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  • #2,561
  • Jan 5, 2012 3:31am Jan 5, 2012 3:31am
Quoting Brifx
I also bought the headfake. Realized what was happening, took my 20 pip loss and went short for +40!
that's it!
it doesn't matter whether you've taken the right decision, you can always make it up and take the right way, only matters how many pips we're making!

Regards
let's skype: @elchinoazul
  • #2,562
  • Jan 5, 2012 3:36am Jan 5, 2012 3:36am
Did pretty much the same thing. I bailed manually at -15, took a short at break of asian session low and exited on support at 2850 for +36. I'll take another short, if the low for the london session is broken and I'm awake.
  • #2,563
  • Jan 5, 2012 4:06am Jan 5, 2012 4:06am
Three days this week.....three good trades on crossover of TDI after London opened. Entered following a break of the previous candle high or low. A little safer entry with good results.
A good start to the new year.....Happy New Year.
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  • #2,564
  • Jan 5, 2012 4:12am Jan 5, 2012 4:12am
Quoting Phx62
Three days this week.....three good trades on crossover of TDI after London opened. Entered following a break of the previous candle high or low. A little safer entry with good results.
A good start to the new year.....Happy New Year.
Awesome dude!
  • #2,565
  • Jan 5, 2012 4:13am Jan 5, 2012 4:13am
Quoting Phx62
Three days this week.....three good trades on crossover of TDI after London opened. Entered following a break of the previous candle high or low. A little safer entry with good results.
A good start to the new year.....Happy New Year.
Nice! thanks for sharing. One question, what clued you in to stay out of this morning's fake out?
  • #2,566
  • Jan 5, 2012 6:17am Jan 5, 2012 6:17am
Quoting james2ko
Nice! thanks for sharing. One question, what clued you in to stay out of this morning's fake out?
Trend strongly down, US fundamentals getting a tad better and Euro zone a tad worse (if thats possible), COT big boys eur shorts getting bigger. Add that into the notorius London open head fake mix!!

I think it was Paulus (pretty darn good 1 2 3 trader) that said IF price is coming up from Asian session he is just looking to sell. I would add IF price is coming up out of Asian sessin in a down trend I'd just be looking to sell.
  • #2,567
  • Jan 5, 2012 6:33am Jan 5, 2012 6:33am
Vantage:
Please tell me, What do you mean COT? Maybe its because I been up for over 24 hours, but I am scratchin' my head. Help? Thanks.
"IN CASH WE TRUST"
  • #2,568
  • Jan 5, 2012 6:34am Jan 5, 2012 6:34am
Quoting Vantage
Trend strongly down, US fundamentals getting a tad better and Euro zone a tad worse (if thats possible), COT big boys eur shorts getting bigger. Add that into the notorius London open head fake mix!!

I think it was Paulus (pretty darn good 1 2 3 trader) that said IF price is coming up from Asian session he is just looking to sell. I would add IF price is coming up out of Asian sessin in a down trend I'd just be looking to sell.
Would Tuesday have been the exception?
  • #2,569
  • Edited 6:59am Jan 5, 2012 6:36am | Edited 6:59am
Quoting Vantage
Trend strongly down, US fundamentals getting a tad better and Euro zone a tad worse (if thats possible), COT big boys eur shorts getting bigger. Add that into the notorius London open head fake mix!!

I think it was Paulus (pretty darn good 1 2 3 trader) that said IF price is coming up from Asian session he is just looking to sell. I would add IF price is coming up out of Asian sessin in a down trend I'd just be looking to sell.
Forgot to add that if Y's D close had a big lower wick or engulfing positive close that might have given better chance of success to a counter trend buy. It would still be a much higher risk trade than going with the trend. Anyway it wasn't a poss turn candle so I'd say again why push it?

Finally I'd ask a general question, if you were trading for a living is that really how you'd like to risk paying the bills? Not me.
  • #2,570
  • Jan 5, 2012 6:40am Jan 5, 2012 6:40am
Quoting LazyLobster
Vantage:
Please tell me, What do you mean COT? Maybe its because I been up for over 24 hours, but I am scratchin' my head. Help? Thanks.
Commitments of Traders, see the Ralph Shell articles link in my blog. Blog address is in my signature and you can sign up to get them for free.
  • #2,571
  • Jan 5, 2012 6:58am Jan 5, 2012 6:58am
Quoting james2ko
Would Tuesday have been the exception?
Either you say OK it was an exception as pa couldn't break the prev days lows and a clear base had formed around 2970, possibly the 2 prior D candles that couldn't take price lower would help here with this (forget the low holiday vol's for now). Or you say what the heck the candles are just too iffy I'll leave the buy and wait for a sell the rally opportunity.

Personally for me my 5 min ema's were stacked right so that would have allowed a counter trend scalp buy. But thats off topic.

