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  • #13,021
  • Jul 15, 2010 6:30pm Jul 15, 2010 6:30pm
I saw an opportunity on GBP USD. This countertrend trade seemed to stick out like a sore thumb.

Big Boss and Boss showing strong bullish PA the last 2 months.
Hammer formed on Worker at minor support, but what struck me was both Worker and Boss 20 fully supported the hammer.

I entered above the hammer, and closed 2/3 of position at 1.5200 minor resistance.

I now have just moved my last position from breakeven to just under minor support of 1.5200.
There is a good chance that price will re-test the 1.5200 level, but this trade is now profitable and stress free.
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  • #13,022
  • Jul 15, 2010 7:15pm Jul 15, 2010 7:15pm
Quoting GibsonL6
I saw an opportunity on GBP USD. This countertrend trade seemed to stick out like a sore thumb.

Big Boss and Boss showing strong bullish PA the last 2 months.
Hammer formed on Worker at minor support, but what struck me was both Worker and Boss 20 fully supported the hammer.

I entered above the hammer, and closed 2/3 of position at 1.5200 minor resistance.

I now have just moved my last position from breakeven to just under minor support of 1.5200.
There is a good chance that price will re-test the 1.5200 level, but this trade is now profitable...
Good lad! This is what I like to see. But why close 2/3? of your position?

Close the first at TP 100 pips, the 2nd at R and the third, trail or get out at reverse PA.

But anyway, still a good job - pips in your wallet and a FREE stress free trade - nothing beats this!
15 YEARS OF PASR ON FOREX FACTORY!
  • #13,023
  • Jul 15, 2010 7:55pm Jul 15, 2010 7:55pm
Quoting strat
Good lad! This is what I like to see. But why close 2/3? of your position?

Close the first at TP 100 pips, the 2nd at R and the third, trail or get out at reverse PA.

But anyway, still a good job - pips in your wallet and a FREE stress free trade - nothing beats this!
Hi Strat!

Anytime I hear good news from you, it really makes my day.
Closing 2/3 of position may limit the profit potential, but it sure keeps those little men happy.
I will heed your advice and practice trade management as you indicated.
The 95% mentality is the toughest thing to control, but I am determined and will get it right.
Maybe those little men dont need to be that happy so soon.....

Tom
  • #13,024
  • Jul 15, 2010 8:55pm Jul 15, 2010 8:55pm
Quoting GibsonL6
I saw an opportunity on GBP USD. This countertrend trade seemed to stick out like a sore thumb.

Big Boss and Boss showing strong bullish PA the last 2 months.
Hammer formed on Worker at minor support, but what struck me was both Worker and Boss 20 fully supported the hammer.

I entered above the hammer, and closed 2/3 of position at 1.5200 minor resistance.

I now have just moved my last position from breakeven to just under minor support of 1.5200.
There is a good chance that price will re-test the 1.5200 level, but this trade is now profitable...
Good job GibsonL6. Here is my counter trend trade, banked 100 pips, moved two position to breakeven.
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  • #13,025
  • Edited 9:22pm Jul 15, 2010 9:13pm | Edited 9:22pm
Quoting patrick25
Good job GibsonL6. Here is my counter trend trade, banked 100 pips, moved two position to breakeven.
Good job to you too Patrick!

You are a source of inspiration for this thread, and everybody should
PAY ATTENTION to your posts.

Thanks

Tom
  • #13,026
  • Edited 9:44pm Jul 15, 2010 9:43pm | Edited 9:44pm
Hi Patrick,

Do you key in a target limit for the 3rd lot?
Yesterday, my 3rd lot got triggered by the spike in EURCAD.

Now, I need to find another entry!

Cheers,
R
  • #13,027
  • Jul 15, 2010 10:29pm Jul 15, 2010 10:29pm
Quoting elitejets
Firstly sorry I have been gone so long. Wasn't so well, better now.

