There is no top. There are always further heights to reach. Jascha Heifetz
Trade what you see NOT what you expect
- #35,942
- Jun 5, 2012 6:04am Jun 5, 2012 6:04am
- | Joined May 2009 | Status: Trader | 1,311 Posts
There is no top. There are always further heights to reach. Jascha Heifetz
- #35,943
- Jun 5, 2012 7:19am Jun 5, 2012 7:19am
- | Joined May 2009 | Status: Trader | 1,311 Posts
There is no top. There are always further heights to reach. Jascha Heifetz
- #35,944
- Jun 5, 2012 7:36am Jun 5, 2012 7:36am
- | Joined May 2009 | Status: Trader | 1,311 Posts
There is no top. There are always further heights to reach. Jascha Heifetz
- #35,945
- Jun 5, 2012 8:53am Jun 5, 2012 8:53am
- | Joined May 2009 | Status: Trader | 1,311 Posts
There is no top. There are always further heights to reach. Jascha Heifetz
- #35,946
- Jun 5, 2012 8:54am Jun 5, 2012 8:54am
- | Joined May 2009 | Status: Trader | 1,311 Posts
There is no top. There are always further heights to reach. Jascha Heifetz
- #35,947
- Jun 5, 2012 9:19am Jun 5, 2012 9:19am
- | Joined May 2009 | Status: Trader | 1,311 Posts
There is no top. There are always further heights to reach. Jascha Heifetz
- #35,949
- Jun 5, 2012 12:39pm Jun 5, 2012 12:39pm
- | Joined May 2009 | Status: Trader | 1,311 Posts
There is no top. There are always further heights to reach. Jascha Heifetz
- #35,951
- Jun 5, 2012 1:34pm Jun 5, 2012 1:34pm
- | Joined May 2009 | Status: Trader | 1,311 Posts
Yes, but in hindsight, it would have been worth 20pips so far...and may go much farther. Oh well, never mind. Better not to overtrade- I'm only tempted because I'm off to London for the rest of the week tomorrow- and that is not a reason to trade!
There is no top. There are always further heights to reach. Jascha Heifetz
- #35,952
- Jun 6, 2012 2:04am Jun 6, 2012 2:04am
- | Joined May 2009 | Status: Trader | 1,311 Posts
There is no top. There are always further heights to reach. Jascha Heifetz
Hello everyone. I haven't gone through the thread for the past week or so but wanted to post my trade for today.
Entered here at 40 on the rejection bar through the 15M 10/50EMA. Stops at 60 just above the high of that bar.
There was quite a bit of sideways movement throughout the morning until now. Moved stops to B/E here. 1st target at 13 at the previous lows from earlier this morning.
1/2 off here. 2nd target currently way down at 9865 base on Daily S/R levels. I may adjust that if the movement doesn't last.
I hope that everyone is having a good day.
Entered here at 40 on the rejection bar through the 15M 10/50EMA. Stops at 60 just above the high of that bar.
There was quite a bit of sideways movement throughout the morning until now. Moved stops to B/E here. 1st target at 13 at the previous lows from earlier this morning.
1/2 off here. 2nd target currently way down at 9865 base on Daily S/R levels. I may adjust that if the movement doesn't last.
I hope that everyone is having a good day.
Closed the remaining 1/2 of my AU short here at 9893. +35 on the entire trade for today.
Reasons for closing out instead of holding: 
Reasons for closing out instead of holding:
- US Market closed and approaching "end" of the FX day at 5:00 PM ET so generally no volume.
- At the 1H 50 SMA and previous 1H S/R level from earlier this morning
- At the top of the 4H S/R range
- If the downward movement continues, it is likely that we will see a sideways/slightly upward corrective phase until the next market driver occurs. (AU news @ 9:30PM ET may be just the thing.) This could present an opportunity to reenter at a better price.
Keeping in line with the title of this thread, I'm not necessarily expecting anything to happen one way or the other, just pointing out possibilities. It has helped me to revisit this concept and just trade what I see instead of creating all sorts of biases in my head on why something should or shouldn't happen.
- #35,955
- Jun 7, 2012 6:31pm Jun 7, 2012 6:31pm
- Joined Oct 2009 | Status: Thank You eohater | 790 Posts
Nice trading Dharma.
Here is one that burned me this morning.