Its human nature to remember the exceptions that work out OK and not the trades that don't. I am much happier trading the trend. There was just tooo much stacked against todays buy for me.
  • #2,572
  • Jan 5, 2012 7:04am Jan 5, 2012 7:04am
Oh might as well say I won't be buying any weak moves up here pre US open, rate my chances of US returning to trend as higher prob trade.

So if it does go up I'll just shake it off knowing that lots of early US session counter trend fake outs end in tears only to return nicely to trend.
  • #2,573
  • Jan 5, 2012 7:08am Jan 5, 2012 7:08am
Quoting Phx62
Three days this week.....three good trades on crossover of TDI after London opened. Entered following a break of the previous candle high or low. A little safer entry with good results.
A good start to the new year.....Happy New Year.
Hi Phx62，

Great trades! I didn't trade at london open today as I'm not in front of computer. But if I were . I would long at the open of london section because TDI already crossed in previous candle and color already changed blue at that time and finally stop out. It should be a good signal for long. May I ask what is your thought at that time and avoid the fake out. Thanks!

Chlam
  • #2,574
  • Jan 5, 2012 8:17am Jan 5, 2012 8:17am
Quoting james2ko
Nice! thanks for sharing. One question, what clued you in to stay out of this morning's fake out?
Quoting Chlam
I would long at the open of london section because TDI already crossed in previous candle and color already changed blue at that time and finally stop out. It should be a good signal for long. May I ask what is your thought at that time and avoid the fake out.
Chlam
First: Vantage has answered your questions, explaining reasons to be cautious with long trades.
Second: As other traders have explained, this was a fairly typical London open head fake against the trend for EU. I have found that if price moves in one direction for 60 or 70 pips without a strong correction, it is wise to not trade against that move. That scenerio occurred yesterday with a strong move down of 175 pips.
Third: The EU has been in a strong downtrend since Oct 27th. On Tuesday, price broke through that trendline and moved up about 70 pips past it. Yesterday, price tested the adjusted trendline (from Oct 27th to the current high) at London Open and made a strong move back down through the old trendline (drawn from Oct 27th through Dec 9th highs). Today, the head fake at LO tested the old trendline again and moved away, prompting a short entry.
  • #2,575
  • Jan 5, 2012 8:39am Jan 5, 2012 8:39am
Quoting Phx62
First: Vantage has answered your questions, explaining reasons to be cautious with long trades.
Second: As other traders have explained, this was a fairly typical London open head fake against the trend for EU. I have found that if price moves in one direction for 60 or 70 pips without a strong correction, it is wise to not trade against that move. That scenerio occurred yesterday with a strong move down of 175 pips.
Third: The EU has been in a strong downtrend since Oct 27th. On Tuesday, price broke through that trendline and moved up about 70...
Thanks! Learn more and more from you after I found S3 thread recently .
  • #2,576
  • Jan 5, 2012 10:38am Jan 5, 2012 10:38am
Quoting emmanuel7788
Hi Guys,
here at FF is a good summary link to reversal candlesticks. It was started by Kenny at his thread.

You don't need t know all of them, Just learn five of them by heart, use them with discipline. With lots of discipline and follow with consistency, over the longer term you will be profitable.
https://sites.google.com/site/rtp505...andle-patterns

Today breakouts are very nice to trade.

Cheers!
Thanks for the link Mannny I'll get cracking right away.
Let it turn and find your entry.
  • #2,577
  • Jan 5, 2012 10:53am Jan 5, 2012 10:53am
Quoting emmanuel7788
Hi Guys,
here at FF is a good summary link to reversal candlesticks. It was started by Kenny at his thread.

You don't need t know all of them, Just learn five of them by heart, use them with discipline. With lots of discipline and follow with consistency, over the longer term you will be profitable.
https://sites.google.com/site/rtp505...andle-patterns

Today breakouts are very nice to trade.

Cheers!
Which five dear? Some specific 5 or any five?
  • #2,578
  • Jan 5, 2012 11:44am Jan 5, 2012 11:44am
TP of 2 ATR(7), 68 pips hit. I entered after the close below the EMA(60).
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  • #2,579
  • Jan 5, 2012 12:48pm Jan 5, 2012 12:48pm
Quoting thrax
TP of 2 ATR(7), 68 pips hit. I entered after the close below the EMA(60).
Hi Thrax
Can you provide the settings and shi channel type you use, as my chart indicators don,t look at all like yours?
Thanks
  • #2,580
  • Jan 5, 2012 2:29pm Jan 5, 2012 2:29pm
The most beautiful figure I've ever seen


Just as emmanuel7788 said: EU yesterday was classical for reversal bars.
also as X said the longer the wick the better

Regards
Attached Image (click to enlarge)
Click to Enlarge Name: 2089538714 FXCM MT4 powered by BT - Demo Account - EURUSD,H1_2012-01-05_17-16-56.jpg Size: 42 KB
let's skype: @elchinoazul
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