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  • #2,541
  • Sep 20, 2010 7:22pm Sep 20, 2010 7:22pm
Quoting VEEFX
H1 timeframe interpretation
doesnt your pennant triangle already show that price broke out twice already? sorry for the question, but im trying to learn how to draw/trade the pennant breakout and am just trying to clarify how exactly to draw them. they are hard for me to spot at the moment, and I definitely didnt see that one because i though it had to be drawn at the top of the wicks? again, sorry for the question and thanks for an excellent thread.
  • #2,542
  • Sep 20, 2010 7:30pm Sep 20, 2010 7:30pm
Quoting c0mputernick
doesnt your pennant triangle already show that price broke out twice already? sorry for the question, but im trying to learn how to draw/trade the pennant breakout and am just trying to clarify how exactly to draw them. they are hard for me to spot at the moment, and I definitely didnt see that one because i though it had to be drawn at the top of the wicks? again, sorry for the question and thanks for an excellent thread.
Perhaps it is more accurate to say the upper trend line just broke on H1 timeframe. Extending the upper red trendline touches about 7 H1 wicks indicating strong break out upward (which is just what happened moments ago) I would go long with a very tight stop. Unfortunately, I need to be away my desk for next 2 H1 candles to attend to a prior commitment.
Staying in my lane...
  • #2,543
  • Sep 20, 2010 7:31pm Sep 20, 2010 7:31pm
Quoting VEEFX
H1 timeframe interpretation
Excellent.

Your price interpretation is very good.

Today if you could please adhere to your own interpretation and anticipation and take trades accordingly.

At the moment there is no movement in the market. Let us continue closer to UK session.

Just before everyone goes and they might be interested in my interpretation. Here is mine

4hr chart

http://img521.imageshack.us/img521/4259/aa1g.png

But the most important price interpretation at the moment

http://img840.imageshack.us/img840/258/aa1h.png

1hr chart. It doesnt look good as the current price movement is closing over the resistance and the price is moving up (for the moment)

http://img571.imageshack.us/img571/5306/aa1d.png

VEEFX is unavailable for the next 3 hours. Let us continue from 1-2 hours before the london opens as the market is currently not moving at all in this asian session.
  • #2,544
  • Sep 20, 2010 7:36pm Sep 20, 2010 7:36pm
Quoting pipEASY
Excellent.

Your price interpretation is very good. ...
Thanks Graeme. See you all back in a couple of hours.
Staying in my lane...
  • #2,545
  • Edited 8:02pm Sep 20, 2010 7:44pm | Edited 8:02pm
Just before we all retire for few hours.

There are few things that everyone needs to know.

Price cannot stay around 200ema line for a long time (or any ema for that matter). It needs to break it or bounce from it but must move away from it. It is the nature of price contraction and expansion.

When price hovers around 200ema that is when price is balanced on even keel. Head wins and then tails and then heads again.

When price expands away from the 200ema is when you are experiencing price irregularity. 14+, 15+ streaks of wins on one side of the coin.

But, there is equal and opposite force. When there is expansion, there will be a contraction. This balances the upset. Then you will see price returning to the 200ema.

Some breakaways from 200emas last for weeks ending at gigantic few thousand pip reward. But we all know on average it is 400+ pips. This data takes every expansion/contractions on 200ema of last 10+ years across the whole board.

May I request you to think about this..?

There is an exploit here.
  • #2,546
  • Sep 20, 2010 7:57pm Sep 20, 2010 7:57pm
Quoting pipEASY

May I request you to think about this..?

There is an exploit here.
We will not know which break will be THE ONE. Therefore we must participate in each break to exploit the data you have provided. In the meantime, we wait...
  • #2,547
  • Sep 20, 2010 8:06pm Sep 20, 2010 8:06pm
Quoting pipEASY
Just before we all retire for few hours.

There are few things that everyone needs to know.

Price cannot stay around 200ema line for a long time (or any ema for that matter). It needs to break it or bounce from it but must move away from it. It is the nature of price contraction and expansion.

