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  • #10,061
  • Jan 29, 2013 10:50pm Jan 29, 2013 10:50pm
Quoting dee50
For those who were not sure wether they should take the 2 trades on EUR/USD a look at the 15 min would have provided confirmation.

1st Trade short. Double Top with divergence and big Pin Bar off resistance. Good for +30 pips.

2nd Trade Long. Divergence at 50% fibo and support followed by 123 confirmed the reversal. Good for +50 pips

Dee50, I study your char about divergence , 123, pin bar, etc that you showed which is mind opening, I learn now that for an entry probability to workout , we have to have reasoning to enter a trade , the more the better
I Have Learned to Take Some Losses to Make Profits
  • #10,062
  • Jan 29, 2013 11:35pm Jan 29, 2013 11:35pm
EU H4 is again consolidating ahead of big news data release today - Euro Italian bond and later US GDP and FOMC.
Will market be pro-USD post-FOMC statement? What does history says on our charts?

Technically, still too early for that bearsih divergence I want to see before I commit to SELL.
Yesterday DIB BO wasn't convincing and NYO drove price back up.
Is that the work of SM?
Attached Image (click to enlarge)
Click to Enlarge Name: EU week 05 30 Jan 30-1-2013 1-18-44 PM.png Size: 34 KB
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #10,063
  • Jan 30, 2013 1:42am Jan 30, 2013 1:42am
Quoting emmanuel7788
EU H4 is again consolidating ahead of big news data release today - Euro Italian bond and later US GDP and FOMC.
Will market be pro-USD post-FOMC statement? What does history says on our charts?

Technically, still too early for that bearsih divergence I want to see before I commit to SELL.
Yesterday DIB BO wasn't convincing and NYO drove price back up.
Is that the work of SM?
EU breaking higher ...target 1.3547.

Sigh! divergence faded away.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #10,064
  • Jan 30, 2013 2:10am Jan 30, 2013 2:10am
Quoting emmanuel7788
EU H4 is again consolidating ahead of big news data release today - Euro Italian bond and later US GDP and FOMC.
Will market be pro-USD post-FOMC statement? What does history says on our charts?

Technically, still too early for that bearsih divergence I want to see before I commit to SELL.
Yesterday DIB BO wasn't convincing and NYO drove price back up.
Is that the work of SM?
How do you have time to make so many fantastic posts and trade simultaneously? Lol
What is any ocean but a multitude of drops?
  • #10,065
  • Jan 30, 2013 2:30am Jan 30, 2013 2:30am
Quoting Xhale12
How do you have time to make so many fantastic posts and trade simultaneously? Lol
first, those are not fantastic posts. simple quick views with lots of reading.

second, I trade only 5 ccy pairs for intraday, and for short swing I only look at 4-hour period.

third, I automate all my trade management using EAs. This way, I have very little emotions to deal with.

lastly, things are so much easier when I have another 8 pairs of eyes trading together, making technical analysis, making trade setup alerts, and sharing trade signals. It is about distribution of labour. LOL.

Trading is a very lonely business and I can't do it alone.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #10,066
  • Jan 30, 2013 3:51am Jan 30, 2013 3:51am
nice trade this mornig enjoy
Attached Image(s) (click to enlarge)
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  • #10,067
  • Jan 30, 2013 3:55am Jan 30, 2013 3:55am
eurjpy
Attached Image (click to enlarge)
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  • #10,068
  • Jan 30, 2013 4:20am Jan 30, 2013 4:20am
Quoting davson90
nice trade this mornig enjoy
Those are very nice trades, good currency pair choice picked and good timing.

for each ccy pair traded.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #10,069
  • Jan 30, 2013 4:47am Jan 30, 2013 4:47am
Good morning,

Did anyone entered LONG EUR/USD at that cross from 1.3510? If yes what is your TP?
.355 would be a good choice IMO as is a round number and is also the 161.8 Fib Expansion

Dee did I identified well the 123 pattern on the 15 min TF? the 2nd leg is sitting on a S&R level provided by the yesterday's high

Cheers
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.gif Size: 16 KB
  • #10,070
  • Edited 5:04am Jan 30, 2013 4:48am | Edited 5:04am
davson90,

At what level was your primary SL on EURUSD? How many pips did you earn and how many did you risk?

