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Price is everything

  • #17,761
  • May 9, 2011 12:33pm May 9, 2011 12:33pm
Quoting Myrza
buy eu 4273
take profits as soon as you can. otherwise what is your target?
  • #17,762
  • May 9, 2011 12:59pm May 9, 2011 12:59pm
Sold cable @ 6367
  • #17,763
  • May 9, 2011 1:35pm May 9, 2011 1:35pm
Quoting frankkn
Sold cable @ 6367
Stopped for -20
  • #17,764
  • May 9, 2011 1:41pm May 9, 2011 1:41pm
Quoting frankkn
Stopped for -20

Why did you sell there - the hole area looks like a fcukin porkupine - just curious ?
"The future is already written in the past"
  • #17,765
  • May 9, 2011 1:53pm May 9, 2011 1:53pm
sold eu @51
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  • #17,766
  • Edited 2:39pm May 9, 2011 2:16pm | Edited 2:39pm
Anyone see anything sensible?

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EDIT:

And with sensible i mean any reason for this to go down?
  • #17,767
  • May 9, 2011 2:40pm May 9, 2011 2:40pm
bought uj @80.24.. manual stop atm.. tg1 around 80.50
Attached Image
  • #17,768
  • May 9, 2011 3:09pm May 9, 2011 3:09pm
Quoting lazyboy
sold eu @51
half out for 10 rest stopped b/e
  • #17,769
  • May 9, 2011 3:17pm May 9, 2011 3:17pm
closed crude +200 pips
  • #17,770
  • May 9, 2011 4:04pm May 9, 2011 4:04pm
Quoting hansma
Why did you sell there - the hole area looks like a fcukin porkupine - just curious ?
Not the best of trades.

A few posts back I posted a chart, I entered aggressively at the supply highlighted there on the GU 15m. It was an agressive trade and I'm fine with the loss, you will have that.

I would agree that the area wasn't prime, my thinking was that the last time price was at that area, supply greatly exceeded demand. Also when price arrived there it was after a long rally, so the buyer there was buying after a long rise in price.

In addition to the area looking like a porcupine, price had a chance to base before approaching the level which gave the bulls a chance to regroup, reducing profit margin.

So like I said not the best of trades, and you gotta be willing to lose if you're willing to take aggressive entries at this time of day.

If anyone else has anything to add I'd welcome it
  • #17,771
  • May 9, 2011 4:05pm May 9, 2011 4:05pm
Quoting Orbital
closed crude +200 pips
What a whopper, excellent Big ups
  • #17,772
  • May 9, 2011 4:18pm May 9, 2011 4:18pm
Quoting frankkn
What a whopper, excellent Big ups
Was a bad entry, should have placed it early, took it to late, risk exposure was to big.

And if i add in the fact that i had 2 euro shorts today which were stopped out by the fraction of a pip because i forgot to account for the ask line im just about to stab myself in the face for todays trading.

Like kenny i am looking at crude and brent tommorow if crude crosses 103.50 or dips back into demand. Definitely a strong buy atm, depends on what euro is doing right now. Need 5 hours of sleep will be back at 4 am.

EDIT:

Also about your cable short, yeah i had that same trade for quite obvious reasons, didnt wait for PA arrival to confirm anything, but cable is a fucking asshole pair and todays market was fucking bullshit ridiculous. i saw 17 conflicting patterns within an hour on 2minute, something which i have never seen before. I had about 82 Trades today, 78% were profitable so im a little bit dissapointed at the days outcome, as i said crude was nice but i should have taken it much much earlier but those euro losses really put me off my game.

Will do another scalp session tommorow, lets see what happens, still ignoring larger timeframes, too many mixed signals at this point across the board. Daily looks like it wants to pole down, 4hr looks like its gone full retard with that bounce of the ML on the fork, 15m and 5m are compressing to all hell. S/D zones are broken and suddenly react on a whim. Its really weird, this is a PA only market to me right now and only on small timeframes.

Trade safe guys, ill be back online in about 5 hours or so.
  • #17,773
  • May 9, 2011 4:21pm May 9, 2011 4:21pm
bought loony @ 0.96248
  • #17,774
  • May 9, 2011 4:49pm May 9, 2011 4:49pm
Quoting Orbital
I had about 82 Trades today, 78% were profitable so im a little bit dissapointed at the days outcome, as i said crude was nice but i should have taken it much much earlier but those euro losses really put me off my game.
82 trades is a lot of work....good job. I can't wait till I can do this full time so I can give this game that kind of effort. Right now I'm stuck in no mans land of just looking at and placing trades as I can between the activities of my "real" job. My mentor often places 100 plus trades a day scalping which I'm always amazed by.

Due to the comments in recent days about "silver shock" I decided to try trading it on demo just so the shock didn't turn into horror. On the fxpro account it looks like a full lot is about 5 times larger than a normal FX full lot. Glad I got that figured out.
  • #17,775
  • May 9, 2011 5:23pm May 9, 2011 5:23pm
Quoting redsword11
bought loony @ 0.96248

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closed most
  • #17,776
  • May 9, 2011 5:27pm May 9, 2011 5:27pm
Quoting frankkn
Not the best of trades.

A few posts back I posted a chart, I entered aggressively at the supply highlighted there on the GU 15m. It was an agressive trade and I'm fine with the loss, you will have that.

I would agree that the area wasn't prime, my thinking was that the last time price was at that area, supply greatly exceeded demand. Also when price arrived there it was after a long rally, so the buyer there was buying after a long rise in price.

In addition to the area looking like a porcupine, price had a chance to base before approaching...
and here's the biggy...Price had just bounced off DAILY demand .
  • #17,777
  • Edited 5:56pm May 9, 2011 5:32pm | Edited 5:56pm
Quoting Orbital
didnt wait for PA arrival to confirm anything
Me neither.

On this topic of not waiting for PA confirmation, how does everyone feel about using oscillators (being OB/OS) as confirmation for strong levels when you want to get in at a better price than confirmation has to offer?

Or is not waiting for PA too much risk for you?

If you like PA, what is your favorite? ie. compression/engulfing/rejection wicks/all of the above?

[This question is directed towards everyone]

Edit:

Forgot to add divergences

I don't use indicators, but I'm not against them. I'm just not comfortable with them (aside from volume if that counts)
  • #17,778
  • May 9, 2011 5:33pm May 9, 2011 5:33pm
Quoting Porkpie
and here's the biggy...Price had just bounced off DAILY demand .

  • #17,779
  • May 9, 2011 5:39pm May 9, 2011 5:39pm
Here is the chart 'ol PP is talkin about

Yes, this level is clear as day. Thanks for pointing that out
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  • #17,780
  • May 9, 2011 5:50pm May 9, 2011 5:50pm
Quoting frankkn
Me neither.

On this topic of not waiting for PA confirmation, how does everyone feel about using oscillators (being OB/OS) as confirmation for strong levels when you want to get in at a better price than confirmation has to offer?

Or is not waiting for PA too much risk for you?

If you like PA, what is your favorite? ie. compression/engulfing/rejection wicks/all of the above?

[This question is directed towards everyone]
Ummm...tempted to say rejection but i'm paranoid....

so i'll go for all of the above...

All prize money to be sent pony express.
All systems of divination, like music itself,work through patterns.
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