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  • #121
  • Jul 30, 2010 6:31am Jul 30, 2010 6:31am
Hi Laborers Fx!
Simoneg personal!
Can I join the discussion?

Fibo system great!
  • #122
  • Edited 8:26am Jul 30, 2010 6:35am | Edited 8:26am
Looks good.

Next entry would be close above 112.64:

Attached Image (click to enlarge)
Click to Enlarge Name: ej m15.gif Size: 39 KB


Edit: 112.64 is a critical point for the upmove. Price went down for 14 pips after touching it.

Edit: SL triggerd for -9 Pips
  • #123
  • Jul 31, 2010 11:26am Jul 31, 2010 11:26am
I reflected my trades on Friday.

My conclusion was that, my analysis were accurate, so they are reliable. The entries weren't perfect and need to improve. Anyhow, the price moved to the anticipated direction and I was in profit. I need to realize when there is an obstacle in the way, and take the profits.
"But what would be the first obstacle and which could follow?" I asked myself. Well, the first one after entering at the 50% Breach would be the Swing Low or High. After that it depends where the price is. By a reversal the Intrady Pivot is a critical point, by continuation there are Intraday Resitance (80%),Support (19%) High and Low, which needs to be handle more carefully.

I hope with this knowledge (and the discipline to use it), I can start a more successful week on Monday.

One question left: When is the right time to take the profit and when should I hold the position? Do you guys have some ideas?
  • #124
  • Jul 31, 2010 12:12pm Jul 31, 2010 12:12pm
Quoting lljazz

One question left: When is the right time to take the profit and when should I hold the position? Do you guys have some ideas?
....

-------------------------------------------------------------

I have an idea.

1. Once trade begins to move your way, move your SL to BE

2. If your trade is correct it will move towards your target. Once it passes the next fib point say 61% or 80%, etc move your SL to this point and keep on watching the PA

3. If it gets past the next Fib point, move your SL once again to this new point and continue to monitor the PA. At this point, you are well in profit

4. It price continues to progress you continue shifting the SL. The worst that can now happen is for your profitable SL to be hit. Or if you don't like the behaviour of PA at this point, you can exit with a smile

5. You can also use trailing stop except that the latter has some disadvantages. For trailing stop to work, your terminal must be on. Also, on my own platform, the minmum meaningful trail is 12 pips. I would be unhappy to lose 12 pips when I know that by watching PA, I could save some of these 12 pips by exiting before my trail is extinguished.

Like I said, this is an idea. It is not hacked on stone and can be improved upon
  • #125
  • Jul 31, 2010 12:46pm Jul 31, 2010 12:46pm
Quoting Bydyke
....

-------------------------------------------------------------

I have an idea.

1. Once trade begins to move your way, move your SL to BE

2. If your trade is correct it will move towards your target. Once it passes the next fib point say 61% or 80%, etc move your SL to this point and keep on watching the PA

3. If
Hello Bydyke:

If you use metaTrader as you platfor, there is a marvellous trade managemet Expert advisor that can be used to mechanize the very thoughts you expressed here.

If/Provided you are willing to read the information provided in the thread it can be invaluable

The thrd if you care to: have a look here
http://www.forexfactory.com/showthread.php?t=89371

Remember we/You are the holy grail and the best indicator(s) you'll/we'll ever get is y' ourself! Educate y' our self; Practice; Practice...Practice. Learn from y' our mistakes, that's their real value in being the only route to understanding & success. In time they'll help us/you get to where you/we work to.


Try this colour combination On your MetaTrader Charts:
Background : DimGray
Bar Up : Black
Bar Down : Black
Bull Candle : Green
Bear candle : FireBrick

Mostly: Give only that which you fell to keep to y' ourself.


Bless.
  • #126
  • Jul 31, 2010 1:29pm Jul 31, 2010 1:29pm
[quote=pathumracled;3913317]Hello Bydyke:
-----------------------------------------

Of course, I care.

Thanks, you are always a pal
  • #127
  • Jul 31, 2010 2:57pm Jul 31, 2010 2:57pm
Thank you for the idea Bydyke!

The thing is, I would like to have a way to protect my profits against retracements. After they finish their retrace, they usually continue the direction and more profits are possible. The best method is to move the SL below swings, but you never know if it is a retrace or a reversal...
  • #128
  • Jul 31, 2010 4:59pm Jul 31, 2010 4:59pm
Quoting lljazz
Thank you for the idea Bydyke!

The thing is, I would like to have a way to protect my profits against retracements....



