Great Winner came from Great Looser
- #7,362
- Jun 29, 2010 8:05pm Jun 29, 2010 8:05pm
- Joined Jan 2009 | Status: Not bothered. | 18,084 Posts
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- #7,363
- Jun 29, 2010 8:08pm Jun 29, 2010 8:08pm
- Joined Jan 2009 | Status: Not bothered. | 18,084 Posts
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- #7,365
- Jun 29, 2010 8:56pm Jun 29, 2010 8:56pm
- Joined Jan 2009 | Status: Not bothered. | 18,084 Posts
Hi Wormboy im newish to forex and am finding the method i have started to trade really good and will more than likely always trade this way i use vantages method over on the HL/Lh thread and find it profitable.
but i want to start looking at longer term tfs just so I can know when i am trading near key areas ect so i can know to be a bit more carfull when i get near one.
I am going to start following your thread and will probaly have lots of questions if that alright with you?
my 1st question is in the post above what has told you the long term...
okay, from the the chart attached, you can see that I had highlighted the breakout day. See the lower trendline which was acting as a dynamic resistance prior to the breakout is now acting as support. That ltl is from the 23rd January 2009 low. It also coincides with the 1.5 level break. However as you can see, atm I had revert the trade position to short as my H1 had printed a triple top formation (H&S), which in most cases indicates failing strength. Rule of thumb is to trade it on the neckline break & I might be tad bit early here, but having opened the day below pivot, that will serve as my barometer. If at any point price manage to close back above the daily pivot before taking my stop, I will close this current short trade & reverse.
LTL stands for lower trend line.
p/s : btw, an advise. If you already have something that works well for you, stick with it & don't go mess it up with some other trade system. You'll be taking a few steps back if you do it.
If it's not broken, why fix it
Good luck.
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- #7,366
- Jun 29, 2010 9:01pm Jun 29, 2010 9:01pm
- Joined Jan 2009 | Status: Not bothered. | 18,084 Posts
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- #7,367
- Jun 29, 2010 9:04pm Jun 29, 2010 9:04pm
- Joined Jan 2009 | Status: Not bothered. | 18,084 Posts
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- #7,369
- Jun 29, 2010 9:14pm Jun 29, 2010 9:14pm
- Joined Jan 2009 | Status: Not bothered. | 18,084 Posts
hi azim,
any chance of a chart showing your reasons..???
I look in from time to time..
And i am still trying to understand your method.
Regards, graham.
yea, I posted the chart here mate:
1. http://cdn.forexfactory.com/attachme...5&d=1277862887
as I mentioned earlier, I could be tad bit early with the short, so the dp is the barometer for this trade. If at any point price manage to close back above it before taking out my stop, I will close the short trade.
Hope it helps.
Thank You
- #7,370
- Jun 29, 2010 10:27pm Jun 29, 2010 10:27pm
hi reflex, welcome
okay,
Good luck.
It feels great to be on the same trade with you!
I've been waiting for the completion of H&S and retest of the broken trendline.
However, I remember you being very bullish on Pound until few hours back.
Is there any significant reasons why you are joining the bears?
I do know that you do switch your positions at the right time!!
Below is my Crappy chart, but works for me!
Thanks!
- #7,371
- Jun 30, 2010 12:03am Jun 30, 2010 12:03am
- Joined Apr 2009 | Status: Know Your Wave | 2,640 Posts
- #7,373
- Jun 30, 2010 12:14am Jun 30, 2010 12:14am
- Joined Apr 2009 | Status: Know Your Wave | 2,640 Posts
closed my GY short at 133.25... +20
a little something to throw in the MILK MONEYTM jar...
I ignored my rules and jumped in a bit early. ....got excited. rofl
132.9 is my positon entry.
want to see what London has on their mind.
a little something to throw in the MILK MONEYTM jar...
I ignored my rules and jumped in a bit early. ....got excited. rofl
132.9 is my positon entry.
want to see what London has on their mind.
- #7,374
- Jun 30, 2010 1:46am Jun 30, 2010 1:46am
hi reflex, welcome
okay, from the the chart attached, you can see that I had highlighted the breakout day. See the lower trendline which was acting as a dynamic resistance prior to the breakout is now acting as support. That ltl is from the 23rd January 2009 low. It also coincides with the 1.5 level break. However as you can see, atm I had revert the trade position to short as my H1 had printed a triple top formation (H&S), which in most cases indicates failing strength. Rule of thumb is to trade it on the neckline break & I might be tad bit...
Cheers for the advice I'm really not planing on changing the way i trade atal I want to learn bigger tfs out of interset really so I will always know why it stopped somewhere if theres a strong TL coming up ect
Am I right in thinking we have gone into a wedge on the hourly? and a break below yestersays low which is also the H&S neckline I think could be taken as extra bearish?
Reflex
- #7,375
- Jun 30, 2010 2:06am Jun 30, 2010 2:06am
- Joined Jan 2009 | Status: Not bothered. | 18,084 Posts
Great Chart!!
It feels great to be on the same trade with you!
I've been waiting for the completion of H&S and retest of the broken trendline.
However, I remember you being very bullish on Pound until few hours back.
Is there any significant reasons why you are joining the bears?
I do know that you do switch your positions at the right time!!
Below is my Crappy chart, but works for me!
Thanks!
I was bullish, till I saw the triple top. That's significant enough for me atm. Overall bias for me personally is still bullish, but I will not waste an opportunity to make money selling when there is one
Good luck my friend.
Thank You
- #7,376
- Jun 30, 2010 2:09am Jun 30, 2010 2:09am
- Joined Jan 2009 | Status: Not bothered. | 18,084 Posts
Got in this one from 5070 before bed. It's always a good sign when..
Cheers
closed my GY short at 133.25... +20
a little something to throw in the MILK MONEYTM jar...
I ignored my rules and jumped in a bit early. ....got excited. rofl
132.9 is my positon entry.
want to see what London has on their mind.
leave some for me
Thank You
- #7,377
- Jun 30, 2010 2:13am Jun 30, 2010 2:13am
- Joined Jan 2009 | Status: Not bothered. | 18,084 Posts
Thanks wormboy I'm guessing you would wait for an hourly close over dp?
Cheers for the advice I'm really not planing on changing the way i trade atal I want to learn bigger tfs out of interset really so I will always know why it stopped somewhere if theres a strong TL coming up ect
Am I right in thinking we have gone into a wedge on the hourly? and a break below yestersays low which is also the H&S neckline I think could be taken as extra bearish?
Reflex
Thank You
- #7,379
- Jun 30, 2010 2:52am Jun 30, 2010 2:52am
to switch sides, yes - I'd wait for a close above dp. Asia tried, didn't make it, so I will stick with selling for now. Nice spot on that bottleneck there, because usually when it goes, it will really move. Break the H&S neckline will definitely be bearish, but only to the next strong support @4895
- #7,380
- Jun 30, 2010 3:46am Jun 30, 2010 3:46am
- Joined Jan 2009 | Status: Not bothered. | 18,084 Posts
Thank You