When price hovers around 200ema that is when price is balanced on even keel. Head wins and then tails and then heads again.

When price expands away from the 200ema is when you are experiencing price irregularity. 14+, 15+ streaks of wins on one side...

graeme,
may the exploit be simply, we know price moves away, bt we also know it as to come back, can we play both sides of the coin toss???

Euro/nzd looks like it is heading for the upper area of interest!

cheers
Geoff
  • #2,548
  • Sep 20, 2010 10:30pm Sep 20, 2010 10:30pm
I am back at my desk with a fresh pot of coffee :-

Just peeked at eurnzd... it broke trendline/pennant upwards and stalled towards the purple resistance line I drew in my interpretation. Unfortunately, no trade foe me as I was away. Currently, watching closely for a breakout further upwards or possibly an engulf (or an FB on M15) towards a larger down H1 candle testing 200ema again.
Staying in my lane...
  • #2,549
  • Sep 20, 2010 10:45pm Sep 20, 2010 10:45pm
Quoting VEEFX
I am back at my desk with a fresh pot of coffee :-

Just peeked at eurnzd... it broke trendline/pennant upwards and stalled towards the purple resistance line I drew in my interpretation. Unfortunately, no trade foe me as I was away. Currently, watching closely for a breakout further upwards or possibly an engulf (or an FB on M15) towards a larger down H1 candle testing 200ema again.

Hi Vee,

I kept looking for Graeme's post for a long time and just when I gave up for couple of days,He started posting..

I saw Graeme's offer late, I was cursing myself that I missed a golden opportunity.

Now I know its all for good. There is no way I could have done a better job than you.

Keep up the good work and thank you. Hope its not too much stress working on Pacific time

Regards,
TradeStar
Haste not to Enter AND Haste not to Exit !-TradeStar
  • #2,550
  • Sep 20, 2010 10:55pm Sep 20, 2010 10:55pm
Quoting TradeStar
Hi Vee,

I kept looking for Graeme's post for a long time and just when I gave up for couple of days,He started posting..

I saw Graeme's offer late, I was cursing myself that I missed a golden opportunity.

Now I know its all for good. There is no way I could have done a better job than you.

Keep up the good work and thank you. Hope its not too much stress working on Pacific time

Regards,
TradeStar
No problem Tradestar. I just got lucky to be at the right place at the right moment. This is absolutely going to be an equal opportunity learning event for everyone.

p.s. For those following eurnzd, I did my first short trade at the puruple resistance line based on FB formation on M5 . Let's see how my R:R works out.
Staying in my lane...
  • #2,551
  • Sep 20, 2010 11:42pm Sep 20, 2010 11:42pm
Hi Vee,

Would you be able to post your entry details so that we can follow exactly on our charts.

Good luck with your project with Graeme

Michael
  • #2,552
  • Sep 20, 2010 11:43pm Sep 20, 2010 11:43pm
Quoting VEEFX
No problem Tradestar. I just got lucky to be at the right place at the right moment. This is absolutely going to be an equal opportunity learning event for everyone.

p.s. For those following eurnzd, I did my first short trade at the puruple resistance line based on FB formation on M5 . Let's see how my R:R works out.

Hey Vee, firstly, you are doing a great job, thanks go to you for taking up the challenge.

could you possibly show us a chart of your entry on the euro/nzd.
cheers
Geoff
  • #2,553
  • Sep 20, 2010 11:57pm Sep 20, 2010 11:57pm
Quoting geoffrod
Hey Vee, firstly, you are doing a great job, thanks go to you for taking up the challenge.

could you possibly show us a chart of your entry on the euro/nzd.
cheers
Geoff
Graeme confirmed I should post my entries with charts as and when I take them.. so expect a chart in the next 10 mins. My apologies for the delay.
Staying in my lane...
  • #2,554
  • Edited 12:17am Sep 21, 2010 12:07am | Edited 12:17am
Here's my first trade for the day:
Attached Image (click to enlarge)
Click to Enlarge Name: 9-20-2010 10-01-43 PM.png Size: 30 KB


Position Details:
Attached Image (click to enlarge)
Click to Enlarge Name: SnapShot021 2010-09-20.jpg Size: 72 KB


Hope this helps. SL set to 20pips+spread and TP set to 80pips as per our R:R rules.

