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Flag trading the trend

  • #2,881
  • Apr 8, 2011 5:21am Apr 8, 2011 5:21am
yep... watch it fly up now.
  • #2,882
  • Apr 8, 2011 5:21am Apr 8, 2011 5:21am
Surely it has to do something soon
  • #2,883
  • Apr 8, 2011 5:29am Apr 8, 2011 5:29am
Quoting MeLe
Glad that I am not the only one sitting in this trade
++++++++++++++++++++++++++++++++

90 minutes later, I threw in the towel and walked away with 0.4. Enough is enough.
  • #2,884
  • Apr 8, 2011 5:32am Apr 8, 2011 5:32am
no trend aye
  • #2,885
  • Apr 8, 2011 5:41am Apr 8, 2011 5:41am
Pulled the pin at last for 1pip
  • #2,886
  • Apr 8, 2011 5:42am Apr 8, 2011 5:42am
I also got out of this trade about 50 mins ago. It is Friday, anything can happen. Waiting for the NY session to start. Lets hope we will have better luck when NY starts. Ray
  • #2,887
  • Apr 8, 2011 5:44am Apr 8, 2011 5:44am
lets have a look at this trade for those still learning....

positives
Overall direction (trend) = UP
Immediate direction (trend) = UP
Good looking flag (pullback) = nice angle, most bars touching flag
Setup bar, trigger and away we go

negatives
there was some divergence earlier indicating a possible direction change.

This trade may still turn into a winner but for me not worth the risk after so much time sideways and my eyes are hurting

Using all the info and make your decision to trade or not and at what size depending on your risk / style.
Attached Image (click to enlarge)
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  • #2,888
  • Apr 8, 2011 5:47am Apr 8, 2011 5:47am
Thanks for that d4n
  • #2,889
  • Apr 8, 2011 6:56am Apr 8, 2011 6:56am
Flag possibly setting up but some divergence seen before it . Any thoughts?
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  • #2,890
  • Apr 8, 2011 7:15am Apr 8, 2011 7:15am
Quoting Toothman
Flag possibly setting up but some divergence seen before it . Any thoughts?
price just made a LH so be careful.
  • #2,891
  • Apr 8, 2011 7:21am Apr 8, 2011 7:21am
Quoting d4n
price just made a LH so be careful.
Good point.
  • #2,892
  • Apr 8, 2011 7:33am Apr 8, 2011 7:33am
I don't even know what happened but i would use it as a downtrend flag and go for 20 pips
  • #2,893
  • Apr 8, 2011 8:04am Apr 8, 2011 8:04am
+14 on last flag nice
  • #2,894
  • Apr 8, 2011 8:07am Apr 8, 2011 8:07am
Quoting Toothman
Flag possibly setting up but some divergence seen before it . Any thoughts?
was a winner
  • #2,895
  • Apr 8, 2011 8:09am Apr 8, 2011 8:09am
Quoting Dreuf
+14 on last flag nice
Pretty risky in my opinion considering there was a fair amount of divergence from the previous HH and it had just formed a LH.

Good job but not a trade I would jump into based on those indications and the rules. At least the way I understand it all.

Just my thoughts on why I stayed out.
  • #2,896
  • Apr 8, 2011 8:20am Apr 8, 2011 8:20am
Quoting Rcwso
Pretty risky in my opinion considering there was a fair amount of divergence from the previous HH and it had just formed a LH.

Good job but not a trade I would jump into based on those indications and the rules. At least the way I understand it all.

Just my thoughts on why I stayed out.
here is my vision of last trade:
- trendline with 3 times HL
- hidden div (I know it is not a part of Mr Div strategy but anyway I use it to confirm the entry )

additionnally I am not sure that the div you spotted was really significative. On my side it was in the traffic. I prefer looking for more clear div and hidden div and zoom out a little bit. So I did not spot any div for this trade. Please correct me if required.

Regards
  • #2,897
  • Apr 8, 2011 8:22am Apr 8, 2011 8:22am
Just took the GU for a W.

Pluses:
• I considered the trend still up

• Had a double bottom

• A 123

• CCI 2nd chance bar

• Had enough distance from entry to next s/r level to be able to move stop to BE

• Divergence on Double Bottom

• Had way better than expected PPI #'s, although that was over 4 hours ago

** The final reason here is solely my interpretation. I like W's & M's. When price forms a W or an M, I have seen price go in the opposite direction quite often.

Minuses:
• Had 2 previous failures

• An argument could have been made for change in direction

Any additions or corrections to my opinion are welcome and would be appreciated.
Darryl
  • #2,898
  • Apr 8, 2011 8:25am Apr 8, 2011 8:25am
Quoting d4n
was a winner
I wimped out and didn't take it.
  • #2,899
  • Apr 8, 2011 8:28am Apr 8, 2011 8:28am
Quoting Rcwso
Pretty risky in my opinion considering there was a fair amount of divergence from the previous HH and it had just formed a LH.

Good job but not a trade I would jump into based on those indications and the rules. At least the way I understand it all.

Just my thoughts on why I stayed out.
++++++++++++++++++++++++++++++++

I'd agree that divergence was one of the reasons I shied away from this trade. The other reason for me is it was mired in congestion. This is a personal reason of mine. The GU looked to me like a better horse for this race.
  • #2,900
  • Apr 8, 2011 8:37am Apr 8, 2011 8:37am
The Dollar is making a Daily Triple Bottom Now. This goes back 5 months. Also divergence on daily. Could be about time for some kind of euro pull back.
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