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On My Way To The Top

  • #1,341
  • May 16, 2012 1:35am May 16, 2012 1:35am
Dear P Mullin
In times like this with daily stochs in oversold, but occasioanlly pointing up though not pass 20 line - do you trade at all? Only shorts?
Shorts would have been the right thing this week obviously, but that may not always be the case. Whats your experience?

best, I
  • #1,342
  • May 16, 2012 10:00am May 16, 2012 10:00am
Quoting IST
Dear P Mullin
In times like this with daily stochs in oversold, but occasioanlly pointing up though not pass 20 line - do you trade at all? Only shorts?
Shorts would have been the right thing this week obviously, but that may not always be the case. Whats your experience?

best, I
I stay out when the time frame stochastics that I use for the trend are overbought or oversold as many times if still oversold and pointing up than it may not have built up enough momentum to go to the upside yet and you will get stopped out trying to catch the premature reversal so the best thing I would say to do is to just wait for the trend to show itself completely and fully develop before getting in and just play on the pull backs that seem like strong set ups and such. So like this week for example I have not had much activity going on aside for just one day so far.
No man is free who is not a master of himself. -P.M.-
  • #1,343
  • May 16, 2012 10:44am May 16, 2012 10:44am
GBP/JPY
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No man is free who is not a master of himself. -P.M.-
  • #1,344
  • May 16, 2012 1:55pm May 16, 2012 1:55pm
Paul I checked your entry and have a question related to it. Stoch H4 was about flat and M15 & H1 were pointing upwards at the moment you took the trade. Were you relying on those MAs above price to quide it down?
  • #1,345
  • May 16, 2012 2:14pm May 16, 2012 2:14pm
the reason I took the entry was because I missed the initial entry and price at the time was close to where I should have gotten in and so I got in regardless of what the stochs were doing since I should have been in anyway..lol but the entry where I should have gotten in...the 4 hour stochastics and 30 last closed position was down...
No man is free who is not a master of himself. -P.M.-
  • #1,346
  • May 16, 2012 2:19pm May 16, 2012 2:19pm
Quoting pmullin86
the reason I took the entry was because I missed the initial entry and price at the time was close to where I should have gotten in and so I got in regardless of what the stochs were doing since I should have been in anyway..lol but the entry where I should have gotten in...the 4 hour stochastics and 30 last closed position was down...
Of course. Ic =) H4 just changed its direction a little bit upwards afterwards. Sometimes hard to see things afterwards because of it.
  • #1,347
  • May 16, 2012 2:23pm May 16, 2012 2:23pm
Quoting Whistlepips
Of course. Ic =) H4 just changed its direction a little bit upwards afterwards. Sometimes hard to see things afterwards because of it.

It can be confusing yes but I only use candle and stochastic closes and such which helps avoid some of the confusion...
No man is free who is not a master of himself. -P.M.-
  • #1,348
  • May 17, 2012 5:16am May 17, 2012 5:16am
Quoting pmullin86
It can be confusing yes but I only use candle and stochastic closes and such which helps avoid some of the confusion...
Got it. Thanks. Send you PM.
  • #1,349
  • May 17, 2012 12:45pm May 17, 2012 12:45pm
nice breakout...guess I should have held my position since this is what I was ideally wanting to happen but figured it would have a hard time happening...
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No man is free who is not a master of himself. -P.M.-
  • #1,350
  • May 17, 2012 3:12pm May 17, 2012 3:12pm
Yes. A massive run.
  • #1,351
  • May 25, 2012 6:50am May 25, 2012 6:50am
Hi Paul!
I am reading your journal and you have amazing results. Hope all goes well!
  • #1,352
  • Jun 6, 2012 10:31am Jun 6, 2012 10:31am
Quoting siol
Hi Paul!
I am reading your journal and you have amazing results. Hope all goes well!

Thanks
No man is free who is not a master of himself. -P.M.-
  • #1,353
  • Jun 13, 2012 3:11am Jun 13, 2012 3:11am
Hey!
You havent been updating much in the past few weeks.... How is the trading going? I hope all is well...
  • #1,354
  • Jun 13, 2012 7:07am Jun 13, 2012 7:07am
Quoting siol
Hey!
You havent been updating much in the past few weeks.... How is the trading going? I hope all is well...

Well, thanks for noticing and dropping by the thread. All is well...trading is going good its just the same things happening over and over so has become kind of second nature which is a good thing...So for practically the whole year this year outside of trading I have been doing a lot of work on my EA for this system. Its actually a lot of work, thought and effort that goes into creating a consistently profitable EA. But thanks for asking??? I didn't think anybody would actually really notice that I don't post here anymore since I didn't have many visitors to begin with...haha...
No man is free who is not a master of himself. -P.M.-
  • #1,355
  • Jun 13, 2012 12:51pm Jun 13, 2012 12:51pm
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No man is free who is not a master of himself. -P.M.-
  • #1,356
  • Jun 29, 2012 12:02pm Jun 29, 2012 12:02pm
Perfect example of trading retracements here as you can see the consolidation followed by a breakout and impulsive move with a decent correction to 61.8 fib retrace followed by the resuming of trend with impulsive move today...break of a bear flag and also the corrective move touched the descending trend line before continuing the trend...however anybody wants to look at it or whatever tools are used it all comes down to practically the same thing....and that is it is best to trade with the trend getting in whenever possible on the retracements or even the consolidation before the trend continues....other lines show resistance from weekly 50 ema I believe as well as daily 200,100, and 50 ema...so it was pretty safe to guess that this was wanting to come down with all that resistance and barely any upward momentum being indicated from stochastics...
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No man is free who is not a master of himself. -P.M.-
  • #1,357
  • Edited 5:00pm Jun 29, 2012 4:25pm | Edited 5:00pm
missed an opportunity to add to the position and really nice risk:reward at vertical line but as it goes...
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No man is free who is not a master of himself. -P.M.-
  • #1,358
  • Jul 3, 2012 9:43am Jul 3, 2012 9:43am
This is a cute little chart right here...lol...see it looks just like a flag...haha...might be a bull flag or pennant or whatever the case...but its clear to see the congestion of higher time frame moving averages causing the ranging movement...but we all know ranging always leads to a break out as the market winds up building up energy for a big move or release of said energy...but who knows...guess we will see...looks like this week might be a bit tricky as I see price relative to the moving averages and etc...
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No man is free who is not a master of himself. -P.M.-
  • #1,359
  • Jul 3, 2012 12:29pm Jul 3, 2012 12:29pm
late entry and ended up closing for roughly break even
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No man is free who is not a master of himself. -P.M.-
  • #1,360
  • Jul 3, 2012 12:37pm Jul 3, 2012 12:37pm
another late entry on nzd usd which I really shouldnt have entered since both 4 hour and daily stochastic overbought together and that is my general rule of thumb with 5 minute entries...
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No man is free who is not a master of himself. -P.M.-
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