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  • #5,741
  • Feb 29, 2012 4:33am Feb 29, 2012 4:33am
seem like market is searching for the direction now..
  • #5,742
  • Feb 29, 2012 4:34am Feb 29, 2012 4:34am
Quoting ljin
we always told that we need to avoid take a trade when there is a big news. but how long that we need to wait until we can take a trade again? is it 10 minutes after news or?
easy comrade...finish the hourly candle first!

what a spike that was ey!!!

In GOD We TRUST !!! "REPETITION is the mother of all SKILLS." -Bo Sanchez
  • #5,743
  • Edited 5:09am Feb 29, 2012 4:35am | Edited 5:09am
After the ECB LTRO news I've seen price move from -20 to +20 and viceversa in a blink of an eye, it was amusing.I'm short anyway with 50/50 TP/SL.
Exited with +21 as short momentum is struggling(my observation was influenced by looking at M15, bears looked exhausted there so I closed).

My entry criteria was TDI bounce, green below TDI red-Trade signal and yellow-MBL, in a general H1 APB downtrend.



Btw X-Man, can you answer my post from yesterday regarding PA?

Thanks!

EDIT
Reentered short at the new H1 candle as the TDI green crossed down TDI volatility going all the way down towards 32 zone level.
  • #5,744
  • Feb 29, 2012 4:42am Feb 29, 2012 4:42am
I closed my short for +20 as it keeps bouncing off the 60ema, will wait and see what next hourly candle brings.

Good Luck
  • #5,745
  • Feb 29, 2012 4:46am Feb 29, 2012 4:46am

ok just jumped out of the trade... was happy with this profit.

Attached Image
  • #5,746
  • Feb 29, 2012 4:49am Feb 29, 2012 4:49am
Quoting sarmatius
After the ECB LTRO news I've seen price move from -20 to +20 and viceversa in a blink of an eye, it was amusing.I'm short anyway with 50/50 TP/SL.

Btw X-Man, can you answer my post from yesterday regarding PA?

Thanks!
give me the post number and i will have a look at it.
X-man the legendary conqueror of markets
  • #5,747
  • Feb 29, 2012 5:07am Feb 29, 2012 5:07am
Quoting X-Man
give me the post number and i will have a look at it.


post #5656

Thanks, its important for me to have a sample of your PA assesing styles and tendencies.What counts more and what less, in a AveragePriceBar chart environment.

A Phx answer would be wonderful too.
  • #5,748
  • Feb 29, 2012 5:22am Feb 29, 2012 5:22am
Quoting sarmatius
post #5656

Thanks, its important for me to have a sample of your PA assesing styles and tendencies.What counts more and what less, in a AveragePriceBar chart environment.

A Phx answer would be wonderful too.
As you can see my trade call was spot on the news gave it a nice kick in my direction. if you look at the daily TF you will see PA at the 200ema which might have a bounce off it and will drive PA further down.
X-man the legendary conqueror of markets
  • #5,749
  • Feb 29, 2012 5:24am Feb 29, 2012 5:24am
Quoting thrax
Hi, Emmanuel,

On H4 I see that the price is in uptrend (above EMA200, and EMA60) and so the short move is a countertrend move. I want to trade with the trend, so I think, that the marked (blue rectangle) area is a demand area and the price will bounce from it and make a move in the direction of the trend. Moreover the TDI is outside of the blue line and if it is turning back giving a long TDI cross I will consider it a valid entry setup.

Am I wrong or is it just a different approach?

Hi thrax,

I am trading the retracement and I see the weekly pivot being a threat.
So it is the entry and management that matters more.

About the use of EMA 60 and EMA200, price behaviour is such that price move away from the moving averages and will always return to the moving average regardless of the period of the moving average.

TDI is using a period 13 RSI. Its behaviour is based on the previous 13 bars prices. That is a weakness of the TDI.

Regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #5,750
  • Feb 29, 2012 5:30am Feb 29, 2012 5:30am
Quoting sarmatius
Hi Phx,

Can you tell us a bit about your style of assesing PA?Just to pinpoint, a summary of what you look for.

I'm pretty sure some people here, if not many, are pretty dizzy with this term and they want to know more about it from you and X-Man when trading a system that uses average price bars and not classic japanese candlesticks.

Do you use japanese candlesticks at all when assesing PA(I do, I have a chart open with E/U H1 japanese candlesticks and look there for classical candle formations for more confirmation) ?

Do...
This is very simple. i put all the basic knowledge that i attained form babypips and use it.

