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  • #675,501
  • Aug 5, 2012 3:52pm Aug 5, 2012 3:52pm
Quoting 5percent
Weird entry and reward target. U could scalp on trend line min 5 1.2384 stoch low.
Chart oversized?

Simply website blaster?

Bit distracting ...
2013-07-31 Today's Phrase of the Day: Hold off from any recycle bin experts
  • #675,502
  • Aug 5, 2012 3:55pm Aug 5, 2012 3:55pm
Yes ... please take your longs ...




;-|
2013-07-31 Today's Phrase of the Day: Hold off from any recycle bin experts
  • #675,503
  • Aug 5, 2012 3:56pm Aug 5, 2012 3:56pm
Quoting 5percent
Weird entry and reward target. U could scalp on trend line min 5 1.2384 stoch low.
are you referring to this trend?
http://img.photobucket.com/albums/v6...5at35226PM.png
  • #675,504
  • Aug 5, 2012 3:59pm Aug 5, 2012 3:59pm
Quoting pkimnyc
my initial trades were at the bottom. refer to the text book about the right shoulder.

That's interesting.

One of the reasons I trade quick turns is that I don't like the waiting involved in candles and patterns (although I DO watch them). If I were writing the book on H+S patterns, I'd say "enter at an extreme if you have external evidence that a reversal will occur" - in this case the lower portion of the right shoulder. I reviewed 3 texts earlier and none mention this possibility. They all talk about break confirmation and s/r reversal at the neckline.

I guess you have a much better text than any I've seen. May I know what source text you're using?
  • #675,505
  • Aug 5, 2012 4:00pm Aug 5, 2012 4:00pm
Highest been aprox. 1.23993 here ...

Lowest been aprox. 1.23789 here ...

###

Would like to see 1.2415 ...

Otherwise direct decline ...





;-|
2013-07-31 Today's Phrase of the Day: Hold off from any recycle bin experts
  • #675,506
  • Aug 5, 2012 4:02pm Aug 5, 2012 4:02pm
Quoting NewbTrader7
are you referring to this trend?
http://img.photobucket.com/albums/v6...5at35226PM.png
to be honest.. i don't like the platform/chart u are using, it's not very visual-friendly.
open a 5 3 3 stoch, and find value 11 at 1.2382-84 area if u were looking for a mere few pip scalp. Note that each period near new hourly will tend to have more volatility and movements.

Your long is positioned at a not so ideal area, place a stop in case this dive. Not worth for a small long 1.2397-03 not even 10 pips!

btw there are many trendline, depending on the area of each further breakout, can be TL 1, TL 2, TL 1 for steeper, TL for general etc etc. and intra-day would be more from 1 and 5 min chart, as main movements are. Big timeframe for bigger target and R/S
  • #675,507
  • Aug 5, 2012 4:04pm Aug 5, 2012 4:04pm
Quoting RWalker
That's interesting.

One of the reasons I trade quick turns is that I don't like the waiting involved in candles and patterns (although I DO watch them). If I were writing the book on H+S patterns, I'd say "enter at an extreme if you have external evidence that a reversal will occur" - in this case the lower portion of the right shoulder. I reviewed 3 texts earlier and none mention this possibility. They all talk about break confirmation and s/r reversal.

I guess you have a much better text than any I've seen. May I know what source text...
Both lower portion of the head and right shoulder both had external evidence.

No source of the text book. It's from the experience in the past.
  • #675,508
  • Aug 5, 2012 4:06pm Aug 5, 2012 4:06pm
Quoting pkimnyc
Both lower portion of the head and right shoulder both had external evidence.

No source of the text book. It's from the experience in the past.

You should write a book
  • #675,509
  • Aug 5, 2012 4:07pm Aug 5, 2012 4:07pm
Quoting RWalker
You should write a book
Why?
  • #675,510
  • Aug 5, 2012 4:16pm Aug 5, 2012 4:16pm
Quoting pkimnyc
Why?
Most texts on candles and patterns seem to be regurgitations of other texts and fail to discuss the problem of late entry. It's almost as though they WANT you to break even at best.

I don't think primarily in candle or pattern terms at all. I think in terms of the "external" stuff (ie: outside traditional techs).

Your perspective seems to combine both the tech and external considerations... I don't how far you've gone with that line of thinking, but that would be a good book.

On the other hand, if you bothered to do it, I would have to assume that you are either not making any money or you need attention.

