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  • #861
  • May 2, 2011 1:53am May 2, 2011 1:53am
Quoting dean
bom bom. If there are ways to seek perfect set ups I am happy to hear them. I must have missed that post so it would be greatly appreciated if you could find it. I entered the G/U trade...and same as you...down 20 pips !!! damn it!! actually now down 30!! This is where I have trouble...do we hang in there?? or get out?
The trades which you guys have taken may be, strictly, in accordance with the system but, all of them are against the longer term trend. Of course there are times when the market(s) goes into a corrective phase. From my experience, you will be exposed to less risk, on a longer tf, by following the trend.

What I have said above is just my personal opinion and not meant to detract from the excellent system which Eelfranz has put together.

Good luck with the trades guys.
  • #862
  • May 2, 2011 1:57am May 2, 2011 1:57am
I agree, well said
  • #863
  • May 2, 2011 2:07am May 2, 2011 2:07am
Trust your stop loss! Set it and forget it!

Quoting dean
bom bom. If there are ways to seek perfect set ups I am happy to hear them. I must have missed that post so it would be greatly appreciated if you could find it. I entered the G/U trade...and same as you...down 20 pips !!! damn it!! actually now down 30!! This is where I have trouble...do we hang in there?? or get out?
  • #864
  • May 2, 2011 2:09am May 2, 2011 2:09am
Hi Alan,
I also agree and this is one issue I have trouble with. My understanding is that becasue it is such a lang time frame, even 2 candles could give a significant amount of pips on the correction and the tdi would alert us when to exit the trade before it wnet back to the upward trend. However one post has said to always confirm with the one hour chart, which I did and it all seemed to agree?? This part I find a bit confusing. Should we disregard signal that are perfect but actually against the longer term trend?? or should we trust the tdi has given us an entry and will give us an exit before continuing the trend??
  • #865
  • May 2, 2011 2:12am May 2, 2011 2:12am
Disillusioned and disappointed? Dean - often times a trade moves against you before it goes with you. Hang in there, hopefully you use good risk management (2% risk of entire account or 5% for risk takers). I am in short on this trade too. I took one on the NZD/USD last week, it moved 78 pips against me before coming back and hitting both of my TP's. Don't let your emotions drain your account!

Quoting dean
I dont know which candle will be 9 GMT?? all I know is this current candle has 2 hours and 33 minutes before a new one opens. Is this the candle you mean??
NO I have an actual trade on this bom bom, as to me it looked like an ideal set up. Pretty disappointed at the moment. It seems every trade I place goes the opposite way. I am very disillusioned and disappointed to be honest.
  • #866
  • May 2, 2011 2:13am May 2, 2011 2:13am
Dean and 2scoops,

I took the trade on the aud/usd the indicators look good. (short)

However, there is always a but:

1). London is closed tomorrow due to the wedding.

2). Bin Laden was just killed by U.S. troops after 10 years
of trying to find him. (President Obamas speech to the world).

So their are 2 big wild cards out their right now on how the world
economy looks at these two events. Big news events like these
can and do swing the markets. But hey take a chance...you never
know entil the fat lady sings!

snarlyjack
  • #867
  • May 2, 2011 2:14am May 2, 2011 2:14am
Quoting dean
I dont know which candle will be 9 GMT?? all I know is this current candle has 2 hours and 33 minutes before a new one opens. Is this the candle you mean??
NO I have an actual trade on this bom bom, as to me it looked like an ideal set up. Pretty disappointed at the moment. It seems every trade I place goes the opposite way. I am very disillusioned and disappointed to be honest.
Be patient Dean..and next time, try to demo first the new strategy you learn, or if you can't hold it, try on cents account (just like me ).

Alan is correct, as we trade on H4, we against the main trend on Daily or even weekly, that's why I don't plan to take much profit.

I'm just trying to be so mechanism to this strategy, just see the TDI, consider all aspects as I wrote on my posts ('the clock things").

Be patient Dean!

BTW Colostarr : You got my THUMBS !!!
  • #868
  • May 2, 2011 2:19am May 2, 2011 2:19am
Quoting snarlyjack
But hey take a chance...you never
know entil the fat lady sings!

snarlyjack
Jack...you're one of honored men on this thread.
Receive my best respect to U.

Best Respect,
Bom-Bom
  • #869
  • May 2, 2011 2:20am May 2, 2011 2:20am
Quoting snarlyjack
Dean and 2scoops,

I took the trade on the aud/usd the indicators look good. (short)

However, there is always a but:...
the royal wedding was last Friday, why would London be closed tomorrow? Or do you mean the bank holiday today?

