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  • #701
  • Feb 14, 2013 9:57am Feb 14, 2013 9:57am
If this breaks to the downside it might possibly be a good hold for Friday. You never know stops in place.
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  • #702
  • Feb 14, 2013 10:16am Feb 14, 2013 10:16am
Quoting Seneca pilot
If this breaks to the downside it might possibly be a good hold for Friday. You never know stops in place.
Last week close was signalling demand, why place a sell limit order ?
  • #703
  • Feb 14, 2013 10:38am Feb 14, 2013 10:38am
Think you're right. We would've expected 361 or thereabouts to have been reached as a pullback this afternoon. It hasn't happened. Looks like price is waiting for the averages to catch up before pushing further south (I like to have 4 and 8 hour on my chart as a guide only)
  • #704
  • Feb 14, 2013 10:45am Feb 14, 2013 10:45am
Quoting Theodolite
Last week close was signalling demand, why place a sell limit order ?
Last week price closed very near the bottom of the range and we have now broken it to the south this week. Price hasn't even been able to rally to the close from last week yet. I don't see demand here but I don't always win on every trade. No matter where we choose to trade we can never know for sure what the next move will be. Stops are in to protect the account Targeting the 32/3250 area for 2/1 or 3/1.

PS: The sell limit wasn't entered until the low was broken this morning.
  • #705
  • Feb 14, 2013 10:50am Feb 14, 2013 10:50am
Quoting andys0506
Think you're right. We would've expected 361 or thereabouts to have been reached as a pullback this afternoon. It hasn't happened. Looks like price is waiting for the averages to catch up before pushing further south (I like to have 4 and 8 hour on my chart as a guide only)
Yeah I'm not sure we're going to make 36. I almost posted about the blue being weekly low and stronger than the open/close but I want to be careful not to impact the trading decisions you guys make. Everybody has to find their own way. It is always possible that we rally a little this evening during Asia and early Europe back up to test the open/close area.
  • #706
  • Feb 14, 2013 11:03am Feb 14, 2013 11:03am
Quoting Xhale12
Break of d open with strong momentum. In on retest
I want to come back and say something about this trade. This is the proper way to trade price action bars. Notice Xhale got a nice engulfing right at a high probability area we have identified. All the other pins, engulfings, inside bars, and other price action bars are just another bar unless they occur at a proven area of interest. These bars work but only if they are in line with order flow and important decision points throughout the day.

Again an excellent trade.
  • #707
  • Feb 14, 2013 3:23pm Feb 14, 2013 3:23pm
Quoting Seneca pilot
Yeah I'm not sure we're going to make 36. I almost posted about the blue being weekly low and stronger than the open/close but I want to be careful not to impact the trading decisions you guys make. Everybody has to find their own way. It is always possible that we rally a little this evening during Asia and early Europe back up to test the open/close area.
Well 361 was reached. Lets see how price reacts here. Have faith in the levels!
  • #708
  • Feb 15, 2013 12:42am Feb 15, 2013 12:42am
Quoting FxGladiator
Cindyxxxx, You apparently did not read the thread completely from start.
Seneca is the real deal. He is trading his own account and making a descent living.
He is sharing his concepts and truths he discovered in the market.
So don't just make ignorant comments.
Most traders in this thread are objective and have sincere desire to learn and succeed.
Rodger that
Time hides Nothing
  • #709
  • Feb 15, 2013 7:55am Feb 15, 2013 7:55am
At what point does a level become a 'non-level', ie no longer relevant?

For example, previous day low is broken, then retested (I call that the 1st test with the best probability). Great place to enter. Price then falls away a bit, then sharply rises and crosses back above the level. Is the level now violated as its been touched several times or should we still be monitoring it until the next session and new levels are defined.

In my research it does seem to be that once a level has been touched, breached a few times it looses its importance.

What's your thought on this SP?
  • #710
  • Feb 15, 2013 8:05am Feb 15, 2013 8:05am
Well that didn't go as well as I would have liked. It was pretty obvious as London unfolded that the yen pairs are still driving the bus. The Thursday low held on EU so I had to exit with about twenty eight average pips (35 on highest entry and 21 pips on first entry). Both yen pairs once again had textbook and very profitable daily open trades. I didn't have internet until this morning so the week has been a total bust for me. I just got enough to get back to evenish for the week with the EU trade yesterday. I finished the week down .1%.

I have now moved in the house. We will unpack this weekend and get organized. Internet and TV are fully functional so back to work Monday. I am still struggling with whether to start a TE. If I do the entries will have to be made manually. For most times this will not be a problem because I normally use pending orders once the entry criteria are met. For those times when price is close to a daily high or low and there is not time to set pending orders the entries in the TE would be a bit delayed as I would have to enter manually after my main account entries.
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  • #711
  • Feb 15, 2013 8:15am Feb 15, 2013 8:15am
Quoting andys0506
At what point does a level become a 'non-level', ie no longer relevant?