I look for these in PA :
-Divergances
-wave patterns (higher lows , lower highs) (123 patterns)
-I use fibb tool from high to low when theres lower highs and low to high when i see higher lows.
-the 200EMA
-Daily pivots
- etc

on babypips they explain each thing seperately but we mus combine that knowledge. All these has become second nature to me
X-man the legendary conqueror of markets
  • #5,751
  • Feb 29, 2012 5:37am Feb 29, 2012 5:37am
Quoting X-Man
This is very simple. i put all the basic knowledge that i attained form babypips and use it.

I look for these in PA :
-Divergances
-wave patterns (higher lows , lower highs) (123 patterns)
-I use fibb tool from high to low when theres lower highs and low to high when i see higher lows.
-the 200EMA
-Daily pivots
- etc

on babypips they explain each thing seperately but we mus combine that knowledge. All these has become second nature to me

Thanks a lot!
  • #5,752
  • Feb 29, 2012 5:50am Feb 29, 2012 5:50am
Quoting Awin
Hi Emmanuel,

First, I really like your name. It well describes your character of generosity and humility. Your play of words can only come from a well experienced, knowledgeable and seasoned trader.

This thread has become an invaluable resource for each and every trader of all size because of contributors like you.

Thanks for the advise about Daniel Coyle's book. I bet it's a good read.

BTW, did you become a full time trader by choice or by necessity?

Would you actually recommend to one, who's thinking of leaving his day job to become...
Hi Awin,

Thanks for your kind words and bouquet.

I decided to become a full-time investor and trader when I got tired of my corporate job more than 4 years ago. So I fired my employer.

A job will pay your bills and maybe make you rich. Only investments/trading will make you wealthy.
Taking a leap into becoming a fulltime trader is a big decision. There are many things in life one need to evaluate and give consideration to do so. Too much to write these in such a forum. Let’s use PM and possibly we can arrange a meet up for coffee to exchange more.

Let’s learn from the Americans:
They still have two huge Bills ( Mr and Mrs Clinton)
They no longer have Jobs
They did not have Cash for a long time ...(Johnny Cash)
They already have no Hope ...(Bob Hope)

Have a nice evening!
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #5,753
  • Feb 29, 2012 6:04am Feb 29, 2012 6:04am
Hi,

I closed my EUR/USD short for 10 pips profit. Price pulled back above daily pivot. Could have easily closed for 35 pips anyway 10 pips is not bad.
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD.JPG Size: 37 KB
  • #5,754
  • Feb 29, 2012 6:05am Feb 29, 2012 6:05am
Quoting emmanuel7788
Hi Awin,

Thanks for your kind words and bouquet.

I decided to become a full-time investor and trader when I got tired of my corporate job more than 4 years ago. So I fired my employer.

A job will pay your bills and maybe make you rich. Only investments/trading will make you wealthy.
[color=black][color=black]Taking a leap into becoming a fulltime trader is a big decision. There...
LOL, That's funny, now why didn't i think of that? I suppose i am to busy being an American, that's why.
  • #5,755
  • Feb 29, 2012 6:05am Feb 29, 2012 6:05am
We can safely say the past E/U H1 candle was a pretty clear pullback.
  • #5,756
  • Feb 29, 2012 6:25am Feb 29, 2012 6:25am
Is it possible to get anyones thoughts on, should i take my profits i have on G/U before NewYork open?
Anyones views appreciated! thanks, rob
  • #5,757
  • Feb 29, 2012 6:26am Feb 29, 2012 6:26am
Quoting sarmatius
We can safely say the past E/U H1 candle was a pretty clear pullback.
Although it is a pullback, but the strength is not continuous. Probably just because of the 60MA support for the bounce.
  • #5,758
  • Feb 29, 2012 6:29am Feb 29, 2012 6:29am
Quoting robthorp
Is it possible to get anyones thoughts on, should i take my profits i have on G/U before NewYork open?
Anyones views appreciated! thanks, rob
Just took a glance at it MBL is near 68 you have divergence to the downside and looks like a very weak bull candle

Up to you....
  • #5,759
  • Feb 29, 2012 6:35am Feb 29, 2012 6:35am
Quoting boxingtrader
Although it is a pullback, but the strength is not continuous. Probably just because of the 60MA support for the bounce.
well, another way to look at it is ...profit takinbg/short coverings before NY open.
quite normal behaviour at market session close/open
Does not look like sudden change in buyers interest right now before NYO.
Just observe when Dax and FTSE close every day.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #5,760
  • Feb 29, 2012 6:47am Feb 29, 2012 6:47am
Daily pivot (1.34462) and 60 ema are giving strong support in this area
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