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Why did you start trading and what do you expect from it? 19 replies

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Trade what you see NOT what you expect

  • #32,881
  • Mar 15, 2010 4:55am Mar 15, 2010 4:55am
Quoting Chicopips
Well, it sure got real friendly with the 200. Now to see if it bounces or breaks.
Yep.....next stop the wick low from Fri....
  • #32,882
  • Mar 15, 2010 9:45am Mar 15, 2010 9:45am
An interesting article on the world's money woes. Not a very rosy picture, I'm afraid.

Europe's woes are hangover from WWII
Hi, my name is Barry and you can keep your doctor...
  • #32,883
  • Mar 15, 2010 10:55am Mar 15, 2010 10:55am
Hey all,

Is it me or does it look like a flag in the making on the 15m and 1hr? Maybe back up to the 240/200 and then down again?

**EDIT** Actualy it looks more like a Pennant in the making if the MA's hold their trenches.

I got support lines on the 1hr and the 4hr that might push the flag up and then maybe it will breakthrough.......

WARNING - I AM NEW - DO NOT USE MY CHART UNLESS YOU AGREE WITH IT.




Cisco..... World War II??????? thats some gramaphone noise isnt it?

Regards

Lee
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  • #32,884
  • Mar 15, 2010 12:02pm Mar 15, 2010 12:02pm
Does a standard (ie not inverted) 'Head and Shoulders' count for anything following a downtrend?

I am reading through the manual again and note that a H&D is common in an uptrending market, but what if you get a H&D in a downtrend?

Regards

Lee

ps... Is America closed today? Where is everyone?
  • #32,885
  • Mar 15, 2010 12:19pm Mar 15, 2010 12:19pm
Quoting leemonk
Does a standard (ie not inverted) 'Head and Shoulders' count for anything following a downtrend?

I am reading through the manual again and note that a H&D is common in an uptrending market, but what if you get a H&D in a downtrend?

Regards

Lee

ps... Is America closed today? Where is everyone?
Hi Lee USA is now in summer time LOL
" When the ship starts to sink, don't just pray. JUMP "
  • #32,886
  • Mar 15, 2010 12:35pm Mar 15, 2010 12:35pm
Quoting occamsrazors
Thx Macc. You've touched on a question I have regarding the 35/50MA cross and reverse. So it doesn't matter which direction the 35/50MA cross comes from (from the 35 side or from the 50 side), either direction is good? Or is it best used when PA is going from the 35 to the 50 and after a trend and is retracing and may be getting ready to resume trend again (after considering what higher TFs have to say)? From my limited observations so far it seems best when it has crossed from the 35 side in a trend or when price has been outside the 35 pip zone...
Hi Occam.

I personally don’t attribute any significance to which side the 35/50 cross comes from (not consciously anyway). It is referred to as the 35/50 (and not the 50/35) so perhaps it should only be taken when the 35 is crossed first . Perhaps EO can confirm (or otherwise) if he gets chance.

I guess I do try to distinguish between the times where price is just making a pullback in a trend (the cross and subsequent reverse take price back with the trend) and the times when a more significant turn has occurred and price is looking to cross back through the ma’s (where a candle cross and close is only followed by a retrace to the ma’s before continuing in the direction of the break).

Perhaps some of the other thread members have established “rules” in this respect and these would provide a more solid answer.

Macc
  • #32,887
  • Mar 15, 2010 1:36pm Mar 15, 2010 1:36pm
Quoting leemonk
Does a standard (ie not inverted) 'Head and Shoulders' count for anything following a downtrend?

I am reading through the manual again and note that a H&D is common in an uptrending market, but what if you get a H&D in a downtrend?

Regards

Lee

ps... Is America closed today? Where is everyone?
no US is not closed however day light savings time just started and that screws everybody up all the time, plus, we had nearly a 200 pip move before NY opened. That often takes the wind out of the sails for some reason (just an observation). It will probably flatline until tokyo.
  • #32,888
  • Mar 15, 2010 3:36pm Mar 15, 2010 3:36pm
Quoting PippiNole
First things first, forget about all your analysis for this particular trade. There is something very fundamental about why you should not have taken any trade at that particular TIME OF DAY based on those particular candles....
This is very interesting.

I was chatting with a mutal friend of ours today about this. They tell me that you are active across a few of the major pairs.

Based on your response Pippi, do you beleive that in order to successfull trade a major pair other than the £ or the $, you need to be aware of what those two are doing, either seperately or as the GU pair?

I am learning right now and when chatting to our friend, it was suggested that if I can 'learn the trade' on GU then I am pretty much set. However. the thought of trying to study other pairs right now..... blows my mind away.

Regards

Lee
  • #32,889
  • Mar 15, 2010 4:40pm Mar 15, 2010 4:40pm
Quoting macc
Hi Occam.

I personally don’t attribute any significance to which side the 35/50 cross comes from (not consciously anyway). It is referred to as the 35/50 (and not the 50/35) so perhaps it should only be taken when the 35 is crossed first . Perhaps EO can confirm (or otherwise) if he gets chance.

