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Trade what you see NOT what you expect

  • #36,161
  • Jun 14, 2012 9:04am Jun 14, 2012 9:04am
Quoting Trader131
and there she goes up, oh well better to be safe
EU dead-ended into the 1.2600 figure and the highs of yesterday. We also have that weekly support turned resistance at 1.2620...
  • #36,162
  • Jun 14, 2012 9:04am Jun 14, 2012 9:04am
Quoting DharmaTrader
I know, I'm starting to realise there really is the potential to transform your lifestyle in this thread. These guys really were making a fortune here. it's easy to doubt it, but I'm coming to the realisation that it is entirely possible.
There is no top. There are always further heights to reach. Jascha Heifetz
  • #36,163
  • Jun 14, 2012 9:08am Jun 14, 2012 9:08am
Gu also closed with a long up bar closing just below that left shoulder you have on the 15min, so anything goes right now. I agree about EU too. 1.2600 is strong resistance.
There is no top. There are always further heights to reach. Jascha Heifetz
  • #36,164
  • Jun 14, 2012 9:09am Jun 14, 2012 9:09am
Quoting Trader131
I know, I'm starting to realise there really is the potential to transform your lifestyle in this thread. These guys really were making a fortune here. it's easy to doubt it, but I'm coming to the realisation that it is entirely possible.
I need to spend some more time continuing to go through the thread and seeing what they were looking at. Maybe dedicate part of my trading time each day to that as I think that it's extremely valuable.
  • #36,165
  • Jun 14, 2012 9:12am Jun 14, 2012 9:12am
Quoting DharmaTrader
I need to spend some more time continuing to go through the thread and seeing what they were looking at. Maybe dedicate part of my trading time each day to that as I think that it's extremely valuable.
Absolutely, I know it's a daunting task, but it's well worth it. I'm so glad I came back here.
There is no top. There are always further heights to reach. Jascha Heifetz
  • #36,166
  • Jun 14, 2012 9:13am Jun 14, 2012 9:13am
Might look to short up the wick if we get a 15M pinbar close on the EU at 1.2600. 1H on left, 15M on right.

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  • #36,167
  • Jun 14, 2012 9:17am Jun 14, 2012 9:17am
Yes, solid trade. Just cover some quickly, near the tops of those wicks to the left, as it may bounce up from there
There is no top. There are always further heights to reach. Jascha Heifetz
  • #36,168
  • Jun 14, 2012 9:21am Jun 14, 2012 9:21am
Got to get the boys from school in the pouring welsh rain! (walking). Good luck!
There is no top. There are always further heights to reach. Jascha Heifetz
  • #36,169
  • Jun 14, 2012 9:22am Jun 14, 2012 9:22am
Great thread this, guys

Looking at cable, I am correct with my black trendlines? Looking for a break of them either up or down!
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  • #36,170
  • Jun 14, 2012 9:28am Jun 14, 2012 9:28am
Let's see what 131 thinks. I've seen a lot of people say that TLs are too subjective but in any case they do seem to be areas to pay attention.

Your upper TL seems more legit to me. The lower one is so steep that it seems like it would be hard to really "see" a break of it...
  • #36,171
  • Jun 14, 2012 9:35am Jun 14, 2012 9:35am
Actually took my short on the GU due to that H&S that I pointed out.

Entry at 44 with 1/2 off at 34 and stop now to 51.

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  • #36,172
  • Jun 14, 2012 9:39am Jun 14, 2012 9:39am
Quoting Trader131
Hey Dharma,
Thanks, it's been a good week for me- no losing trades since Monday.
Woohoo! Awesome trading man. Grabbed 12 small ones on AU this morn and that's it so far for me. I'll be looking for EU shorts at 2650-60, and longs until then.

Cheers
Cap
  • #36,173
  • Jun 14, 2012 9:52am Jun 14, 2012 9:52am
Quoting The Captain
Woohoo! Awesome trading man. Grabbed 12 small ones on AU this morn and that's it so far for me. I'll be looking for EU shorts at 2650-60, and longs until then.

Cheers
Was just thinking about you Cap, as my current GU short is against the MAs and I'm not sure how wise that is. There is something to be said for going against the MAs at good S/R levels but it seems like you really have to pull the trigger when it looks like you're staring at a head-on train...
  • #36,174
  • Jun 14, 2012 9:57am Jun 14, 2012 9:57am
Closed my GU short as it just doesn't want to stay below the 15M 10EMA. The US500 looks to be breaking higher and will most likely carry the USD pairs with it.
  • #36,175
  • Jun 14, 2012 9:57am Jun 14, 2012 9:57am
Quoting DharmaTrader
Was just thinking about you Cap, as my current GU short is against the MAs and I'm not sure how wise that is. There is something to be said for going against the MAs at good S/R levels but it seems like you really have to pull the trigger when it looks like you're staring at a head-on train...
Hey Dharma,

Just remember the higher time frames rule. As for the GU short, I would be looking for longs personally. MY 4 hour closed very bullish, and I could see her going back to 5600. I'm not saying a short won't work for some pips, but I am favouring longs. Pull up a weekly chart and see the support we have bounced from.
Cap
  • #36,176
  • Jun 14, 2012 10:05am Jun 14, 2012 10:05am
That's enlightening...

I usually look at the daily but haven't looked at the weekly in a while. Thanks.

I managed to get 10 out of the GU short there but it just feels like I'm going against the flow instead of with it.
  • #36,177
  • Jun 14, 2012 10:09am Jun 14, 2012 10:09am
Quoting DharmaTrader
That's enlightening...

I usually look at the daily but haven't looked at the weekly in a while. Thanks.

I managed to get 10 out of the GU short there but it just feels like I'm going against the flow instead of with it.
TL on the 15 as well.
Cap
  • #36,178
  • Jun 14, 2012 10:10am Jun 14, 2012 10:10am
Quoting DharmaTrader
Let's see what 131 thinks. I've seen a lot of people say that TLs are too subjective but in any case they do seem to be areas to pay attention.

Your upper TL seems more legit to me. The lower one is so steep that it seems like it would be hard to really "see" a break of it...
I'd agree with Dharma. That lower TL doesn't really fit either. And yes, trendlines are very subjective- some people "fudge" them so that the most touches on the line fit, I prefer trying the first 2 touches and drawing the line from those wicks, but not always, sometimes a fudge is necessary. Also if drawing a channel- I draw a trendline then click control+c on mt4 to copy it and drag it to see if it fits before putting it on or discarding it.

Hey Captain, good to see you!
There is no top. There are always further heights to reach. Jascha Heifetz
  • #36,179
  • Jun 14, 2012 10:13am Jun 14, 2012 10:13am
Euro finding support at the top of those wicks to the left around 90, caught between a rock and a hard place-she may range for a bit now. Captain's right- weekly charts are v.important- they explain why I've been trying so many longs recently!
There is no top. There are always further heights to reach. Jascha Heifetz
  • #36,180
  • Jun 14, 2012 10:15am Jun 14, 2012 10:15am
Quoting Trader131
I'd agree with Dharma. That lower TL doesn't really fit either. And yes, trendlines are very subjective- some people "fudge" them so that the most touches on the line fit, I prefer trying the first 2 touches and drawing the line from those wicks, but not always, sometimes a fudge is necessary. Also if drawing a channel- I draw a trendline then click control+c on mt4 to copy it and drag it to see if it fits before putting it on or discarding it.

Hey Captain, good to see you!
You too man. I have a few days off so I'll be hitting the markets. Slow day today unfortunately.. Most pairs at only half their ADR. Maybe things will spice up after lunch here.
Cap
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