Measure twice, cut once
Igrok Method. Q's & A's. Comments, thoughts and ideas
- #5,882
- Jul 2, 2010 3:17am Jul 2, 2010 3:17am
- Joined Sep 2009 | Status: From Timex to Rolex via Forex | 3,398 Posts
Twitter: MrC_Forex ; Facebook: /pages/MrC-Forex/197693770247397
- #5,883
- Edited 8:19am Jul 2, 2010 7:54am | Edited 8:19am
- Joined Sep 2007 | Status: gone fishing | 5,782 Posts
Took EU and EJ long's with intra-day #18.4 and both are yielding good! This template is becoming my new best friend
Riding the same with you buddy. Let us see where we end up today. Perfect trade idea C
Trade idea on E/J. Long with a ~15 SL and reverse if we'll get back to the red line.
- #5,886
- Jul 2, 2010 11:22am Jul 2, 2010 11:22am
- Joined Sep 2009 | Status: From Timex to Rolex via Forex | 3,398 Posts
Riding the same with you buddy. Let us see where we end up today. Perfect trade idea C
Trade idea on E/J. Long with a ~15 SL and reverse if we'll get back to the red line.
Twitter: MrC_Forex ; Facebook: /pages/MrC-Forex/197693770247397
- #5,887
- Jul 2, 2010 4:17pm Jul 2, 2010 4:17pm
- Joined Aug 2007 | Status: Trader | 3,135 Posts
Measure twice, cut once
- #5,888
- Jul 3, 2010 8:26am Jul 3, 2010 8:26am
- Joined Apr 2008 | Status: Controlled Trading. | 1,161 Posts
- #5,889
- Jul 3, 2010 9:21am Jul 3, 2010 9:21am
- Joined Apr 2008 | Status: Controlled Trading. | 1,161 Posts
- #5,890
- Jul 3, 2010 10:46am Jul 3, 2010 10:46am
- | Joined May 2010 | Status: Looking for the KO trade | 471 Posts
H1 triangle + bull div.
Nice charts man
On the triangle where do you expect the next touch to be, up or down? The bar which hits both sides of the triangle throws me off.Thanks,
Nite
- #5,891
- Jul 3, 2010 2:04pm Jul 3, 2010 2:04pm
- Joined Apr 2008 | Status: Controlled Trading. | 1,161 Posts
Hi JP,
Nice charts man
Thanks,
Nite
1. Formation is in place;
2. There's support @ 87.12;
3. However mid-term-trend is down, we could be looking at a correction north towards fib 61.8;
4. Bullish MACD divergence present;
Therefore, by evaluating probabilities thru TA, we could have a FAIR probability north for short term. However, opening a position in the direction of the main move (trend) is ALWAYS statistically advantageouso ver counter trend positions.
- #5,892
- Edited 4:48pm Jul 3, 2010 4:18pm | Edited 4:48pm
- | Joined May 2010 | Status: Looking for the KO trade | 471 Posts
I try not to have a bias or expectation. A line, is ALWAYS an opportunity for you to open a position.
1. Formation is in place;
2. There's support @ 87.12;
3. However mid-term-trend is down, we could be looking at a correction north towards fib 61.8;
4. Bullish MACD divergence present;
Therefore, by evaluating probabilities thru TA, we could have a FAIR probability north for short term. However, opening a position in the direction of the main move (trend) is ALWAYS statistically advantageouso ver counter trend positions.
I would trade this as a 20.6, what do you think?
Aediaz reminded me the other day that a correct 20.6 should have the whole chart on one side, and free space on the other. Some of my 20.6 trades have not been correct. Can someone tell me if this is more like it?
Thanks again JP, peace and have a good weekend
- #5,893
- Edited 6:24pm Jul 3, 2010 6:01pm | Edited 6:24pm
- Joined Apr 2008 | Status: Controlled Trading. | 1,161 Posts
Thanks for the answer JP. This will help remind me that further confirmation signals can help in choosing the right trade, something I haven't been doing enough of lately. I guess all we can do is just sit and wait to see what PA eventually does in the triangle. If it does break north, we have a good target to aim for.
I would trade this as a 20.6, what do you think?
Attachment
Aediaz reminded me the other day that a correct 20.6 should have the whole chart on one side, and free space on the other. Some of my 20.6 trades...
Who am I to say anything.However, I might risk and say that this is a classic 20.6 example.
A fourth or higher approach to the line may make it more successful. We already have 3 touches...
I would say that a break is imminent there. Also, coincidence or not, if you trace a fib line from the top of the line to the LL (whole H1 trend),you'll be able to observe that hte bull divergence coincides with the 38.2 fib retrace level). So, there's another ingredient there.
Also, lets just wait and see if main move of the day is UP on Sunday/Monday and hope that the break happens when a new high for the day is established.
All this would increase trade statistics.
I would say we have many ingredients there to open a trade even it being against mid-term trend. Like I said above, we could increase our chances by having short-term trend in our favor in the process...
I think we might have similar situation on swissey. Have a look into intra-day charts and you might be able to draw a descending TL with some 3 touches along with bullish divergences.
All-in-all, it looks to me we have a descending channel (H1/H4) just formed... So price must look for the upper boarder and than down. But this is just pure speculation as of now.
In this particular case, opening a position during European session would be best. Same recommendations as above as well (ie . observe MMs, etc.).
Hope this makes sense.
JP.
- #5,894
- Jul 4, 2010 4:28am Jul 4, 2010 4:28am
- | Joined May 2010 | Status: Looking for the KO trade | 471 Posts
This is Igroks cave...
However, I might risk and say that this is a classic 20.6 example.
A fourth or higher approach to the line may make it more successful. We already have 3 touches...
I would say that a break is imminent there. Also, coincidence or not, if you trace a fib line from the top of the line to the LL (whole H1 trend),you'll be able to observe that hte bull divergence coincides with the 38.2 fib retrace level). So, there's another ingredient there.
Also, lets just wait and see if main move...
I had a look at Swissy, this my version of what you described, hope I see the same thing you do:
I guess we just sit and wait to see what happens. Like belekas says, price action is king.
Thanks again
