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  • #9,801
  • Aug 12, 2011 2:41am Aug 12, 2011 2:41am
Quoting imperatorfr
Hello all.

First lose at the moment, bad entry or just no luck ?

thanks for reply.
I also took the long G/U on the 1H. I can't really see anything that wrong with it. It was 2nd candle, cross on TDI and stochs seemed good. The only thing against it was the 4H which is not looking the same (it is looking more negative than pos).
  • #9,802
  • Aug 12, 2011 2:43am Aug 12, 2011 2:43am
Quoting DaveUK
As we talked about yesterday, GBPUSD, EURUSD and AUSUSD are all trying to find momentum either way at the moment. They're just ranging around with no clear direction. When a pair looks like this, it's probably best to stay out until you see a really clear and strong move out of the current trading range. The TDI signal doesn't look all that strong either.
It doesnt now. Problem with TDI is it can change during the candle. On open it looked v positive, shame I didnt take screen capture. Now it looks crap as if never crossed (a reason why back testing with TDI is tricky).

Also GU did look flat until the 1st candle which consumed the range of the last 5. But it ran straight into a wall and now the move down is even larger.
  • #9,803
  • Aug 12, 2011 2:48am Aug 12, 2011 2:48am
The problem is that on the 1H the candle is not confirmed. The candle is crossing and white (green)when its 10 min old. then u have 50 min and the candle can do anything. If u wait for the candle to close and the TDI is still angled north, then u have the confirmation and u buy on the next candles open. (and then it will be the 3rd candle white(green), and u might pass it anyway if u are playing it super safe)

Quoting brettboz
I also took the long G/U on the 1H. I can't really see anything that wrong with it. It was 2nd candle, cross on TDI and stochs seemed good. The only thing against it was the 4H which is not looking the same (it is looking more negative than pos).
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  • #9,804
  • Aug 12, 2011 2:56am Aug 12, 2011 2:56am
GJ H4 may be the only qualifying chart at the moment. Question is do I really want to pay that spread?
  • #9,805
  • Aug 12, 2011 2:56am Aug 12, 2011 2:56am
Quoting lehmann
The problem is that on the 1H the candle is not confirmed. The candle is crossing and white (green)when its 10 min old. then u have 50 min and the candle can do anything. If u wait for the candle to close and the TDI is still angled north, then u have the confirmation and u buy on the next candles open. (and then it will be the 3rd candle white(green), and u might pass it anyway if u are playing it super safe)
Agreed, actually this is interesting because one of the doubts I have regarding this system is this very problem. According to older posts the trade is opened on the begining of the candle with the cross... Is that then the candle where it is not confirmed or do we wait for the candle to close and go on the second (therefore never entering on first candle).
  • #9,806
  • Aug 12, 2011 3:08am Aug 12, 2011 3:08am
Quoting imperatorfr
Hello all.

First lose at the moment, bad entry or just no luck ?

thanks for reply.
Could just be bad luck, could be you traded right on London open thats always going to add a 50/50 element on any trade, could be freaky Fri (just read someones post that his pro trader mentor trades Mon-Thurs only totally agree you'll make most of your pips then), could be 6225 was stall of US move Asia session tried going higher and failed so that now a R level.
  • #9,807
  • Aug 12, 2011 3:11am Aug 12, 2011 3:11am
chfjpy 1h short at 100.03. TDI cross, Stoch in agreement, first candle closed below the 5sma AND! this first candle is exactly the shape, that someone here posted as a high % winner. Directly, price shot down, I closed first half with +34pips, S/L to BE, second half running.
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  • #9,808
  • Aug 12, 2011 3:16am Aug 12, 2011 3:16am
Quoting Vantage
Could just be bad luck, could be you traded right on London open thats always going to add a 50/50 element on any trade, could be freaky Fri (just read someones post that his pro trader mentor trades Mon-Thurs only totally agree you'll make most of your pips then), could be 6225 was stall of US move Asia session tried going higher and failed so that now a R level.
See D chart, the numerous red lines are all SR areas identified, 6238 was a clear S level now perhaps R.

