Dislikedbut that is exactly my question - trades were open during London session yesterday, but since then the market is ranging, no SL or TP hit... should I wait or close and re-open if there is a new signal after LO
thanksIgnored
- #31,161
- Feb 22, 2012 11:11pm Feb 22, 2012 11:11pm
- Joined Mar 2011 | Status: Pip Boy Wonder | 1,378 Posts
- #31,164
- Feb 22, 2012 11:49pm Feb 22, 2012 11:49pm
- Joined Mar 2008 | Status: PVSRA with Traderathome | 23,552 Posts
Market Comment:
USD pairs have gone into ranging. USD high impact release later today and also tomorrow (last day of week). What's happening?
Well, nobody knows. But it is quite possible the market is ranging for a purpose. It has found a good price area to build in. And with each passing day, it is building more. And it will continue to build until it is ready to move prices again. This is an especially long building phase, so one can imagine the size of the runs to follow!
Yesterday I was half joking about the Island Reveral patterns for EU and for UChf. But, in all seriousness, the market could actually be working this pattern. And if so, when would they spring the trap on the "wrong side" traders? Half jokingly, I suggested it could have happened with yesterday's USD high impact release. Now, in all seriousness, I think that though it could also happen with the USD high impact release coming today, or the one coming Friday, it won't. If this is what the market is leading up to, it will continue to milk the ranges, building it's positions.
The gap-and-run will happen at the open next week. It just makes sense to do it that way. The market will leave just as many traders way out in the cold, and it will cost the market a lot less to do the gap tricks to get the balls rolling in the pro-USD direction.
Ok, now this is all highly speculative. Island Reversals might not happen. Frankly, we shouldn't care one way or the other. We should just do our Sonic R. System "thing". There is one precaution however, and that would be to not hold any anti-USD position over the weekend, just in case.
tah
USD pairs have gone into ranging. USD high impact release later today and also tomorrow (last day of week). What's happening?
Well, nobody knows. But it is quite possible the market is ranging for a purpose. It has found a good price area to build in. And with each passing day, it is building more. And it will continue to build until it is ready to move prices again. This is an especially long building phase, so one can imagine the size of the runs to follow!
Yesterday I was half joking about the Island Reveral patterns for EU and for UChf. But, in all seriousness, the market could actually be working this pattern. And if so, when would they spring the trap on the "wrong side" traders? Half jokingly, I suggested it could have happened with yesterday's USD high impact release. Now, in all seriousness, I think that though it could also happen with the USD high impact release coming today, or the one coming Friday, it won't. If this is what the market is leading up to, it will continue to milk the ranges, building it's positions.
The gap-and-run will happen at the open next week. It just makes sense to do it that way. The market will leave just as many traders way out in the cold, and it will cost the market a lot less to do the gap tricks to get the balls rolling in the pro-USD direction.
Ok, now this is all highly speculative. Island Reversals might not happen. Frankly, we shouldn't care one way or the other. We should just do our Sonic R. System "thing". There is one precaution however, and that would be to not hold any anti-USD position over the weekend, just in case.
tah
- #31,165
- Feb 23, 2012 12:57am Feb 23, 2012 12:57am
- Joined Mar 2008 | Status: PVSRA with Traderathome | 23,552 Posts
- #31,166
- Feb 23, 2012 12:59am Feb 23, 2012 12:59am
- Joined Mar 2011 | Status: Pip Boy Wonder | 1,378 Posts
Hello Sonickers!
Just a quick question about the current situation. We had nice setups on few pairs, but it was several hours ago. Since then the market is ranging. Is there any time limit to close open orders (cause f.ex. setup is not valid anymore) or if it's better just to wait with patience for SL or TP, no matter what is happening between setup and NOW.
I know it's an individual decision of every trader, but maybe there are some guidelines to follow...
thanks!
Just ask yourself two questions.
1. Was the trade REALLY valid when I entered it?
2. If it was valid at the time of entry, is it STILL valid now.
If the answers are yes, then let it run and accept the results, whatever the outcome.
I faced a similar question yesterday, and felt comfortable with what I was seeing.
Unfortunately, the PA got within 3 pips of my TP and reversed to hit SL. It happens.
You win some....you lose some....next!
- #31,171
- Edited 3:24am Feb 23, 2012 2:50am | Edited 3:24am
- Joined Mar 2011 | Status: Pip Boy Wonder | 1,378 Posts
- #31,172
- Feb 23, 2012 4:14am Feb 23, 2012 4:14am
- Joined Mar 2011 | Status: Pip Boy Wonder | 1,378 Posts
really surprised this thread is so dead during such an active market 
- #31,174
- Feb 23, 2012 4:47am Feb 23, 2012 4:47am
- | Joined Oct 2010 | Status: Hunt the pigs | 422 Posts
really surprised this thread is so dead during such an active market
no need to be surprised, reasons:
1. when market is active, everyone is busy trading, especially when you trading large amount of $$ in relation to your capital. no time to post.
2. all necessary topics has been covered superbly by TAH, just read and study his posts, everything is in there.
3. trade on your own decision, you need to make some calls and some bad one in order to learn.
4. for new comers, post you chart and analysis, I am sure many Sonicers are willing to comment on.
seeing through
