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Trading Made Simple

  • #6,061
  • Jun 22, 2011 7:25am Jun 22, 2011 7:25am
Quoting xp3000
what you guys think about the G/U currently? do you think it has hit the lowest & is now starting to go back on a upward tend depending on the news later this afternoon with the USD?
I try not to think about it too much. It's dangerous. Seriously. Better to just trade what the charts are telling you, rather than let what you believe will happen possibly cloud your decision making. It's easy to look at the 1h and 4h charts right now and think 'hell, surely it can't drop any more'. But just look at the daily chart. Last big drop began with a larger red candle than we have at the moment, then continued downwards with 10 consecutive red candles.

One phrase I like is 'never try to catch a falling knife'.

Having said that, looks like pretty solid support around 1.6100. (oops... slaps wrist)
  • #6,062
  • Jun 22, 2011 7:39am Jun 22, 2011 7:39am
Quoting dean
I am pleased you were profitable, however not one of those trades meets the ules of this method. Entry is on first or second reversal candle if any later - no trade.

I apologize for the last set of charts I posted. You are correct those charts do no fit Big E's rules. I just hope I didnt cause any confusion. I was merely trying something because I cant make 4hr trades like I would like at 4am. I would appreciate any comments on these charts. I am still in the learning stage myself and any comments are appreciated. This was the only trade I took last night.

Freebeans
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  • #6,063
  • Jun 22, 2011 7:40am Jun 22, 2011 7:40am
Quoting DaveUK
But just look at the daily chart. Last big drop began with a larger red candle than we have at the moment, then continued downwards with 10 consecutive red candles.
Can take time but if May lows and D 200 ema go (both around 6050) could be big move down as Dave says.
  • #6,064
  • Jun 22, 2011 8:09am Jun 22, 2011 8:09am
Hi Looking at these charts at 9am EST there doesn't appear to be any real trend to jump in on the 4hr tf. Am I correct on this assessment?
  • #6,065
  • Jun 22, 2011 8:10am Jun 22, 2011 8:10am
Quoting freebeans
I apologize for the last set of charts I posted. You are correct those charts do no fit Big E's rules. I just hope I didnt cause any confusion. I was merely trying something because I cant make 4hr trades like I would like at 4am. I would appreciate any comments on these charts. I am still in the learning stage myself and any comments are appreciated. This was the only trade I took last night.

Freebeans
Is that a trendline indicator or did you manually draw those on?
  • #6,066
  • Jun 22, 2011 8:11am Jun 22, 2011 8:11am
I'm just gone short on the C/J 2nd candle, TDI & Stoch both confirming, I've put my SL at 82.65 and TP at 81.80 lets see what happens
  • #6,067
  • Jun 22, 2011 8:25am Jun 22, 2011 8:25am
Quoting 2scoops
Is that a trendline indicator or did you manually draw those on?
If you are referring too yellow trendlines. I draw them myself.

Freebeans
  • #6,068
  • Edited 9:14am Jun 22, 2011 8:30am | Edited 9:14am
I dont think It is very wise to trade before Federal Funds Rate desition, even if you are trading using 4 hours charts, this is one of the most important news along with the Nonfarm payroll employment. I usually do not pay much attention to news but I do for these two news releases. Even if the rate does not change, what it is said at the conference can hit very hard the markets.
Indicators always obey Price, not the other way.
  • #6,069
  • Jun 22, 2011 8:44am Jun 22, 2011 8:44am
Quoting freebeans
If you are referring too yellow trendlines. I draw them myself.

Freebeans
Yes it was - thanks.
  • #6,070
  • Jun 22, 2011 9:05am Jun 22, 2011 9:05am
And so dies a thread which meant to be "SIMPLE"...
  • #6,071
  • Jun 22, 2011 9:32am Jun 22, 2011 9:32am
Breakout trade at second candle.
SL is below last lows.
TP at blue area.
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  • #6,072
  • Jun 22, 2011 9:47am Jun 22, 2011 9:47am
I have entered EurUsd 1H Long @ 1.4413
Is it the correct and promising setup.
Please comment and advise.

arasheed
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  • #6,073
  • Jun 22, 2011 9:49am Jun 22, 2011 9:49am
Quoting The7
And so dies a thread which meant to be "SIMPLE"...
Well, you are still here note, it says Trading Made Simple, not Trading Made EASY, hey that would be a great thread for Big E, get it, Big E = EASY, oh, never mind....
OPPORTUNITY IS NOWHERE
  • #6,074
  • Jun 22, 2011 9:49am Jun 22, 2011 9:49am
Quoting arasheed
I have entered EurUsd 1H Long @ 1.4413
Is it the correct and promising setup.
Please comment and advise.

arasheed
I will wait, this is naer a big resistance, and the news too.
  • #6,075
  • Jun 22, 2011 10:22am Jun 22, 2011 10:22am
Quoting arasheed
I have entered EurUsd 1H Long @ 1.4413
Is it the correct and promising setup.
Please comment and advise.

arasheed
Good luck with this trade i hope it works for you, the stoch and TDI cross is a little to high for me to go long.
A good example of a B trade in my book.
  • #6,076
  • Jun 22, 2011 10:28am Jun 22, 2011 10:28am
Quoting freebeans
I apologize for the last set of charts I posted. You are correct those charts do no fit Big E's rules. I just hope I didn't cause any confusion. I was merely trying something because I cant make 4hr trades like I would like at 4am. I would appreciate any comments on these charts. I am still in the learning stage myself and any comments are appreciated. This was the only trade I took last night.

Freebeans
I think you have just been unlucky with this trade, no system is 100%.
I would have taken this trade if my chart looked like yours but i didn't get a cross at the same point.
I would forget it and more on don't let it hurt your confidence as i don't think you did anything wrong, i must have traded the same setup or worse last week 10 times without any losses.
  • #6,077
  • Jun 22, 2011 10:32am Jun 22, 2011 10:32am
Quoting Thierry
Whats wrong with 20 trades a week? I just took every chance i see, made more profit than lose

As i said before, i only took the trade when it met my criteria.
I had a very busy week last week i had 30 trades as they met my criteria and i am up to 14 this week. Each to his own
  • #6,078
  • Jun 22, 2011 10:38am Jun 22, 2011 10:38am
Quoting sachigi
I will wait, this is naer a big resistance, and the news too.

Sachigi & bez3000
Thanks for your comments
BTW can you show me how to include nore than one [quote] in this reply

arasheed
  • #6,079
  • Jun 22, 2011 10:38am Jun 22, 2011 10:38am
just entered this trade as it meets my criteria, i will be looking for price to make it to my lower TL or for the HA candles to tell me it's not going to make it
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  • #6,080
  • Jun 22, 2011 10:49am Jun 22, 2011 10:49am
Quoting bez3000
I had a very busy week last week i had 30 trades as they met my criteria and i am up to 14 this week. Each to his own

Bez,

How many pairs did you trade and how many pips do you average per trade.

Thanks.
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