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Flag trading the trend

  • #4,121
  • May 2, 2011 7:12am May 2, 2011 7:12am
hey thanks tritom you posted the rules perfectly just the setup bar must be within 2.4 pips of sma no other bar
  • #4,122
  • May 2, 2011 7:22am May 2, 2011 7:22am
Quoting Ral1n
Hey Toothman

As far as I understood the rule of 2.4pips is concerning the setup bar not the entry bar.

I might be wrong but this is the way I perceive it.
Hey Ral,
The bar you're looking at had a CCI reading of less than 50 so it's not a qualified setup bar.
  • #4,123
  • May 2, 2011 7:45am May 2, 2011 7:45am
I have long above 4830 and short below, am i reading this correctly?
  • #4,124
  • May 2, 2011 7:59am May 2, 2011 7:59am
Quoting Toothman
Hey tritom,
On pt. number 8, if I remember correctly div. said you still can take the trade if the setup bar is over 18 pips long but you still use a stop and tp of 18. I might be wrong on this, will have to watch video again.
Hi Toothman I believe this was in the past rules w/26 pip (as an option only and to be taken with care) max stop size but not now. Market tends to pull back on momentum then continues, EU moves in 20pip blocks for the most time (not out of my head, I have read it in some article about market microstructure) so it makes sense to pass on these large candles, from what I have seen there's a pingpong scenario many times especially at beginning of a move or inside flags when there's volatility. It happened to me a few times I took a setup bar then it triggered immediately but pulled back once more just the candle size then shoot to target. As long as the stops were above/below swings or flags they were not so prone to get stopped out with reasonable BUT too early entries.
:-anything
  • #4,125
  • May 2, 2011 8:25am May 2, 2011 8:25am
when price gets in the sideways game its best to wait for breakout pullback senarios otyherwise they will trap you inside there vortex news at 10
  • #4,126
  • May 2, 2011 8:30am May 2, 2011 8:30am
Quoting Divergence
when price gets in the sideways game its best to wait for breakout pullback senarios otyherwise they will trap you inside there vortex news at 10
Yeah, that vortex is strong at times. Just like "The Force." It is strong inside the Forex Vortex. Just like the "Tractor Beam." Once it grabs you it is almost impossible to get out. Time to put on the thrust reverser and get out.
  • #4,127
  • May 2, 2011 8:34am May 2, 2011 8:34am
price is now 54- 26 vortex area so if the game is find the trend well there aint one right now maybe after the news it will refuel and go somewhere it also could be that with some banks closed trading is a little thin
  • #4,128
  • May 2, 2011 8:41am May 2, 2011 8:41am
Quoting Divergence
price is now 54- 26 vortex area so if the game is find the trend well there aint one right now maybe after the news it will refuel and go somewhere it also could be that with some banks closed trading is a little thin
Yes, the evil over trading force is strong in the vortex, must not over trade, must run away with a little green guy (yoda) on my back as far as I can. Maybe then I will learn the true meaning of the vortex force and stay away.

Time to run to the laundry machine, dishwasher, and vacuum to stay away from the vortex. Come back after the news.
  • #4,129
  • May 2, 2011 8:42am May 2, 2011 8:42am
rc you have a way with words lol
  • #4,130
  • May 2, 2011 8:45am May 2, 2011 8:45am
if not for news there was a little 123 at top that just scored a win why dont they do news at 1230 every day so i dont have to worry about widening spreads grrrr look where it stops at bottom of the range
  • #4,131
  • May 2, 2011 8:47am May 2, 2011 8:47am
looks like the forex master is playing with his yo-yo, or is he trying to play with us yo-yos
back to back 17 pip bars,in opposite directions during a sideways mkt, "come on man"
  • #4,132
  • May 2, 2011 8:50am May 2, 2011 8:50am
exactly so we just wait for them to stop playing yo yo and start to trend the market again
  • #4,133
  • May 2, 2011 9:43am May 2, 2011 9:43am
well at least we know we are in uptrend as it tries to capture 4900 so the move down if it moves down will be its higher low pt
  • #4,134
  • May 2, 2011 10:02am May 2, 2011 10:02am
Nice pips in the bag. Sweet. Thanks for the heads up Div

Attached Image (click to enlarge)
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The best trade I ever made was my SIN for Jesus' RIGHTEOUSNESS.
  • #4,135
  • May 2, 2011 10:22am May 2, 2011 10:22am
so jimmy where did you enter i dont see any setups at all
  • #4,136
  • May 2, 2011 10:27am May 2, 2011 10:27am
well time to mow lawn catch you guys latter
  • #4,137
  • May 2, 2011 10:31am May 2, 2011 10:31am
You know what Div - I was wrong. I entered too early before a valid set up bar. My mistake. Just happened to go my way.
I'll be more careful next time.
The best trade I ever made was my SIN for Jesus' RIGHTEOUSNESS.
  • #4,138
  • Edited 10:52am May 2, 2011 10:41am | Edited 10:52am
I probably shoudn't take this this flag since we didn't see a pullback to 54 after it was taken out. I'm still used too much to look at "bigger" s/r from recent week and that one was after 76 has been taken out and pulled back then a momentum candle and that lured me into the trade, but maybe that was no momentum but exhaustion instead.. big number above us so bailed out with 3.5 pips as soon as it was clear this one won't be a quickie. I have to admit it's a huge difference in feeling to have the stop below the bar but 1 or 2 pips above swing, price often likes to have its exact pip when pulling back and it often retests the lvl more than once.
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:-anything
  • #4,139
  • May 2, 2011 10:44am May 2, 2011 10:44am
Just found this website: http://www.miseryindex.us/

Some interesting stats to compare and contrast general market bias during your downtime.
  • #4,140
  • May 2, 2011 2:11pm May 2, 2011 2:11pm
Quoting tritom
I probably shoudn't take this this flag since we didn't see a pullback to 54 after it was taken out. I'm still used too much to look at "bigger" s/r from recent week and that one was after 76 has been taken out and pulled back then a momentum candle and that lured me into the trade, but maybe that was no momentum but exhaustion instead.. big number above us so bailed out with 3.5 pips as soon as it was clear this one won't be a quickie. I have to admit it's a huge difference in feeling to have the stop below the bar but 1 or 2 pips above swing,...
tritom,
This is a good reason for me not to do away with the RSI. Divergence had formed here so I would have stayed out.
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