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Sonic R. System

  • #14,581
  • Sep 22, 2010 1:54am Sep 22, 2010 1:54am
Quoting traderathome
EU and GU Trades Closed:

EU stopped out for71 pips loss.
GU stopped out for 14 pips profit.

Not a good week so far.
EU was entered without the WAVE....mistake #1.
GU had good profit I let slip away.....mistake #2.

The biggest mistake of all, however, was speculating that the market was shorting ahead of high impact USD releases....
Hey friend,
I am watching your posts carefully and I was sometimes surprised that you trade what you think not what you see. I didn't dare to remind you as you are much more experienced so I said to myself "TAH knows what he's doing and why he's doing it."
I was on the hook to follow your last trades but I repeated to myslef "Trade what you see, not what the others see."

Anyway, at least for me, the loosing trades are the best lesson if you find out what was wrong.
Follow my trading on Twitter and FB: @pumlitch
  • #14,582
  • Sep 22, 2010 2:01am Sep 22, 2010 2:01am
Quoting Pumlitch
Hey friend,
I am watching your posts carefully and I was sometimes surprised that you trade what you think not what you see. I didn't dare to remind you as you are much more experienced so I said to myself "TAH knows what he's doing and why he's doing it."
I was on the hook to follow your last trades but I repeated to myslef "Trade what you see, not what the others see."

Anyway, at least for me, the loosing trades are the best lesson if you find out what was wrong.
".....the losing trades are the best lesson if you find out what was wrong. " - Pumlitch

Yes, truer words were never spoken.
  • #14,583
  • Sep 22, 2010 2:11am Sep 22, 2010 2:11am
Quoting traderathome
".....the losing trades are the best lesson if you find out what was wrong. " - Pumlitch

Yes, truer words were never spoken.

i'm totally agreed!!!
  • #14,584
  • Sep 22, 2010 2:19am Sep 22, 2010 2:19am
Okay Imma getting this correct? I would short below "C"
http://i262.photobucket.com/albums/i...1/eurgbp-1.gif
  • #14,585
  • Sep 22, 2010 2:44am Sep 22, 2010 2:44am
Quoting Togu
Okay Imma getting this correct? I would short below "C"
http://i262.photobucket.com/albums/i...1/eurgbp-1.gif
Yes, that is correct. And the entry would be in the yellow area shown on my chart; several pips below of first leg of WAVE. The reason to wait a least several pips is to help avoid getting in on a head fake....where it reverses soon as you enter.
Attached Image(s) (click to enlarge)
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  • #14,586
  • Sep 22, 2010 2:48am Sep 22, 2010 2:48am
Quoting Togu
Okay Imma getting this correct? I would short below "C"
I would not take this trade as it is counter-trend.
The main trend is UP, you want to trade DOWN.
Just my opinion regarding my rules.
Follow my trading on Twitter and FB: @pumlitch
  • #14,587
  • Sep 22, 2010 2:50am Sep 22, 2010 2:50am
Quoting traderathome
".....the losing trades are the best lesson if you find out what was wrong. " - Pumlitch

