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  • #221
  • Feb 24, 2010 10:31pm Feb 24, 2010 10:31pm
g/u
Attached Image (click to enlarge)
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  • #222
  • Feb 25, 2010 1:00am Feb 25, 2010 1:00am
I prefer the cleaner charts without indicators as this makes you look at the price, and price is king in my opinion.
  • #223
  • Feb 25, 2010 8:00am Feb 25, 2010 8:00am
Quoting Max Profit
I prefer the cleaner charts without indicators as this makes you look at the price, and price is king in my opinion.
Max Profit,

Thank you so much for your input and welcome. If you have any advice to give as far as reading and interpreting PA it is definetly most welcome as well.

Thank you
  • #224
  • Feb 25, 2010 9:38am Feb 25, 2010 9:38am
As far as managing open positions I still have a lot to learn in reading pa. Heres and example of a current open position currently at about 200 pips profit as of yet.

Now its not greed but rather wanting to learn how to read this in order to maximize profits and let these trades develop themselves over time.

Curious as to how you guys who trade this way succesfully would handle this particular scenario per say.

I could easily move my sl to break even at this point but I would also be risking getting stopped out if price retraces back to this level before continuing downward.

I could also move my sl to the first area of minor resistance which i deem to be around 121.10...which would be a profit if hit but would be then back on the sidelines waiting for another entry at a less desiarable level..

I'll stop there and really hope I can get some input or advice or way of viewing the trade management aspect of this..

Hope to hear from some of you guys. thanks
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  • #225
  • Feb 25, 2010 9:56am Feb 25, 2010 9:56am
EURUSD
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  • #226
  • Feb 25, 2010 10:18am Feb 25, 2010 10:18am
Quoting swingtrader
g/u
Swingtrader,

Would you mind at least briefly explaining on how you incorporate the moving averages I see on your charts into your trading.

Hope am not asking for much,

Thanks in advanced.
  • #227
  • Feb 25, 2010 11:32am Feb 25, 2010 11:32am
was hoping to get a little more input as far as the whole trade mngt. I'll post two examples and maybe get some feed back as to wether I moved my stops to quickly or not...

I want to give these trades time to develop but am also afraid that it would turn around and give me a loss...


eur/jpy...

I moved my sl to a little bit below entry for at the very worse a small profit.

and usd/jpy..moved my sl to break even

I know prices retraces even when its trending nicely...I want to give these room to breathe and let them reach there true potential... but also afraid it will turn around on me.

Really looking forward to any comments or suggestions on the matter.

Thank you,
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  • #228
  • Feb 25, 2010 3:00pm Feb 25, 2010 3:00pm
Double bar high with a lower close...should signal a trend continuation..

correct?
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  • #229
  • Feb 25, 2010 3:17pm Feb 25, 2010 3:17pm
Nice possible enty on the 4hr gbp/usd of a support level....possibly pinochio bar forming...will have to wait for candle to close...3 more hours for me possible long.
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  • #230
  • Feb 25, 2010 4:03pm Feb 25, 2010 4:03pm
I think I will stand my ground on this one. At this point I have nothing to lose and as posted previously I had a double bar high with a lower close and the 2nd highlighted area I noticed what I interpret to be and please someone correct me if am wrong a bearish outside vertical bar...which should or could atleast signal a continuation of the current trend.
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  • #231
  • Feb 25, 2010 4:07pm Feb 25, 2010 4:07pm
Quoting mf036ml
was hoping to get a little more input as far as the whole trade mngt. I'll post two examples and maybe get some feed back as to wether I moved my stops to quickly or not...

I want to give these trades time to develop but am also afraid that it would turn around and give me a loss...


eur/jpy...

I moved my sl to a little bit below entry for at the very worse a small profit.

and usd/jpy..moved my sl to break even

I know prices retraces even when its trending nicely...I want to give these room to breathe and let them reach there true potential......
Consider trading to fib extensions and taking profits at those levels, and re-enter as you get retracements to .50 or .618 fibs, placing a stop at some point beyond the .786 (if you go beyond that, then statistically, you are in trouble). Just a thought. BTW, I can see the price levels for your entries and stops, but not the actual candle where you entered.
  • #232
  • Feb 25, 2010 4:16pm Feb 25, 2010 4:16pm
Quoting GEfx
Consider trading to fib extensions and taking profits at those levels, and re-enter as you get retracements to .50 or .618 fibs, placing a stop at some point beyond the .786 (if you go beyond that, then statistically, you are in trouble). Just a thought. BTW, I can see the price levels for your entries and stops, but not the actual candle where you entered.

GEfx,

Thank you so much for your advise...I dont have much practice with fibs or ext. to be honest with you but definetly going to throw that on there on my next trade and watch it and see how I can use it..

