DislikedHi kostas,
I am sorry to trouble you, for asking about this trade that you took awhile back ( as I just join the thread ). I understand from http://www.forexfactory.com/showpost...postcount=4101:
Bounce trade: Here I don't pay attention to 2-bar retrace since the 35/50 don't overlap (but still pointing up or down). I wait for the M5 to start indicating reversal from the M15 35/50 area and then I get in.
The GU M15 35/50 did not overlap, so I suppose it qualify for a bounce trade, but I am not sure from your M5...Ignored
- #4,861
- Apr 26, 2011 5:51am Apr 26, 2011 5:51am
- Joined Mar 2009 | Status: I know that I know nothing | 2,780 Posts
- #4,862
- Edited 8:15am Apr 26, 2011 7:18am | Edited 8:15am
hi all,
I just entered a trade with the touch of 35MA in a 2 bar retracement after cross of MAs. TP target is the next RN+1 which is 1.6454 in this case...
let's see what will happen...
edit: ok TP hit with +26,5... I think this was a "by the rules" trade, isn't it?
I just entered a trade with the touch of 35MA in a 2 bar retracement after cross of MAs. TP target is the next RN+1 which is 1.6454 in this case...
let's see what will happen...
edit: ok TP hit with +26,5... I think this was a "by the rules" trade, isn't it?
- #4,865
- Apr 26, 2011 8:27am Apr 26, 2011 8:27am
Looks like you got some pips Isengoz! Nice trade! I would never have seend that setup because when price crosses the 35/50 I think you have to "reset" your signals.
Also, I saw your post a few seconds after you entered it. I looked at my chart and price had only moved about 8.5 pips with spread. I thought "I'll jump in there, too. It should move enough pips to gain at least some profit." But then I heard Clay whispering in my ear "DON'T CHASE TRADES!" Ok, it was more like shouting. But I heard.
So thank you for showing me a little...
you're right about not chasing missed opportunities, sometimes I still do it but much less than before. however, I think you could enter 3 bars later when price retested 50MA once more. but that's your choice. actually I thought of adding to the position but I didn't have the guts to do that.
regarding the repainting issue of 10MA, I remember clay mentioning about that problem in one of his posts that because the MA is drawn according to close price, it still moves during the bar and if the move is big it redraws itself accordingly. but that's not repainting I think. and as far as I remember, clay says although sometimes this may happen, there are lots of opportunities where price really touches it, so wait for them...
- #4,866
- Apr 26, 2011 8:40am Apr 26, 2011 8:40am
well I reset my signals from "buy" to "sell" when price crossed all the MAs. I waited for it to retrace back...
you're right about not chasing missed opportunities, sometimes I still do it but much less than before. however, I think you could enter 3 bars later when price retested 50MA...
regarding the repainting issue of 10MA... there are lots of opportunities where price really touches it, so wait for them...
I saw that reentry possibility, too. I had already decided to discipline myself and not chase, so I didn't.
Maybe there isn't much you can do about the repainting of the MA, but it really bugs me so I thought I'd find out what others think about it. Good therapy anyway!
Luck occurs when preparation meets with opportunity.
- #4,867
- Apr 26, 2011 10:36am Apr 26, 2011 10:36am
I just entered a trade with the touch of 35MA in a 2 bar retracement after cross of MAs. TP target is the next RN+1 which is 1.6454 in this case...
let's see what will happen...
edit: ok TP hit with +26,5... I think this was a "by the rules" trade, isn't it?
- #4,874
- Apr 26, 2011 3:51pm Apr 26, 2011 3:51pm
Ok, I feel like I showed up in class without having my homework done. 
I've been working through that TOC but haven't gotten to that section yet - thanks for the update Duffy!
I've been working through that TOC but haven't gotten to that section yet - thanks for the update Duffy!
Luck occurs when preparation meets with opportunity.
hi all,
I just entered a trade with the touch of 35MA in a 2 bar retracement after cross of MAs. TP target is the next RN+1 which is 1.6454 in this case...
let's see what will happen...
edit: ok TP hit with +26,5... I think this was a "by the rules" trade, isn't it?
Good trade. Actually this is one of the best of the Choros/Dance set-ups, and it is often good for lots of pips. While I'm pimping the Table of Contents, I'd like to point out that there is also an entire section on just this kind of set up, where price crosses the 35/50 and then comes back to retest these MAs while at the same time making a 10 Touch trade. It's kind of like two set-ups merged into one, and can be among the strongest of the trades.
