DislikedSo far what I thought was going to be poor day turned out ok, I took 46 off the AJ and 53 off the EU so far, so much better than I thought the day was going to turn out to be.
--NMIgnored
- #4,083
- Feb 17, 2010 11:41am Feb 17, 2010 11:41am
- Joined Dec 2007 | Status: Trading the Trends | 2,584 Posts
Hey there is nothing wrong with 200 pips. One never knows what these markets have in mind and its better to put in the bank rather than give it back.
--NM
NM:
How did you exit your a/J trade? what made you come out with 46pips exactly if i may ask? was it in-trade management? moving stops? micro patterns of trigger chart? do i ask to many questions? lol.
Also, your e/u trade. Like custos and entropy i was looking for longs. Since your trade was in a way not ruled out by the TL and also the smaīs, does this mean you give higher preference to s/r areas over TLīs and smaīs together? or was it a personal choice from experience in the years youve traded? hope this makes sense.
Thanks again..
- #4,085
- Feb 17, 2010 12:14pm Feb 17, 2010 12:14pm
- Joined Dec 2007 | Status: Trading the Trends | 2,584 Posts
Thats one of the main things that put me off using trailing stops... not that entropy uses them (or do you?) but tslīs on their own are a bummer personally speaking. If used like custos with tpīs in place then they can work wonders
NM:
How did you exit your a/J trade? what made you come out with 46pips exactly if i may ask? was it in-trade management? moving stops? micro patterns of trigger chart? do i ask to many questions? lol.
Also, your e/u trade. Like custos and entropy i was looking for longs. Since your trade was in a way not ruled...
I use 2 seperate charts when I trade, I have one setup with with the 3 SMA on it and I have one with only the 100 SMA, and then I use S/R and Fib lines and I look for Higher Highs/Lows and lower lows/Highs depending on the trend.
Then I also use the 25% and the 75% fib numbers, I am basically combining 2 different methods into one, I still use the 38 and 61 as a window, but as long as the retracement has not broken through the 75 and closed there, then i consider the trend alive and well, although i need it too come back into the 61.8 area for a trigger...I can post a couple of charts and show you how I set them up.
--NM
Thats one of the main things that put me off using trailing stops... not that entropy uses them (or do you?) but tslīs on their own are a bummer personally speaking. If used like custos with tpīs in place then they can work wonders
NM:
How did you exit your a/J trade? what made you come out with 46pips exactly if i may ask? was it in-trade management? moving stops? micro patterns of trigger chart? do i ask to many questions? lol.
Also, your e/u trade. Like custos and entropy i was looking for longs. Since your trade was in a way...
Yeah, custos was right, you dont know which one will run far and wide. True. But you can narrow them down by (1) if there is an obvious fundamental shock/data backing the run. This is the easiest, most obvious, and strongest clue. the EUR/AUD run was backed by surprisingly good AUD employment data last week. The bullish run in EUR/USD last year was terminated by DUBAI, greece and good NFP number; EUR/GBP run of nightmoves was propelled by UK surprisingly good manufacturing numbers. (2)Second clue: If they are a slanted trendline collapse(the GBP/AUD was a very obvious case of that...). (3)Let us all face it by now, there seems to be at least one case of these wide and crazy 400, 500 pips run once a week.
This also leads to a question of pyramiding...apart from TT addition, if you have a case like the EUR/AUD or EUR/CAD...as the run progresses, any subsequent LOB trades that develop along the way can be used to pyramid(by leaving 10% of your LOB trade there) to run along until initial full pattern projection is reached.
- #4,088
- Feb 17, 2010 12:26pm Feb 17, 2010 12:26pm
- Joined Dec 2007 | Status: Trading the Trends | 2,584 Posts
Thats one of the main things that put me off using trailing stops... not that entropy uses them (or do you?) but tslīs on their own are a bummer personally speaking. If used like custos with tpīs in place then they can work wonders
NM:
How did you exit your a/J trade? what made you come out with 46pips exactly if i may ask? was it in-trade management? moving stops? micro patterns of trigger chart? do i ask to many questions? lol.
Also, your e/u trade. Like custos and entropy i was looking for longs. Since your trade was in a way not ruled...
I could have triggered it as soon as it broke the trend line because the BPC was there on the 1 hour chart, but I wanted to make sure the RN was going to give way.
--NM
- #4,090
- Feb 17, 2010 12:53pm Feb 17, 2010 12:53pm
- Joined Dec 2007 | Status: Trading the Trends | 2,584 Posts
Thats one of the main things that put me off using trailing stops... not that entropy uses them (or do you?) but tslīs on their own are a bummer personally speaking. If used like custos with tpīs in place then they can work wonders
NM:
How did you exit your a/J trade? what made you come out with 46pips exactly if i may ask? was it in-trade management? moving stops? micro patterns of trigger chart? do i ask to many questions? lol.
Also, your e/u trade. Like custos and entropy i was looking for longs. Since your trade was in a way not ruled...
I wanted another 50 pips out of this based on the ADR but after it got into the sideways action I closed for 46 pips.
--NM
- #4,092
- Feb 17, 2010 1:19pm Feb 17, 2010 1:19pm
- Joined Dec 2007 | Status: Trading the Trends | 2,584 Posts
- #4,094
- Feb 17, 2010 2:00pm Feb 17, 2010 2:00pm
Something I'm noticing is that the experienced traders are much more decisive about trading off of these S/R levels.
Kind of like learning to drive. You have to get the mechanics down, how to accelerate, when to brake, how much to turn in, etc. before you can actually get on the road to reach your destination.
Then there are the unexpected distractions like Pip Dawg's cheerleaders jumping up and down on the side of the road beckoning you to the car wash...
- #4,095
- Feb 17, 2010 2:09pm Feb 17, 2010 2:09pm
- Joined Dec 2007 | Status: Trading the Trends | 2,584 Posts
I think it takes a while to trust your own analysis and a lot of experience to sort out the higher-probability trades.
Kind of like learning to drive. You have to get the mechanics down, how to accelerate, when to brake, how much to turn in, etc. before you can actually get on the road to reach your destination.
Then there are the unexpected distractions like Pip Dawg's cheerleaders jumping up and down on the side of the road beckoning you to the car wash...
--NM
Here is the 4 hour chart of the EU, from the last trend line touch the retracement was only about 50% which is in line with the Fib window, the previous retracements did not come close to the trend line, but still was making lower highs, the last retracement did touch the trend line with even a lower high, so I waited for the retracement line to get broke and the BPC below the RN, and then I triggered it there. This was a 4 hour setup chart.
I could have triggered it as soon as it broke the trend line because the BPC was there on the 1 hour...
Im currently not using the 3smaīs because i noticed i began to pay too much attention to it. I wanted rid of it for the time being because i know price action is what i should be watching and the first thing i looked at when opening a chart was the smaīs. Just a personal thing. Although i sometimes put them on quickly out of curiosity to see where they align...
Also the other thing i notice on your charts is your trendline placement.
You used the last 2 swings, i had mine placed from the top of the 4h trend.
I suppose it comes down to experience but so far im a bit uncomfortable moving them around too much.
Also i was paying attention to the dailies trendline and since in my charts it broke the 4h TL i could see it as the beggining of the retracement back up for a new swing down from the dailies main downtrend.
Oh well....experience is the keyword. Interesting thoughts you have there though
Thanks again.
- #4,100
- Feb 17, 2010 2:34pm Feb 17, 2010 2:34pm
- Joined Dec 2007 | Status: Trading the Trends | 2,584 Posts