I'm gonna guess you won't be writing a book
  • #675,511
  • Aug 5, 2012 4:16pm Aug 5, 2012 4:16pm
Quoting NewbTrader7
This is what I see and my opinion only. I think this a bull flag, or at least it resembles one. I got in at 1.23970 and looking to get out at the previous hourly high of 1.24035.

http://img.photobucket.com/albums/v6...5at32420PM.png
This is how u can scalp, scalping is quite tedious and fast. Move stop to be after 3-4 pips, or through EA to move to BE after 1-2.

target, 3 - 5 - 8 or trail.

Chart min 1 and min 5. entry and exit always changes due to supply and demand always changes. No such thing as shorting from same area or longing from same area, unless u are talking about bigger tf. Smaller tf tend to change faster due to danger of breakout on trend or support/resistance.
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  • #675,512
  • Aug 5, 2012 4:32pm Aug 5, 2012 4:32pm
Quoting 5percent
to be honest.. i don't like the platform/chart u are using, it's not very visual-friendly.
open a 5 3 3 stoch, and find value 11 at 1.2382-84 area if u were looking for a mere few pip scalp. Note that each period near new hourly will tend to have more volatility and movements.

Your long is positioned at a not so ideal area, place a stop in case this dive. Not worth for a small long 1.2397-03 not even 10 pips!

btw there are many trendline, depending on the area of each further breakout, can be TL 1, TL 2, TL 1 for steeper, TL for general etc...
you're absolutely right, I managed to get out with a $300 gain, was a bad risk/reward ratio though. Got lucky it came back so i'm just going to wait it out until something better develops. thanks for the advice.

edit: would have hit my target, though.
  • #675,513
  • Aug 5, 2012 4:33pm Aug 5, 2012 4:33pm
Quoting RWalker
Most texts on candles and patterns seem to be regurgitations of other texts and fail to discuss the problem of late entry. It's almost as though they WANT you to break even at best.

I don't think primarily in candle or pattern terms at all. I think in terms of the "external" stuff (ie: outside traditional techs).

Your perspective seems to combine both the tech and external considerations... I don't how far you've gone with that line of thinking, but that would be a good book.

On the other hand, if you bothered to do it, I would...
interesting... they do provide good information. i wouldn't underestimate them. if i may make a suggestion, text books are good for identifying potential trade, price patterns, candles, even reading indicators. it's your job to find potential trade setups, knowing where to enter and where to exit at what cost? again, there are many ways to skin a cat.

and yes, i'm writing a book, but not for publish to public. it's for the record keeping, in case i forget in the future.
  • #675,514
  • Aug 5, 2012 4:38pm Aug 5, 2012 4:38pm
long and not wrong! nice little breakout here! watch usdcad too, its gunna test some lows again.
All posts are my personal opinion
  • #675,515
  • Aug 5, 2012 4:39pm Aug 5, 2012 4:39pm
Quoting NewbTrader7
you're absolutely right, I managed to get out with a $300 gain, was a bad risk/reward ratio though. Got lucky it came back so i'm just going to wait it out until something better develops. thanks for the advice.

edit: would have hit my target, though.
u are lucky on that breakout 8mins ago LOL.
  • #675,516
  • Aug 5, 2012 4:40pm Aug 5, 2012 4:40pm
Quoting 5percent
u are lucky on that breakout 8mins ago LOL.

it was an OK pattern. Still going higher. Could have made more but oh well. live to trade another day. call of duty time
  • #675,517
  • Aug 5, 2012 4:41pm Aug 5, 2012 4:41pm
Quoting RWalker
Most texts on candles and patterns seem to be regurgitations of other texts and fail to discuss the problem of late entry. It's almost as though they WANT you to break even at best.

I don't think primarily in candle or pattern terms at all. I think in terms of the "external" stuff (ie: outside traditional techs).

Your perspective seems to combine both the tech and external considerations... I don't how far you've gone with that line of thinking, but that would be a good book.

On the other hand, if you bothered to do it, I would have...
So how you can determine weakness-loosing momentum and reverse in price direction then?
It is funny how people underestimate candles, what else is there?
swing it!
  • #675,518
  • Aug 5, 2012 4:44pm Aug 5, 2012 4:44pm
What was with the move? Was away and didn't expect a .37% move this early!
  • #675,519
  • Aug 5, 2012 4:45pm Aug 5, 2012 4:45pm
Markets are looking excited.
I would counsel you guys to note that this PA is biggest range on the first hour of open for over 2months.
  • #675,520
  • Aug 5, 2012 4:48pm Aug 5, 2012 4:48pm
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