Trade what you see NOT what you expect

Stopped out.

Another long here.

That sudden 30+ drop make my -17 pips SL executed at -25.4 pips just when I am about to move my SL to BE. Another long attempt stopped at +2. Total almost lost 10 pips today, I think in this week I will avoid EU and concentrate more on AU and GU.

131,

Just looking back at today's action and seeing that you nailed another counter trend entry point. I also noticed that your exit would have been the ideal spot to reverse your position and that move proved to be worth 90 pips or so. Obviously this is hindsight and you were going long off the 1H 62 but it was counter to the 15M trend of the moment. Several of your comments indicated that you were wary of longs given the strong bear move.

Once I get in a trade I can tend to focus too much on it going in my direction instead of realizing that it's time to reverse. For some reason I have trouble "trusting" the trend of the moment but time and time again it proves to deliver the pips.

Please take no offense to these comments; just trying to help us all to Trade What We See.

Any comments on the following would be appreciated. I watched this trade form on the AU but didn't take it. Was this an obvious trade or do you see reasons to hesitate. My feeling is that I saw the trade and thought that it would be good but I didn't take it even though there seemed to be ample evidence that it was a good entry. Therefore, a psychological reason instead of a technical one.

PRO
4H - dead-end close on 10SMA
15M - bull engulfing candle followed by 3 hammers of various size
5M - bull engulfing candle followed by a small retacement with a couple hammers.

CON
1H - was waiting for it to come down to the 62EMA

WAZZUUPPPP?????

glad to see everyone is doing well.

These next couple of days are gonna be wild.....

the only thing I wonder is.....the Fed probably has 1-2 bullets left. If they shoot to early and miss could we see 2008 all over again???

Makes you wonder......

HOLLA

Good morning all,

Took a long on Euro before breakfast in the wick of the pin that went through the 50sma. Came back and covered 1/2 +17pips. 15min charts below

Yes, I agree with you, Dharma. I do end up taking quite a few CT trades- that can turn out to be a "bit of a grind". However, we had made a swift fall, and then the hourly closed as an inside bar (I think I mentioned it had failed to break the low of the previous hourly candle), and we were at a good support level, +daily pivot+ 1hr62etc, so the chance for a potential reversal was quite good. When the next hourly closed lower, I knew pretty much it was game over for longs, mentioned it on the thread, and should have cut my trade early and reversed, so I would say at that point I made a mistake of bias, but in my defence, I was about to go out, had banked some pips, and thought "yeah, whatever!".

But you're right trading with the trend is a lot easier, so why make things more difficult for ourselves, well I think it's human nature. We like to overcomplicate things- as a musician, this is something I struggle with also. I'd like to think if EO had been trading then that he would have taken the CT trade, as it looked to be finding support, but then reversed after that bear hourly close. 1hr chart below with the possible short entry marked. Taling of reversing, whilst typing this I've reversed my long on euro, seeing that we're forming a double top off the 1hr 62. I'll upload it in the next post

Reverse and short entry.

Half off here, previous lows +12 pips

and another quarter off here (+32 pips). mmm this reversing is good!

Hello all. Looks like there has been some excellent stuff added to the thread in the last couple of weeks. 131 especially seems to be taking the market to the cleaners!

Taking a long scalp on cable off the 1hr 62 with support level. In at 44

He use to do it on a dime, just pull the trigger. He has a gift when it comes to trading.

HOLLA

half off at +12 pips at the 1hr200

Morning Turtle! Yes he is a legend.

I see we have Trotty in here- welcome back, Trotty, ! I hope you had a great time. Good to see you in here again!

Stopped out on the rest of that cable long

Cheers and I did thanks. I see you are making very solid and cosistent pips now, happy days!

Talking of reversing- I could have reversed and gone long after that inverted hangman on the 15min which is also off the 1hr200ma. Didn't take it, but it's a decent CT trade, if you TP quickly. I've put an arrow where I would have gone long