For example, previous day low is broken, then retested (I call that the 1st test with the best probability). Great place to enter. Price then falls away a bit, then sharply rises and crosses back above the level. Is the level now violated as its been touched several times or should we still be monitoring it until the next session and new levels are defined.

In my research it does seem to be that once a level has been touched, breached a few times it looses its importance....
Sometimes this happens with intraday trades. You will get for example a daily open trade where price goes twenty pips in your favor the quickly retraces back and takes out your stop. In most cases when this happens you can reverse direction and get the profit in the direction of the new sentiment when the level is retested.

If the level fails for a second time (ex. fails as support, then fails again as resistance) I will still often take the third test as support again. Some times the two failures are just your original trade working out but with a volatility spike. Support works but the test just goes low enough to take out the stop. This could be news or option related or possibly CB activity, we never really know why. It is very rare for me to take three losses on a level. It happens but it is rare.

I used to enter only one trade and watch it reversing until I got my profit. As I have gotten better at this I am now identifying the pairs that are behaving best and entering two trades diversifying between euro and pound. Sometimes this works for me and sometimes not.
  • #712
  • Feb 15, 2013 8:24am Feb 15, 2013 8:24am
Quoting Seneca pilot
Well that didn't go as well as I would have liked. It was pretty obvious as London unfolded that the yen pairs are still driving the bus. The Thursday low held on EU so I had to exit with about twenty eight average pips (35 on highest entry and 21 pips on first entry). Both yen pairs once again had textbook and very profitable daily open trades. I didn't have internet until this morning so the week has been a total bust for me. I just got enough to get back to evenish for the week with the EU trade yesterday. I finished the week down .1%.

I...
EJ was a beauty today. My most profitable trade of the week.

What exactly is your motivation behind starting a TE? I feel you've provided more than enough through your charts and commentary in this thread.
What is any ocean but a multitude of drops?
  • #713
  • Feb 15, 2013 8:41am Feb 15, 2013 8:41am
Quoting Xhale12
EJ was a beauty today. My most profitable trade of the week.

What exactly is your motivation behind starting a TE? I feel you've provided more than enough through your charts and commentary in this thread.
I don't really know, that's why the struggle. Anybody trading this knows how profitable it is. I didn't start a system thread so nothing to prove. I guess because I would never post my trade reports from my main account on a public forum. I will probably just make the decision to keep my test account for tests. maybe I could make them in a TE but the stats would be all over the place. I test some stuff that flops and some that works.
  • #714
  • Feb 15, 2013 8:50am Feb 15, 2013 8:50am
Quoting Xhale12
EJ was a beauty today. My most profitable trade of the week.

What exactly is your motivation behind starting a TE? I feel you've provided more than enough through your charts and commentary in this thread.
Yep EJ made 4/1 no problem. Shows why its important not to have a bias. How many people do you think shorted when EJ went below yesterday's low on the "breakout", after all it had to keep going down after the big move down yesterday.
  • #715
  • Feb 15, 2013 9:25am Feb 15, 2013 9:25am
Eying previous week's close on EU again. If it breaks...your guess is as good as mine.
  • #716
  • Feb 15, 2013 11:12am Feb 15, 2013 11:12am
After the breakout. Can the bracket levels act as S/R levels?
  • #717
  • Feb 15, 2013 11:25am Feb 15, 2013 11:25am
Quoting Theodolite
After the breakout. Can the bracket levels act as S/R levels?
Yes. By the mere fact that price has to retest the breakout before you make the first entry, it validates it. I have also seen price bounce off these levels in the middle on a run.
  • #718
  • Feb 15, 2013 12:20pm Feb 15, 2013 12:20pm
I hope everyone had a profitable day...6.0R gain = 6% for me.
Had some losses when price spiked around the daily open, but made up my losses and some more later in the day.

Have a nice weekend, traders!
  • #719
  • Feb 15, 2013 2:01pm Feb 15, 2013 2:01pm
Quoting Olarion1975
I hope everyone had a profitable day...6.0R gain = 6% for me.
Had some losses when price spiked around the daily open, but made up my losses and some more later in the day.

Have a nice weekend, traders!
Which pair/s did you trade? EJ and GJ behaved perfectly.

Glad you ended the day in a nice profit.
  • #720
  • Feb 15, 2013 2:17pm Feb 15, 2013 2:17pm
Just when I wrote off UJ the other day I see that it had the least drawdown and the best R gain of all the yen pairs today. Maybe one day I'll get the hang of this pair.

I hope everyone has a great weekend and I will see you guys Monday. Back to putting up curtains and unpacking. It's amazing how much junk you accumulate over the years. I have been married almost sixteen years and it seems we only buy things, never throw them away.

I will be posting another essay sometime Sunday night or Monday. I have a new thought bouncing around in my head.

Later.
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