Not saying we won't go up here but that area is important, perhaps the move down was the london open head fake?
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  • #9,809
  • Aug 12, 2011 3:30am Aug 12, 2011 3:30am
Quoting brettboz
Agreed, actually this is interesting because one of the doubts I have regarding this system is this very problem. According to older posts the trade is opened on the begining of the candle with the cross... Is that then the candle where it is not confirmed or do we wait for the candle to close and go on the second (therefore never entering on first candle).
As per this system you are supposed to enter on the opening of the candle and not the closing. Many people have changed this around to suit them. But as per Big E rules you should enter on 1st candle open (or second) if there is a TDI cross with a good angle.
Additional confirmation is the stoch as in pointing in the direction of trade. It is not a rule to enter after the HA candle has cossed the SMA.

Hope this helps.

P.S these past 3 weeks have been quite a ride with all the news spontaniously coming out so markets are highly volotile and are changing direction rapidly. Great if you are on the right side of the market but bummer if you are not. I highly recommend following the news to assist with trades. Its not part of the system but seems to be the only way to try to be on the right side of the market!
  • #9,810
  • Aug 12, 2011 3:36am Aug 12, 2011 3:36am
Taken USDCHF long on the 1hr as it punched into the open.

Can't post chart right now... TDI cross good but touching on the 68 line. Looks like a strong move though so worth a shot... monitoring closely and SL into break even at +30.
  • #9,811
  • Aug 12, 2011 3:41am Aug 12, 2011 3:41am
Quoting TraderDC
As per this system you are supposed to enter on the opening of the candle and not the closing. Many people have changed this around to suit them. But as per Big E rules you should enter on 1st candle open (or second) if there is a TDI cross with a good angle.
Additional confirmation is the stoch as in pointing in the direction of trade. It is not a rule to enter after the HA candle has cossed the SMA.

Hope this helps.

P.S these past 3 weeks have been quite a ride with all the news spontaniously coming out so markets are highly volotile and are...
NO OFFENCE BUT BAD INFORMATION!!!....Never EVER try and use news to assist a trade you are in. I would always condsider shutting a trade down if there was important news coming out that directly affected the pair I was trading. News events can ruin your trade and your account so my take on this is.....check news before you enter a trade and see what is coming up....if its high impact....stay away and wait for the dust to settle. If you are in a trade...consider getting out...HOnestly big news items can take the 50 pips you are up and turn them into 200 down within a millisecond. Pay attention to news and fundamentals.
By all means if it strengthens the angle of the tdi or the candle size then use it to your advantage, but wait until after the event. News can ruin you.
  • #9,812
  • Aug 12, 2011 3:48am Aug 12, 2011 3:48am
Quoting dean
NO OFFENCE BUT BAD INFORMATION!!!....Never EVER try and use news to assist a trade you are in. I would always condsider shutting a trade down if there was important news coming out that directly affected the pair I was trading. News events can ruin your trade and your account so my take on this is.....check news before you enter a trade and see what is coming up....if its high impact....stay away and wait for the dust to settle. If you are in a trade...consider getting out...HOnestly big news items can take the 50 pips you are up and turn them into...
Agreed in other trading methods I use I do not read news but I do avoid important releases. I never trade NFP and recently there have been other days when I have stayed away (for example euro meetings etc).

BTW GU on a rocket now.... Shame I closed out the trade in loss.
  • #9,813
  • Aug 12, 2011 4:07am Aug 12, 2011 4:07am
Quoting dean
NO OFFENCE BUT BAD INFORMATION!!!....Never EVER try and use news to assist a trade you are in. I would always condsider shutting a trade down if there was important news coming out that directly affected the pair I was trading. News events can ruin your trade and your account so my take on this is.....check news before you enter a trade and see what is coming up....if its high impact....stay away and wait for the dust to settle. If you are in a trade...consider getting out...HOnestly big news items can take the 50 pips you are up and turn them into...
I agree with you but I think you misunderstood. With how the market has been with news events coming out constantly might as well not trade. But what I meant is for example.... CHF... SNB is doing its best to weaken it... so why would you take a sell on Eurchf, gbpchf or usdchf knowing that all efforts are being put in to weaken it.

