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Trade what you see NOT what you expect

  • #32,021
  • Feb 24, 2010 11:36am Feb 24, 2010 11:36am
Careful selling here guys!
Just digging in the trenches like everyone else!
  • #32,022
  • Feb 24, 2010 11:50am Feb 24, 2010 11:50am
Quoting eohater
Careful selling here guys!
What's the best way to play this kind of situation? Waiting for a candle formation won't work so do you wait for a m15 close below and a retouch or just pull the trigger as soon as it closes below or what?
Cap
  • #32,023
  • Feb 24, 2010 11:53am Feb 24, 2010 11:53am
Quoting The Captain
What's the best way to play this kind of situation? Waiting for a candle formation won't work so do you wait for a m15 close below and a retouch or just pull the trigger as soon as it closes below or what?
I can't help you here brother! I'm not good with breakout trades like this. My system is as such that you should have already been in good and short from a much higher price, like 547x.

On the other hand, I will say I've taken a long on GU at 88 and booked 10 so far.
Just digging in the trenches like everyone else!
  • #32,024
  • Feb 24, 2010 12:00pm Feb 24, 2010 12:00pm
Quoting eohater
I can't help you here brother! I'm not good with breakout trades like this. My system is as such that you should have already been in good and short from a much higher price, like 547x.

On the other hand, I will say I've taken a long on GU at 88 and booked 10 so far.
Just pulled the trigger 35 from the 35 with no PA to help?
Cap
  • #32,025
  • Feb 24, 2010 12:01pm Feb 24, 2010 12:01pm
Quoting eohater
I can't help you here brother! I'm not good with breakout trades like this. My system is as such that you should have already been in good and short from a much higher price, like 547x.

On the other hand, I will say I've taken a long on GU at 88 and booked 10 so far.
That does seem a lot more logical to play a breakout if there was one, to be able to get in at a higher price and once price reaches the line for a possible break you book some profit, move to break even and let the rest run and if the breakout occurs you are already in without any risk at all, if not then you still have profit and can still play the range and try again. Sound about right?
  • #32,026
  • Feb 24, 2010 12:05pm Feb 24, 2010 12:05pm
Quoting The Captain
Just pulled the trigger 35 from the 35 with no PA to help?
Are you talkign about my short from the top? Brother, I would hope that most in here took that short. Problem is, news was coming out at the time and I know it scares some people. I took it because it was on the prior high since close of last US Session, plus I had the 50/62 on the h1 as well.
Just digging in the trenches like everyone else!
  • #32,027
  • Feb 24, 2010 12:05pm Feb 24, 2010 12:05pm
Quoting Ahsanfx
That does seem a lot more logical to play a breakout if there was one, to be able to get in at a higher price and once price reaches the line for a possible break you book some profit, move to break even and let the rest run and if the breakout occurs you are already in without any risk at all, if not then you still have profit and can still play the range and try again. Sound about right?
Just digging in the trenches like everyone else!
  • #32,028
  • Feb 24, 2010 12:08pm Feb 24, 2010 12:08pm
Quoting eohater
Are you talkign about my short from the top? Brother, I would hope that most in here took that short. Problem is, news was coming out at the time and I know it scares some people. I took it because it was on the prior high since close of last US Session, plus I had the 50/62 on the h1 as well.
No I was talking about your long from 88 where you booked 10. It was 35pips away from the 35ma when you took the trade. You've talked about this before but I didn't know you'd just take it with no PA to confirm. I hope I would have had the trade from the top had I been around for it.
Cap
  • #32,029
  • Feb 24, 2010 12:12pm Feb 24, 2010 12:12pm
Quoting The Captain
No I was talking about your long from 88 where you booked 10. It was 35pips away from the 35ma when you took the trade. You've talked about this before but I didn't know you'd just take it with no PA to confirm. I hope I would have had the trade from the top had I been around for it.
Oh!! No, don't misconfuse the 35 from the 35ma on the m15. Understand that I'm talking about 35 pips from the last candle that closed through the m15 35. In this case we're talking about a candle that closed at 5426 less 35 pips puts us at 5391. I took the long at 88 becuase I had minor support there and jumped in front of the bus. I also jumped in front of EU at 20 and booked 10 on her as well. I don't recommend trades like this though
Just digging in the trenches like everyone else!
  • #32,030
  • Feb 24, 2010 12:16pm Feb 24, 2010 12:16pm
Quoting eohater
Oh!! No, don't misconfuse the 35 from the 35ma on the m15. Understand that I'm talking about 35 pips from the last candle that closed through the m15 35. In this case we're talking about a candle that closed at 5426 less 35 pips puts us at 5391. I took the long at 88 becuase I had minor support there and jumped in front of the bus. I also jumped in front of EU at 20 and booked 10 on her as well. I don't recommend trades like this though
Thanks! I get it now. I'll save those trades for when I receive Jedi status.
Cap
  • #32,031
  • Feb 24, 2010 12:16pm Feb 24, 2010 12:16pm
Quoting eohater
Are you talkign about my short from the top? Brother, I would hope that most in here took that short. Problem is, news was coming out at the time and I know it scares some people. I took it because it was on the prior high since close of last US Session, plus I had the 50/62 on the h1 as well.
and lets not forget the 200ma on the 15.
  • #32,032
  • Feb 24, 2010 12:21pm Feb 24, 2010 12:21pm
Quoting Ahsanfx
and lets not forget the 200ma on the 15.
Yep! I do love my 200 on all my charts!