I notice that if you are patient to wait for the retrace after the breach, you can comfortable put your stops at 61% or 38% and not lose a sleep. That way, you are significantly sure the retracements won't hurt your profits. But you might have to really really wait for that retracement on some days. Meanwhile, whereas the patient trader is waiting for the retracement, the one with the knowledge of candle patterns, S/R and TLs would have cleaned out.
  • #129
  • Aug 1, 2010 4:50pm Aug 1, 2010 4:50pm
Quoting lljazz
Thank you for the idea Bydyke!

The thing is, I would like to have a way to protect my profits against retracements. After they finish their retrace, they usually continue the direction and more profits are possible. The best method is to move the SL below swings, but you never know if it is a retrace or a reversal...
Reversals don't happen a lot. It is hard for a currency to reverse its direction. Many retracements are mistaken for a reversal. And reversals can only be seen on large tfs. What you do when you get an indication that price will retrace is close your trade and trade the retracement (tricky) or let it get to the retrace level its seeking and re-enter on the next swing.
A. Finesse Williams Making Millions One Pip At A Time!
  • #130
  • Aug 1, 2010 11:39pm Aug 1, 2010 11:39pm
Quoting aswilled
Reversals don't happen a lot. It is hard for a currency to reverse its direction. Many retracements are mistaken for a reversal. And reversals can only be seen on large tfs. What you do when you get an indication that price will retrace is close your trade and trade the retracement (tricky) or let it get to the retrace level its seeking and re-enter on the next swing.


Couldn't have been put better.

Welcome to a pip-saturated week, Aswilled.
  • #131
  • Aug 2, 2010 8:44am Aug 2, 2010 8:44am
Looking at some daily fibs We have made a .618 retrace on the large move down and a 1.27 extension of the last smaller move down. Also against some resistance from months ago. It looks like a good place to reverse so i'd be cautious with any new longs or possibly be ready to take some profits at this 1.5870 area
Attached Image (click to enlarge)
Click to Enlarge Name: gu reversal.gif Size: 27 KB
  • #132
  • Aug 2, 2010 8:34pm Aug 2, 2010 8:34pm
Put in a buy @5810, Intraday T2 as the target, and left for the day.
http://a.imageshack.us/img715/9845/cmcapture1o.jpg

Uploaded with ImageShack.us

Returned in the money. This method makes price so predictable. :nerd:
http://a.imageshack.us/img837/372/cmcapture2.jpg

Uploaded with ImageShack.us
A. Finesse Williams Making Millions One Pip At A Time!
  • #133
  • Aug 3, 2010 3:07am Aug 3, 2010 3:07am
Trade set up with GU buying off of 80.9 resistance now support. Target is new daily and present intraday T2's of 6015. In the money as a type. :nerd:

http://img375.imageshack.us/img375/4128/cmcapture3.jpg

Uploaded with ImageShack.us
A. Finesse Williams Making Millions One Pip At A Time!
  • #134
  • Aug 3, 2010 4:43am Aug 3, 2010 4:43am
Asswilled what's your opinion on the gu? Will it hit the previous days targets?
  • #135
  • Aug 3, 2010 5:11am Aug 3, 2010 5:11am
Good Morning Aswilled...

first of all i big thank you to yourself and Simone for your great work on the 2 threads !. like many other traders here, alot of valuable knowledge is being shared for the benefit of the greater good.

a few weeks ago on the original thread you mentioned that you'd be putting together a document re this method... is this still on the cards ?. I imagine you'd need the blessing of Simone to do this?. Be interested to hear if you are.

thanks again and i look forward to your next post.

blackberry9
  • #136
  • Aug 3, 2010 5:16am Aug 3, 2010 5:16am
Got stopped out when my sl was hit at the pivot.
http://img687.imageshack.us/img687/9295/cmcapture4.jpg

Uploaded with ImageShack.us
A. Finesse Williams Making Millions One Pip At A Time!
  • #137
  • Aug 3, 2010 5:18am Aug 3, 2010 5:18am
Good Morning Everyone!
Hero Traders Live to see their Accounts Die!
  • #138
  • Aug 3, 2010 5:28am Aug 3, 2010 5:28am
Morning Simone...

have been a follower for some time now of yours & Aswilled's work... thanks again for your combined efforts !!... look forward to your thoughts on the GU for today

thanks again

Blackberry9
  • #139
  • Aug 3, 2010 5:31am Aug 3, 2010 5:31am
Quoting simoneg
Good Morning Everyone!

Good evening Simone!
  • #140
  • Aug 3, 2010 5:34am Aug 3, 2010 5:34am
Quoting robster
Good evening Simone!
Good Evening Robster!
Hero Traders Live to see their Accounts Die!
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