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  • #201
  • Aug 2, 2011 4:25am Aug 2, 2011 4:25am
Just to add, EU and AU both also had valid SMBT trades that would have followed all the rules (smack on the hand for me) - must be hungover, yesterday was Swiss national day
  • #202
  • Aug 2, 2011 5:32am Aug 2, 2011 5:32am
My EURJPY trade is spluttering a bit, never more than 19pips in profit, only to go all the way back into negative.

Decisions, decisions, could get out now for BE or slight BE+, or hope that this is just the typical london lunchtime slowdown and the start of the NYS will kick start the trend back down again.

if only i had a crystal ball to help with such decisions
  • #203
  • Aug 2, 2011 5:51am Aug 2, 2011 5:51am
Quoting jmw1970
My EURJPY trade is spluttering a bit, never more than 19pips in profit, only to go all the way back into negative.

Decisions, decisions, could get out now for BE or slight BE+, or hope that this is just the typical london lunchtime slowdown and the start of the NYS will kick start the trend back down again.

if only i had a crystal ball to help with such decisions
Its no doubt the thing that haunts me also. How to scale out. Use a 3 bar or 2 bar rule. I am trying myself to master this.
  • #204
  • Aug 2, 2011 6:40am Aug 2, 2011 6:40am
I'm hoping that this request is not too much to ask. Can you post a printable chart i.e. one with a white background that clearly illustrates a series of trade examples. I am just trying to get a clear understanding of the method so that I can contribute.

Thanks!!!!
"Amat Victoria Curam" Victory Loves Preparation
  • #205
  • Aug 2, 2011 7:05am Aug 2, 2011 7:05am
why do you need a printable chart

if you want all the examples together why not download the images provided and combine them into a pdf

most people have their chart color scheme setup for how they trade, to change this just to make it printable would be cumbersome

Quoting daytrade5
I'm hoping that this request is not too much to ask. Can you post a printable chart i.e. one with a white background that clearly illustrates a series of trade examples. I am just trying to get a clear understanding of the method so that I can contribute.

Thanks!!!!
  • #206
  • Aug 2, 2011 7:34am Aug 2, 2011 7:34am
EURJPY - decided to close out for +22 pips as I was not happy with the PA and decided to take what I could

Out of the EU and AU trades I also highlighted as possible SMBT trades, both had smoother rides than my EJ trade, the AU one being the smoothest.
Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY-2011.08.02-14.30-5m.gif Size: 23 KB
  • #207
  • Aug 2, 2011 8:08am Aug 2, 2011 8:08am
Hi everyone,
It looks like a slow day with not many signals but a few that has provided all have been winners..
I will answer everyone on this one post..

OZ,
that is a well done play on the NT setup... you are stand correct that you do not need always wait for the RF and the first close bar back inside the band with a decent body is set to go.. but don't panic and wait for the PA to show reaction to the lower band before exiting.. be patience, its a need thing in profession of trading.

John,
your EJ trade is a perfect example as to why i do not use the 123 formation for mid band especially.. 1) the risk is most if not always above 20... 2) entries could be late and you will have to wait for the second push, thats if survives the test of LL/HH (HH in your case) which where your over 20 pips hard SL is.

John/nawlins..
the higher risk setups (sl over 25 pips) are where you will find yourself in the delema when thing go wrong or hesitates before reaching the target..
however in such situations you are faced with two facts that you must accept.. 1) let it be and risk having your hard sl to be hit.. 2) your must settle for either the small win or the small loss/breakeven.. this decision should be made stone cold on the spot and you got to be prepared for it since you were fully aware of what type of setup entry you had taken.
anyhow, thats how I deal with it.. bcz i know there are no reliable X's and O's that would make me a consistent winner in such situation... trading is about choices and the decisions that we make and thats it.

daytrader,
NO, i can not, sorry... use Johns advise plz.


regards,
  • #208
  • Edited 8:48am Aug 2, 2011 8:19am | Edited 8:48am
AUDUSD - SMBT Sell

This trade is slightly risky as the AU has already traveled some distance

I will be bailing at the first sign of resistance

EDIT: Out at BE
Attached Image(s) (click to enlarge)
Click to Enlarge Name: AUDUSD-2011.08.02-15.15-5m.gif Size: 23 KB
Click to Enlarge Name: AUDUSD-2011.08.02-15.45-5m.gif Size: 21 KB
  • #209
  • Edited 9:23am Aug 2, 2011 9:04am | Edited 9:23am
Quoting jmw1970
AUDUSD - SMBT Sell

This trade is slightly risky as the AU has already traveled some distance

I will be bailing at the first sign of resistance

EDIT: Out at BE
well played John..


People must take notes of such plays...
why?.. i tell ya..

