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Why did you start trading and what do you expect from it? 19 replies

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Trade what you see NOT what you expect

  • #34,381
  • Apr 20, 2011 10:37pm Apr 20, 2011 10:37pm
When this wonderful thread was dormant last, i tried my best to revive this because i believed it may be one of the best threads around. I kept posting things to attract attention. I Dont know how but suddenly we have seniors posting here again, including EO himself. Now i also see why EO might have left in the first place. I have just one humble request as a newbie.

1. Those who think this method is rubbish, no one is posting live trades here to "prove" the method right. please go ahead and find something that works for you and spare those who genuinely want to learn.

2. Those who have discovered another "system" or understanding away from core thread, You are most welcome to teach it in own thread. Please keep this thread clean and less confusing.

3. Seniors, please ignore above two. There are many who appreciate your great effort. Trotty, turtle captain Eo etc pls continue.
Making money is easy- Just dont take losing trades
  • #34,382
  • Apr 21, 2011 3:21am Apr 21, 2011 3:21am
Quoting ohammond
Interesting corner we're in on EU 4hr.
That same upper trendline is back in play again.
Attached Image (click to enlarge)
Click to Enlarge Name: euh4.gif Size: 29 KB
  • #34,383
  • Apr 21, 2011 3:49am Apr 21, 2011 3:49am
Careful shorting EU at the minute buddy, she's been in monster uptrending mood recently.
  • #34,384
  • Apr 21, 2011 4:14am Apr 21, 2011 4:14am
Quoting Trotty
Careful shorting EU at the minute buddy, she's been in monster uptrending mood recently.
Don't worry, I don't stand in front of trains, just taking scalping bounces from the 15min ma's at the moment, long of course for now
  • #34,385
  • Apr 21, 2011 4:36am Apr 21, 2011 4:36am
Quoting ohammond
Don't worry, I don't stand in front of trains, just taking scalping bounces from the 15min ma's at the moment, long of course for now
  • #34,386
  • Apr 21, 2011 5:33am Apr 21, 2011 5:33am
s/l moved to 1.6454, which is the 61.8% retrace of today's move. If she breaks that, back to consolidation.

HOLLA


Quoting Turtle
Hope everyone is doing well, wild weekend in NC, tornadoes everywhere, One came within 3 miles of me. Power went out, desktop computer blew, oh well, just like a trade all you can do is move on.

Went long this morning at around 6:13est on GBPUSD.

Originial: entry 1.6354, s/l 1.6284, t/p 1.6700

Just moved s/l @ +2. Let's see if this is the run north, if not no worries, it's a free trade now.

HOLLA
  • #34,387
  • Apr 21, 2011 8:16am Apr 21, 2011 8:16am
If anyone new to this thread is wondering where the pips come from all I can say is look at today as an example of how pips can add up

I have been reading this thread up to the early hours of the morning since I found it, researching it, looking at each trade talked about and its paying off big time. Not easy but worth it if you stick at it.

Today the trend on EU was up, when the 15min ma's are like that I take bounces from the 15min 10ma. I do it slightly differently in that I watch the 5min chart when it gets near to it and look for chart patterns that show a likely turn and then go in, never been one to take a trade hoping it will stop

Price reached the 4hr trendline I posted about earlier, there was a hangman on the 1hr, then an inside bar on 15min so started to look short instead and we know what happened next.

Then a 35/50 cross which was easy to take because it was back with the main trend for another 15 with no drawdown. Then a classic eohater breakout on 15 min when price closed below 1.4600 which it had been trying to do for over an hour. I have it ingrained in my brain, be patient, wait for it to retrace to 1.4600 so put a pending sell order in there so I wasn't tempted to go in too soon, took it out when price hit the 4hr 5ma for 30 pips mainly because we haven't closed below that ma for a few days.

And thats just EU today, I also trade GU and EJ. Enough pips on EU alone for most people I think
  • #34,388
  • Apr 21, 2011 8:44am Apr 21, 2011 8:44am
Quoting ohammond
If anyone new to this thread is wondering where the pips come from all I can say is look at today as an example of how pips can add up

I have been reading this thread up to the early hours of the morning since I found it, researching it, looking at each trade talked about and its paying off big time....
Good post mate and great way to trade your 4H trendline, letting price guide you in

I think the reason that people are so quick to doubt the pip making capacity of EO's approach is because they are either trend traders or swing traders and typically trading just one timeframe. EO has taught us here how to trade ANY nature of market in both directions and the principles apply to any pair in forex. here, you have even been able to pick up pips in a monster trend when few retail traders would dare short, just following the same old principles we have learnt here. We can be as choosy on our setups as we want to be but the great traders of this strategy are in the market most of the time and making pips most of that time. It's little wonder that when you crack it, making 10-20% a week becomes second nature.

Personally a mixture of time constraints through work and my own daft decision making from time to time prevent me from getting 20% a week but having followed this method for long enough now, I know that it's a million miles away from an unrealistic aim (which most "experienced" traders will tell you it is).

