A perfect touch of 10 EMA, but I missed it, because when the price was approaching it it didn't touch the 10EMA, then it went south and the EMA now rests on the tip of the candle.
- #1,224
- Jul 16, 2010 3:34am Jul 16, 2010 3:34am
anyone make any successful trades since london open today? seems sorta wishy-washy
may be better to wait a bit till gu makes up its mind which direction it wants to go
- #1,226
- Jul 16, 2010 3:36am Jul 16, 2010 3:36am
anyone make any successful trades since london open today? seems sorta wishy-washy
may be better to wait a bit till gu makes up its mind which direction it wants to go
Things to take into account - price had already moved some distance on most pairs before London even opened, this is not 'normaly' the case.
YOu can see lots of indecision after the London move on most pairs..... lots of wicks, a sort of mini Porcupine (if you will).
Don't force anything..... you have all day and the charts will still be moving later on too......
YOU MUST BE PATIENT.
Wait for price to run a little and then look to get in on a retrace..... try not to take the top or the bottom of a move. You need hundreds of pips then you need to look for these, if you are happy to take pips where they present themselves you do NOT need the top or bottom.
Personaly I think I will wait for price to move above or below todays low or Londons high before I get back in.
- #1,227
- Jul 16, 2010 3:38am Jul 16, 2010 3:38am
- | Joined Jan 2010 | Status: Trader | 1,354 Posts
"Being picky only cost your time - not MONEY"...Hans
- #1,230
- Jul 16, 2010 3:44am Jul 16, 2010 3:44am
Not even considered it.
Things to take into account - price had already moved some distance on most pairs before London even opened, this is not 'normaly' the case.
YOu can see lots of indecision after the London move on most pairs..... lots of wicks, a sort of mini Porcupine (if you will).
Don't force anything..... you have all day and the charts will still be moving later on too......
YOU MUST BE PATIENT.
Wait for price to run a little and then look to get in on a retrace..... try not to take the top or the bottom of a move....
Oh yeah here's something useful to share with everyone:
http://42goals.com/
its a site where u can plot ur daily goals.
To help you be disciplined in trading and only take the good setups:
You can input tasks like
1) Enter a AAA Dance setup
2) Enter a wrong setup
and set a point system to it.
So if u end up positive points or negative points you can know how you fare on discipline and it enforces the need to stay discipline and not trigger happy
basically its to keep u disciplined and accountable since records never lie.
So far no trades yet today. Just a lot of waiting and watching..
- #1,231
- Jul 16, 2010 3:46am Jul 16, 2010 3:46am
Just wanted to make another comment - I dont think I have said much this morning 
.
Just because a trade is 'on' in accordance with the rules, it doesn't it 'should' be taken.
You must consider recent events, what put price where it is now and why?
Look to the higher timeframes to ensure you see the 'larger' picture.
The higher timeframes tell you 'where' we are, the lower ones tell you 'how' we are there.
.Just because a trade is 'on' in accordance with the rules, it doesn't it 'should' be taken.
You must consider recent events, what put price where it is now and why?
Look to the higher timeframes to ensure you see the 'larger' picture.
The higher timeframes tell you 'where' we are, the lower ones tell you 'how' we are there.
- #1,233
- Jul 16, 2010 3:51am Jul 16, 2010 3:51am
Just picked up a trade on the EU, once again forgot to get the screen shot at the time of the signal but will make more of an effort to in the future.
Re-tested 10ema on the 15min chart, and that coincided with a nice engulfing candle on the 35/50 level on the 5min chart.
15 pips quite comfortably.
Re-tested 10ema on the 15min chart, and that coincided with a nice engulfing candle on the 35/50 level on the 5min chart.
15 pips quite comfortably.
- #1,236
- Jul 16, 2010 3:52am Jul 16, 2010 3:52am
Just wanted to make another comment - I dont think I have said much this morning
Just because a trade is 'on' in accordance with the rules, it doesn't it 'should' be taken.
You must consider recent events, what put price where it is now and why?
Look to the higher timeframes to ensure you see the 'larger' picture.
The higher timeframes tell you 'where' we are, the lower ones tell you 'how' we are there.
, isn't it ironic?
- #1,240
- Jul 16, 2010 3:57am Jul 16, 2010 3:57am
Good point! But for complete beginners like me to make such decissions is realy hard, thogh yesterday, before the big move, I thought that the price is going for the previous S/R level you can see in the Daily chart, and it did by the end of the day. I made only losses
Well.... intially it seems ironic, but you must bear in mind, you were making daily trading decisions but with 15 minute entries and more importantly, 15 minute STOP LOSSES.
In order to find the daily tops and bottoms from the opposite ends with 15minute stop losses, you have to find the PERFECT entry at the top or bottom........ and I can tell you this.... there are not to many people in the world who can do that!
PS.... lots of sideways movement currently. I am no way going to trade until this REALLY settles down!
PPS.... at this rate we may see some 'constrainment' entries prior to NY open. Be careful though..... I (personaly) do not like mid-day constrainment trades.