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  • #2,561
  • Jul 25, 2012 8:54am Jul 25, 2012 8:54am
Quoting jeffokes
Lj,
Thanks so much for this!! I've been checking for the continuation, will it come soon?...I am just eager...thanks once more!
Ah sorry completely forgot about it, been off essentially for last 2 days and didn't add it to my to do list. It's back on there now so I'll get something up over the next 24 hours.
  • #2,562
  • Jul 25, 2012 1:46pm Jul 25, 2012 1:46pm
an update...will see how it behaves inside the zone.
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Sniffing Snake's Tracks...
  • #2,563
  • Jul 25, 2012 2:08pm Jul 25, 2012 2:08pm
Quoting FX.Sniffer
an update...will see how it behaves inside the zone.
I took a partial loss on mine, not keen on price averaging myself, once the price didn't react like expected I cut some and when the reasoning for the trade disappeared (QM) I cut the rest. I'm more of an intraday trader too so prefer to cut, sit back and reassess - I prefer more precise entries and maximising R than price averaging and win rate - it does have it uses in the right hands but most use it for the wrong reasons (I doubt you are one of them that uses it for the wrong reasons).

I'm sure there are some traps being setup on Gold before a big move, so will be watching carefully.
  • #2,564
  • Jul 25, 2012 2:51pm Jul 25, 2012 2:51pm
Quoting lovejoy80
I took a partial loss on mine, not keen on price averaging myself, once the price didn't react like expected I cut some and when the reasoning for the trade disappeared (QM) I cut the rest. I'm more of an intraday trader too so prefer to cut, sit back and reassess - I prefer more precise entries and maximising R than price averaging and win rate - it does have it uses in the right hands but most use it for the wrong reasons (I doubt you are one of them that uses it for the wrong reasons).

I'm sure there are some traps being setup on Gold before...
You prefer the stress free trades, me am more into swings. The QM gave a 45pips could've closed it but my trade was planned on the H4, what worries me is USDX and tomorrow's news.

what did you mean by wrong reasons?
Sniffing Snake's Tracks...
  • #2,565
  • Jul 25, 2012 11:33pm Jul 25, 2012 11:33pm
Quoting FX.Sniffer
You prefer the stress free trades, me am more into swings. The QM gave a 45pips could've closed it but my trade was planned on the H4, what worries me is USDX and tomorrow's news.

what did you mean by wrong reasons?
My trade was based on H4 too, hence why I didn't close mine in profit. The M1 is merely a means to obtain a heavily discounted entry and SL based on a higher TF location (in this case supply + wedge TL).

Thus when price clearly wasn't moving like it should have given the QM setup and then the setup was invalidated it was time to me to get out and sit on the sidelines to reassess as it was clear price was heading higher to the top of the supply zone and the danger of course being that any move down will find demand and the former supply + wedge TL that has been broken.

Most people use price averaging in the wrong way because they don't plan to do it before they are in the trade - they take the trade and price moves against them and because of fear of taking a loss they just keep adding positions in the hope that price turns around - seen plenty of people do this.

Price averaging works well if it is part of your plan, you've calculated your lots sizes / risk before hand (i.e. so you don't find yourself with 3-4 positions at lot sizes you hadn't planned for and thus have high amounts of capital at risk) and can accept losses if price clearly isn't going your way i.e. not holding and hoping.
  • #2,566
  • Jul 26, 2012 12:08am Jul 26, 2012 12:08am
Quoting lovejoy80
My trade was based on H4 too, hence why I didn't close mine in profit. The M1 is merely a means to obtain a heavily discounted entry and SL based on a higher TF location (in this case supply + wedge TL).

