The Dance

Angle was a bit low, but it turned out pretty good so far hasn't it!?

now at +30 pips and stop just below the second green candle at 5230

So stop out at 1.5230 after the pa hit the half round number at 5250, so it s a +10 ! So maybe next time i will get out directly at or around the RN if the angle of the trade is not by the rules !

Luke

Yeah that s right Clay !

Luke

I just realize after my gbpusd long touch trade that eurjpy also has a touch trade with a better angle at about 22 degree and 35-50 nearer of each other almost at the same time than gbpusd touch trade, but sadly i don t take this one,but it s a part of the game, huh ? But maybe someone else took it ?

Luke

enjoy

hi clay any reason why 5EMA was taken out? past 2-3days, the GU was bouncing off 5EMA all day long during the trends. couldnt get in cos there wasnt any 10EMA touches.

yunielescaz, Feel free to put it back on if you like, I just found myself getting in trouble with it.

I caught this one really late. Finger click problems you know... when you're tired and forget to drop the script on the right currency,,, it really messes with your trade! THAT is why I had to drop to M5 and look for a pull back (on the same bar by the way) after it broke the 1.5300 level.

It went up far enough that the "pullback" seemed more of a retest of the RN level. so when it hit it, I jumped in with an 11 pip SL,,, not something I recommend much, but like I said, I'm tired, missed the best entry and didn't want to pass on the trade as I thought this might be the "London Move" like the last few nights and they might try really hard to push for the D1 35 SMA. So,, as I write this, I am locked in +42 pips,,, not bat, and it's again going my way +55 ATM.

Sometimes you gotta have stoned Bucky,,, big stones to wait it out when your up and leaving 29 plus pips on the table in a retrace.... (he says quivering) Stones I tell ya!

I'll post my exit soon and I'm done for the night and probably for the morning too. Need sleep once in a while.

OK,,, the exit is now posted and yes, I did enter late, and I did trade news, but NOT until after I felt price was settling down a bit and I dropped to M5 to find a pull back to a S/R level I felt would stand firm and yes, I left 29 pips on the table.

So, there you have a full trade with complete trade management, including dropping to M5 for a bit of "fine tuning" of the trade around RN levels, and for the entry as well.

Most of this was "by the rules" with the exception of it was a news trade. I did wait a few minutes to see how price was acting, so it's not a complete violation, but not something I recommend for newbies to trading or to this strategy.

As time goes on, I will try to keep most of this "by the rules" but keep in mind that I have given Endroute permission to post his trades as he takes them with his templates. "The Dance" after all is said and done, did come from my study of the way he trades and the amazing consistency he exhibits. We can all gain from his posts and comments greatly.

If anyone has any questions about a specific trade and the reasoning behind the entry, management, or exit, please, please, please ask questions and don't sit there confused about it. I and Endroute, and a couple of others who seem to be "getting it" pretty fast are more than willing to answer and clarify so you can understand and grow.

This whole effort is about "giving back" and growing together. I am growing daily as I post and analyze charts, and it has already resulted in a couple of refinements in the rules. That will continue until I think it's perfected to the best possible.

The templates from this trade are "one chart" templates with the "equivalent" moving averages from all three time frames on it. I simply used Swingman's three line indicator. I colored the H1 10 EMA the same as the chart background because have a 40 EMA (M15 10 EMA equivalent for H1) and a 50 EMA on the charts is redundant.

I also made the M15 lines solid, the H1 lines are "dash,dot,dot" lines and the D1 lines are "dotted" lines so that you can see the difference, but I used very similar colors so I would recognize which line on which time frame it was simply by looking at it.

I think it is optional if you want to use the one chart setup or the three chart setup at this point. I am still experimenting with it, but I thing what ever you are most comfortable with is what you should use. Part of this exercise is after all for you to "make it yours" as stated in the Manual.

I hope this trade and all it's charts help, if there are questions, PLEASE ask them and i will answer them.

You traded the news here though? Isn't that ill-advised for those starting out with this strat fella?

Yep,,, but I didn't know it was the news. I often forget to pay attention to that and yes it is a violation of the rules to enter during the first 5 minutes of the trade. Thing is that I entered almost at the close of that 15 minute candle anyway because I missed much of the move. So it's not so bad. Technically speaking, "by the rules" you can wait a candle or two and then enter IF you have a good signal to get back in on, like a RN, which is what I used.

STILL,,, I don't recommend it for newbies, your right.

your take away from this should be the setup, news trading is up to the individual and as you gain more experience as a trader, that does not mean next week or next month, you see where the news trading is going to go before it happens in most cases (except around nfps and fomc announcements). This does NOT mean I advocate news trading or even do much of it myself, however if your broker offers guaranteed stops and depending on the situation it can work out well.

Great, thanks for the clarification. Didn't mean to come across as a smart-arse, it's just that I sat here and watched the whole thing develop and am feeling miffed I didn't get in!

Trotty,,, I cannot tell you the number of times I did that. Ask Endroute, there are many, many times I watched him take a trade sitting there on my rosy red wondering what the &*()(_(^ happend and why did I miss it!

Not to worry, you WILL get this and you WILL do well. IT IS that simple and a pretty straight forward strategy. My entry, by the way, was with a 11 pip SL. Not much risk in that.

P.S. by the way,,, I'm off to dream land now,,,,, see you all in about 4 or 5 hours. Get 'em Endroute, Get 'em!!!

Walk before you can run. I sit out news time and plan on keeping it that way whilst I absorb more about trading conventionally.

Thanks for the input endroute.

Would we consider this constrainment forming on EU?

yes

look for the close of the bar, for me it if closes right around the 35 I would take with a stop below the 50 at 1.3774, if it closes below the 35 I would probably wait on it for a better entry.

Thanks endroute. Just so you know, I don't expect you guys to be giving signals out but any reviews of observations are very, very welcome