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Ramblings of a Forex Junkie

  • #2,701
  • Apr 26, 2013 9:50am Apr 26, 2013 9:50am
Quoting Seneca pilot
{quote} Still alive but testing you hard. Again if the low gets broken and you take the twelve or thirteen pips loss I would be done.
As we are watching this live - the second last 15m candle, pinbar, as this is off a strong level/very strong level and looks like a strong bit of buying went on there would you ever use that pipbar as an entry signal? Or would you have thought ahead and only got in on the touch of WL (if you liked the pa)?

It's the sixth touch on the level in the last 24hrs so I'm guessing you might not have enough confidence in it to enter on the touch - but the pinbar is potentially now showing the way? Would you trade it?
  • #2,702
  • Apr 26, 2013 9:51am Apr 26, 2013 9:51am
Quoting Seneca pilot
{quote} I wouldn't advocate moving it at all until there is some evidence to support that. I would currently have it below the recent low caused by the entry touch. Once the price is at the highs I would then make the decision to either take profit completely or move to BE at that point because the highs are a known rejection point. This trade is a tester for sure but going to BE too quickly can cause far too many no gain trades and that will have a long term negative effect on you equity that is unacceptable. The profitable thing to do here is...
Now I would go to BE if so inclined.
  • #2,703
  • Apr 26, 2013 9:53am Apr 26, 2013 9:53am
Quoting stevexyg
{quote} As we are watching this live - the second last 15m candle, pinbar, as this is off a strong level/very strong level and looks like a strong bit of buying went on there would you ever use that pipbar as an entry signal? Or would you have thought ahead and only got in on the touch of WL (if you liked the pa)? It's the sixth touch on the level in the last 24hrs so I'm guessing you might not have enough confidence in it to enter on the touch - but the pinbar is potentially now showing the way? Would you trade it?
I don't care about the pin. That entry is sixteen pips too high. Hell that is almost half of the expected profit. No if I am trading I am trading the level. Its a weekly number so it has plenty of strength.
  • #2,704
  • Apr 26, 2013 9:53am Apr 26, 2013 9:53am
Quoting Seneca pilot
{quote} Now I would go to BE if so inclined.
I would be looking for 1.3040 here Daily high to exit.
  • #2,705
  • Apr 26, 2013 9:54am Apr 26, 2013 9:54am
Quoting Seneca pilot
{quote}The profitable thing to do here is actually to take a small loss in favor of the larger gain of trying for the highs.
you almost blew my mind with that one.

you don't need to win the battle to win the war so to speak.
  • #2,706
  • Apr 26, 2013 9:56am Apr 26, 2013 9:56am
Quoting Seneca pilot
{quote} I would be looking for 1.3040 here Daily high to exit.
To clarify I mean today's high. Yesterday high is quite a bit farther up there.
  • #2,707
  • Apr 26, 2013 9:57am Apr 26, 2013 9:57am
Quoting stevexyg
{quote} you almost blew my mind with that one. you don't need to win the battle to win the war so to speak.
It is correct if you think it through. Be willing to lose thirteen pips to chase forty and you will come out ahead over a large number of trades.
  • #2,708
  • Apr 26, 2013 9:59am Apr 26, 2013 9:59am
Going to lunch with my father guys, back in a while.
  • #2,709
  • Apr 26, 2013 10:00am Apr 26, 2013 10:00am
Cheers, enjoy.
  • #2,710
  • Apr 26, 2013 10:00am Apr 26, 2013 10:00am
SP, a short question: Do you use 3 hours before London session as the day open for all pairs except USDJPY (for which NY close is used)?
  • #2,711
  • Apr 26, 2013 10:04am Apr 26, 2013 10:04am
You still in this Landsat?
  • #2,712
  • Apr 26, 2013 10:09am Apr 26, 2013 10:09am
[quote=stevexyg;6640431]You still in this Landsat?[/QUOTE

Yes , in fact i try to TP above 1.3040 the high of today , we are in a small range up ... and im not going to change my plan because of 2 black candles.
i just sit and wait

Cheers
Landsat
Logic will take you from A to B Imagination will take you anywhere (A.E)
  • #2,713
  • Apr 26, 2013 11:00am Apr 26, 2013 11:00am
lol yes stay cool.