Only yourself in the way, most of the time.

Good luck traders.
  • #34,389
  • Apr 21, 2011 8:49am Apr 21, 2011 8:49am
Quoting Trotty
Careful shorting EU at the minute buddy, she's been in monster uptrending mood recently.
While I agree 100%, my longs are closed and I'm sitting on the sidelines right now as believe that it needs to correct and retest support before going further. I'm not feeling froggy enough to do a counter trend trade at this time.

The 1.4500 was a key area of resistance that it broke through yesterday which was also evident by how much time it spent in the "fade" zone.

I'm looking at the 463X area to jump back on the long bus and from there it looks like the next major stop is going to be 1.5000 area.

If I've plotted my fibs right, the 61.8 is in the 4550 area which we are approaching fast.

It's blown through all the MA's except the 200 on the M15, also broken through the H1 trend line and approaching the daily R1 at 4533.

Cautiously optimistic of a bullish continuation to 1.50
Consistency separates luck from Skill
  • #34,390
  • Apr 21, 2011 9:39am Apr 21, 2011 9:39am
Quoting Trotty
Good post mate and great way to trade your 4H trendline, letting price guide you in

I think the reason that people are so quick to doubt the pip making capacity of EO's approach is because they are either trend traders or swing traders and typically trading just one timeframe....
Thanks Trotty, thought I would post the chart to go with my post as I am a visual person myself and thought it might help someone a bit.
Attached Image (click to enlarge)
Click to Enlarge Name: eu1.gif Size: 24 KB
  • #34,391
  • Apr 21, 2011 10:08am Apr 21, 2011 10:08am
And this how the 5min looked and gives an idea of what I look for with the 10ema bounces for entries and exits. Same trades just on a 5min chart. The ma's are the equivalent to the 15min ma's.
Attached Image (click to enlarge)
Click to Enlarge Name: eu5min.gif Size: 29 KB
  • #34,392
  • Apr 21, 2011 1:51pm Apr 21, 2011 1:51pm
ohammond

I love the chart, the thought process. Keep it up.
  • #34,393
  • Apr 21, 2011 9:43pm Apr 21, 2011 9:43pm
Quoting wingnut
While I agree 100%, my longs are closed and I'm sitting on the sidelines right now as believe that it needs to correct and retest support before going further. I'm not feeling froggy enough to do a counter trend trade at this time.

The 1.4500 was a key area of resistance that it broke through yesterday which was also evident by how much time it spent in the "fade" zone.

I'm looking at the 463X area to jump back on the long bus and from there it looks like the next major stop is going to be 1.5000 area.

If I've plotted my fibs right, the...
Trade what you see NOT what you expect.
THE DIFFERENCE BETWEEN GOOD AND EXCELLENT IS ATTENTION TO DETAILS.
  • #34,394
  • Apr 25, 2011 3:25am Apr 25, 2011 3:25am
FYI, just my 2 cents, this week EUR USD will go south to test 4280 area, GBP USD will likely test 6260 area. Strategy this week: early on short sell both euro and cable, look for support on EUR USD 4280-4320 and GBP USD 6260-6300 and once support established initiate long trades TP euro 200 pips TP cable 300 pips.

Will update this later towards weekend, happy trading everyone!
  • #34,395
  • Apr 25, 2011 3:44am Apr 25, 2011 3:44am
Quoting ruffryders
FYI, just my 2 cents, this week EUR USD will go south to test 4280 area, GBP USD will likely test 6260 area. Strategy this week: early on short sell both euro and cable, look for support on EUR USD 4280-4320 and GBP USD 6260-6300 and once support established initiate long trades TP euro 200 pips TP cable 300 pips.

Will update this later towards weekend, happy trading everyone!
You should read the post above yours: Trade what you see NOT what you expect.
  • #34,396
  • Apr 25, 2011 4:15am Apr 25, 2011 4:15am
Quote
You should read the post above yours: Trade what you see NOT what you expect.

Sure thing mate, Ill get back to you this Friday and review my recommended setup.
  • #34,397
  • Apr 25, 2011 4:50am Apr 25, 2011 4:50am
Took the 15min pin short on the mrs, h4 looking bearish hence looking for shorts on lower t/f.
  • #34,398
  • Apr 25, 2011 5:23am Apr 25, 2011 5:23am
might be good for 15-20 pips, but then why risk with such low volatility and liquidity today? Id rather wait for a clean breakout of the current range 6486-6561.
  • #34,399
  • Apr 25, 2011 5:37am Apr 25, 2011 5:37am
Quoting ruffryders
might be good for 15-20 pips, but then why risk with such low volatility and liquidity today? Id rather wait for a clean breakout of the current range 6486-6561.
Good for you. If you look back at last bank holidays you will see there are plenty of moves on these days. Often low liquidity leads to volatility.
  • #34,400
  • Apr 25, 2011 5:42am Apr 25, 2011 5:42am
sure thing, whatever suits your trading style is fine, just saying that getting locked in the range in not the best option for now. no offence meant though.
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