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Flag trading the trend

  • #3,141
  • Apr 12, 2011 9:04am Apr 12, 2011 9:04am
Quoting Rcwso
That is what I was thinking. Did not take anyway and I would have probably stayed out.

diamond: I did see some divergence there but the 123 didn't look good t me and I was more focused on the bounce after it went through the previous resistance. The 123's that I am trying to find are ones that bounce off of the support/resistance versus run through them and then form. Just a personal preference at this time. If you took it, looks like it would have worked out. Just not my time.

Thoughts?
++++++++++++++++++++++++++++++++

That was the only piece of the puzzle missing.

I did take it for a spin though. Good for 13
  • #3,142
  • Apr 12, 2011 9:04am Apr 12, 2011 9:04am
took e/u short for 15 pip win at 9:50 am
  • #3,143
  • Apr 12, 2011 9:05am Apr 12, 2011 9:05am
Quoting d4n
Does it look as good as Angelina?
Angelina will always be better ....but i short the eu and on 1,4499..
..!
" Support/Resistance is your friend .. and TREND your girlfriend .. "
  • #3,144
  • Apr 12, 2011 9:07am Apr 12, 2011 9:07am
Quoting Joel
took e/u short for 15 pip win at 9:50 am
What caused you to take that trade? Divergence? But was it at a support or resistance area?

Again, just wondering to learn from others. Thanks.
  • #3,145
  • Apr 12, 2011 9:10am Apr 12, 2011 9:10am
I took the div, 123 and got out with partial profit. Should have stayed in for the ride but wimped out like a rookie. I need to start trusting these setups. 123 setup wasn't the prettiest. No resistace to trade off of. Plus I'm trading big lots.
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  • #3,146
  • Apr 12, 2011 9:15am Apr 12, 2011 9:15am
e u 123 short get the grey poupon
  • #3,147
  • Edited 9:43am Apr 12, 2011 9:15am | Edited 9:43am
Great Thread! Have been reading the past few days. Took my first profitable trade with this method on GbpUsd Short for 17 pips. Thanks Divergence and all regular contributors
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Much depend on luck, but the more you practice the luckier you get! NT & GP
  • #3,148
  • Apr 12, 2011 9:19am Apr 12, 2011 9:19am
I took this one, 123 with div. But to be honest I am still not a 100% clear on the 2.4 pip rule. Am I right in thinking that this trade was by the rules because the trigger bar was past the #2 by more than 2.4 pips and that the 2.4 pip rule only applies if the trigger did not go past #2 but is within 2.4 of the low of #2.

Does this make sense...

Mike
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******************************
  • #3,149
  • Apr 12, 2011 9:19am Apr 12, 2011 9:19am
I took it because I saw a 5 wave pattern, divergence, and a 123. I entered 1 pip below the 2 of the 123 shorting the pair. Thats my story and I'm stickin to it...............especially cause I won the trade.....thanks for asking..
Quoting Rcwso
What caused you to take that trade? Divergence? But was it at a support or resistance area?

Again, just wondering to learn from others. Thanks.
  • #3,150
  • Apr 12, 2011 9:19am Apr 12, 2011 9:19am
Quoting Divergence
e u 123 short get the grey poupon
Hey Div,

great trade...I took the same (as many did in the chat room).

Todays results: 6 trades, 4 winners, 2 be (UK and US session).

Cheers,
Olarion
  • #3,151
  • Apr 12, 2011 9:21am Apr 12, 2011 9:21am
And............ I could be wrong!!!!
Quoting Joel
I took it because I saw a 5 wave pattern, divergence, and a 123. I entered 1 pip below the 2 of the 123 shorting the pair. Thats my story and I'm stickin to it...............especially cause I won the trade.....thanks for asking..
  • #3,152
  • Apr 12, 2011 9:24am Apr 12, 2011 9:24am
Quoting startingover
I took this one, 123 with div. But to be honest I am still not a 100% clear on the 2.4 pip rule. Am I right in thinking that this trade was by the rules because the trigger bar was past the #2 by more than 2.4 pips and that the 2.4 pip rule only applies if the trigger did not go past #2 but is within 2.4 of the low of #2.

Does this make sense...

Mike
Mike,
The trigger bar was the long one touching the 10 ma. So a one pip break of that and you're in.
  • #3,153
  • Apr 12, 2011 9:26am Apr 12, 2011 9:26am
again if s u b is connected to sma that's perfect if its not 2.4 pip goes into effect glad a bunch of u recognized pattern
  • #3,154
  • Apr 12, 2011 9:33am Apr 12, 2011 9:33am
Quoting Olarion1975
Hey Div,

great trade...I took the same (as many did in the chat room).

Todays results: 6 trades, 4 winners, 2 be (UK and US session).

Cheers,
Olarion
have you a link to the chat room ?
  • #3,155
  • Apr 12, 2011 9:36am Apr 12, 2011 9:36am
Thanks Div and Tooth, it finally sank in ... all i need to work on now is patience and all will be good.

Mike
******************************
  • #3,156
  • Apr 12, 2011 9:37am Apr 12, 2011 9:37am
from my understanding, there are 2 occasions where the 2.4 pip rule comes into play 1--(if going short) the setup bar high must be within 2.4 pips of the sma 2--with a 123 setup(if going short), the low of the setup bar, if it doesnt break the #2, must be within 2.4 pips of the #2

chat room http://chat.efnet.org:9090/ type in a user name and #flagtrading for the room
  • #3,157
  • Apr 12, 2011 9:38am Apr 12, 2011 9:38am
Quoting startingover
Thanks Div and Tooth, it finally sank in ... all i need to work on now is patience and all will be good.

Mike
Just a note, and I am certainly not an expert, but it looks like based on your chart you are using the CCI as a divergence indicator and not the RSI. That is not correct, if that is the case on what your are using.
  • #3,158
  • Apr 12, 2011 9:41am Apr 12, 2011 9:41am
100% correct tim
  • #3,159
  • Apr 12, 2011 10:18am Apr 12, 2011 10:18am
Quoting Divergence
100% correct tim
++++++++++++++++++++++++++++++++

Tim? Names? OK what about HG?
  • #3,160
  • Apr 12, 2011 10:54am Apr 12, 2011 10:54am
we having fun yet?
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