H4 level image to give a bird's eye view:
Attached Image (click to enlarge)
Click to Enlarge Name: 9-20-2010 10-01-43 PM.png Size: 30 KB


EDIT: just to clarify as I was initially puzzled myself. In the order details image, Profit of '-144' is really -14.4 pips as this platform support price with 5 digits
Attached Image (click to enlarge)
Click to Enlarge Name: 9-20-2010 10-08-23 PM.png Size: 22 KB
Staying in my lane...
  • #2,555
  • Sep 21, 2010 12:15am Sep 21, 2010 12:15am
So this is our first attempt.

Let the logs show this as

1. eurnzd 21/09/10

In regards to your first entry

http://img237.imageshack.us/img237/2...10100143pm.png

http://img121.imageshack.us/img121/1506/aa1s.png

http://img830.imageshack.us/img830/7134/aa2y.png
  • #2,556
  • Sep 21, 2010 12:24am Sep 21, 2010 12:24am
VEEFX, you have just spent your first ammo.

Entry was great 3.5/5
Timing was average 2.5/5

It seems you jumped into 5min chart when you saw something you liked. Unfortunately that position has much more chance of loss than win at current stage. Why?

I personally dont see any hindsight on the higher timeframe to take a sell in 5min yet.

4hr

http://img20.imageshack.us/img20/1876/aa1b.png

1hr

http://img214.imageshack.us/img214/9761/aa2r.png

I hope it doesnt sound like im criticizing you.

Sincerely,

Graeme
  • #2,557
  • Sep 21, 2010 12:30am Sep 21, 2010 12:30am
Quoting pipEASY
So this is our first attempt.

Let the logs show this as

1. eurnzd 21/09/10

In regards to your first entry
Thanks Graeme. Appreciate your feedback. My thought process at entry time to share with the readers. Perhaps, I placed a little more emphasis on resistance line during my entry
Attached Image
Staying in my lane...
  • #2,558
  • Sep 21, 2010 12:35am Sep 21, 2010 12:35am
Quoting VEEFX
Thanks Graeme. Appreciate your feedback. My thought process at entry time to share with the readers. Perhaps, I placed a little more emphasis on resistance line during my entry
Good work, VEEFX

It is your trade and your the captain of your own ship.

For myself, I always wait confirmation first. If Im looking for sell then I want to see price close below the open of previous up candle.

Most of the times I arrive late as price will not retrace up to 50% or higher for a tight entry but I save alot of money by not losing as much as most traders.

Lets all watch how this plays out.

You have 3 ammo left on this particular pair and Im looking forward to see you manage your position or enter another trade.

Graeme
  • #2,559
  • Sep 21, 2010 12:47am Sep 21, 2010 12:47am
eurnzd 4hr, its up at the moment. The last 4hr candle closed above the open of the previous down candle

http://img265.imageshack.us/img265/7607/aa1e.png

eurnzd 1hr

http://img840.imageshack.us/img840/2117/aa1p.png

You are doing well VEEFX.

Sincerely,

Graeme
  • #2,560
  • Sep 21, 2010 12:52am Sep 21, 2010 12:52am
Quoting pipEASY
Good work, VEEFX

It is your trade and your the captain of your own ship.

For myself, I always wait confirmation first. If Im looking for sell then I want to see price close below the open of previous up candle.

Most of the times I arrive late as price will not retrace up to 50% or higher for a tight entry but I save alot of money by not losing as much as most traders.

Lets all watch how this plays out.

You have 3 ammo left on this particular pair and Im looking forward to see you manage your position or enter another trade....
Words of Wisdom Graeme... including this in my trading plan as well as on a postIt on my screen...

If Im looking for sell then I want to see price close below the open of previous up candle

Thanks for your comments.
Staying in my lane...
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