Was just going to say that pa was more revealing on the 5m chart for the 2nd touch (1hr ago) from below. On the 15m chart that 2nd touch looks like a similar rejection to the 1st touch (3hrs ago). But on 5min you can see price hangs around just below the level for 10mins on the 2nd touch. So not so much selling going on there. Since then there has been a 3rd touch that was quickly rejected but also went higher. It's getting late in the day will there be enough buyers now to push through this selling pressure? Like you say it may range from here.
  • #2,714
  • Apr 26, 2013 11:14am Apr 26, 2013 11:14am
Quoting stevexyg
lol yes stay cool. Was just going to say that pa was more revealing on the 5m chart for the 2nd touch (1hr ago) from below. On the 15m chart that 2nd touch looks like a similar rejection to the 1st touch (3hrs ago). But on 5min you can see price hangs around just below the level for 10mins on the 2nd touch. So not so much selling going on there. Since then there has been a 3rd touch that was quickly rejected but also went higher. It's getting late in the day will there be enough buyers now to push through this selling pressure? Like you say it may...
No problem im cool really cool , nothing wrong with your previous post , im using 30 mn graph to manage my exits , so i just need to wait
all your comments are welcome

Landsat
Logic will take you from A to B Imagination will take you anywhere (A.E)
  • #2,715
  • Apr 26, 2013 11:34am Apr 26, 2013 11:34am
Hello hope everyone's doing well

I'm contemplating on whether to take the GBPUSD short trade. GBPUSD has hit the PDH at 1.5480 but it is currently hovering around the level. Does this mean that

the PDH is becoming less and less meaningful, since the orders stacked around the levels are being filled right now? I'm just wondering what other traders would

do in this situation.
  • #2,716
  • Apr 26, 2013 11:47am Apr 26, 2013 11:47am
Also I think the documentary on PTJ was mentioned a few pages earlier. It is downloadable with a µTorrent program. Google µTorrent and install it, go to

bitsnoop.com and search 'trade the documentary', and click on the magnet link.
  • #2,717
  • Apr 26, 2013 11:47am Apr 26, 2013 11:47am
Quoting galaxys3
Hello hope everyone's doing well I'm contemplating on whether to take the GBPUSD short trade. GBPUSD has hit the PDH at 1.5480 but it is currently hovering around the level. Does this mean that the PDH is becoming less and less meaningful, since the orders stacked around the levels are being filled right now? I'm just wondering what other traders would do in this situation.
Too late in the day. After London close you only want to manage open positions on Friday. Nothing but scraps left at this point.
  • #2,718
  • Apr 26, 2013 11:49am Apr 26, 2013 11:49am
Quoting galaxys3
Also I think the documentary on PTJ was mentioned a few pages earlier. It is downloadable with a µTorrent program. Google µTorrent and install it, go to bitsnoop.com and search 'trade the documentary', and click on the magnet link.
I once went to a file sharing website and had to buy a new computer as a result. I know some of them are OK but I like to err on the side of caution and avoid them all.
  • #2,719
  • Apr 26, 2013 11:49am Apr 26, 2013 11:49am
Quoting Seneca pilot
{quote} Hi. Listen to any John Prine lately?
Mate... I very rarely pay for music these days but just tonight I bought "in spite of ourselves" from iTunes... Beautiful song love it!!! Hope your week was better than mine !

Go nuts on the w/e and do it again!!!

"She gits it own lika Easter bunny".... Haha... Yep
Time hides Nothing
  • #2,720
  • Apr 26, 2013 11:55am Apr 26, 2013 11:55am
Quoting Seneca pilot
{quote} I once went to a file sharing website and had to buy a new computer as a result. I know some of them are OK but I like to err on the side of caution and avoid them all.
Yeah completely agreed, it's better to be cautious than be hacked.. But still you might want to try out downloading files with the torrent on a computer you don't

need. It is a neat tool to have.
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