Thus when price clearly wasn't moving like it should have given the QM setup and then the setup was invalidated it was time to me to get out and sit on the sidelines to reassess as it was clear price was heading higher to the top of the supply zone and the danger of course being that any move down will find demand and the former supply + wedge...
also price stayed for a long time inside the zone, i decided t close it with min loss +12-37= -25pips.

will wait for it at the higher zone or if it drop out of the zone.

my averaging was planned as i've mentioned in my setup to have the SL above zone.

keep up the good work LJ.
Sniffing Snake's Tracks...
  • #2,567
  • Jul 26, 2012 2:42am Jul 26, 2012 2:42am
scalping loonie, 15m-range & CP, aiming for bottom of the range
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Pipcrawler
  • #2,568
  • Jul 26, 2012 2:53am Jul 26, 2012 2:53am
scalping cable, aiming for upper supply
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Pipcrawler
  • #2,569
  • Jul 26, 2012 3:11am Jul 26, 2012 3:11am
EU & EJ bullflags - ready for a next move higher - bought fiber @ bottom of bullflag
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Pipcrawler
  • #2,570
  • Jul 26, 2012 3:14am Jul 26, 2012 3:14am
Quoting xmzhang
scalping loonie, 15m-range & CP, aiming for bottom of the range
Whoa, price hit my target fast, closed all for some nice pips
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Pipcrawler
  • #2,571
  • Edited 4:56am Jul 26, 2012 3:15am | Edited 4:56am
Quoting xmzhang
scalping cable, aiming for upper supply
took some off the table and move SL just below my 1st target
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Pipcrawler
  • #2,572
  • Jul 26, 2012 3:44am Jul 26, 2012 3:44am
Quoting xmzhang
EU & EJ bullflags - ready for a next move higher - bought fiber @ bottom of bullflag
price soared out of the bullflag, took some nice pips off the table and move SL just below floorpivot R1 ............ BTW thank you Mario Draghi

EJ bullflag also nice broke nicely upwards, but I didn't profit from that one what a pity
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Pipcrawler
  • #2,573
  • Jul 26, 2012 3:47am Jul 26, 2012 3:47am
Quoting xmzhang
Whoa, price hit my target fast, closed all for some nice pips
Fek, mistake to close whole position, price has dropped additional 30 pips
Pipcrawler
  • #2,574
  • Jul 26, 2012 4:16am Jul 26, 2012 4:16am
Quoting xmzhang
price soared out of the bullflag, took some nice pips off the table and move SL just below floorpivot R1 ............ BTW thank you Mario Draghi

EJ bullflag also nice broke nicely upwards, but I didn't profit from that one what a pity
price has rocket upwards, intermediate supplies are taken out easily, still no pullbacks. Locked 130 pips on fiber and also 130 pips on cable
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Pipcrawler
  • #2,575
  • Jul 26, 2012 4:40am Jul 26, 2012 4:40am
closed the long order at 1618.01 and now its in the upper zone...so to sel or not to sell
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Sniffing Snake's Tracks...
  • #2,576
  • Jul 30, 2012 2:38am Jul 30, 2012 2:38am
Took most of last week off but back trading full time this week - I see some nice trades were taken last week.

Here is one of the setups on my current watchlist. FTB back to a DBD zone which is also a QM (most of the time I like to play QM's when certain things are happening, I'll let you try and figure out what from the chart below).
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  • #2,577
  • Jul 30, 2012 5:57am Jul 30, 2012 5:57am
waiting till 1H-bar closes, if it closes like a nice PB and above 1H-PPZ, a beartrap setup has triggered and I will go long ................ btw same beartrap setup with EJ
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Pipcrawler
  • #2,578
  • Jul 30, 2012 6:21am Jul 30, 2012 6:21am
Quoting xmzhang
waiting till 1H-bar closes, if it closes like a nice PB and above 1H-PPZ, a beartrap setup has triggered and I will go long ................ btw same beartrap setup with EJ
No trade, didn't get a strong on that 1H-PB ........... that PB is a consumption bar not a rejection bar
Pipcrawler
  • #2,579
  • Jul 30, 2012 7:21am Jul 30, 2012 7:21am
I actually took this, but I was in before the bar formed, it was a deeper test on the SD zone flip which I pre-empted would cause an FB of Friday's low.

S&P currently back at supply so watching closely from here-on.

Will post charts later.
  • #2,580
  • Edited 1:20pm Jul 30, 2012 8:25am | Edited 1:20pm
Quoting lovejoy80
I actually took this, but I was in before the bar formed, it was a deeper test on the SD zone flip which I pre-empted would cause an FB of Friday's low.

S&P currently back at supply so watching closely from here-on.

Will post charts later.
Chart - had 2 positions, took profit on the higher one when S&P was doing exactly what EU did - tripping stops above Friday's high straight into supply.
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