I guess I do try to distinguish between the times where price is just making a pullback in a trend (the cross and subsequent reverse take price back with the trend) and the times when a more significant turn has occurred and price is looking to cross...
Ok, thats interesting to hear. I'm going to keep a close on eye on it. Thx Macc
  • #32,890
  • Mar 15, 2010 6:41pm Mar 15, 2010 6:41pm
Quoting occamsrazors
Hi All. Could someone please check my trade analysis on an EJ trade I got caught in on Friday. Not a big loss and it was countertrend so riskier and on review I could have managed it better. Also I probably should have been long before entering this trade short.

On the M15 chart PA had touched H4 resistance (red line), closed just above forming a short term M15 resistance level (orange line), then went to and bounced off the 50MA (where I should have been long in the first place), all within the 35 pip zone (think I've got the 35 pip zone on...
Candle C was the breakout candle that closed above the wick of candle A. The next candle pulled back and retested the top of the wick of candle A and would have been your entry candle for a long as it pulled back to the 33 to 35 area.
  • #32,891
  • Mar 15, 2010 6:48pm Mar 15, 2010 6:48pm
Quoting leemonk
This is very interesting.

I was chatting with a mutal friend of ours today about this. They tell me that you are active across a few of the major pairs.

Based on your response Pippi, do you beleive that in order to successfull trade a major pair other than the £ or the $, you need to be aware of what those two are doing, either seperately or as the GU pair?

I am learning right now and when chatting to our friend, it was suggested that if I can 'learn the trade' on GU then I am pretty much set. However. the thought of trying to study other...
I do trade at least 3 pairs but I don't keep up with correlations from one pair to another.

I would suggest you stick to one pair and when you become profitable with it then you might start looking (for some strange) towards some of the other naughty ladies who might put out a few pips when you enter them properly.
  • #32,892
  • Mar 15, 2010 7:26pm Mar 15, 2010 7:26pm
Quoting PippiNole
Candle C was the breakout candle that closed above the wick of candle A. The next candle pulled back and retested the top of the wick of candle A and would have been your entry candle for a long as it pulled back to the 33 to 35 area.
Yep ok got that. Great thx Pipp
  • #32,893
  • Mar 16, 2010 5:01am Mar 16, 2010 5:01am
Hi all,

Can I please ask for some clarity on the above.

The manual states that for these trades to be considered true they need to be heading away from the lower time frame MA's (5,10 & 21).

As you will see from the chart. POINT A shows that the PA indicates that a 1 o'clock is taking place, however its not until POINT B that the PA starts moving away from the MA's.

So, can I please ask, where does the true 1 o'clock trade start. Point A or Point B?

Regards

Lee
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  • #32,894
  • Mar 16, 2010 5:14am Mar 16, 2010 5:14am
Quoting leemonk
Hi all,

Can I please ask for some clarity on the above.

The manual states that for these trades to be considered true they need to be heading away from the lower time frame MA's (5,10 & 21).

As you will see from the chart. POINT A shows that the PA indicates that a 1 o'clock is taking place, however its not until POINT B that the PA starts moving away from the MA's.

So, can I please ask, where does the true 1 o'clock trade start. Point A or Point B?

Regards

Lee
Hi Lee and good morning
1 o'clock and 5 o'clock trades are add in trades and require that the ma's all are in order. As you can see in your chart the ma's are revering and crossing so neither of these trades would be considered true
hope that helps
" When the ship starts to sink, don't just pray. JUMP "
  • #32,895
  • Mar 16, 2010 5:26am Mar 16, 2010 5:26am
Quoting Gladis Night
Hi Lee and good morning
1 o'clock and 5 o'clock trades are add in trades and require that the ma's all are in order. As you can see in your chart the ma's are revering and crossing so neither of these trades would be considered true
hope that helps

Sadly it does help. I only say sadly as I was sure one of those were a 1o'clock. But hey.... I would rather be wrong here than on the trade.

Cheers

Lee
  • #32,896
  • Mar 16, 2010 5:31am Mar 16, 2010 5:31am
Good morning.

Just go short on GU ( 1.5108 ) and took some +10 .
  • #32,897
  • Mar 16, 2010 5:44am Mar 16, 2010 5:44am
Good morning Kodziro .I hope you are well today
" When the ship starts to sink, don't just pray. JUMP "
  • #32,898
  • Edited 6:13am Mar 16, 2010 5:57am | Edited 6:13am
1h doji forming. If it does I will be waiting for 15m test (I want to add to my position).


edit: ended with this position +10, and looking for short again.
  • #32,899
  • Mar 16, 2010 6:32am Mar 16, 2010 6:32am
Hi all,

Just reading through the manual here at work ..... ssshhh (don't know why I'm saying ssshhh as its my business ).

I am reading about 'retests of breakouts'.

Assuming you get in at the start of the bullish trend, and playing by the rules of the manual. Would you have taken more long's at points 1 and 2? Essentially having three trades now running?

*EDIT* my numbering is not to clear. The numbers are positioned UNDER the relevant bearish candles (the two red ones).

Regards

Lee
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  • #32,900
  • Mar 16, 2010 11:13am Mar 16, 2010 11:13am
it's these kind of mornings that i get upset about my trading system. I was long at 4986. but of course i'm too short sighted to have seen this gigantic move coming down the road
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