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Trading Made Simple

  • #10,101
  • Aug 16, 2011 6:13am Aug 16, 2011 6:13am
[quote=antantnz;4873765]
Quoting sabams

Hi Sabams,

I can't remember exactly where I found it, but the rules one guy quoted (and written on the piece of paper in front of me) were :

Slope Threshold - 4.5 or greater
Bounce Threshold - 3.8 or greater

The thing to remember is that these numbers are constantly updating.

Someone else suggested 5.0 or greater for the slope. I've found 4.5 tends to be pretty good, even 4.0 can work if you're with the trend, but it all depends on how the big picture looks.

The beauty of these numbers is it removes the element of trying...


THANKS............
  • #10,102
  • Aug 16, 2011 6:14am Aug 16, 2011 6:14am
Quoting alkenany
hi Dean
but I cant ignor the leader signal(EU) H4 chart plus do not forget that GU is foxy
I know you cant ignore it, but it pays to check the other time frames to at least try and put the odds in your favour more. H4 is now heading up so I hope you stayed out of it??
  • #10,103
  • Aug 16, 2011 6:21am Aug 16, 2011 6:21am
Quoting antantnz
My 2c ... on the H1 it looks like it'll bounce up to the daily R1 and then possibly come down again ... if you can at least wait til it comes back down you might at least make a small profit ...

The thing is, if you exit now, I'm presuming you're taking a loss. Does it hurt to let it run and let it move into profit? Even if you only have a 50/50 chance of it going into profit, that's better than the 100% guaranteed loss you're considering.

I know it's a tricky area ... there's numerous posts here of people who exited too early, but I'm sure...
Hi antantnz & vantage - thanks for you responses, I will let trade run..

Craig
  • #10,104
  • Aug 16, 2011 6:27am Aug 16, 2011 6:27am
Quoting dean
I know you cant ignore it, but it pays to check the other time frames to at least try and put the odds in your favour more. H4 is now heading up so I hope you stayed out of it??
I allready shorted @4382 and will stick to it due to:
1. good short set up on H4
2.eURO ZONE gdp(german) IS BAD
3.NO EURO RATE HIKE next month

let us wait and see. thanks for ur advice
  • #10,105
  • Aug 16, 2011 6:27am Aug 16, 2011 6:27am
Quoting 33drifter
Took this short trade about an hour ago, 40pip SL, move SL to BE after 25 pips, TP at 40 pips. it hasnt really moved much but im applying dcginc's rule of letting the trade play out once set from now on.
I see my chart shows quite a different size for candle #1, wouldn't be a trigger on my chart. Anyone have any ideas why this could be?
Attached Image (click to enlarge)
Click to Enlarge Name: eurgbp.gif Size: 33 KB
  • #10,106
  • Aug 16, 2011 6:28am Aug 16, 2011 6:28am
provided in u.s session, euro break thru the pivot..if nt, it b heading south..(e/u pair)


my 2 cents opinion.
  • #10,107
  • Aug 16, 2011 6:33am Aug 16, 2011 6:33am
Quoting bollingerman
Hi antantnz & vantage - thanks for you responses, I will let trade run..

Craig
Hi mate......PLEASE dont think I am being negative or critical to you or the other guys.......but I went long on the one hour and to me the PA right now looks strong.....yep its siting at yesterdays high but I am at break even so no big deal to me. THing is....the 4 hour has thrown out a blue candle and the daily is also uptrending. Its slow but.....sometimes they just keep trickling up or down. Make your assessment on your own analysis....go through the timeframes, look out for an news affecting the pair, look at PA and check out the correlating pairs and decide what you want to do....the HARDEST part of this game is accepting loss...but we all have to...I HATE it and I am sure most do...its very difficult to wrap your head around, but base your loss acceptance the same way you would base a trade entry....what is it telling you?
Honestly mate I dont like to see any of us on a losing trade and I fell bad for you, but they will happen.....its dangerous to just let them blindly run. Sometimes better to cut your losses and look for a better one..there are plenty.
  • #10,108
  • Aug 16, 2011 6:37am Aug 16, 2011 6:37am
Quoting alkenany
I allready shorted @4382 and will stick to it due to:
1. good short set up on H4
2.eURO ZONE gdp(german) IS BAD
3.NO EURO RATE HIKE next month