(Criticism always welcome)
I only had about an hour and a half to trade, so I took this pin on GU 15 minute. It was just under some nice Daily resistance from March, at 5600 (round number), and price was around it's average daily range so I didn't see it going much higher. I got filled at a nice price of 5580 on the candle after the pin. It was just over an hour until Big Ben took the mic. I was in a very small profit when the hourly closed, giving a great pin on the hourly as well.
Moved the stop above the wick of the 1 hour pin, and was planning on entering again if price retraced up the wick which it so often does. Price then shot up fairly fast at the open of the U.S. stock market, and stopped me out.
I had to go to work, but price ended up making an even better pin on the hourly, this time touching the daily resistance, and I would have entered again had I been here. In hindsight, I would have used a wider stop, only for the fact that the daily resistance at 5600 was 8 pips above the first 1 hour wick so I should have put my stop above that.. ~5610. I have said before that I much prefer trading away from the MA's than taking countertrend trades towards them, and this is an example why. However this was a nice setup, and had I used better judgement it would have been a nice winner.
Cheers!
Here is one that burned me this morning.
(Criticism always welcome)I only had about an hour and a half to trade, so I took this pin on GU 15 minute. It was just under some nice Daily resistance from March, at 5600 (round number), and price was around it's average daily range so I didn't see it going much higher. I got filled at a nice price of 5580 on the candle after the pin. It was just over an hour until Big Ben took the mic. I was in a very small profit when the hourly closed, giving a great pin on the hourly as well.
Moved the stop above the wick of the 1 hour pin, and was planning on entering again if price retraced up the wick which it so often does. Price then shot up fairly fast at the open of the U.S. stock market, and stopped me out.
I had to go to work, but price ended up making an even better pin on the hourly, this time touching the daily resistance, and I would have entered again had I been here. In hindsight, I would have used a wider stop, only for the fact that the daily resistance at 5600 was 8 pips above the first 1 hour wick so I should have put my stop above that.. ~5610. I have said before that I much prefer trading away from the MA's than taking countertrend trades towards them, and this is an example why. However this was a nice setup, and had I used better judgement it would have been a nice winner.
Cheers!
Cap
I only had about an hour and a half to trade, so I took this pin on GU 15 minute. It was just under some nice Daily resistance from March, at 5600 (round number), and price was around it's average daily range so I didn't see it going much higher. I got filled at a nice price of 5580 on the candle after the pin. It was just over an hour until Big Ben took the mic. I was in a very small profit when the hourly closed, giving a great pin on the hourly as well.
Moved the stop above the wick of the 1 hour pin, and was planning on entering again if...
A stop above the S/R level at 5600 makes sense but does it make sense when you look at your risk:reward? With your entry at 80 and stop above the first hourly pin at around 95 you could have easily had a 1:2 R:R and have set a target at 50. If you were to bump your stop up to 5610 which is effectively a doubling of your stop, to get the same 1:2 you'd need to have price get down to 20, which it did eventually do only after first coming all the way back up to your entry price at 80.
So, what's my point from this... The same trade taken with a tight stop may not make sense if you need a bigger stop. An alternative may have been to set a PO near the 5600 level since the GU seems to like to touch all S/R levels in the area before proceeding. You then could have possibly still maintained your tight stop. This of course is being stated in hindsight.
I'll be continuing to post my trades as well and any comments are appreciated.
Potential long on the AU shaping up here. 
- 5M "Character" of the candles potentially shifted from impulse down/corrective up to impulse up/corrective down
- 15M DBLHC at Daily S1
- 1H pin may close in 5 min
- 4H still in the S/R zone from the end of May
Possible long entry down the wick of the 1H pin (if it closes as a pin). Let's see how this progresses shall we? 
- #35,960
- Edited 4:09am Jun 8, 2012 3:04am | Edited 4:09am
Nice looking pin on 1 hr g/u, looking to get in on price action from 15 min somewhere in the wick for a long . Comments welcome.
Off of a trend line and previous price action from 1 hr and 4 hr, will take partial and cover at 200 ma on 1 hr, if I get the entry that is.
Just posting charts to learn, any criticism of the setup is welcome.
EDIT: Never got a signal to long on 15 min, next hourly closed below wick of hammer, so not trading until I see another set up.
Off of a trend line and previous price action from 1 hr and 4 hr, will take partial and cover at 200 ma on 1 hr, if I get the entry that is.
Just posting charts to learn, any criticism of the setup is welcome.
EDIT: Never got a signal to long on 15 min, next hourly closed below wick of hammer, so not trading until I see another set up.