The ability to take the even riskier signals and to getaway with it when it don't pan out, instead of scared trading, hesitations, second guessing and just looking to filter everything.
you'll take it and deal with it properly with full awareness of what you do and your trading plan.

once one develops such skill, confidence and the ability to pull the trigger and let go of it once its not there with no feeling attached.. then I can confidently tell you that YOU WILL NOT LOSE IN THIS MARKET, and on your way for mass of success.
  • #210
  • Aug 2, 2011 9:13am Aug 2, 2011 9:13am
my first trade of the day short on AU off the favorable band NT play..
Attached Image (click to enlarge)
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  • #211
  • Aug 2, 2011 9:27am Aug 2, 2011 9:27am
Quoting P.Dean
my first trade of the day short on AU off the favorable band NT play..

explanation during a live play..
in this AU trade as you see PA is struggling around the mid band... now.. on the NT setup this is fairly normal so don't be running away to quick and give it some time to make up his mind... with such approach on this particular setup you will win more than you will lose...
sure you will put your hard sl at risk, but the risk is reasonable and pa needs time to develop no matter what you think or expectations are.

now watch me bank on this one..
you atta be fearless and different or you be just like another average trader around the corner..
  • #212
  • Aug 2, 2011 9:36am Aug 2, 2011 9:36am
Quoting P.Dean
explanation during a live play..
in this AU trade as you see PA is struggling around the mid band... now.. on the NT setup this is fairly normal so don't be running away to quick and give it some time to make up his mind... with such approach on this particular setup you will win more than you will lose...
sure you will put your hard sl at risk, but the risk is reasonable and pa needs time to develop no matter what you think or expectations are.

now watch me bank on this one..
you atta be fearless and different or you be just like another...
the chance asi 50-50
BJ
  • #213
  • Aug 2, 2011 9:37am Aug 2, 2011 9:37am
quick check ups on other pairs..

E/U.. striking for now.. forget it
EJ and GU.. are mild striking.. so i look for DT on both before taking a shot at a short trade.

AU.. still holding, total risk is around -20... i give it some more time.
  • #214
  • Aug 2, 2011 9:38am Aug 2, 2011 9:38am
Quoting brainjt
the chance asi 50-50
sure it is... but hey, our whole life is at 50/50 chance.. lol
your edge is not how much you know... its how much your active in order to run into more luck..
just my humble take and opinions in life general.
  • #215
  • Edited 9:55am Aug 2, 2011 9:42am | Edited 9:55am
Quoting P.Dean
sure it is... but hey, our whole life is at 50/50 chance.. lol
your edge is not how much you know... its how much your active in order to run into more luck..
just my humble take and opinions in life general.
i took long 1,08587

your short was right...
BJ
  • #216
  • Aug 2, 2011 9:57am Aug 2, 2011 9:57am
Quoting P.Dean
my first trade of the day short on AU off the favorable band NT play..

out for +13 on the touch and slight weakness to break through firmly..
Attached Image(s) (click to enlarge)
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  • #217
  • Aug 2, 2011 10:01am Aug 2, 2011 10:01am
Quoting brainjt
i took long 1,08587

your short was right...
dear brainjt...
i was not right... i am luck if i get even half the time right..

I was within my plan of trading, instead of being all over the place and trade different styles every other day of the week..
This is your edge.. in this vast of sea.. that's all you got, YOU and your PLAN.. there is no secret to be successful.

I hope everyone gets the hint of what i am trying to teach and stress here..
  • #218
  • Aug 2, 2011 10:04am Aug 2, 2011 10:04am
If anyone is interested, I am updating my assesment of the EU bands to be striking

this is based on 2 things, this recent movement has now gone over 40 and most of candles on the bullish run were OUTSIDE of the bands, this generally occurs in strong movements.

will be looking for either a SMBT or SBT long trade

of course if it drops through the lower band with no hesitation I will re-evaluate

EJ bands for me are still mildly striking, so there may be an opportunity for a MSBT long trade
  • #219
  • Aug 2, 2011 10:07am Aug 2, 2011 10:07am
nicely played

Quoting P.Dean
out for +13 on the touch and slight weakness to break through firmly..
  • #220
  • Aug 2, 2011 10:11am Aug 2, 2011 10:11am
Ok, i want to touch on a key issue that i talked about a bit yesterday I think and that was the Correlation factor..

on my AU live trade.. when i took a look at the setup and it looked perfectly within the plan... than i set my orders... but just for fun i took look at EU to see what it was doing, I saw a striking bullish looking PA (dollar weakness).. but I could care or less.. and eventually i made money with dollar strengthening..
this is just a live example as to not give the correlation too much respect and trade each pair for its own.. that's why currencies are in pairs.. they might at end of the day all be in the same direction of dollar weakness or strength... but your not trading long term.. we are short term day traders inside the curves of 5m tf.. we make money on the turn and curves and don't give a heck of what it will look at end of the day.
I think i have made my point.. this is the last time i will talk about correlation i promise.. lol.
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