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Trading Major Lines

  • #501
  • Mar 24, 2011 11:51am Mar 24, 2011 11:51am
Quoting nomask
this chart goes to who ever successfully entered long on eu...
you passed the first level and managed to build a position.
now its time to manage your trade.
Sorry but just curious to ask why the dotted level (1.41235) will be the good entry point?

I checked to price movement in the past in the chart but I'm not quite understand why you would say that it is a good entry level.

Sorry again for my many questions asked.
  • #502
  • Mar 24, 2011 11:59am Mar 24, 2011 11:59am
Quoting liangko
Sorry but just curious to ask why the dotted level (1.41235) will be the good entry point?

I checked to price movement in the past in the chart but I'm not quite understand why you would say that it is a good entry level.

Sorry again for my many questions asked.
You are near the tip of the down wick of a weekly candle in a bullish run up, safest place to be if you want to avoid the following weekly candle retrace down before it resumes the bullish run....if it does.
  • #503
  • Mar 24, 2011 12:03pm Mar 24, 2011 12:03pm
Quoting deepblue44
You are near the tip of the down wick of a weekly candle in a bullish run up, safest place to be if you want to avoid the following weekly candle retrace down before it resumes the bullish run....if it does.
Oh ic. Thanks for your explanation.
  • #504
  • Mar 24, 2011 12:58pm Mar 24, 2011 12:58pm
Quoting deepblue44
You are near the tip of the down wick of a weekly candle in a bullish run up, safest place to be if you want to avoid the following weekly candle retrace down before it resumes the bullish run....if it does.
well said.thx mate
  • #505
  • Mar 24, 2011 1:09pm Mar 24, 2011 1:09pm
Quoting nomask
well said.thx mate
You got it nomask. Excellent work with this thread. As far as I can see if you phased out of your professional duties into full time trading and incorporate just a few more pairs for opportunity and diversification you should be able to live very comfortably. Hope you get there.....it's where we all strive to be.
  • #506
  • Mar 24, 2011 1:22pm Mar 24, 2011 1:22pm
Good stack opportunity? I just took another long entry. I suppose this one has a low survival rate even if I can move to B/E.

I'm not sure if I'm looking too hard for setups because I don't want to fall victim to overtrading.
Attached Image (click to enlarge)
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Twitter: @zusch_ -- Preselecting trending pairs, stocks on a weekly basis.
  • #507
  • Mar 24, 2011 3:15pm Mar 24, 2011 3:15pm
made two trades today; one in the london session and another in the US and made a total of 130pips. They were both touch and go using weekly fib on the 15mins tf. The first SL was 20pips and the second was just 10.
The unique thing was that at no point was the draw-down over 10pips b4 price went north.
By far the most i've made trading intraday, thank you.
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  • #508
  • Mar 24, 2011 9:24pm Mar 24, 2011 9:24pm
Long at 1.41318 and 1.41596. BE at both trades.
  • #509
  • Mar 25, 2011 2:38am Mar 25, 2011 2:38am
Quoting deepblue44
You got it nomask. Excellent work with this thread. As far as I can see if you phased out of your professional duties into full time trading and incorporate just a few more pairs for opportunity and diversification you should be able to live very comfortably. Hope you get there.....it's where we all strive to be.
Thanks Deep for your nice words...wish same for you and everyone.

Quoting zusch
Good stack opportunity? I just took another long entry. I suppose this one has a low survival rate even if I can move to B/E.

I'm not sure if I'm looking too hard for setups because I don't want to fall victim to overtrading.
If you think you might be looking too hard for setups most of the time you're right about your feeling..
We are looking for entries that make us thinking "such obvious setup there is,everybody must've seen this".
If its not making you feeling,thinking this way most probably you looking too hard.
  • #510
  • Mar 25, 2011 2:40am Mar 25, 2011 2:40am
Quoting angelofx
made two trades today; one in the london session and another in the US and made a total of 130pips. They were both touch and go using weekly fib on the 15mins tf. The first SL was 20pips and the second was just 10.
The unique thing was that at no point was the draw-down over 10pips b4 price went north.
By far the most i've made trading intraday, thank you.
well done with the first step.Soon you'll realise that the positions you thought of intraday trading would have turned out plus 1000 pips If you let them grow.
But no rush, you'll get there eventually.
  • #511
  • Mar 25, 2011 2:42am Mar 25, 2011 2:42am
Quoting Winston Reed
Long at 1.41318 and 1.41596. BE at both trades.
keep participating Winston.
Sooner or later It will work out the way you expected.
b.e trades are successfull ones.Because that means market at least doesn't want you to loose.
  • #512
  • Mar 25, 2011 3:15am Mar 25, 2011 3:15am
The EURUSD has another sudden drop again. And it is getting close to my entry price.