This is what Strat calls a buy signal ... last weeks cover

Ahhhhhhh. Indeed, as stated before...."none better." All traders lock that post in your head and NEVER forget it. http://www.forexfactory.com/showpost...ostcount=12618 #12635

Close on June 9 - 1.1978

http://cdn.forexfactory.com/attachme...1&d=1276143822
  • #13,028
  • Jul 16, 2010 12:07am Jul 16, 2010 12:07am
Quoting Raje$h
Hi Patrick,

Do you key in a target limit for the 3rd lot?
Yesterday, my 3rd lot got triggered by the spike in EURCAD.

Now, I need to find another entry!

Cheers,
R
I use 15 to 20 pips buffer for every trade entry. I use buystop/sellstop. I key in three positions seperately. When I am in the trade, I check it in the morning only to see if my first position closes with 100 pips profit then I move two positions to breakeven and wait.
  • #13,029
  • Jul 16, 2010 4:18am Jul 16, 2010 4:18am
Quoting patrick25
I use 15 to 20 pips buffer for every trade entry. I use buystop/sellstop. I key in three positions seperately. When I am in the trade, I check it in the morning only to see if my first position closes with 100 pips profit then I move two positions to breakeven and wait.
How do you close the second position? Next morning buy/sell at market if support/resistance is reached or have you set a limit order when you moved to breakeven?

And how do you close the third position eventually? Trailing stop or reverse PA? Do you set any limit buy/sell order?

Thanks,
Rajesh
  • #13,030
  • Jul 16, 2010 6:42am Jul 16, 2010 6:42am
Quoting Alexandra
Ahhhhhhh. Indeed, as stated before...."none better." All traders lock that post in your head and NEVER forget it. http://www.forexfactory.com/showpost...ostcount=12618 #12635

Close on June 9 - 1.1978

http://cdn.forexfactory.com/attachme...1&d=1276143822
Thanks for the early heads up. Took advantage of it on the Eur/Cad. I'm always eager to hear what you and elite have to say. Thanks for your continued teachings. Cheers.

John
Finally out of the shadows.
  • #13,031
  • Jul 16, 2010 10:02am Jul 16, 2010 10:02am
... or BIB?
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  • #13,032
  • Jul 16, 2010 12:09pm Jul 16, 2010 12:09pm
Quoting Raje$h
How do you close the second position? Next morning buy/sell at market if support/resistance is reached or have you set a limit order when you moved to breakeven?

And how do you close the third position eventually? Trailing stop or reverse PA? Do you set any limit buy/sell order?

Thanks,
Rajesh
I set my second position S/L and T/P at the next S/R level. If price does not reach SR and put in a reversal candle, I move S/L below/above reversal candle. My third position remains at breakeven for further price action or market takes me out at breakeven.
  • #13,033
  • Jul 16, 2010 12:25pm Jul 16, 2010 12:25pm
Hi All,

Will this pattern repeat? Will see.
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  • #13,034
  • Edited 4:39pm Jul 16, 2010 4:04pm | Edited 4:39pm
Strat: "Good lad! This is what I like to see.''

Surprising to see this comment in relation to a counter trend trade, even a very profitable one, after all your other posts on the subject.

Perhaps a qualified comment for novices would be in order.

See the attachment.
Attached File(s)
File Type: doc Strat on Trading with the Trend.doc   274 KB | 1,093 downloads
"Make everything as simple as possible, but not simpler" Albert Einstein
  • #13,035
  • Jul 16, 2010 5:31pm Jul 16, 2010 5:31pm
Quoting No1Optimist
Strat: "Good lad! This is what I like to see.''

Surprising to see this comment in relation to a counter trend trade, even a very profitable one, after all your other posts on the subject.

Perhaps a qualified comment for novices would be in order.

See the attachment.
N01 Optimist,

I believe he was just commenting that Gibson was seeing the foot prints the market were showing us. This is what I am working on as well. It was long term CT but short term with the trend, my data gave nice hammer but I passed it unfortunately.

