EURUSD

looking to tp some 2975 area. and wait to reload 3095/ r +

1,289x here...5th of April lows.

This session is dead...i'll be back for the LO one

what about UJ? havent seen you talk about it lately

Thanks for the advice, RussJ - and the entire productive feedback. Much appreciated. I'll share my thoughts on some of the topics you proposed.

I imagine the extra tight stops would only be useable for pure breakout entries, where you expect immediate momentum and nothing else. So it's probably strongly dependant on one's entry technique and maybe if mastered properly, would be doable in a way, yes. However, in my experience - mostly the initial breakout momentum, if we talk about a fast minute chart, remains brief - and the market pulls back to some degree, thus wiggling around your entry. I trade off the 5-minute chart's setups / patterns, which demand to give price some wiggle room - the main idea behind my entries is to use the 1st pullback after consolidation breakout. A simple idea, but the big variable here is the pullback and it's length. I couldn't imagine trading these with a 2-pip or a 5-pip stop, unfortunately. I would imagine it's possible to adapt, but still a stop that tight, for me, would mean frequent re-entry attempts on the same single trade signal, basically, which I find unecessary.

Throughout my experiences, I can say I've gotten my "entry accuracy" down to under 15 pips - that is, if I get the trade signal and I use a 15-17pip stop (depending on the concrete situation), then if I'm stopped out, I'm mostly stopped for a very good reason - meaning, even a 25- or a 30-pip stop would'nt hold then. That is, MOST of the time - there are always exceptions with those nice stopouts at extreme ticks, at times of course. But on the other hand - there are frequent times when the market comes 10, 11, up to 14 pips against me, but holds the 15+ pip stop and goes to work well in favor - quite a lot. So that is why I've sticked to using that sized stop, as with my entry methods, 10 pips is market noise. But yes - perhaps it is the entry method and some (eg straight breakout) methods allow for a tighter stop with more aggressive risk elimination, if the momentum remains brief... Another technique to master I suppose.


Good to hear confirming feedback on that upside scenario, RussJ. For me it'll start taking shape (eg "grow some odds"), once we're closing in on 3200 again. Honestly, between that and 3000, I'm clueless (except just preferring to see that upside scenario due to the aforementioned psychological reasons). I will sadly miss any of the intermediate moves inside that potentially 200-pip range, though


About the last topic - the scaling in/out technique. In essence, you're not just talking about scaling out and leaving a smaller piece running (which I'm fundamentally against due to various reasons), but you're referring to in/out trading around a core position, as I understand. That is, you establish a working position and then add size / subtract size later on in many pieces, taking partial profits as well as re-establishing the original (or bigger) size of the position at some point. So in a way - you're swing / position trading, but you're also day-trading around it. The core position (or, many positions) themselves act as a sort of a "gauge" of the market, for you - if they survive, you'll sense and feel the market's intention better than if just following the charts... I can relate to that. But, this approach would also mean that you've got to be accurate in pinpointing the smaller (eg intraday) structures and price reaction points, in my opinion. And in essence, still day-trade aggressively, even though you aim at longer-term trading Agreed the approach is manageable with experience, but it seems like truly exhaustive work and pretty much equal to short-term trading, with all the scale-ins and scale-outs in between.. perhaps I'm missing another point here... But just comparing it to the simpler way, where just establish the position, and if it survives, carrying it through the intermediate market gyriations without minding them. True, with that approach you'll have more duds eg positions that go well in the green and come back to breakeven and you bag nothing. But, those that survive, will reach 1:15, 1:20 or perhaps even more R/R, on the original full position without extra effort eg extra daytrading in between. Just the question is, will it produce more or less profits over time? I'd vouch for more profits, out of a more passive trading style.. but, in exchange for more frequent givebacks and perhaps longer "flat" periods as well, of course...

The approach of repetitive in/out scaling, around a certain sized "core position" (if you will), in itself is actually an interesting concept... yet another good food for thought.

