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  • #321
  • Dec 3, 2012 5:14am Dec 3, 2012 5:14am
  •  9er
  • | Joined Oct 2012 | Status: Please tell me it's impossible | 732 Posts
And then it let's us remove the risk. I am at BE.

I've likened trading forex as the same as getting caught in traffic through a major construction zone and behind a car that refuses to do at least the speed limit! It's maddening - but with patience the construction zone clears and you are free to pass. now I can breath again~!
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  • #322
  • Dec 3, 2012 5:16am Dec 3, 2012 5:16am
  •  9er
  • | Joined Oct 2012 | Status: Please tell me it's impossible | 732 Posts
Now it would be a nice time if the RSI STAYS below fifty!
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  • #323
  • Dec 3, 2012 5:28am Dec 3, 2012 5:28am
Hi
Sorry I got a bit lost with all the posts. Can you please summarize your reasons for taking this trade?
Thanks
  • #324
  • Dec 3, 2012 5:29am Dec 3, 2012 5:29am
9er
Just back from a lovely dinner with my wife. Entered a short trade prior to going and pleased to see green pips on my return and now stop at BE.
My question is that we are seeing the completion of the ABCD on 15 min and 1 hr timeframe, but a bullish bat formation has formed on the 5 min chart and it just above the 200sma. Would you take partial profit at this stage and let the other run, or would you let it all run based on the longer timeframes?
gregben
  • #325
  • Dec 3, 2012 5:32am Dec 3, 2012 5:32am
  •  9er
  • | Joined Oct 2012 | Status: Please tell me it's impossible | 732 Posts
Sure thing - go to post 302. I took the trade (a sell stop) based on the completion of the B to C leg, and the somewhat bearish nature of the candle to preceded the completion of the B to C leg

Quoting ed1705
Hi
Sorry I got a bit lost with all the posts. Can you please summarize your reasons for taking this trade?
Thanks
  • #326
  • Dec 3, 2012 5:36am Dec 3, 2012 5:36am
  •  9er
  • | Joined Oct 2012 | Status: Please tell me it's impossible | 732 Posts
Gregben - I would simply lock in profit for the entire trade. Keep in mind that the bat on the 5M is just that, on the 5M. The thing I am watching now is the 200 from the 5M to determine a better place to lock in more profit, or close the trade all together.

Thing is sometimes it turns before getting to the 200. Which is why I won't ever speculate that it will, but I lock in profit and really don't care if it gets taken out.

The thing with ZUP is it will paint valid patterns, but it has no way of knowing if the pattern is finished forming yet.

Which is why (if you remember) i advised against using the ZUP as a signal generator.

Quoting gregben
9er
Just back from a lovely dinner with my wife. Entered a short trade prior to going and pleased to see green pips on my return and now stop at BE.
My question is that we are seeing the completion of the ABCD on 15 min and 1 hr timeframe, but a bullish bat formation has formed on the 5 min chart and it just above the 200sma. Would you take partial profit at this stage and let the other run, or would you let it all run based on the longer timeframes?
gregben
  • #327
  • Dec 3, 2012 5:39am Dec 3, 2012 5:39am
  •  9er
  • | Joined Oct 2012 | Status: Please tell me it's impossible | 732 Posts
Drilling to the 5M we can see that RSI is below 50. The BAT painted but price is sideways. Don't speculate and exit too early, if you locked in profit, take your hand off the mouse and "see what it does".

If it takes you out, it was supposed to take you out. otherwise you may benefit from a nice ride if you learn to "refrain" from letting your emotions get in the way
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  • #328
  • Dec 3, 2012 5:41am Dec 3, 2012 5:41am
  •  9er
  • | Joined Oct 2012 | Status: Please tell me it's impossible | 732 Posts
So in this case I was taken out at BE (well actually +.01 pips). Now I look for a reason to re-enter
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  • #329
  • Dec 3, 2012 5:51am Dec 3, 2012 5:51am
  •  9er
  • | Joined Oct 2012 | Status: Please tell me it's impossible | 732 Posts
Go to page 2 of this document and someone tell me what you see from the attached chart
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File Type: docx Charts Expounded.docx   242 KB | 399 downloads
  • #330
  • Dec 3, 2012 5:55am Dec 3, 2012 5:55am
  •  9er
  • | Joined Oct 2012 | Status: Please tell me it's impossible | 732 Posts
Quote from Bill Williams "New Trading Dimensions":

"Dancing with the Market is moving with the flow of the market - up, down, or sideways - with a feeling of trust, gratitude and yes, even love."
  • #331
  • Dec 3, 2012 6:05am Dec 3, 2012 6:05am
  •  9er
  • | Joined Oct 2012 | Status: Please tell me it's impossible | 732 Posts
Set sell stop based off 4H.

