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  • #10,561
  • Aug 24, 2011 3:32am Aug 24, 2011 3:32am
Quoting dean
strong candle and bounce off trendline. M30 looks as though it is going to be a signal so I will stick with it...I am up 20 pips now with a 20 stop loss. Aiming for around 1.05 even....maybe
trade looks solid...watch for the head fake....eur just had bad news come out with a subsequent rise on the E/U which can effect other currencies...volatility is high.
  • #10,562
  • Aug 24, 2011 3:35am Aug 24, 2011 3:35am
Quoting XxLessoxX
trade looks solid...watch for the head fake....eur just had bad news come out with a subsequent rise on the E/U which can effect other currencies...volatility is high.
Yeah I saw that thanks. Aussie tends to go with the euro. I have seen this frequently lately though....the news may be bad, but not considered bad enough by the big players so its risk on agian.....it sort of shoots the price in the opposite direction you expect.....worked well for us though
  • #10,563
  • Aug 24, 2011 4:10am Aug 24, 2011 4:10am
Quoting XxLessoxX
trade looks solid...watch for the head fake....eur just had bad news come out with a subsequent rise on the E/U which can effect other currencies...volatility is high.
Closed at 1.05 on the dot becasue I like the BRN's for 36 pips. Happy with that using a 20 pip stop loss, nearly 1:2 RR
  • #10,564
  • Aug 24, 2011 4:11am Aug 24, 2011 4:11am
Long GBPUSD. 1hr signal but waited a couple of minutes for it to clear previous high. Not sure how much mileage there is on this one. Initial target 1.6550 for a 35 gain. Stop loss very tight under last swing low on 5min chart. My reckoning is that if it drops right back into previous range, the trade's gone. It could go either way from there, so no need to place SL any lower.
  • #10,565
  • Aug 24, 2011 4:18am Aug 24, 2011 4:18am
Long EU 4430.

On london session open it was stuck between support of the 21EMA and natural level of 4400 and resistance of 4420 (the level I have mentioned many times during the last few days).

There was an initial move up but this seemed to come out of nowhere and very early london session. As it was not supported by anything I took this for a head fake which it was.

Price then moved down below the 21EMA and support level to close below support but in doing so it formed an inverted hammer on the 4h close right around support so this was not looking good for short.

It then turned around and shot up again, this time convincingly breaking resistance and this is where I went long on the TDI bounce.

These moves caused 3 TDI crosses (although one undid itself by the end of the hour resulting in the last looking as a bounce), but only one should have been traded due to PA.

2 head fakes and then move can be quite common when there is very close support and resistance and price is trapped between them both. Once this battle gets out the way the real move shows its self and we can get some momentum.

Next up is the TL from 30 June. This will be the 5th attempt to break it.
  • #10,566
  • Aug 24, 2011 4:21am Aug 24, 2011 4:21am
Quoting DaveUK
Long GBPUSD. 1hr signal but waited a couple of minutes for it to clear previous high. Not sure how much mileage there is on this one. Initial target 1.6550 for a 35 gain. Stop loss very tight under last swing low on 5min chart. My reckoning is that if it drops right back into previous range, the trade's gone. It could go either way from there, so no need to place SL any lower.
Yeh keep your eye on it Davo....it has an uneasy look to the pattern at the moment the GU....just doesnt seem to be flowing up or down if that makes sense.
  • #10,567
  • Aug 24, 2011 5:50am Aug 24, 2011 5:50am
Quoting dean
Yeh keep your eye on it Davo....it has an uneasy look to the pattern at the moment the GU....just doesnt seem to be flowing up or down if that makes sense.
You were absolutely spot on! Not really the pair to be trading right now. I do get a bit fixated with GU as it's always been my preferred pair if you know what I mean.

Pulled out when it fell back into previous range for a 2 pip loss, so we live to fight another day!

Oh, I was thinking of pulling the plug at +10 and then going all WOOHOO just to wind dgcinc up, but thought better of it.

Out for the rest of the day... have a good one all!
  • #10,568
  • Aug 24, 2011 6:17am Aug 24, 2011 6:17am
Quoting DaveUK
You were absolutely spot on! Not really the pair to be trading right now. I do get a bit fixated with GU as it's always been my preferred pair if you know what I mean.

Pulled out when it fell back into previous range for a 2 pip loss, so we live to fight another day!

Oh, I was thinking of pulling the plug at +10 and then going all WOOHOO just to wind dgcinc up, but thought better of it.

Out for the rest of the day... have a good one all!
Well done mate.....
Everybody take notice of this......ITs fine to bang on about taking this amount of pips and that amount of pips......but real trading is as much to do with getting out at the right time and preserving your capital.
It takes just as much intelligence, courage and assessment to dismiss a trade as it does to take one......for Dave, this could be his trade of the day......he just saved himself a 50 pip loss.....I reckon that is easily as good as taking a trade that makes money.
Bad luck Davo but sensational decision mate...I see it has actually just given me an audible alert to tell me its a short trade now......I wont be taking it
Dave mentioned today that he is enjoying the thread at the moment....as am I , and its due to many great contributors.....one of the main people I take heed from is Dave himself.....all the new guys out there make sure you pay attention.....his threads are a great read and I always have open ears for what he says......CHeers Davo.
  • #10,569
  • Aug 24, 2011 6:49am Aug 24, 2011 6:49am
Quoting brettboz
Long EU 4430.