My question is why you got out at 26.5 pips. You endured another retest and then price started dropping quickly. So it looks like the trade went 18 pips in your favor, and you didn't move to Break Even or take anything off. Then it came back and went to a drawdown of 4-6 pips and you held on, and then got your pips on the second move down. I can't see myself doing that. I'd either have gotten a break even (most likely), or maybe held on even longer and gotten 30-40 pips (in my dreams).
Anyway, good trading. Here's the TOC section I mentioned:
Cross, Retest, Confluence with 10EMA
http://www.forexfactory.com/showpost...&postcount=767
http://www.forexfactory.com/showpost...postcount=1120
http://www.forexfactory.com/showpost...postcount=1497
http://www.forexfactory.com/showpost...postcount=1530
http://www.forexfactory.com/showpost...postcount=1593
http://www.forexfactory.com/showpost...postcount=1701
http://www.forexfactory.com/showpost...postcount=1872
http://www.forexfactory.com/showpost...postcount=2430
http://www.forexfactory.com/showpost...postcount=2434
http://www.forexfactory.com/showpost...postcount=2488
http://www.forexfactory.com/showpost...postcount=2607
http://www.forexfactory.com/showpost...postcount=2696
http://www.forexfactory.com/showpost...postcount=2841
http://www.forexfactory.com/showpost...postcount=2860
http://www.forexfactory.com/showpost...postcount=2942
http://www.forexfactory.com/showpost...postcount=3105
http://www.forexfactory.com/showpost...postcount=3218
http://www.forexfactory.com/showpost...postcount=3219
http://www.forexfactory.com/showpost...postcount=3348
http://www.forexfactory.com/showpost...postcount=4039
http://www.forexfactory.com/showpost...postcount=4169
- #4,876
- Apr 26, 2011 7:40pm Apr 26, 2011 7:40pm
That trade (post#643, page 43) had nothing to do with the 35/50 MAs. Actually, the 35/50 suggested no trade. As I said in that post, I used the M15 10 bounce confirmed also by the M5 10 bounce (2-bar retrace to the M5 10) to enter for a quick profit. I wouldn't recommend that trade for newbies. Stay with the strong trades to gain confidence & experience before moving on to more "difficult" situations.
Actually, I am confuse with "bounce" being mentioned in most of the thread. I found the bounce trade definition and try to map back to the explanation of trade taken by kostas, to see if I could identify. So I should not equate "bounce" with bounce trade whenever it is mentioned in the thread?
- #4,878
- Apr 27, 2011 2:33am Apr 27, 2011 2:33am
my first trade today at G/U for +15 pips...
it may not be a perfect setup according to the rules but I had reasons to enter. actually a similar setup to the trade I sent yesterday. the reasons I had were:
- triple top price made and failed (showing down trend)
- unable to make a new high which I showed with the trend line (showing down trend)
- long upper wick the bar had after the last attempt (three bars before the entry) (showing down trend)
- 10MA was already turned downwards
- (one of the most important reasons) although touching the 50 line price couldn't retraced back past the 35 and 10MAs (weakness of up movement)
- and lastly staying below the RN
the price couldn't pass another resistance point which I drew at 6503 and that justified my entry although it went against me like 8-9 pips at max.
anyway, as I look at the movement of 50pips, I think I could have made much more. but green pips are green pips. I'm okay as long as I'm on the positive side...
any comments?
it may not be a perfect setup according to the rules but I had reasons to enter. actually a similar setup to the trade I sent yesterday. the reasons I had were:
- triple top price made and failed (showing down trend)
- unable to make a new high which I showed with the trend line (showing down trend)
- long upper wick the bar had after the last attempt (three bars before the entry) (showing down trend)
- 10MA was already turned downwards
- (one of the most important reasons) although touching the 50 line price couldn't retraced back past the 35 and 10MAs (weakness of up movement)
- and lastly staying below the RN
the price couldn't pass another resistance point which I drew at 6503 and that justified my entry although it went against me like 8-9 pips at max.
anyway, as I look at the movement of 50pips, I think I could have made much more. but green pips are green pips. I'm okay as long as I'm on the positive side...
any comments?
