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  • #14,221
  • Apr 21, 2011 9:42am Apr 21, 2011 9:42am
Quoting vickym
This pair also looks like consolidating nicely. What is your direction bias?
I like it too. Look at it from the prospective of the H1 BO R/S lines...PA is just sitting there. It could go either way...no bias..just wait until the market decides.
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  • #14,222
  • Apr 21, 2011 10:47am Apr 21, 2011 10:47am
Looks like a little ZC action now...
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  • #14,223
  • Apr 21, 2011 11:17am Apr 21, 2011 11:17am
Quoting pippete
Hey LG and others, I know it's a basic question and probably was answered on page 500, but here it is:
Where do you put your SL on 1H BO, especially the evening/Asian ones?
I was thinking at the bottom of the channel, as there is sometimes a retest, then continuation, but often that's 40-50 or more pips away... Would that be still reasonable for a BO trade?
I do use at least 50 for 3T trades to let them breathe, but how do you guys do it for 1H BOs? (I know LG doesn't use much SL, but still curious...)

Wonder if Whistle and the gang has done...
Actually I have, but mostly from 3 taps during London and NY sessions. Iīm just wrestling with that same problem. The statistics in my 3 taps taken within last 3 weeks or so show at the moment that I can do 3 taps with RR 2:1, but because of large slīs (abowe 80 or so depending of the deal) my profitability is at the moment about + 30% (would be better without significant losses this week). In other words my losses are far greater than my wins. I have also seen, that if I put sl, I will stick into that even though the trade is clearly going in a wrong way. At the moment I think that atleast in my mind SL creates a kind of psychological barrier and I let my trades to be stopped with it if they go bad. So the level you put your sl is very important. One way of seeing them is to try to minimise them and thatīs what Iīm thinking at the moment 30-60 pips depending of the situation. SLīs are a serious money management issue in the long run and not to be dealed carelessly.

At the moment I think that there is a lot of wisdom in LGīs way of not to put sl and just trade what you see. I think that in this way your mind is kind of clear of all the restrictions, which slīs may put into your mind. I just realised that ZCīs can provide a psychological solution into this sl issue because they provide a kind of positive solution into exit even if the original bo trade turns into negative one.

I think that anyway I have to find a way to put some kind of sl into my deals because Iīm not able to be at my computer all the time and also in case of problems with internet connections.

Just some thoughts that aroused from your question.
  • #14,224
  • Apr 21, 2011 11:32am Apr 21, 2011 11:32am
Quoting FXMajors
@Whistlepips Here is my outlook on EU on a daily chart. I could be wrong.

