Hi guys, correct me if I am wrong, but I think the MAs are too flat for trading on G/U at the moment. We need to look for a 45 degree angle.
- #1,202
- Edited 2:27am Jul 16, 2010 2:16am | Edited 2:27am
Hi Mr Bear, If you ran that in stimulator and if it didnt touch the EMA then i dont think it counts as a touch trade. If you look back many candles that touch 10EMA now didnt touch the EMA when the candle was being formed.
Dont worry about missing these near trades.
We'll have loads of chances over the course of the day, and if u monitor more than 1 pair u will have more chances.
If price does not touch the MA DURING the trade, then it is not a valid DANCE entry.
This is not to say that it wouldn't be a good trade with PA, but it's not a DANCE entry.
Mr Bear, and anyone else new to this strategy, do NOT get upset about missing these 'near' touches...... there are tons of them, and if you let it get to you, you will start 'trying' to take them and sods law - you will take the ones that do not work.
Will is spot on here..... there will be many more opportunities, don't rue the near misses, as that is all they are .... near misses.
The only other thing that you should try and take into account is where you are going to take profit.
Kostas is an expert at taking pips where they present themselves, but 'taking profit' is not something that came up to much in the original thread as it was something that Clay was working on and was 'getting too'. If you are happy to grab pips where you can then this may have been a good trade, but if you want trades to run, then you have to ask yourself if this trade would have done that!
10 pips below the entry is the RN and 10 pips below that is the Pivot point (I know some of you do not see that).
It's a delicate business - taking profit - because no one can really tell you how you 'should' trade. If you use AND watch PA, then you can, in my opinion, take many many trades, if you set TP areas, then this trade probably wouldn't have been so good, simply because the risk vs reward wasn't to hot.
(just my view on things)
- #1,204
- Edited 2:40am Jul 16, 2010 2:26am | Edited 2:40am
They are now that London has moved them, but I think 'had' that trade touched the 10ema, then it was okay (for me).
I was watching it, but entered on the EJ instead and missed it. There was a decent Doji on the 5 minute which might have got me in it...... but I am not sure it would have been enough.
My only concern with that trade would have been the two fairly long wicks on the candles prior AND the RN.
dollar n yen weakness in the market.
i guess we can look to enter longs once 10 EMA moves above 35/50EMA
and we see retraces.
but session is still early and anything might happen.
just a short survery guys, which sessions do u trade?
i was thinking of watching and trading London Open and US Open.
EDIT: to LEEMONK: call me Will is fine
- #1,205
- Jul 16, 2010 2:31am Jul 16, 2010 2:31am
See the same setup on GU GJ EU EJ
dollar n yen weakness in the market.
i guess we can look to enter longs once 10 EMA moves above 35/50EMA
and we see retraces.
),If you are trading by the 'rules', then the 10ema does NOT need to be above the 35/50, only Price needs to be above it to go long (15 minute trading).
just a short survery guys, which sessions do u trade?
i was thinking of watching and trading London Open and US Open.
It also gives me 1 hr to trade before Frankfurt opens as things get a little hectic after that.
I will try and trade pretty much ALL DAY through to 6pm (gmt). I normaly stop after that but I have noticed recently that things are moving alot between 7pm and 9pm too..... which is the close of the US session.....
Lee
- #1,210
- Jul 16, 2010 2:49am Jul 16, 2010 2:49am
just a short survery guys, which sessions do u trade?
i was thinking of watching and trading London Open and US Open.
. Oh did I mention that I hate my job too!!
- #1,211
- Jul 16, 2010 2:50am Jul 16, 2010 2:50am
lol...... I am laughing here because I know how Clay would answer this question..........
It doesn't matter!!! We will trade it either way.
We have hit or are very close to some trendlines AND some resistance areas, so this suggests a downward movement, BUT price seems relatively strong..........
Not to be funny about it, but it REALLY doesn't matter because we can trade it either way...... just be on the look out for some sideways movement as price (maybe) takes a little breather...... if it does move sideways, be carefull about your entries....
Please help me say hi and thanks to Clay, for his introduction to this method.
Will
- #1,214
- Jul 16, 2010 2:59am Jul 16, 2010 2:59am
Hey Mr Bear, just an idea, while you're waiting for the market to move you can practise spotting trades in Stimulator, that will give u more confidence and you can speed things up in your practise to spot trades.
- #1,215
- Jul 16, 2010 3:07am Jul 16, 2010 3:07am
There is a problem with the simulator, it doesn't work, it's waiting for an update like forever. I can't fix it.
- #1,216
- Jul 16, 2010 3:07am Jul 16, 2010 3:07am
There is a problem with the simulator, it doesn't work, it's waiting for an update like forever. I can't fix it.
What you can do, if you wish, is to untick the 'autoscroll' from the platform and then just go way back on the 15 minute and press F12 to move one whole bar at a time.
It's not the same as the sim as it does whole bars at a go, but..... if you are bored and are worried about taking silly trades....
- #1,217
- Edited 3:23am Jul 16, 2010 3:13am | Edited 3:23am
saw a touch of 10 EMA on GU
wonder if this is a valid trade?
EDIT: Spotted but didnt enter.
1) Angle is 41 degrees. line plotted at the "v" of 10 EMA line on M15 GU
2) One Bar to "Get there"
3) Stop loss should be below 50EMA
4) cant see if there's confluence with H1 MAs
Factors that might work against the Trade:
1) Two slight long rejection wicks on 2 previous candles.
any inputs are welcome
EDIT: Price bounced off 50 EMA and going up.
But the MAs are flattening and it's better not to force a trade.
You can get lucky with a trade but it aint a dance trade if u went ahead and trade.
wonder if this is a valid trade?
EDIT: Spotted but didnt enter.
1) Angle is 41 degrees. line plotted at the "v" of 10 EMA line on M15 GU
2) One Bar to "Get there"
3) Stop loss should be below 50EMA
4) cant see if there's confluence with H1 MAs
Factors that might work against the Trade:
1) Two slight long rejection wicks on 2 previous candles.
any inputs are welcome
EDIT: Price bounced off 50 EMA and going up.
But the MAs are flattening and it's better not to force a trade.
You can get lucky with a trade but it aint a dance trade if u went ahead and trade.
- #1,219
- Jul 16, 2010 3:22am Jul 16, 2010 3:22am
saw a touch of 10 EMA on GU
wonder if this is a valid trade?
EDIT: Spotted but didnt enter.
1) Angle is 41 degrees. line plotted at the "v" of 10 EMA line on M15 GU
2) One Bar to "Get there"
3) Stop loss should be below 50EMA
4) cant see if there's confluence with H1 MAs
Factors that might work against the Trade:
1) Two slight long rejection wicks on 2 previous candles.
any inputs are welcome
In other words it could be a retrace before a large drop!
Price has now just moved below the 15 min 35 and is about to touch the 50.
I will wait another few candles before I consider re-entering on anything. Price has pretty much retraced across all pairs from the London open. In my opinion, it's to early to start doing anything, I will wait for price to settle.
There were a couple of candles on the 5 minute which, had London not moved price I would probably have entered on, but this current pricing is all about the London open.
Lee
ps. the 1hr 10ema was pretty much between the 15m 35 and 50.