Market manipulators...
This does work and yes it probably is manipulated to a certain degree but what is not.Everything is manipiulated to a certain degree by someone.As for your brother making a living betting on sporting events, I have never known anyone to make a living doing that except maybe the bookie himself.Tell your brother he may want to sit down and learn this with you just as a backup plan.
Please ask questions and share your experiences with us all!
  • #31,554
  • Feb 11, 2010 11:31am Feb 11, 2010 11:31am
i can see 5726 good level to short.

SL abouve 5750

TP 50 and ++
Never sell @ lower upward channel unless breacked and vise versa .
  • #31,555
  • Feb 11, 2010 11:47am Feb 11, 2010 11:47am
Hi bk- thanks for taking the time to respond I will stick with this system because my trading has improved since Reading this thread - but as for my bro - he is retired now and spread bets as a hobby only on tennis. The result in tennis is the result - but he has seen various forex brokers quoting such massively different prices he just says it's too twisted for him to touch
Sleeping boys catch no fish
  • #31,556
  • Feb 11, 2010 11:55am Feb 11, 2010 11:55am
Quoting wmloto
Hi bk- thanks for taking the time to respond I will stick with this system because my trading has improved since Reading this thread - but as for my bro - he is retired now and spread bets as a hobby only on tennis. The result in tennis is the result - but he has seen various forex brokers quoting such massively different prices he just says it's too twisted for him to touch
Well good for him and that sounds great.Finding a good broker is like finding a good car salesman, he may come across as your friend but somewhere along the way you will need some vasoline!!

This is the most awesome thread and system I believe you can use.It does take time and alot of computer time but well worth it in the long run.Anyone here will be glad to help you but you must read the pdf.Good luck trading!!
Please ask questions and share your experiences with us all!
  • #31,557
  • Feb 11, 2010 12:06pm Feb 11, 2010 12:06pm
Cheers bk - you are right on three fronts - vasaline this thread and time to learn thanks for wishing me luck and all the best to you too wm
Sleeping boys catch no fish
  • #31,558
  • Feb 11, 2010 12:07pm Feb 11, 2010 12:07pm
Quoting The Captain
Looks like we were both wrong Dak. I guess a 4 pip SL was a good idea!!!
actually it was a 5 pip SL.
the thing is with the resistance line being right above my entry w/o the PA touching it i knew it would be close. And even though we were beyond the typical high volume time of day, i didn't want to see it go above the S/R and take off again.
So better safe than sorry you know
  • #31,559
  • Feb 11, 2010 12:07pm Feb 11, 2010 12:07pm
Quoting bkg102665
When you are wrong you are wrong, no need for a 30 pip s/l....

Xactly
  • #31,560
  • Feb 11, 2010 12:13pm Feb 11, 2010 12:13pm
Quoting The Captain
Looks like we were both wrong Dak. I guess a 4 pip SL was a good idea!!!
truthfully this is why i trade this time of day.
90+ percent of the time ANY entry you take will be touched again so EVEN if you're wrong you have the chance to get out alive and if you double or triple down on that (e.g. enter short at 695, then again at 715) you can make some money.

That is a dangerous move during high volitility like NY and London session together or UK opening, but is much less risky (if you understand your PA) from UK close to UK open. JPY, Hong Kong and Frankfurt openings can be a little hectic and create new price ranges so i try to stay away from the openings or at least make sure i'm covered well, but even then, more often than not it's a great opp to make 10 pips at a time, which is another reason i trade the way i do.
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