Trade what you see NOT what you expect

Taken some more off +20 as we're CT and stalling at these ma's and could turn down here

No she's strong- the 4hr is shaping up nice, but I'm going to take another small amount off here +41- just 1/4 remaining for the ride. SL at +10

4hr chart

Took a Euro long after the cable, but she's not as exciting!

Here she is -entry and 1st TP on the hourly chart. Look at the two lower trendlines +50 and 62ma's + daily pivot (not shown)- plenty of support, plus to the left of the chart as well. I held off taking early profits, as cable was steaming up, and have just taken 1/2 off in the bottom picture +22

Taken a bit more off Euro +30, now she's reached the top of that wedge.

Was stopped out BE on the rest of the Euro, but I added back in here on cable after that lovely 15min pin through the 35/50ma's

Taking 1/2 off the new position here at the highs +36

Nice bullish engulfing 4hr candle just closed on cable and Aussie, supporting longs

Closing another quarter of the new position on cable at hourly resistance 55 (+46 pips) with the original position still running +70)

need Euro to break up from this wedge/channel. Cable not likely to get through 55 resistance without Euro going up too

131,

Awesome trading again today! I missed the latest bull move as I had just turned on my screens for the day.

For trading the range over the past couple days do you look at the direction of the LT movement and then only take trades in favor of that? I read a bunch in the thread about "ping-pong" and saw EO taking longs and shorts during a ranging period. What's your take on this?

Hey Dharma,
Thanks, it's been a good week for me- no losing trades since Monday.

EO would trade either way- I think he used two different accounts, and always seemed to have longs and shorts on at the same time. I can't hedge, so can only trade one way at a time. The channel/flag I drew on Euro could have been played long or short, but I'm anticipating a break north (continuation of the initial move up) as this is more likely, so have been buying the dips. I could have closed out all and reversed (in hindsight this would have worked well, but held some with the posssibility that we might get a breakout, so couldn't trade back. I also think I need more confidence before I can close and reverse easily. I think the important thing with ping pong is to find the levels (usually from the HTF's), draw early channel lines, and trade them, as often once they become established they get broken. The 15min ma's become flat and you will be trading into them and across from either side. Hope this helps.

On the bear side at the moment we might be forming a H&S on Euro and cable. I still think we're going up, but am watching how this develops.

on the 4hr charts (right shoulder forming now)

Took a third entry on cable after the bear momentum slowed coming into the 50ema. Euro looks to be breaking out as I type, so should be a good one

Long at 29 on the GU.


1/2 off here at +10.

Euro not exactly taking off.. so covering 1/2 here at +19 pips. It's my third bite of the cherry- not getting greedy. SL below lower TL

and there she goes up, oh well better to be safe

We also have this 15M shampoo on the GU. Would really like to see her break above that left shoulder...