However, yes - knowing and deciding when you're gonna be out (eg based on daily / weekly or what else), is another mystery. With my current mindset, I'd say I'd strictly aim for a fantastic risk/reward target, say 1:15 or 1:20 and be out at that. Exit target could of course be adjusted in harmony with some technicals off these larger TF charts, of course... but I wouldn't simply "hold with the trend" based on weekly / monthly charts - since by the time I know I'm wrong there, I've given back maybe 10-20 risks worth of gains, even though the peak unrealized was 1:30 or 1:40 R/R somewhere in between there.. and spent weeks or months even, to find out that "oh, it was the top"... so it feels more like, if I go along that path towards longer-term trading, then on my working positions I should be geared towards exiting at a predetermined, wider target off a weekly/monthly chart, which would have some solid technical foundation, while allowing for these extended risk/reward gains at the same time...


Thanks again, RussJ.

Hello everyone,

I am back to trading after a pause so trying to get a refresh on the markets.
Is there anyone using MasterForex or similar wave strategies ?

My current wiew on EU is Down to 2990 tomorow on H4 and further to around 2940 on H8.
Thank you for any insights

its bearish under 99.88... atm we are under 99.88... we have a possible s atm as long as we are under 99.44,, atm at 99.33

if we break 99.44 H then 99.71 is a target as long as we dont break 99.13 first. .. so a s now risks 10 pips + spread. if we do break 99.13 L.. after a bounce look for 98.85.....

we do have a valid target for 99.77... this one is the better r/r short... since it voids over 99.88... its retrace may be 97.67 if short gets voided. .. if it were the eu, but the uj has less retrace. a short after 99.77 possible here if your analysis agrees . above 99.88 102.75 looks 50/50 atm...

bbl

My UJ Charts:

H4

H1

Hi Gator, thanks for explanations, but I still don't get what you call Norm ? If you had to use another word than "norm", what would it be ?
Thanks.

Syria and Israel affect Oil, Oil affects USD, Draghi affects EUR. Trendline affects you . No offence, I know technicals work, but Syria was first.

T

You seem to have great trading plan RsX. Welcome aboard, hope you will enjoy your stay.

Regarding quote, I really agree and think you have chosen about the right SL for intraday trading. Needed to say I suck at intraday . But really 10 pips is market noise, 2 pips steal broker, so 15 SL seems good to me.

Right now, I am making new trading plan, cause ECB got me, otherwise, I am trying to achieve something similar like you. To reach RR about 1:10+ and ride for about 1-3 months. Anyway, because of that ECB, my technicals dont match fundamentals, so I am trading, eh, I call it beerfund. Those are just very small intraday trades off weekly S/R, mids of waves and Fibo. Beerfund is really stupid, but I usually use SL @ 15 points as well and entering on those weekly levels. It made 100 beers in April .

Edit: Btw, beerfund works on RR 1:3. But I cant reach 1:5 intraday, thats probably why you are waiting with entry for few days. But as I´ve said, cant trade intraday.

Anyway, good luck and hope you will stay,

T

i will definitely gonna try it out, sounds like a key to success

Now is the time for a very low risk short UJ, stop just above 99.45 + spread

say squeeeeeeeze

cheeeeeeeze

norm can be a mid or the center of a mofu.. i posted 2 scenarios last week.. bull or bear. green for bulls, red for bears. bears want to close sub 3030 on 2.5 h to have a 4h cross.

http://www.forexfactory.com/attachme...1&d=1367585823

Just to expand on this intraday SL topic. Beerfund is set like 5 - 15 pips market noise depending on volatility, 4 pips my fault, 1 pip spread, 1 pip slippage, 2 pips steal broker. So its actually like 13 - 23 pips SL. I dont like to trade during high volatility though, so not trading news much.

updated zoom.. pink was green above.. will post the larger chart soon

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