let us wait and see. thanks for ur advice
Sorry I think we are misunderstanding each other....I am talking about the GU not the EU Eu looks a good signal to me.
  • #10,109
  • Aug 16, 2011 6:38am Aug 16, 2011 6:38am
Quoting dean
Mate the "hanging in there part really kills me...I cant quite learn how to walk away and comfortably leave it yet....even so, I am still on it and up 15 with SL at break even as I dont like the look of PA. If it heads back up towards 1.64 I will exit.
You and me both! Did you exit yet, looks like it's flattening out?
  • #10,110
  • Aug 16, 2011 6:49am Aug 16, 2011 6:49am
Quoting dean
Hi mate......PLEASE dont think I am being negative or critical to you or the other guys.......but I went long on the one hour and to me the PA right now looks strong.....yep its siting at yesterdays high but I am at break even so no big deal to me. THing is....the 4 hour has thrown out a blue candle and the daily is also uptrending. Its slow but.....sometimes they just keep trickling up or down. Make your assessment on your own analysis....go through the timeframes, look out for an news affecting the pair, look at PA and check out the correlating...
Hi Dean

Thanks for the response, I have no problem accepting the loss, as I stated I am only trading a minimal amount. I was trying to identify if I have made any basic errors. From what I can see from the current GBPUSD 4H chart, the resistance area is holding & letting the trade run as per the rules is still valid. I think I am just a bit frustrated this week as I have had three trades on the bounce reverse the second candle. Maybe
just bad luck.

Thanks Craig
  • #10,111
  • Aug 16, 2011 6:49am Aug 16, 2011 6:49am
Quoting dean
Sorry I think we are misunderstanding each other....I am talking about the GU not the EU Eu looks a good signal to me.
it is my missunderstanding what i want to saythat eu&au may drag gu down even it showed some strength thanks.
  • #10,112
  • Aug 16, 2011 6:53am Aug 16, 2011 6:53am
OK, I am going to give it a try. Short E/U and N/U according to 4H. Maybe a little late, so it might be a bit painful.

FS
  • #10,113
  • Aug 16, 2011 6:53am Aug 16, 2011 6:53am
Just pulled out of the GU trade with 10 pips...PA looks shit and tdi flat. Try again tomorrow.
I cant help but feel this AU is due to turn.....sitting right on heavy support and its a BRN. WIll be interesting to see what the US session does...risk on, risk off????
By the way guys.....US building permites coming out in less than an hour so watch yourselves.
  • #10,114
  • Aug 16, 2011 6:58am Aug 16, 2011 6:58am
Quoting alkenany
it is my missunderstanding what i want to saythat eu&au may drag gu down even it showed some strength thanks.
Yep true...its a weird situation at the moment though....GU seems to be running on its own and AU seems to have hit strong support...so who knows...EU short still looks ok.
But to Sam...careful shorting NU...it has just bounced exactly on a trendline....dont know if it will hold but it was a pretty accurate bounce. (see chart)
Attached Image (click to enlarge)
Click to Enlarge Name: chart.JPG Size: 103 KB
  • #10,115
  • Aug 16, 2011 7:08am Aug 16, 2011 7:08am
Quoting dean
But to Sam...careful shorting NU...it has just bounced exactly on a trendline....dont know if it will hold but it was a pretty accurate bounce. (see chart)
I see that it is a strong resistance, I probably shouldn't have gone. It bounced around 8275 twice before. I'll be careful Thanks.

FS
  • #10,116
  • Aug 16, 2011 7:08am Aug 16, 2011 7:08am
U/J got disconfigured for long. Probably no setup today according to my entry rules.
  • #10,117
  • Aug 16, 2011 7:22am Aug 16, 2011 7:22am
News in 8 minutes.

FS
  • #10,118
  • Aug 16, 2011 8:03am Aug 16, 2011 8:03am
Quoting ForexSam
OK, I am going to give it a try. Short E/U and N/U according to 4H. Maybe a little late, so it might be a bit painful.

FS
Exited on last pullback. -10.
  • #10,119
  • Aug 16, 2011 8:06am Aug 16, 2011 8:06am
Well, 0 for 6 so far this week. I'm making someone rich, it's just not me lol.
  • #10,120
  • Aug 16, 2011 8:14am Aug 16, 2011 8:14am
Setup on 1H now... Same on EURJPY
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