Yes, truer words were never spoken.
Thanks for words of appreciation TAH!
Follow my trading on Twitter and FB: @pumlitch
  • #14,588
  • Sep 22, 2010 3:02am Sep 22, 2010 3:02am
The reason why I might take this trade is that the PA is in transition or in distribution cycle. There is no general trend on longer TF, I believe shorter TFs builds the longer TFs. Just my opinion
  • #14,589
  • Sep 22, 2010 3:11am Sep 22, 2010 3:11am
Quoting Togu
...... There is no general trend on longer TF...
what about this?
Attached Image (click to enlarge)
Click to Enlarge Name: eg22_9.gif Size: 23 KB
Follow my trading on Twitter and FB: @pumlitch
  • #14,590
  • Sep 22, 2010 3:16am Sep 22, 2010 3:16am
Well that indicator changes so badly, one minute later you might be seeing totally different channel. I wouldn't rely on that solly
  • #14,591
  • Sep 22, 2010 3:20am Sep 22, 2010 3:20am
Quoting Togu
Well that indicator changes so badly, one minute later you might be seeing totally different channel. I wouldn't rely on that solly
????
I am not talking about the SHI channel. Can't you see the move up?
I see uptrend. That's all.
Follow my trading on Twitter and FB: @pumlitch
  • #14,592
  • Sep 22, 2010 5:03am Sep 22, 2010 5:03am
So basically we trade momentum right? Trading the breaks of recent support and resistance levels. Around Distribution cycle? How do you guys trade? Are you trading with only solid trend? How about consolidation momentum trade? Does any 1 have solid track record?
  • #14,593
  • Sep 22, 2010 12:33pm Sep 22, 2010 12:33pm
Quoting Togu
So basically we trade momentum right? Trading the breaks of recent support and resistance levels. Around Distribution cycle? How do you guys trade? Are you trading with only solid trend? How about consolidation momentum trade? Does any 1 have solid track record?
You asked about the WAVE. And yes, it was a proper WAVE for a SonicR short setup (see M15 chart). However, subsequent PA is determined by the market, not by the setup. In this case, the market decided to bounce off of S&R (see H1 chart).

What one can do in situations like this, follow a SL exit or a quick manual exit, with a long entry when PA clears previous highs.
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  • #14,594
  • Sep 22, 2010 6:27pm Sep 22, 2010 6:27pm
Good morning every one,
Heres a quick trade from last night.
Paul
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  • #14,595
  • Sep 22, 2010 6:41pm Sep 22, 2010 6:41pm
Quoting traderathome
EU and GU Trades Closed:

EU stopped out for71 pips loss.
GU stopped out for 14 pips profit.

Not a good week so far.
EU was entered without the WAVE....mistake #1.
GU had good profit I let slip away.....mistake #2.

The biggest mistake of all, however, was speculating that the market was shorting ahead of high impact USD releases. I need to stop speculating because it has an insidious way of producing a bias that affects the ability to read PA clearly. One can never know which way the market might move on a release. Based upon data released,...
Good morning traderathome,
Dont take me as beening rude but do you look on the higher time frames before you take a trade, I only ask as the EU was in a very strong up trend on the daily at the time
  • #14,596
  • Sep 22, 2010 6:43pm Sep 22, 2010 6:43pm
Have a great one.
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  • #14,597
  • Edited 7:28pm Sep 22, 2010 7:17pm | Edited 7:28pm
Quoting in the makin
Good morning traderathome,
Dont take me as beening rude but do you look on the higher time frames before you take a trade, I only ask as the EU was in a very strong up trend on the daily at the time
No problemo, makin. Yes, I do. And per the attached Daily, the day before was a doji. And nothing keeps going up forever. So, it could have gone down.

But, alas, it did not. The mistake was not regarding the trend. I jumped in while GU was dropping. GU had a setup. EU did not; there was no WAVE, no setup....and should have been no trade. I lost, and deservedly so.
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  • #14,598
  • Edited 2:24am Sep 23, 2010 12:55am | Edited 2:24am
My G/U setup per attached chart. EP@5673

EDIT: Rejected. SL hit with -31pips loss
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Patience is the key.
  • #14,599
  • Edited 3:12am Sep 23, 2010 3:02am | Edited 3:12am
EU and GU:

The London market has opened. Prime trading hours have begun. And both pairs have given us a leg down. Now lets see if we get lower highs followed by a run down breaking out the lows....
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  • #14,600
  • Sep 23, 2010 3:15am Sep 23, 2010 3:15am
Quoting traderathome
EU and GU:

The London market has opened. Prime trading hours have begun. And both pairs have given us a leg down. Now lets see if we get lower highs followed by a run down breaking out the lows....
GU is making the moves. It has run back up a bit following the opening run down. Lets see if we get a SonicR short setup....
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