On london session open it was stuck between support of the 21EMA and natural level of 4400 and resistance of 4420 (the level I have mentioned many times during the last few days).

There was an initial move up but this seemed to come out of nowhere and very early london session. As it was not supported by anything I took this for a head fake which it was.

Price then moved down below the 21EMA and support level to close below support but in doing so it formed an inverted hammer on the 4h close right around support so this...
I closed out some time back at 4460. Im looking at a new resistance level around 4460, its actually been in play a few times in the last sessions and price seems to be taking some notice of it. Could get a move down now as TDI is likely to cross end of this hour and the 4H is gonna close with a large spike making it look like the end of the move.
  • #10,570
  • Aug 24, 2011 7:00am Aug 24, 2011 7:00am
Nothing doing on the 4hr overninght. A/U short stalled at 1am EST and U/CF did the same at 5am. Break even both.
  • #10,571
  • Aug 24, 2011 7:15am Aug 24, 2011 7:15am
Did anyone take the cross on the AUDUSD 4 hours ago?

Was I not meant to?

Obviously the trade is not yet finished as it still has another 4 hours to go, however it is now keeling over.

I thought I took everything into account for this trade, support/resistance, cross on TDI, stochastic seems right, overall trend(seems up a little maybe but obviously broken down through)

The only thing I can think of is having entered on the 3rd candle. Also Big E doesnt use a stop(But I like)

Those are the only things I think I changed from how big E would trade.

Im trying his 10pm, 2am, 6am trade.

Im not sad that it is going in the wrong direction, only if I somehow missed a rule.

Any Help would be appreciated.
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Ask me again when I know what I'm talking about.
  • #10,572
  • Aug 24, 2011 7:28am Aug 24, 2011 7:28am
Quoting Loooit
Did anyone take the cross on the AUDUSD 4 hours ago?

Was I not meant to?

Obviously the trade is not yet finished as it still has another 4 hours to go, however it is now keeling over.

I thought I took everything into account for this trade, support/resistance, cross on TDI, stochastic seems right, overall trend(seems up a little maybe but obviously broken down through)

The only thing I can think of is having entered on the 3rd candle. Also Big E doesnt use a stop(But I like)

Those are the only things I think I changed from how big...

I closed out for -33 pips after the TDI keeled over. This follows the rules as far as I understand it.
Ask me again when I know what I'm talking about.
  • #10,573
  • Aug 24, 2011 7:52am Aug 24, 2011 7:52am
I bought the E/gbp on the 4H TF, 11:15gmt, and it is doing ok. I got in at .8769 and now have my SL at BE+2. My TP is .8797, just short of a resistance zone of .8805 but I'm afraid of the BRN of .8800 so a shorter profit based on the ATR is fine with me. Now back to the charts.

edit: as I was typing this the pr was retreating on the lower TFs so I got out. +28
  • #10,574
  • Aug 24, 2011 8:13am Aug 24, 2011 8:13am
Ok all you guys out there looking for trades with a smaller stop loss but decent profit...basically a good risk - reward ratio.....her is an example......I am not in it becasue I am done for the day...but
looking at this chart.....I would be looking at the next candle and see what PA does and ensuring a good cross on the tdi. As you can see only a small stop loss is required under the swing, yet a good profit level can be looked at.
We have just had good news out of the US...which means risk on...we have no more news to speak of tonight
we have the tdi and the stoc agreeing (provided a good cross on the tdi next candle)
we have the stoch and the tdi coming out of an oversold area
we have the price has just bounced near to a BRN being .7900 or close enough which if you look left provided strong resistance prior to the upswing
daily and weekly tdi's are crossed up, 4 hourly is crossed down but very flat and PA on the 4 hourly is flat....very small candles
AS I write this the price is pulling back and heading the other way which is why I was always looking at the second candle....its pretty much a no trade ...as I said...this was all this is dependent on the tdi cross and the angle it crosses plus the PA, candle action, and for me...whether or not it can break back through that BRN of .7900......its not going to happen.....thats trading......but I just wanted to show you guys that are looking for trades that done necessarily require those massive stop losses.....they happen frequently enough.....I look for those too. THis is what to look for.
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  • #10,575
  • Aug 24, 2011 8:19am Aug 24, 2011 8:19am
Quoting Loooit
Did anyone take the cross on the AUDUSD 4 hours ago?

Was I not meant to?

Obviously the trade is not yet finished as it still has another 4 hours to go, however it is now keeling over.

I thought I took everything into account for this trade, support/resistance, cross on TDI, stochastic seems right, overall trend(seems up a little maybe but obviously broken down through)

The only thing I can think of is having entered on the 3rd candle. Also Big E doesnt use a stop(But I like)

Those are the only things I think I changed from how big E would...
.