Just want to ask you guys opinion, will you guys close the position to grap some profit when you see such P.A, instead of letting it died at B.E?

Thanks.
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  • #513
  • Mar 25, 2011 3:24am Mar 25, 2011 3:24am
Quoting liangko
The EURUSD has another sudden drop again. And it is getting close to my entry price.

Just want to ask you guys opinion, will you guys close the position to grap some profit when you see such P.A, instead of letting it died at B.E?

Thanks.
I never close for a small profit.."do it or die at b.e"
my position from 1.3569 is still at the break even level.
I did not even trail it one single pip.
  • #514
  • Edited 4:34am Mar 25, 2011 3:35am | Edited 4:34am
Quoting nomask
I never close for a small profit.."do it or die at b.e"
my position from 1.3569 is still at the break even level.
I did not even trail it one single pip.
Now I understand how difficult and frustrated to overcome the emotional hurdle we gonna face by using this strategy. It is definitely not feeling good when you see your position built died at B.E or loss.

However, I will keep telling myself to stick to the principle, "do it or die at b.e".

Thanks for your advice nomask.

Edit: My position just died at b.e at the current drop in the pair. Looking forward for any good entry again in next week.
  • #515
  • Mar 25, 2011 6:22am Mar 25, 2011 6:22am
Quoting liangko
Now I understand how difficult and frustrated to overcome the emotional hurdle we gonna face by using this strategy. It is definitely not feeling good when you see your position built died at B.E or loss.

However, I will keep telling myself to stick to the principle, "do it or die at b.e".

Thanks for your advice nomask.

Edit: My position just died at b.e at the current drop in the pair. Looking forward for any good entry again in next week.
Things will get even worse than this in the future in terms of emotional hurdle.
Probably you'll be mad at me (say not good things) once your first 200+ pip-profit position dies at b.e.
But If you can pass this stage I can assure you that the feeling of regret will be replaced with confidence as you close your +1000 pips position.
And your trading style will be changed for good.
  • #516
  • Mar 25, 2011 6:34am Mar 25, 2011 6:34am
below chart is a good example of that how important the very first candle after the setup candle which has our entries in is.
It has higher chance of survival than any other candles.
by buying yesterday and holding your positions up to today you are now watching the fight that happening between bulls and bears from a very safe zone that makes you immortal in this battle.
very simple,yet powerful way of trading.
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  • #517
  • Mar 25, 2011 6:54am Mar 25, 2011 6:54am
Hi,


Strange, i have a live account and your 4H chart is different from mine.

What is your broker ?
  • #518
  • Mar 25, 2011 6:56am Mar 25, 2011 6:56am
Quoting sharteel
Hi,


Strange, i have a live account and your 4H chart is different from me.

What is your broker ?
my live account is different than the chart I posted as well...
Its for fxdd-malta for charting purposes.
  • #519
  • Mar 25, 2011 7:27am Mar 25, 2011 7:27am
Hi Folks, looking at the wave it looks like there might not be much stream in this baby this week. Its also friday so there may be big sell off because of people cashing in before the weekend, so if you're not at break even with your positions I would advise you not to take any positions until next week. My thought since it is having a hard time breaking the 4190 level we might be looking at shorts next week. You never know. Happy Friday!
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Empower Your Mind
  • #520
  • Mar 25, 2011 8:50am Mar 25, 2011 8:50am
Quoting nomask
below chart is a good example of that how important the very first candle after the setup candle which has our entries in is.
Nomask, I have a question for you. Just wondering why did you move the lower end of your fib up to the next swing low, instead of leaving it where it was?
http://www.forexfactory.com/C:%5CDoc...ts%5Cchart.jpg
Luck occurs when preparation meets with opportunity.
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