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  • #681,621
  • Aug 19, 2012 1:29pm Aug 19, 2012 1:29pm
Still long ... ? !

Ok ...

Yes a long play, this would concern my second trade idea or scenario too ...

Which I haven't posted until now ...

But survey from "Rollover-Open" is somehow relating to that theme too ...

2012-08-17_23h15 - ZigZag + Pivot Survey _ EURUSD _ Rollover _ W-34 # T68 - E31 (Text NA)

Here it is ...

See daily Elliott projection ... which points to the upside to 1.2386 or 1.2416 from 1.2256 ...

There are chances for another attempt to the upside ... especially while above 1.2311 - 1.2300 zone ...





;-|
2013-07-31 Today's Phrase of the Day: Hold off from any recycle bin experts
  • #681,622
  • Aug 19, 2012 1:31pm Aug 19, 2012 1:31pm
Quoting Motion
Hi mate ...
To add to Chicky's list:

Read the book again: you should find some lines...

Never try to sell the top of a rally. Sell only when there's no rally after a rally.

The first and the last ape are the most expensive in the world (don't pick tops or bottoms)

Never put all your eggs in a basket (scale in and scale out)

No one went broke from taking profits early and no one got rich from it also(let your profits run)

I made a mistake...Wheat showed me a loss, I kept it. Cotton showed me profit and I sold it ( cut your losses quick...

Here we go:
"When I am bearish and I sell a stock, each sale must be at a lower level than the previous sale. When I am buying, the reverse is true. I must buy on a rising scale. I don't buy long stock on a scale down, I buy on a scale up. Let us suppose, for example, that I am buying some stock. I'll buy two thousand shares at 110. If the stock goes up to 111 after I buy it I am, at least temporarily, right in my operation, because it is a point higher; it shows me a profit. Well, because I am right I go in and buy another two thousand shares. If the market is still rising I buy a third lot of two thousand shares. Say the price goes to 114. I think it is enough for the time being. I now have a trading basis to work from. I am long six thousand shares at an average of 111, and the stock is selling at 114. I won't buy any more just then. I wait and see. I figure that at some stage of the rise there is going to be a reaction. I want to see how the market takes care of itself after that reaction. It will probably react to where I got my third lot. Say that after going higher it falls back to 112, and then rallies. Well, just as it goes back to 113, I shoot an order to buy four thousand at the market of course. Well, if I get that four thousand at 113 I know something is wrong and I'll give a testing order that is, I'll sell one thousand shares to see how the market takes it. But suppose that of the order to buy the four thousand shares that I put in when the price was 113 I get two thousand at 114 and five hundred at 114.5 and the rest on the way up so that for the last five hundred I pay 115. Then I know I am right. It is the way I get the four thousand shares that tells me whether I am right in buying that particular stock at that particular time for of course I am working on the assumption that I have checked up general conditions pretty well and they are bullish. I never want to buy stocks too cheap or too easily."
The Thief of Wall Street
  • #681,623
  • Aug 19, 2012 1:39pm Aug 19, 2012 1:39pm
Quoting Mike8
Thanks Chicky

I will read it again, is just being English not my first language I find sometime difficult to comprehend that style of English . I guess I need to spend more time on it.

Apparently for what I understand he was reading the "tape". What was this tape? I though it was just a continuous appearing of the latest prices on a board. How could he trade breaks? Was technical analysis already used?

I did find a pdf by Richard Smitten "Trade like Jesse Livermore" by I think is related to his later experiences and not when he was called...
Kindly also read my earlier post above quoting Jesse.

The first and foremost thing is the general market conditions. Then how you build your postions. Once you pass these two stages, the third one comes. This third stage is most difficult, that is, sit tight, watch your profits going up and down, until general market conditions change.

The key is:
1. Waiting before entering the market
2. Waiting after you have entered a successful trade
The Thief of Wall Street
  • #681,624
  • Aug 19, 2012 1:48pm Aug 19, 2012 1:48pm
Quoting mercy seat
One of the most beautiful posts here ...

This should be ready for "documenta 13" ...





;-|
Point 3 in ForexMGames' chart worries me. PA is not leaving this trendline after testing it twice.
The Thief of Wall Street
  • #681,625
  • Aug 19, 2012 1:57pm Aug 19, 2012 1:57pm
Sums it UP..
When it retest the low - BUY!
Attached Image (click to enlarge)
Click to Enlarge Name: eu.GIF Size: 18 KB
Daytrader
  • #681,626
  • Aug 19, 2012 2:06pm Aug 19, 2012 2:06pm
Quoting Chicky
Point 3 in ForexMGames' chart worries me. PA is not leaving this trendline after testing it twice.
Yes ...