Premise:
1. Divergence between the AO and price (Yet again)
2. RSI above 60 (was turning down)
3. this high represents the completion of an ABCD pattern (ugly as hell, but it it there nonetheless)
4. Bearish divergent candle with engulfing qualities (the body and the entire wick completely engulf it's predecessor) Or simply put :bearish engulfing)

Now - can I find an earlier entry if I surmise that the 4H is going down? You bet, simply by "hawking" for a setup via Candle reversal, RSI etc. on lower TF's

As i find them I will post
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  • #332
  • Dec 3, 2012 6:16am Dec 3, 2012 6:16am
  •  9er
  • | Joined Oct 2012 | Status: Please tell me it's impossible | 732 Posts
This is foolish. Does anyone see anything wrong with these charts?

Until price quits it's bitching and moaning and comes out of these sideways channels, it is safe to say close any open trades on the EU (if surmised from anything other than the 4H) and stay away from this tightly bound range.

Scalping at the 5M is possible, but due to low volume and bias uncertainty I would advise staying out until there is a break

Nothing will make you doubt yourself quicker than a market that has no clue what the F*ck it wants to do!
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  • #333
  • Dec 3, 2012 6:22am Dec 3, 2012 6:22am
Quoting 9er
Go to page 2 of this document and someone tell me what you see from the attached chart
Bearish Harami, followed by another, then started to reverse but didn't follow thru, which tells us price is again uncertain of direction.
Barry
  • #334
  • Dec 3, 2012 6:26am Dec 3, 2012 6:26am
  •  9er
  • | Joined Oct 2012 | Status: Please tell me it's impossible | 732 Posts
Anyone please feel free to correct me on this one, but I believe what I have just drawn on the attached 1H chart is known as a "Bull Trap".

Notice the nice up channel, then after the large up spike which started this sideways movement?

price is no longer channeling (moving up and down through the uptrend). The upper trend line is tagged and price goes rangebound after that.
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  • #335
  • Dec 3, 2012 6:27am Dec 3, 2012 6:27am
Quoting 9er
This is foolish. Does anyone see anything wrong with these charts?

Until price quits it's bitching and moaning and comes out of these sideways channels, it is safe to say close any open trades on the EU (if surmised from anything other than the 4H) and stay away from this tightly bound range.

Scalping at the 5M is possible, but due to low volume and bias uncertainty I would advise staying out until there is a break

Nothing will make you doubt yourself quicker than a market that has no clue what the F*ck it wants to do!
Yes agree!!! Good time to study.
Do you only trade E/U?
I don't know how you keep your trading hours. When the heck do you sleep?
Barry
  • #336
  • Dec 3, 2012 6:28am Dec 3, 2012 6:28am
  •  9er
  • | Joined Oct 2012 | Status: Please tell me it's impossible | 732 Posts
Bary - I'm gonna make you a moderator my man! I'm loving what your laying down

Quoting Bary
Bearish Harami, followed by another, then started to reverse but didn't follow thru, which tells us price is again uncertain of direction.
  • #337
  • Dec 3, 2012 6:29am Dec 3, 2012 6:29am
  •  9er
  • | Joined Oct 2012 | Status: Please tell me it's impossible | 732 Posts
Only EU nothing else. I get my sleep - trust me on that one!

Quoting Bary
Yes agree!!! Good time to study.
Do you only trade E/U?
I don't know how you keep your trading hours. When the heck do you sleep?
  • #338
  • Dec 3, 2012 6:43am Dec 3, 2012 6:43am
Good morning or afternoon to some my, my, my you've been busy great stuff love it! just got caught up I'll take a look at EU and give you my two pips.
If you fail to plan, you plan to fail.
  • #339
  • Dec 3, 2012 6:51am Dec 3, 2012 6:51am
  •  9er
  • | Joined Oct 2012 | Status: Please tell me it's impossible | 732 Posts
Finally - the break out. Bulls in charge!
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  • #340
  • Dec 3, 2012 6:54am Dec 3, 2012 6:54am
  •  9er
  • | Joined Oct 2012 | Status: Please tell me it's impossible | 732 Posts
Any idea what is driving this price action? There hasn't been any news releases for 3 hours??
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