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  • #9,881
  • Jan 17, 2013 7:34am Jan 17, 2013 7:34am
I traded the EJ again today......took a page from Dee's book and analysed the trades on the H1 but entered trades on the M15.....two nice Asian session trades.....one small loser just before London (I knew better than to take that trade....one of the hazards of using the M15 for entry).....very nice move up from the London Open......done for the week......
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  • #9,882
  • Jan 17, 2013 7:47am Jan 17, 2013 7:47am
Quoting Quezoy
Could you give your thoughts regarding why this recent consolidation looked like a reversal setup and the one marked, from a few days ago, as a continuation?
Todays move was not a reversal it was a continuation, PA had only pulled back to the 38.2%, that does not really constitute a reversal. But, the 1.3250 BRN was support in both instances. Yesterday and today the 38.2% fibo and the 200 ema came into play adding strength to the support level.
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Cut your Losers short and let your Winners run.
  • #9,883
  • Jan 17, 2013 7:55am Jan 17, 2013 7:55am
Quoting Phx62
emmanuel......good to see you post here again and I really appreciate your comments.......
newbies, listen to this trader....he is one of the best analysts out there.....look his name up on the member list and go back and read his posts.....he has a very thorough understanding of the forex market......learn from him!!!!!!
Ditto
Cut your Losers short and let your Winners run.
  • #9,884
  • Jan 17, 2013 7:56am Jan 17, 2013 7:56am
Quoting davson90
+40 pips on eurusd enjoy
Money in the bank
Cut your Losers short and let your Winners run.
  • #9,885
  • Jan 17, 2013 8:04am Jan 17, 2013 8:04am
Quoting Phx62
I traded the EJ again today......took a page from Dee's book ......
What book? Is there a book that Dee wrote and posted? Intrigued!
Thanks.
  • #9,886
  • Jan 17, 2013 8:37am Jan 17, 2013 8:37am
Quoting MidnightRun
What book? Is there a book that Dee wrote and posted? Intrigued!
Thanks.
All his posts need to be compiled into a book!!!!!!!
  • #9,887
  • Jan 17, 2013 10:20am Jan 17, 2013 10:20am
Quoting Phx62
All his posts need to be compiled into a book!!!!!!!
I am trying to do that with your posts but you keep adding new gems so it is difficult to keep up.
Cut your Losers short and let your Winners run.
  • #9,888
  • Jan 17, 2013 10:26am Jan 17, 2013 10:26am
I have better idea put Dee posts together with Phx and we will be all billionaire
  • #9,889
  • Jan 17, 2013 10:30am Jan 17, 2013 10:30am
Quoting T999
I have better idea put Dee posts together with Phx and we will be all billionaire
LOL
Cut your Losers short and let your Winners run.
  • #9,890
  • Jan 17, 2013 12:57pm Jan 17, 2013 12:57pm
Quoting Phx62
I traded the EJ again today......took a page from Dee's book and analysed the trades on the H1 but entered trades on the M15.....two nice Asian session trades.....one small loser just before London (I knew better than to take that trade....one of the hazards of using the M15 for entry).....very nice move up from the London Open......done for the week......
Hello Phx62,

Do you use a support & resistance/pivots indicator?

It seems you manually draw the lines.

I've tried a few, but none convince me. The best I've tried so far is the recent_sr indi from hanover, and also the THV 3.5 weekly pivots indicator.

Any you've tried that you like?

I think I'll just end up drawing them manually. I've felt more confident that way.
  • #9,891
  • Jan 17, 2013 1:11pm Jan 17, 2013 1:11pm
Quoting fxtrade13
Hello Phx62,

Do you use a support & resistance/pivots indicator?

It seems you manually draw the lines.

I've tried a few, but none convince me. The best I've tried so far is the recent_sr indi from hanover, and also the THV 3.5 weekly pivots indicator.

Any you've tried that you like?