Cheers,
M.
Remember I'm a newbie!
  • #10,071
  • Jan 30, 2013 5:25am Jan 30, 2013 5:25am
Quoting emmanuel7788
first, those are not fantastic posts. simple quick views with lots of reading.

second, I trade only 5 ccy pairs for intraday, and for short swing I only look at 4-hour period.

third, I automate all my trade management using EAs. This way, I have very little emotions to deal with.
Hi Emmanuel,
Could you speak a little bit about the different EAs you are using to manage your trades after opening them ? Thanks in advance.
  • #10,072
  • Jan 30, 2013 5:27am Jan 30, 2013 5:27am
Quoting davson90
nice trade this mornig enjoy
Yes davson , great trades, but you better add your trades entry and exit reasoning , so that its more useful for traders following this strategy

Here is mine

My entry was late, a cross of TDI already formed at Frankfurt, I was not available to trade the signal when it was forming , my entry would be after the breakout of Asian Session, or at least at the beginning of London Open for more pips

I wanted to close the trade at + 30 pips but my broker FXDD server was over loaded and busy so I could not close it, had to wait until there was a response from the server and exited with +19 pips

While the trade was in action, I was - 10 pips down, but eventually my trade took off and I made those sweet pips

So as Xmans says, Happy Pippin
Attached Image (click to enlarge)
Click to Enlarge Name: 1.jpg Size: 331 KB
I Have Learned to Take Some Losses to Make Profits
  • #10,073
  • Jan 30, 2013 6:42am Jan 30, 2013 6:42am
Quoting emmanuel7788
first, those are not fantastic posts. simple quick views with lots of reading.

second, I trade only 5 ccy pairs for intraday, and for short swing I only look at 4-hour period.

third, I automate all my trade management using EAs. This way, I have very little emotions to deal with.

lastly, things are so much easier when I have another 8 pairs of eyes trading together, making technical analysis, making trade setup alerts, and sharing trade signals. It is about distribution of labour. LOL.

Trading is a very lonely business and I can't do it...

Can I know which 5 ccy pairs you refer to here pls.. As an experienced trader you must have good reasons like ADR, volatility and/or spread value etc. to stick to a small selection out of 20 -30.
And we newbies are thankful to guys like you who share your hard earned knowledge with us.. Thank you ..
  • #10,074
  • Jan 30, 2013 6:53am Jan 30, 2013 6:53am
Quoting effluvium
Hi Emmanuel,
Could you speak a little bit about the different EAs you are using to manage your trades after opening them ? Thanks in advance.
I use the Multi Purpose Trade Manager (MPTM) by Steve Hopwood. There is s thread here in FF which is now moved to the Commercial Content forum.
Here is the link:

http://www.forexfactory.com/showthre...99#post2029899

There are some good features which I use to manage S3 trades:
- scaling out take profit
- basket trades management
- jumping stops

You will find the EA and manual at the link above.

Regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #10,075
  • Jan 30, 2013 7:07am Jan 30, 2013 7:07am
Quoting Anu_
Can I know which 5 ccy pairs you refer to here pls.. As an experienced trader you must have good reasons like ADR, volatility and/or spread value etc. to stick to a small selection out of 20 -30.
And we newbies are thankful to guys like you who share your hard earned knowledge with us.. Thank you ..
Hi Anu,

For intraday trading, I trade mainly these pairs.

AU, AJ, EU, EJ and GU.

I trade the Asian and Euro market sessions, and these pairs will give me enough trades per month.
You need to follow the ADR of these pairs and keep your trade TP within expectations. For exmaple if EU has a ADR of only 75 pips average for the last 100days, you can't expect to get 100pips per normal day. There will be days when market breakouts and this when we must know how to manage and ride the trend breakout.