I never said wait for a news event and trade it!!! And I never said to trade during high risk news events. All I said is to watch out for the news events which are not scheduled and not trade against them.

As you stated you would shut down a trade if an important event is coming out and so do I... but if I get a solid sell signal on a pair and suddenly breaking news comes out which implicates that the pair will go up then I will not even dare trade it. ( and these past 3 weeks has been like this)

And no offense taken at all. But just wanna clarify what I meant If you still think I'm wrong please do let me know. I don't mind being corrected... hey thats how you learn at the end of the day
  • #9,814
  • Aug 12, 2011 4:08am Aug 12, 2011 4:08am
chfjpy short: closed second half with +89 pips.
  • #9,815
  • Aug 12, 2011 4:09am Aug 12, 2011 4:09am
Anyone else in GBPUSD?
  • #9,816
  • Aug 12, 2011 4:11am Aug 12, 2011 4:11am
Quoting DaveUK
Anyone else in GBPUSD?
yep was tossing up between this and the NZ/US
  • #9,817
  • Aug 12, 2011 4:16am Aug 12, 2011 4:16am
Quoting TraderDC
I agree with you but I think you misunderstood. With how the market has been with news events coming out constantly might as well not trade. But what I meant is for example.... CHF... SNB is doing its best to weaken it... so why would you take a sell on Eurchf, gbpchf or usdchf knowing that all efforts are being put in to weaken it.

I never said wait for a news event and trade it!!! And I never said to trade during high risk news events. All I said is to watch out for the news events which are not scheduled and not trade against them.

As you...
Nope seems we agree....my misunderstanding. News is critical and we all should be wary of it. No offence intended, sorry.
I read one guys post a few weeks ago stating he could outsmart the news...pretty dangerous thinking. Its crucial new people are well aware of the news. If you see a red flagged news item, just sit back and watch what happens....its very fast and if the figures that come out are way out from the predicted, it can move extremely erratically....can ruin you.
I have done a few news trades and they are scary.
The other day for instance.....AUD news came out with much more negative figures than predicted. This added ot the risk off thinking that the market was in this week. The AU ran down a hundred pips in about 30 seconds and then proceeded to run up about 130 the following 30 seconds....completely against what logically should have happened. I watched it in disbelief. Please be wary of big news.
  • #9,818
  • Aug 12, 2011 4:20am Aug 12, 2011 4:20am
Quoting dean
Nope seems we agree....my misunderstanding. News is critical and we all should be wary of it. No offence intended, sorry.
I read one guys post a few weeks ago stating he could outsmart the news...pretty dangerous thinking. Its crucial new people are well aware of the news. If you see a red flagged news item, just sit back and watch what happens....its very fast and if the figures that come out are way out from the predicted, it can move extremely erratically....can ruin you.
I have done a few news trades and they are scary.
The other day for instance.....AUD...
No problem dean and no offense taken at all. I appreciate when someone tells me I'm wrong if he thinks so But glad we cleared things up cos I started to think I was doing something wrong.

Cheers bud
  • #9,819
  • Aug 12, 2011 4:21am Aug 12, 2011 4:21am
Greetings all,

Well, if a boofhead novice like me is bringing in the pip's, then the more experienced trader's must be raking it in this week. I'm told the market is quite volatile at the moment, so maybe i'm lucky, but i see a future for the young fella in fx in a year or two when i'm really starting to understand it. Yep i know, don't get ahead of yourself young man.

CHF and JPY have been very profitable.

Best wishes all, stay healthy and safe, and good trading.
'Fail to plan, plan to fail'
  • #9,820
  • Edited 4:50am Aug 12, 2011 4:29am | Edited 4:50am
Quoting DaveUK
Anyone else in GBPUSD?
Just jumped in on 1H. (err, and soon got the hell outta there. lol)

And thanks Dean for your post re trading with the news. I'd heard it's dodgy, but i didn't realise how much 'till you mentioned potential for 200 pip change in a millisecond. Thanks for spelling it out and giving me a visual.

Greg.
'Fail to plan, plan to fail'
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