Still studying , Poncho.
" I can read the left side of the chart, the right side's a Bitch!
  • #13,036
  • Jul 16, 2010 7:12pm Jul 16, 2010 7:12pm
Quoting hcristea
... or BIB?
Technically, it is both.

From a trading perspective, the BEEB should be ignored because it is not in the correct position to trade off a BEEB and secondly, S is too near.

On this basis, we treat it as an IB - an indecision or pause bar.
15 YEARS OF PASR ON FOREX FACTORY!
  • #13,037
  • Jul 16, 2010 7:49pm Jul 16, 2010 7:49pm
Quoting No1Optimist
Strat: "Good lad! This is what I like to see.''

Surprising to see this comment in relation to a counter trend trade, even a very profitable one, after all your other posts on the subject.

Perhaps a qualified comment for novices would be in order.

See the attachment.
Strat: "Good lad! This is what I like to see.''

Surprising to see this comment in relation to a counter trend trade, even a very profitable one, after all your other posts on the subject.

Perhaps a qualified comment for novices would be in order.

My ''qualified comment'' is:

FIRST: Make an appointment with an optician/optometrist to get your eyes tested.

SECOND: Make an appointment for a brain MRI to check if there is anything between your ears.

THIRD: If both the above checks out OK, GO BACK TO THE BEGINNING OF THE PATH OF LEARNING PAYING SPECIFIC ATTENTION ON HOW TO RECOGNISE TRENDS.

FOURTH: If all the above fails, forget trading and enroll in a Stitch & Bitch Class and take up sewing and knitting.
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15 YEARS OF PASR ON FOREX FACTORY!
  • #13,038
  • Jul 16, 2010 10:43pm Jul 16, 2010 10:43pm
Quoting strat
[color=Blue][i][b]Strat: "Good lad! This is what I like to see.''

Surprising to see this comment in relation to a counter trend trade,...
Thank you for your kind and constructive comments. I was anticipating such a reply.

It seems that I do not understand trends well enough.

I have posted Boss and Big Boss charts for this pair, and while it is obvious, even for the feeble minded, that there is a rally in progress, the overall trend seems to be down.

The original poster prefaced his post by acknowledging that his trade was counter trend.

Hence my surprise at your comment.
Attached Image(s) (click to enlarge)
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"Make everything as simple as possible, but not simpler" Albert Einstein
  • #13,039
  • Jul 17, 2010 12:49am Jul 17, 2010 12:49am
Quoting No1Optimist
Thank you for your kind and constructive comments. I was anticipating such a reply.

It seems that I do not understand trends well enough.

I have posted Boss and Big Boss charts for this pair, and while it is obvious, even for the feeble minded, that there is a rally in progress, the overall trend seems to be down.

The original poster prefaced his post by acknowledging that his trade was counter trend.

Hence my surprise at your comment.
Thank you for your kind and constructive comments. I was anticipating such a reply.

Superb qualifications for a smart arse!

It seems that I do not understand trends well enough.

Very well understated.

I have posted Boss and Big Boss charts for this pair, and while it is obvious, even for the feeble minded, that there is a rally in progress, the overall trend seems to be down.

The original poster prefaced his post by acknowledging that his trade was counter trend.

Just because he said it doesn't mean he is correct.
Let me explain for the feeble minded:

The immediate Boss trend is UP! We are ''possibly'' in the change of trend. If the Boss makes the next high a HH then we know the trend has changed to up.

The Boss trend from May 21 is UP; the Worker is obeying the Boss and following behind accordingly. How can this be counter trend?

Which trend do you trade?

The overall long term trend?
Last years trend?
Hysterical trend?
Haven't a clue trend?
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15 YEARS OF PASR ON FOREX FACTORY!
  • #13,040
  • Jul 17, 2010 3:11am Jul 17, 2010 3:11am
Briliant words from mrStrat as always.Won't be able to trade and read this thread for some time but I'm sure I'll catch up later.
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