And then he gave us a second trade idea ...

And just for reasons of completeness ...

#681652

Here it is ...

Quoting ForexMGames
O sleeping EURUSD beauty! When are you waking up? Which direction are you going? Are you going out with Mr Bull or the Mr Bear?

http://i49.tinypic.com/foiowg.jpg

This slumber of yours is causing many traders to be sleepy and not watch EURUSD attentively. At the point of maximum drowsiness, EURUSD will break out. And when it does, it may go onto a fast and furious trending mode.

Scenario #2 (Mr Bear)
For teddy bear to win, this is the possible situation.

http://i45.tinypic.com/2cwvqc9.png
This one is not bad either ...





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2013-07-31 Today's Phrase of the Day: Hold off from any recycle bin experts
  • #681,627
  • Aug 19, 2012 2:12pm Aug 19, 2012 2:12pm
Quoting Chicky
Point 3 in ForexMGames' chart worries me. PA is not leaving this trendline after testing it twice.
I prefer to play it to the downside ...

A "sell the rallies mode" ...





;-|
2013-07-31 Today's Phrase of the Day: Hold off from any recycle bin experts
  • #681,628
  • Aug 19, 2012 2:21pm Aug 19, 2012 2:21pm
Ramblings ~: & the elephant they rode in on!
Daytrader
  • #681,629
  • Aug 19, 2012 2:28pm Aug 19, 2012 2:28pm

POSITION ANALYSIS: Based on Daily Analysis:
———————————————————————————————

BUY: 1.2260 SL: 1.2247 T.P.: 1.2333, 1.2380, 1.2439, 1.2691
i) 2R/R = 26/73 = 1 : 2.8
ii) 1.2255-60 were low points of last week. Has acted area of rejection for a number of days.
iii) The pair is in consolidation, looking for range positions and Possible Hold till breakout positions.

POSITION ACCEPTABLE

——————————————————————————————

BUY: 1.2240 SL: 1.2232 TP.: 1.2290, 1.2380, 1.2439
i) 2R/R = 16/50 = 1 : 3.12
ii) 1.2240 is a major Level.
iii) 1.2240 is bottom of consolidation range, acts as a control level for moves down or up.

POSITION ACCEPTABLE

——————————————————————————————

SELL: 1.2231 SL: 1.2269 T.P.: 1.2041, 1.1915, 1.1875
i) 2R/R = 76/190 = 1 : 2.5
ii) 1.2240 is a control Level.
iii) Trend Remains Down if we cross this level.
Note: Even though the RRR is not in-line, we will still accept this position because the reasons are stacked up for this position and the Larger Trend is DOWN, this position is a possible conversion to Weekly/Monthly levels. NOT ADVISED for BEGINNERS, here it will be a MM and partial Profits at correct levels play.

POSITION ACCEPTABLE

——————————————————————————————
SELL: 1.2343 SL: 1.2387 T.P.: 1.2240, 1.2166, 1.2041.
i) 2R/R = 88/103 = 1 : 1.17
ii) 1.2343 is 50 SMA resistance.
iii) 1.2381 is the high of last candle.

POSITION REJECTED: RR NOT IN FAVOR

—————————————————————————————————
POSITION ANALYSIS: Based on Weekly Analysis
—————————————————————————————————


SELL: 1.2354 SL: 1.2368 T.P.: 1.2240, 1.2130, OPEN
i) 2R/R = 28/114 = 1 : 4.07
ii) Resistance level 1.2364, Trendline Resistance.
iii) The pair is in neutral territory, looking to build position for breakout possibility.

POSITION ACCEPTABLE

—————————————————————————
SELL: 1.2395 SL: 1.2405 T.P.: 1.2333, 1.2240, 1.2130
i) 2R/R = 20/62 = 1 : 3
ii) 1.2398 is Resistance.
iii) The pair is in neutral territory, looking to build position for breakout possibility.

POSITION ACCEPTABLE

—————————————————————————

SELL: 1.2440 SL: 1.2457 T.P.: 1.2333, 1.2240, 1.2130
i) 2R/R = 34/107 = 1 : 3.14
ii) 1.2440 has acted as a double top/failure of bull move.
iii) A third failure here should take us to lower levels possibly to Trendline support(1.2154).

POSITION ACCEPTABLE

—————————————————————————

BUY: 1.2459 SL: 1.2437 T.P.: 1.2600, 1.2646, 1.29xx
i) 2R/R = 44/141 = 1 : 3.2
ii) 1.2440 has acted as Resistance for Bull move, once broken we should see higher.
iii) The pair is in neutral territory, looking to build position for breakout possibility.