She paid me well on my EU shorts today as well!

I didn't tickle EJ today.
Just digging in the trenches like everyone else!
  • #32,033
  • Feb 24, 2010 12:39pm Feb 24, 2010 12:39pm
Quoting eohater
I didn't tickle EJ today.
Well, that explains why EJ wasn't haulin ass all day today, stuck in that range like the Mrs.
  • #32,034
  • Feb 24, 2010 12:55pm Feb 24, 2010 12:55pm
Evening all- if it breaks this awkward 15400 ish area and closes below am I right to be considering 15360 area as a next stop or 15150 as a poss any feedback will be appreciated - finding my feet tia oh also I have stochs set up on my charts which all show 15min 1 hr and 4hr as oversold
Sleeping boys catch no fish
  • #32,035
  • Feb 24, 2010 1:19pm Feb 24, 2010 1:19pm
Quoting wmloto
Evening all- if it breaks this awkward 15400 ish area and closes below am I right to be considering 15360 area as a next stop or 15150 as a poss any feedback will be appreciated - finding my feet tia oh also I have stochs set up on my charts which all show 15min 1 hr and 4hr as oversold
It's too late in the session for any major move. US is closing, Asia is getting ready to come on board. If was trading the Asia session, I would look to sell a 35/50 cross and close candle and I would look to buy from today's low. Let your PA lead you. The 536x area will be loaded with buyers. We could see it and shoot up to the h1 50/62 where new sellers will jump on her back and pound. I know that I myself will be looking to be a buyer in the 536x-5x area. As for the 515x, I would look deeper, we have a weekly and monthly candle coming ready to close. You need to get your levels from the weekly/monthly charts to see where they fall.
Just digging in the trenches like everyone else!
  • #32,036
  • Feb 24, 2010 1:35pm Feb 24, 2010 1:35pm
Cheers EO I only looked at my daily not beyond your patience is appreciated, I will go and digest your reply now. have a great afternoon wm
Sleeping boys catch no fish
  • #32,037
  • Feb 24, 2010 2:00pm Feb 24, 2010 2:00pm
EO touched on something in his last post that is helping me learn this sytem and hopfeully will help others: Plan ahead - Find the areas where the big boys are going to be buying and selling (major support and resistance) and keep patience and avoid overtrading. Walk away, check back every so often, and when price is nearing the level YOU WANT then look for some confirming PA and take the trade. I think the biggest problem people have about trying to learn this sytem is taking too many trades. Start out with major support and resistance trades, along with the textbook trades (35/50, 62ma) and as you get more comfortable and profitable, then start making more trades based of smaller S&R and other candlestick patterns. Hope this helps the fellow newbies!

Peace!
Cap
  • #32,038
  • Feb 24, 2010 2:33pm Feb 24, 2010 2:33pm
Wise words captain- over the past year I have blown several accounts trading forex I though I knew it all I was making a stack but losing it all - I read somewhere that the forex Market will humble you and indeed it has. I have gone right back to basics thrown my pride aside I have nearly completed baby pips ( fantastic site) but this thread!!! something else. I cannott believe the errors I used to make knowing what I know now. I am convinced I can succeed in forex, but now know there is much much more to think about before pulling the trigger. Determination. I know I have said it before but this thread is gold and I wish I had found it before I turned into mr cocky. Thanks to all again and I will never post like this again cheers all
Sleeping boys catch no fish
  • #32,039
  • Feb 24, 2010 3:00pm Feb 24, 2010 3:00pm
Quoting The Captain
EO touched on something in his last post that is helping me learn this sytem and hopfeully will help others: Plan ahead - Find the areas where the big boys are going to be buying and selling (major support and resistance) and keep patience and avoid overtrading. Walk away......
Peace!

Goob point Captain
It's a dirty job but someone's gotta do it!
  • #32,040
  • Feb 24, 2010 4:05pm Feb 24, 2010 4:05pm
I see a long showing on the daiy chart possible for tomorrow, anyone else see it that way?
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