Cheers
Now it seems that it has touched the top of daily channel and going down again. I think that it will go down and touch the bottom of the daily channel again at about 1.4470 and then go up again with the trend. Or is this the big turn? What do you think?
  • #14,225
  • Apr 21, 2011 12:16pm Apr 21, 2011 12:16pm
Quoting Whistlepips
Now it seems that it has touched the top of daily channel and going down again. I think that it will go down and touch the bottom of the daily channel again at about 1.4470 and then go up again with the trend. Or is this the big turn? What do you think?
Oh the 4h, Fib 50% level would be 4400 level, and 38.2% would be 4460. It may come down and touch one of these levels. On the daily bottom line, it is around that same 50% -61.8% level from the 4H fib, which would also be a daily 3rd tap! Something to keep an eye on. I already have my alarm set haha.
  • #14,226
  • Apr 21, 2011 12:32pm Apr 21, 2011 12:32pm
Back in the ditch... Keeping an eye on this one, again...
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  • #14,227
  • Apr 21, 2011 12:34pm Apr 21, 2011 12:34pm
Quoting Whistlepips
Actually I have, but mostly from 3 taps during London and NY sessions. Iīm just wrestling with that same problem. The statistics in my 3 taps taken within last 3 weeks or so show at the moment that I can do 3 taps with RR 2:1, but because of large slīs (abowe 80 or so depending of the deal) my profitability is at the moment about + 30% (would be better without significant losses this week). In other words my losses are far greater than my wins. I have also seen, that if I put sl, I will stick into that even though the trade is clearly going in a...
Thanks WP, I know, there is no easy answer... I'll try to "let the winners run and cut losses early" and not the other way around, as many pros recommend...
  • #14,228
  • Apr 21, 2011 1:00pm Apr 21, 2011 1:00pm
Quoting Whistlepips
Now it seems that it has touched the top of daily channel and going down again. I think that it will go down and touch the bottom of the daily channel again at about 1.4470 and then go up again with the trend. Or is this the big turn? What do you think?
If you go back to my EU chart the yellow line was @ 1.4641 that was the Res i was projecting. It broke 7 pips higher then I was anticipating, oh well back to the drawing board " kidding "
  • #14,229
  • Apr 21, 2011 1:34pm Apr 21, 2011 1:34pm
Quoting pippete
Thanks WP, I know, there is no easy answer... I'll try to "let the winners run and cut losses early" and not the other way around, as many pros recommend...
I just did some checking with sl on H1BOīs on E/U from any consolidation for the last couple of weeks. I concentrated on London & NY sessions, but didnīt see any significant differences on Asian. What I saw was that the amount of sl is related to the risk. I.e. the more sturdy the breakout, the bigger the sl. Makes sense, doesnt it? The more risk you take, the more the profit also. Depending from the situation, sl was from 15 to 40 taken from 1 hr BO candle. Not more, not less. This is by no means a thorough check and should be adjusted to the overall wideness of range of currency pair in concern. In e.g. gold or oil, it probably should be more and less in e.g. usd/jpy.
  • #14,230
  • Apr 21, 2011 1:43pm Apr 21, 2011 1:43pm
Quoting FXMajors
If you go back to my EU chart the yellow line was @ 1.4641 that was the Res i was projecting. It broke 7 pips higher then I was anticipating, oh well back to the drawing board " kidding "
Thats some good projecting How did you do it? I came up into the same conclusion by using daily channel-lines and was actually pretty astonished of their predictive power. I think that they work in trending currencies? I think that in ranging ones I should use S/R and them in general also. So many pieces in this puzzle.....
  • #14,231
  • Apr 21, 2011 2:04pm Apr 21, 2011 2:04pm
Whats with this pair??
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Fall seven times, stand up Eight! #GGMU
  • #14,232
  • Edited 2:35pm Apr 21, 2011 2:05pm | Edited 2:35pm
Quoting Whistlepips
Thats some good projecting How did you do it? I came up into the same conclusion by using daily channel-lines and was actually pretty astonished of their predictive power. I think that they work in trending currencies? I think that in ranging ones I should use S/R and them in general also. So many pieces in this puzzle.....
Let me know you can join me on screen share. We can explore the charts together...

Cheers
  • #14,233
  • Apr 21, 2011 2:37pm Apr 21, 2011 2:37pm
Quoting vickym
Whats with this pair??
Its a great one, you know a BO is about to happen.
Watch list; might go either way, but I think maybe up.
  • #14,234
  • Apr 21, 2011 2:39pm Apr 21, 2011 2:39pm
Quoting qweretyq
Its a great one, you know a BO is about to happen.
Watch list; might go either way, but I think maybe up.
Why do you think its going up?
  • #14,235
  • Apr 21, 2011 3:25pm Apr 21, 2011 3:25pm
Quoting FXMajors
Why do you think its going up?
Correlation between AUD and GBP vs USD and the trend up. I know that is not a very strong reason so like I said, it could go either direction.

No bias here, just an unsupported opinion.

I'm new to this so any help from those more experienced like you is appreciated =]
  • #14,236
  • Apr 21, 2011 4:09pm Apr 21, 2011 4:09pm
Quoting qweretyq
Correlation between AUD and GBP vs USD and the trend up. I know that is not a very strong reason so like I said, it could go either direction.

No bias here, just an unsupported opinion.

I'm new to this so any help from those more experienced like you is appreciated =]
Don`t forget many bank holidays. Happy Easter everyone!
  • #14,237
  • Apr 21, 2011 5:49pm Apr 21, 2011 5:49pm
This is really an interesting thread. Seeing the price action being traded here, is a reminder of just how programmatic the market really tends to be most of the time. I'll keep an eye on this thread.
  • #14,238
  • Apr 21, 2011 8:30pm Apr 21, 2011 8:30pm
Quoting JetTrader
This is really an interesting thread. Seeing the price action being traded here, is a reminder of just how programmatic the market really tends to be most of the time. I'll keep an eye on this thread.
If you are smart, this will be the ONLY thread you keep an eye on!
  • #14,239
  • Apr 21, 2011 9:12pm Apr 21, 2011 9:12pm
Maybe a 3T 4H set up? looks like RSI is in range right now though.
Whats everyone think?
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  • #14,240
  • Apr 21, 2011 9:19pm Apr 21, 2011 9:19pm
wait a BO to downside.there are lots of vpoc below there
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