well im sitting out until something shows me a sign on the 15TF. if it does blow through the 35/50s on the 15TF then we could see a new trend forming. if u are lookin at higher time frames, there is no rush cos u could ride it for hours. for now, im gona see whats happening on the 15TF 1st.
any1 lookin at the G/U today? blowed through the closely bundled 35/50s 3times in a row. any way to prevent entering such touch trades?
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Not really unie...not that I have found yet anyway. When the lines are on top of each other like that a big move usually does happen. That's part of the reason for using such tight stops at those entries,,, normally they do give you a great trade,, and the times they don't, you risk very very little.
grumble, grumble, grumble,,,, all I lacked was ONE STINKING PIP more on the SL,,, and I had this one nailed..> SOOOOOOOOOO,,, I will move down to M5 and see if I can find a good short entry spot
ah yes another question. sometimes it bounces of the 50 sometimes the 35, any way to choose which 1 to trade the touch trade(although your manual says 35SMA retest touch trade)
cos there were days if i traded the touch of 35, it would blow through n touch the 50 n bounce, but i was already stopped out as 35 was more than 10pips away from 50.
Our charts musy look quite different because both them candles have wicks on them on my charts.
Cheers for the explanation though.
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Hmmm one has a pretty long wick,, one about a 1 pip wick,, but on the smaller chart it looks like it doesn't have one. And NOW,, there is a spinning top forming,,,,
ah yes another question. sometimes it bounces of the 50 sometimes the 35, any way to choose which 1 to trade the touch trade(although your manual says 35SMA retest touch trade)
.
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Yes, this is my biggest problem with the touch trades and why I am not brave enough to take them yet.
Eclayf has covered this to a degree with his research into MA angles. I have not taken this trade on EJ for that very reason. If you look at the angle, it's too flat to convince me that there is a strong short bias. Also, the PA before looks very undecided and none of it gives me any confidence in the trade. If you were willing to risk it, you'd have pulled 20 odd pips in but the prominent word there is risk. Trading is about mitigating risk as much as possible IMO.
From my own observations, the surest touch trades seem to be off the 10 ema or even the 5 in VERY strong trends with uber steep MAs. Don't know if eclayf agrees but it looks that way to me.
OK,,, I'm short again,,,, found a spot on M5 that looks promising for a re-entry short,, NOT as good as I had before the 1 pip stopout,,, (my error,, not stop hunting),,, so now we see,,,,
From my own observations, the surest touch trades seem to be off the 10 ema or even the 5 in VERY strong trends with uber steep MAs. Don't know if eclayf agrees but it looks that way to me.
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Funny,,, I think the ones off the 35, in a strong move are the absolute best, and am getting comfortable with the 10 finally after quite a while of not using it much because it tends to be weaker.
But hey,,, everyone has to make a strategy "their own" with things like this.
Some will end up loving only constrainment, some only touches,,, some only the confluence trades,,, they all work pretty well. For me, personally the key is for "me" to stick to the three main types of trades and master them.
Funny,,, I think the ones off the 35, in a strong move are the absolute best, and am getting comfortable with the 10 finally after quite a while of not using it much because it tends to be weaker.
But hey,,, everyone has to make a strategy "their own" with things like this.
Some will end up loving only constrainment, some only touches,,, some only the confluence trades,,, they all work pretty well. For me, personally the key is for "me" to stick to the three main types of trades and master them.
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Cheers fella.
I bow to your knowledge of your system, I haven't taken proper touch trades yet so I can only go by what i've seen on the charts, not what i've experienced. As you've spelled out though, they're VERY counter-intuatitive!
That EU trade is struggling with the trendline and S2 I think....