POSITION ACCEPTABLE

—————————————————————————


—————————————————————————————–
Disclaimer:
These are not suggestions for Live trades.
Any loss/profit from the above are solely your responsibility.
——————————————————————————————
  • #681,630
  • Aug 19, 2012 2:36pm Aug 19, 2012 2:36pm
Anyway ...

Currently the EU rates are dancing around 1.2344/47 ...

And I can wait for more echange places to open up at first ...





;-|
2013-07-31 Today's Phrase of the Day: Hold off from any recycle bin experts
  • #681,631
  • Aug 19, 2012 3:48pm Aug 19, 2012 3:48pm
Quoting Chicky
Here we go:
"When I am bearish and I sell a stock, each sale must be at a lower level than the previous sale. When I am buying, the reverse is true. I must buy on a rising scale. I don't buy long stock on a scale down, I buy on a scale up. Let us suppose, for example, that I am buying some stock. I'll buy two thousand shares [size=3][font=Calibri]at 110. If the stock...


And a line that deals with emotions:

"Learn to reverse your natural impulses. Instead of hoping you must fear and instead of fearing you must hope."

Fear that your losses might grow bigger and cut it, hope that your profits will get to their targets. Don't fear the market will take the profits back and don't hold a loosing position hoping prices will return to BE.

Now u put me back to the beginning again Chicky...

Floors open in 14minutes...do we get a chance to sell 2386, 2435 again?
Don't just beat the markets, leave bruises.
  • #681,632
  • Aug 19, 2012 3:53pm Aug 19, 2012 3:53pm
Floors opened 2 hours ago.
Saw some nice action till now.
And nice pivot plays.
How to opt out annoying user signatures ??
  • #681,633
  • Aug 19, 2012 3:53pm Aug 19, 2012 3:53pm
was that a big buyer then at the end of friday?
  • #681,634
  • Aug 19, 2012 4:06pm Aug 19, 2012 4:06pm
Quoting sidhujag
was that a big buyer then at the end of friday?
Doubt it, seemed more like shorts clearing for the week. Were near the bottom of consolidation range. Monday is a holiday in many countries because of Eid, low liquidity.

No point in leaving a position over the weekend without a break of the range anyway.
  • #681,635
  • Aug 19, 2012 4:17pm Aug 19, 2012 4:17pm
Quoting Motion
Sure did.
"Men who can both be right and sit tight are uncommon."
  • #681,636
  • Aug 19, 2012 4:18pm Aug 19, 2012 4:18pm
Quoting Chicky
Kindly also read my earlier post above quoting Jesse.

The first and foremost thing is the general market conditions. Then how you build your postions. Once you pass these two stages, the third one comes. This third stage is most difficult, that is, sit tight, watch your profits going up and down, until general market conditions change.

The key is:
1. Waiting before entering the market
2. Waiting after you have entered a successful trade
Does this apply to when he was trading in the bucket shops?
"Men who can both be right and sit tight are uncommon."
  • #681,637
  • Aug 19, 2012 4:20pm Aug 19, 2012 4:20pm
Quoting tech_dream
Monday is a holiday in many countries because of Eid, low liquidity.
http://countingpips.com/fx/2011/08/8...-in-the-world/
  • #681,638
  • Aug 19, 2012 4:40pm Aug 19, 2012 4:40pm
Quoting Toranaga
Floors opened 2 hours ago.
Saw some nice action till now.
And nice pivot plays.
Exactly ...

Highest been aprox. 1.2355/56 until now ...

Lowest been aprox. 1.2331/30 until now ...

No gaps as almost always ...

Currently at aprox. 1.2339/41 ...





;-|
2013-07-31 Today's Phrase of the Day: Hold off from any recycle bin experts
  • #681,639
  • Aug 19, 2012 4:43pm Aug 19, 2012 4:43pm
Quoting Toranaga
Floors opened 2 hours ago.
Saw some nice action till now.
And nice pivot plays.


Ok now I'm really confused.. you say the floor opend 2 hours ago yet where i am we still have 15 min to wait for them to open.. am I doing something wrong?
  • #681,640
  • Aug 19, 2012 4:50pm Aug 19, 2012 4:50pm
back at it again fellas. I took a small long position @ 1.23390 looking to take profit at @ 1.2379ish, or whatever the market gives me. Really tight stop loss put in @ 1.2331.

http://img.photobucket.com/albums/v6...9at23441PM.png

currently in the green. Happy trading to everyone. I hope you have a solid week!
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