I think I'll just end up drawing them manually. I've felt more confident that way.
I just draw manually off the daily chart.....I look for the "sore thumb" locations where price has reversed or conslolidated....it has worked well for me...I also started drawing some H1 S/R but that has not worked very well....will probably just look at Daily S/R for now.
  • #9,892
  • Jan 17, 2013 2:12pm Jan 17, 2013 2:12pm
Quoting Phx62
I just draw manually off the daily chart.....I look for the "sore thumb" locations where price has reversed or conslolidated....it has worked well for me...I also started drawing some H1 S/R but that has not worked very well....will probably just look at Daily S/R for now.
Today done 4 Trades

15 pips
12 pips
Breakeven
and -12 pips on the retracement after the big move , mistake was trading against the trend, I think PA was making a Higher Low before it continutes and makes a Higher High, should have waited PA to correct its move and then jump up with the bullish trend
I Have Learned to Take Some Losses to Make Profits
  • #9,893
  • Jan 17, 2013 5:13pm Jan 17, 2013 5:13pm
Hi Dee50 and Phx62,

I have been reading and learning about PA for the last couple of weeks. However, it has all been via google, can you guys recommend any particular source that you found useful.


Thanks
  • #9,894
  • Jan 17, 2013 6:00pm Jan 17, 2013 6:00pm
Quoting lounge14
Hi Dee50 and Phx62,

I have been reading and learning about PA for the last couple of weeks. However, it has all been via google, can you guys recommend any particular source that you found useful.


Thanks
Go to the link in the first post of this thread that will take you to Pro Traders Network......lots of price action and market harmonics taught there. Also mentioned above....
  • #9,895
  • Jan 17, 2013 10:09pm Jan 17, 2013 10:09pm
Hi PHX,

Could you please share me how to trade in this case? (note with 200ema & 50 ema) Would you take it or find another one?

Thanks you,
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  • #9,896
  • Jan 17, 2013 10:53pm Jan 17, 2013 10:53pm
I entered short on the retracement, got stopped out with -13 pips, why would you guys avoid this entry?

I think the price was making a Higher Low before it continues and makes a Higher High

Was the pattern I draw on the chart correct? ABCD?
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I Have Learned to Take Some Losses to Make Profits
  • #9,897
  • Jan 17, 2013 11:05pm Jan 17, 2013 11:05pm
Quoting Pervis
Hi PHX,

Could you please share me how to trade in this case? (note with 200ema & 50 ema) Would you take it or find another one?

Thanks you,
See post 9,511....I did take the 2nd trade for +40 pips.....I would not take the 1st red arrow trade since price was bouncing up and down over the 50EMA and the 1st candle of LO tested and failed to break the 50EMA.....once price moved away from the 50, I knew there was about 27 pips to the 200EMA and if price reversed, the worst I could do is break even or gain a small profit.....EMA's are not walls that stop price....just guides where resistance or support CAN occur.....and it does quite often.....
  • #9,898
  • Jan 17, 2013 11:38pm Jan 17, 2013 11:38pm
Quoting Phx62
See post 9,511....I did take the 2nd trade for +40 pips.....I would not take the 1st red arrow trade since price was bouncing up and down over the 50EMA and the 1st candle of LO tested and failed to break the 50EMA.....once price moved away from the 50, I knew there was about 27 pips to the 200EMA and if price reversed, the worst I could do is break even or gain a small profit.....EMA's are not walls that stop price....just guides where resistance or support CAN occur.....and it does quite often.....
Wow, you already taken it
I'm just learn from you and something to remember:
- Pay attention to price when it broken through EMA and test EMA
- EMA's are not walls that stop price

Many thanks to you!
  • #9,899
  • Jan 18, 2013 2:51am Jan 18, 2013 2:51am
guys have you also entered short on eur/jpy now at 120.26?
I entered based on rejection of yesterday high which acted as a S&R , tdi cross(green below red and MBL). TP will be around 119.30 where there is a conflunece of 32 Fib level (drawn from yesterday low high) and 200 EMA.

Any opinion will be most apreciated.

Thanks
  • #9,900
  • Jan 18, 2013 3:05am Jan 18, 2013 3:05am
Quoting gigicualex
guys have you also entered short on eur/jpy now at 120.26?
I entered based on rejection of yesterday high which acted as a S&R , tdi cross(green below red and MBL). TP will be around 119.30 where there is a conflunece of 32 Fib level (drawn from yesterday low high) and 200 EMA.

Any opinion will be most apreciated.

Thanks
Hi gigicualex

Nice one, but I thinks we must pay attention to support line @120.000
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