good point about the news though, there may be fears of reprisals.
  • #870
  • May 2, 2011 2:25am May 2, 2011 2:25am
Colstarr...thanks for the support...the dissillusioned comment was not just due to this trade...lately I have been getting the vast majority of my trades wrong...in a rut I guess, but I am only using a micro account for this and I have my stops as per the rules. I think the difficult part for me is I am still thinking the way 5 minute traders think....I need to get used to the long time frames and just relax.
Snarly....funnily enough the Bin Laden incident actually re affirmed my decision to trade this as all the news reports suggest it would be a positive for the US dollar. So yep I totally understand market changing events. Actually I asked eelfranz if he took fundamentals into account when assessing a trade.
  • #871
  • May 2, 2011 2:28am May 2, 2011 2:28am
Quoting dean
Colstarr...thanks for the support...the dissillusioned comment was not just due to this trade...lately I have been getting the vast majority of my trades wrong...in a rut I guess, but I am only using a micro account for this and I have my stops as per the rules. I think the difficult part for me is I am still thinking the way 5 minute traders think....I need to get used to the long time frames and just relax.
Snarly....funnily enough the Bin Laden incident actually re affirmed my decision to trade this as all the news reports suggest it would be...
Thats the problem with news, you could view the Bin Laden story as positive for the dollar (major threat taken out) or negative (possible reprisal attacks from extremists against US). You've really just got to listen to the charts I think. BigE said recently he only avoids trading near major news (red marked news on Forex Factory calender).
  • #872
  • May 2, 2011 2:29am May 2, 2011 2:29am
Actually come to thin of it I would like to ask eelfranz or snarly this:
eelfranz mentions he looks for roughly 3 to 8 candles (ar about 150 pips) when he enters a trade. So does this mean he actually ONLY trades with the trend as pullbacks often only throw out a couple of candles. So eelfranz do you trade only with the trnd?? or do you just trade whichever way the TDI indicates on your 4 hour chart??
  • #873
  • May 2, 2011 2:33am May 2, 2011 2:33am
I am still in the trade bom bom, I am just having trouble with the patience part. I have only ever used 5 minute charts so its a whole new ballgame for me to just sit back and let it ride. I long for the day I can put a trade on and relax and let the currency do the work. It will take time I think.
yep fair call 2scoops. In the final washup, and forgetting we are currently down 30 pips...what was your take on the G/U trade?? do you see it as a high probabilty trade??
  • #874
  • May 2, 2011 2:36am May 2, 2011 2:36am
Scoop

Bank Holiday in England. London Market's closed. Will be a sluggish day today.
Faith with Action
  • #875
  • May 2, 2011 2:38am May 2, 2011 2:38am
Quoting dean
Actually come to thin of it I would like to ask eelfranz or snarly this:
eelfranz mentions he looks for roughly 3 to 8 candles (ar about 150 pips) when he enters a trade. So does this mean he actually ONLY trades with the trend as pullbacks often only throw out a couple of candles. So eelfranz do you trade only with the trnd?? or do you just trade whichever way the TDI indicates on your 4 hour chart??
I think he's happy to trade against the trend, (as long as all the 5 method and basic forex stuff is correct). I think he's said before he uses the last reversal as a guide, if the last reversal was weak and short lived then he passes on the trade.

The trend is your friend -
  • #876
  • May 2, 2011 2:46am May 2, 2011 2:46am
Quoting dean
I am still in the trade bom bom, I am just having trouble with the patience part. I have only ever used 5 minute charts so its a whole new ballgame for me to just sit back and let it ride. I long for the day I can put a trade on and relax and let the currency do the work. It will take time I think.
yep fair call 2scoops. In the final washup, and forgetting we are currently down 30 pips...what was your take on the G/U trade?? do you see it as a high probabilty trade??
I must admit I didn't take the trade, against the trend on the larger time frames and the lower time frames it looked like it stalled slightly. But I'd say stick with it, like the others have said.
  • #877
  • May 2, 2011 2:48am May 2, 2011 2:48am
Quoting hinnavaru
Scoop

Bank Holiday in England. London Market's closed. Will be a sluggish day today.
Yes I know, enjoying my day off (i'm from the UK) it just confused me when Snarly said London was closed tomorrow. Time differences probably.
  • #878
  • May 2, 2011 2:56am May 2, 2011 2:56am
Quoting dean
I am still in the trade bom bom, I am just having trouble with the patience part. I have only ever used 5 minute charts so its a whole new ballgame for me to just sit back and let it ride. I long for the day I can put a trade on and relax and let the currency do the work. It will take time I think.
yep fair call 2scoops. In the final washup, and forgetting we are currently down 30 pips...what was your take on the G/U trade?? do you see it as a high probabilty trade??
Dean, if you follow my post before when I asked to Eelfraz, yes he did said that "We accept loss in this strategy", means that, we never mind about the losses Dean. But I will afraid if I interpret the strategy wrongly, that's why I ask for the seniors' comment about my entry. if they say I'm correct, then I'm happy for it.

Besides, the trade is not just @GBPUSD. The USDJPY and USDCHF seems fine. Don't worry Dean, I'm sure the seniors don't lie about the strategy!
  • #879
  • May 2, 2011 2:59am May 2, 2011 2:59am
The first phrase I learned in the financial markets in general was .. "the trend is your friend"

I do not understand why go against it.


look gbp-jpy... trend up ==> buy H4
  • #880
  • May 2, 2011 2:59am May 2, 2011 2:59am
I have complete faith in the seniors bom bom..its myself I dont have faith in at present. I know to accept losses and I am willing to do so. Same as you, I just want to know I have taken the trade correctly. If I have, I am willing to accpet the loss.
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