I got into that trade at the 1am EST candle and closed it out this morning as a break-even trade. I believe that your (our) setup was valid. I didn't like that by the next 4hr candle (5am EST) it still hadn't done anything, but was glad to see it had not moved against me.
My only modification to Big-E is that I'm closing my overnight (4hr) trades at 8am EST to avoid any news spikes between 8-9am. I take an hour off to chill, then start the taking hourly setups at 9am-10am-11am and close ALL at Noon. That's been working well for me thus far.
BTW, I did not see any valid entries at 9am. Being new, I'm only trading original entries, not bounces. And only taking the good looking ones. So far this week, six entries for +145 pips.
  • #10,576
  • Aug 24, 2011 8:24am Aug 24, 2011 8:24am
Quoting Loooit
Did anyone take the cross on the AUDUSD 4 hours ago?

Was I not meant to?

Obviously the trade is not yet finished as it still has another 4 hours to go, however it is now keeling over.

I thought I took everything into account for this trade, support/resistance, cross on TDI, stochastic seems right, overall trend(seems up a little maybe but obviously broken down through)

The only thing I can think of is having entered on the 3rd candle. Also Big E doesnt use a stop(But I like)

Those are the only things I think I changed from how big E would...
Ok these are the things I would have looked at and stayed away from:
You went short. Look at the last swings low...the last two only consist of 2 red candles each so that suggests they were just pullbacks on an uptrend
THe daily tdi is crossed up and the weekly tdi is flat with a blue candle forming suggesting upward movement
the candles in general on your entry chart are very small and hovering around a big round number.....1.05
Third candle entry is too late....especially on the larger time frames.
So two suggestions.....dont just trade for the sake of it.....and put some lines on your chart that show the main round numbers....price is drawn to them and hovers around them. remove the grid and have these instead
ANd no its not an indicator guys....its just round numbers....Big E recommends this
  • #10,577
  • Aug 24, 2011 8:31am Aug 24, 2011 8:31am
Quoting FXSurf
.

I got into that trade at the 1am EST candle and closed it out this morning as a break-even trade. I believe that your (our) setup was valid. I didn't like that by the next 4hr candle (5am EST) it still hadn't done anything, but was glad to see it had not moved against me.
My only modification to Big-E is that I'm closing my overnight (4hr) trades at 8am EST to avoid any news spikes between 8-9am. I take an hour off to chill, then start the taking hourly setups at 9am-10am-11am and close ALL at Noon. That's been working well for me...
Quoting dean
Ok these are the things I would have looked at and stayed away from:
You went short. Look at the last swings low...the last two only consist of 2 red candles each so that suggests they were just pullbacks on an uptrend
THe daily tdi is crossed up and the weekly tdi is flat with a blue candle forming suggesting upward movement
the candles in general on your entry chart are very small and hovering around a big round number.....1.05
Third candle entry is too late....especially on the larger time frames.
So two suggestions.....dont just trade for...
Thanks guys,

Ill post another chart(hopefully a better one) when I see it, taking this stuff into account. Trying to stick to the simplest Big E rules for now. Keeping as simple as possible.

Green pips to all (and me...)
Ask me again when I know what I'm talking about.
  • #10,578
  • Aug 24, 2011 8:34am Aug 24, 2011 8:34am
Quoting FXSurf
.

I got into that trade at the 1am EST candle and closed it out this morning as a break-even trade. I believe that your (our) setup was valid. I didn't like that by the next 4hr candle (5am EST) it still hadn't done anything, but was glad to see it had not moved against me.
My only modification to Big-E is that I'm closing my overnight (4hr) trades at 8am EST to avoid any news spikes between 8-9am. I take an hour off to chill, then start the taking hourly setups at 9am-10am-11am and close ALL at Noon. That's been working well for me thus...
Thats a great result....guys try and remember....you can make a good living if you consistently make 10 pips a day. PRovided your risk reward ratio is good, 1 trade per day is more than enough. Knowing that should allow you to be particularly selective with your trade choice.
IF you are demoing....rather than try and get 100 trades right out of 170 in a month.....try getting 4 right out of 6 per week for the month. Less stress....more money.
  • #10,579
  • Aug 24, 2011 8:37am Aug 24, 2011 8:37am
Hey all!
Working on finding proper R&R and lot sizes here. I browsed a little and couldn't find an answer to this:

When using the ATR do you always stick with the 7 periods calculation regardless of timeframe or are there ideal ATR periods for each timeframe?

Thanks in advance and sorry if this might have been answered before!
  • #10,580
  • Aug 24, 2011 8:52am Aug 24, 2011 8:52am
Quoting dean
Thats a great result....guys try and remember....you can make a good living if you consistently make 10 pips a day. PRovided your risk reward ratio is good, 1 trade per day is more than enough. Knowing that should allow you to be particularly selective with your trade choice.
IF you are demoing....rather than try and get 100 trades right out of 170 in a month.....try getting 4 right out of 6 per week for the month. Less stress....more money.
Thanks Dean, you are so right. In his PDF dcginc posts : "3-5 trades per week are plenty for me. 6-10 is a busy week. You can make a great living with just a few good trades a week..." I found that quote very inspiring and strive to learn how to trade this way.
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