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Flag trading the trend

  • #4,941
  • Jul 21, 2011 9:22am Jul 21, 2011 9:22am
Another 4 minute one....I like these...Keep em coming Div
  • #4,942
  • Jul 21, 2011 9:29am Jul 21, 2011 9:29am
very annoying missed second one lost i t connection
  • #4,943
  • Jul 21, 2011 9:32am Jul 21, 2011 9:32am
also if 4133 was area yesterday to change direction. price went to 4144 so trend was still up
  • #4,944
  • Jul 21, 2011 10:10am Jul 21, 2011 10:10am
Hi Div.

Now I am confused.
Are we not supposed to follow the higher lows up on an up trend and then once the price breaks the last higher low it would put us into a down trend?

Wouldn’t point B be the last higher low?
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  • #4,945
  • Jul 21, 2011 10:22am Jul 21, 2011 10:22am
After an extended pullback as shown below, you let the first trigger pass and take the next one as per the rules.
My question is does price action have to move above the previous high before you take the second trigger?
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  • #4,946
  • Jul 21, 2011 10:29am Jul 21, 2011 10:29am
Quoting Divergence
also if 4133 was area yesterday to change direction. price went to 4144 so trend was still up
But there were at least two other higher lows after that and they were taken out by the sharp move down.
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  • #4,947
  • Jul 21, 2011 10:41am Jul 21, 2011 10:41am
I looked at the previous S/R areas...went to the one hour fibs and it looked like nice price action at the 50% level to turn back to an up-trend to take only longs...I still watch the 5M and 15 M for 123s and if not clear on the immediate trend I check 1H fib levels...
  • #4,948
  • Jul 21, 2011 11:30am Jul 21, 2011 11:30am
i know it was a little tricky on 15 minute after 150 pips down but if we were down then the high would change the direction that didn't make sense so when price came near high and news leeked about euro/greece thing and sub formed i knew for sure we were long
  • #4,949
  • Jul 21, 2011 11:52am Jul 21, 2011 11:52am
after the elevator down 150 pips it was dangerous, but the signal is a signal. what say about this guys?

http://savepic.ru/2879464m.gif

Happy Trading
  • #4,950
  • Jul 21, 2011 12:41pm Jul 21, 2011 12:41pm
Quoting Daytrader_UA
after the elevator down 150 pips it was dangerous, but the signal is a signal. what say about this guys?

http://savepic.ru/2879464m.gif

Happy Trading
I took that one, but got nervous as price was bumping the upper 2-period Daily Moving Average (always a significant Resistance point in my experience) at 4350 and PA briefly slowed.

So I closed it out for +6 pips, but it obviously would have gone on to hit TP.
  • #4,951
  • Jul 22, 2011 8:09am Jul 22, 2011 8:09am
price just broke through the 4365 area, would we be looking to go short today?


is 4365 the right area?
  • #4,952
  • Jul 22, 2011 8:22am Jul 22, 2011 8:22am
They will let you know in hindsight, could be another 4min win?
  • #4,953
  • Jul 22, 2011 8:29am Jul 22, 2011 8:29am
how many people took a loss at 9 19 candle?
  • #4,954
  • Jul 22, 2011 8:29am Jul 22, 2011 8:29am
News Flash. No one is trading today. 90 pip range on EU!!

If a set up does happen, follow through is not likely.

Best plan for this market is "Go to Beach"...
  • #4,955
  • Jul 22, 2011 8:36am Jul 22, 2011 8:36am
Quoting speculant
how many people took a loss at 9 19 candle?

yep I got burn't again!

I think i am going to the beach!
  • #4,956
  • Jul 22, 2011 8:39am Jul 22, 2011 8:39am
Quoting thefallguy
price just broke through the 4365 area, would we be looking to go short today?


is 4365 the right area?
++++++++++

Price does appear to be making a top. There is yet, no real evidence of that. If we start seeing price move below the 1.4360 area and show significant LH's & LL's, and price remains below 1.4360, just maybe I would change my trend bias.
imho
  • #4,957
  • Jul 22, 2011 8:40am Jul 22, 2011 8:40am
Quoting thefallguy
yep I got burn't again!

I think i am going to the beach!
++++++++++++

Pick me up dude. Will be on the corner with my boogie board..
  • #4,958
  • Jul 22, 2011 8:51am Jul 22, 2011 8:51am
I was more cautious and waited for the 123 bus at 9:24 to go uptown....That was the wrong bus too....
  • #4,959
  • Jul 22, 2011 9:23am Jul 22, 2011 9:23am
Quoting degil
I was more cautious and waited for the 123 bus at 9:24 to go uptown....That was the wrong bus too....
++++++++++++++++

A few things I noticed about this trade:
• Only 8 pip PB. Seems like when I take a trade with less than 10 pip PB, it does not work. imho

• Price has been drifting lower for 6 hours

• 1.4369 is very noticeable "Local" s/r

• Lackluster momentum, today, makes any trade look questionable.

• Trying to draw a decent flag here is not pretty
  • #4,960
  • Jul 22, 2011 9:34am Jul 22, 2011 9:34am
Today they look better on the 5M...
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