Your absolutley correct , I had not been marking the candles am going in on...moving forward if I post any more trades I will definetly mark the enty candles.

Once again thank you so much for taking the time for your suggestion. Look forward to hearing from you again soon i hope..
  • #233
  • Feb 25, 2010 4:24pm Feb 25, 2010 4:24pm
Quoting GEfx
Consider trading to fib extensions and taking profits at those levels, and re-enter as you get retracements to .50 or .618 fibs, placing a stop at some point beyond the .786 (if you go beyond that, then statistically, you are in trouble). Just a thought. BTW, I can see the price levels for your entries and stops, but not the actual candle where you entered.
Gefx,

Here is the next possible set up I am looking to enter, on the close of the highlighted area...grant it, It depends on the close of the candle.

for the sake of the question. Lets say the candle curently closed and this were my entry point.

Would that be a correct depiction on how one would use the fib ext and target areas? producing those three target areas and perhaps moving to break even once the first level is breached...

Looking forward to your reply...thanks in advance...
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  • #234
  • Feb 25, 2010 6:58pm Feb 25, 2010 6:58pm
A 4H chart would look something like this:
Attached Image (click to enlarge)
Click to Enlarge Name: gbp.gif Size: 15 KB


I pay attention to the the overlapping fib levels (in the one above, the -.27 and -.618 extensions overlap), but use the -.27 as the first target and the -.618 as the second, expecting retracements along the way. The -1.27 is the ultimate goal. In the most recent action, notice how PA reacted to the -.27, retraced to the .50 fib, and then moved to the -.618/a new -.27. A bunch of trading opportunites. It would make perfect sense to include the bear flag trend lines in the analysis above, too.
  • #235
  • Feb 26, 2010 12:29am Feb 26, 2010 12:29am
Quoting mf036ml
Gefx,

Here is the next possible set up I am looking to enter, on the close of the highlighted area...grant it, It depends on the close of the candle.

for the sake of the question. Lets say the candle curently closed and this were my entry point.

Would that be a correct depiction on how one would use the fib ext and target areas? producing those three target areas and perhaps moving to break even once the first level is breached...

Looking forward to your reply...thanks in advance...

really nice setup..
  • #236
  • Feb 26, 2010 8:18am Feb 26, 2010 8:18am
Quoting mf036ml
Gefx,

Here is the next possible set up I am looking to enter, on the close of the highlighted area...grant it, It depends on the close of the candle.

for the sake of the question. Lets say the candle curently closed and this were my entry point.

Would that be a correct depiction on how one would use the fib ext and target areas? producing those three target areas and perhaps moving to break even once the first level is breached...

Looking forward to your reply...thanks in advance...
I do not see an entry point (with the trend) at that point, nor do I see an entry point for counter trend trade, which is not to say that in time the PA will provide an entry. There are several good threads on FF on how to use fibs, and I recommend checking them out. If you look at the chart that I posted, it shows that your entry point is one of my exit points. Best wishes.
  • #237
  • Feb 26, 2010 8:24am Feb 26, 2010 8:24am
Here is my continuation of analysis from this morning:
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  • #238
  • Feb 26, 2010 11:14pm Feb 26, 2010 11:14pm
Quoting GEfx
A 4H chart would look something like this:
Attachment

I pay attention to the the overlapping fib levels (in the one above, the -.27 and -.618 extensions overlap), but use the -.27 as the first target and the -.618 as the second, expecting retracements along the way. The -1.27 is the ultimate goal. In the most recent action, notice how PA reacted to the -.27, retraced to the .50 fib, and then moved to the -.618/a new -.27. A bunch of trading opportunites. It would make perfect sense to include the bear flag trend lines in the analysis...

Wow, thanks for the explanation Gefx. alot to take in but I see what your pointing out.
  • #239
  • Feb 26, 2010 11:16pm Feb 26, 2010 11:16pm
Quoting morethanezra
really nice setup..
Thank you morethanezra,

didnt go as far as i hoped it would but closed partialially at +50 pips and then got stopped out at be..
  • #240
  • Feb 26, 2010 11:22pm Feb 26, 2010 11:22pm
Quoting GEfx
I do not see an entry point (with the trend) at that point, nor do I see an entry point for counter trend trade, which is not to say that in time the PA will provide an entry. There are several good threads on FF on how to use fibs, and I recommend checking them out. If you look at the chart that I posted, it shows that your entry point is one of my exit points. Best wishes.

Thanks again Gefx,

I havent been basing my entry points on fib levels....basically cause I really dont have much practice using properly.

I based that entry on a pin bar which formed on a supp. level I had marked on the chart...

All though it did not move as far as I would have liked was able to close half of my position at + 50 pips and move my sl to break even were it eventually got taken out...
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