Spread is another deciding factor and this is the reason why I dont trade GJ which is a very volatile pair.

For trading the H4 TF Swing trading , I trade other Euro cross pairs like EURGBP, EURCHF, and EURAUD and also USDCHF, both are my favourite.


You need to know the characteristics of the currency pair. A good book to read is "Day Trading and Swing Trading the Currency Market" by Kathy Lien. You will find some useful information about the cutrrency pair characteristics.

Hope this help.

regards,
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #10,076
  • Jan 30, 2013 7:22am Jan 30, 2013 7:22am
Quoting emmanuel7788
Hi Anu,

For intraday trading, I trade mainly these pairs.

AU, AJ, EU, EJ and GU.

I trade the Asian and Euro market sessions, and these pairs will give me enough trades per month.
You need to follow the ADR of these pairs and keep your trade TP within expectations. For exmaple if EU has a ADR of only 75 pips average for the last 100days, you can't expect to get 100pips per normal day. There will be days when market breakouts and this when we must know how to manage and ride the trend breakout.

Spread is another deciding factor and this is...
THANK YOU so much!
  • #10,077
  • Jan 30, 2013 7:28am Jan 30, 2013 7:28am
Quoting gigicualex
Good morning,

Did anyone entered LONG EUR/USD at that cross from 1.3510? If yes what is your TP?
.355 would be a good choice IMO as is a round number and is also the 161.8 Fib Expansion

Dee did I identified well the 123 pattern on the 15 min TF? the 2nd leg is sitting on a S&R level provided by the yesterday's high

Cheers
Absolutely spot on. I took that trade from there as well, made the same pips. +46. Targeted the S&R level at 1.3560.
Cut your Losers short and let your Winners run.
  • #10,078
  • Jan 30, 2013 8:06am Jan 30, 2013 8:06am
Here is a little point of interest for you especially the longer term traders on the 4hr charts. The TDI can tell you more than just when the Red and Green cross. There are areas of Support and Resistance within the indicator as well. Take a look at the attached charts a 4hr and Daily. I have marked with Green dashed horizontal lines areas of Resistance within the TDI, where the TDI bounces off one of those lines I have marked with a vertical blue line, check out what happens at these points time and time again. You will see some blue arrows these are areas where divergence formed.

The TDI can confirm that there is a reversal coming, not necessarily immeadiately, and by being aware of these support and resistance point, can give you the heads up days in advance helping with your Trade Plan. Naturally they often occur at the same time as Price reaches an S&R level so they act as additional confirmation. This sort of advance notice can lead to good pips 70 - 100 on the 4 hr and anything from 200 -500 on the daily.

This sort of analysis also works on other time frames.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Daily TDI SR.png Size: 55 KB
Click to Enlarge Name: 4 Hr TDI SR.png Size: 51 KB
Cut your Losers short and let your Winners run.
  • #10,079
  • Jan 30, 2013 8:12am Jan 30, 2013 8:12am
Quoting dee50
Here is a little point of interest for you especially the longer term traders on the 4hr charts. The TDI can tell you more than just when the Red and Green cross. There are areas of Support and Resistance within the indicator as well. Take a look at the attached charts a 4hr and Daily. I have marked with Green dashed horizontal lines areas of Resistance within the TDI, where the TDI bounces off one of those lines I have marked with a vertical blue line, check out what happens at these points time and time again. You will see some blue arrows these...
Yes Dee I've also noticed this but could not confirm it, now the you have clear the water, I can use this as S&R on the 4H and Daily Chart
I Have Learned to Take Some Losses to Make Profits
  • #10,080
  • Jan 30, 2013 9:00am Jan 30, 2013 9:00am
Quoting dee50
Absolutely spot on. I took that trade from there as well, made the same pips. +46. Targeted the S&R level at 1.3560.
Congrats for that trade as well
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