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  • #3,201
  • May 8, 2013 5:12am May 8, 2013 5:12am
good morning -
I have been 'lurking' about on this thread for awhile, wanted to say thanks for SP's insights and the insights shared by all - most of them anyway. Lots of great psychology insights and market insights. again, many thanks
  • #3,202
  • May 8, 2013 5:20am May 8, 2013 5:20am
Quoting fxterrapin
{quote} I understand now. I know this is getting stale, but I am trying to get my head around the following: 1. You did not fade the weekly close, what was your reasoning behind not fading it (price certainly didn't)? 2. I have my weekly open at 1.31190 but it is showing up right next to the daily high on your chart @ 1.31238 (not sure if my eyes are playing tricks here) 3. I'm sure you were aware up the upcoming German news before the trade. What would you have done if the news had not been positive? I know this wasn't really a news trade but much...
If you look at Monday's price action around the weekly close you will see that it had been hit repeatedly from the bottom using up a lot of sell orders. On Tuesday I felt pretty confident that if tested from below again the price would move on through it and test the week open which worked out nicely. The way I handle news releases during a trade is very simple. If I am in profit (by a larger amount not two pips) I will move the stop to BE and manage things from there. If the trade has not reached profit like yesterday then I let my stop work for me. If I had been in profit yesterday when the German news came out maybe by twenty pips or more like today then I would have moved to BE then too.
  • #3,203
  • May 8, 2013 5:25am May 8, 2013 5:25am
Quoting tdforex
About this EURJPY long trade that Seneca has in his myfxbook. Long is from previous day London close about 129,52. What is target, 130,37 prev day high? What is the SL according Senecas style. I was just wondering that day open is at 129,66. Isn't that a barrier for good move upwards? EDIT: I think the correct target is week open 130,04.
The day open was a pretty strong barrier for price. Notice that it rejected back down from there by thirty pips. This is certainly a tradable move. I take the first level to get hit though. The first level today was the London close. For me to reverse to a short bias I have to see my stop (33pips today) taken out and then I want to sell on a retest of the closes from below.
  • #3,204
  • May 8, 2013 5:26am May 8, 2013 5:26am
Going back to sleep now. See you guys around nine Eastern.
  • #3,205
  • May 8, 2013 5:35am May 8, 2013 5:35am
Quoting Seneca pilot
I have closed the EJ trade. The buying seems to have dried up at the weekly open. My weekly open price is 130.03. This may get through but I am conservative. I expected a hard move through this price as it has been used yesterday as well. The target was initially the previous day high at 131.359 I just use a nice round 350.
This was my first "pure" Seneca-style trade. I closed it on that hit on weekly open. Nice pips

Quite stress free. I still have to work on my patience though, but initial feelings are very good.

Respectful deep bow for SP
  • #3,206
  • May 8, 2013 5:35am May 8, 2013 5:35am
One last thing before I go to sleep. I had pretty good confidence in this long because of the only pattern I really like. EJ yesterday played out a BRV Quasimodo (over under) pattern. In the screenshot below you will see it labeled out. I added an aqua line to signal the low where price should not have violated. I did not wait to buy there because the London close might have rejected without a full test down.
Attached Image (click to enlarge)
Click to Enlarge Name: ej.gif Size: 21 KB
  • #3,207
  • May 8, 2013 5:39am May 8, 2013 5:39am
There is more but I will save it for later. It was a good day to be trading. Tomorrow will probably be skipped until NY for news. Most of Europe is closed again so not likely much will happen until London open and I will be asleep then.
  • #3,208
  • May 8, 2013 7:44am May 8, 2013 7:44am
I missed the buy. Slept about ten minutes too long. I don't think I will sell the weekly open here it has been ground down all morning. I will look to sell the Tuesday high if price gets there.
Attached Image (click to enlarge)
Click to Enlarge Name: ej.gif Size: 19 KB
  • #3,209
  • May 8, 2013 7:47am May 8, 2013 7:47am
Chris, I'm currently long on the EU - can't decide where to target as it looks like it's in thin air - prev week high looks a long way away. Any thoughts/suggestions/clues?

Edit - I am in from the retest of Prev day high @1.3131. Have lost two trades this morning, so this is covering it at the moment, but I don't want to be greedy - maybe I should aim for BE for hte day?
  • #3,210
  • May 8, 2013 7:57am May 8, 2013 7:57am
Quoting hollowhead
Chris, I'm currently long on the EU - can't decide where to target as it looks like it's in thin air - prev week high looks a long way away. Any thoughts/suggestions/clues? Edit - I am in from the retest of Prev day high @1.3131. Have lost two trades this morning, so this is covering it at the moment, but I don't want to be greedy - maybe I should aim for BE for hte day?
It is right around the Friday high right now. I would probably be out personally.
  • #3,211
  • May 8, 2013 7:58am May 8, 2013 7:58am
Quoting hollowhead
Chris, I'm currently long on the EU - can't decide where to target as it looks like it's in thin air - prev week high looks a long way away. Any thoughts/suggestions/clues? Edit - I am in from the retest of Prev day high @1.3131. Have lost two trades this morning, so this is covering it at the moment, but I don't want to be greedy - maybe I should aim for BE for hte day?
Don't use your current Profit/Loss for the day as a gauge for where you should take profit on any further trades.
What is any ocean but a multitude of drops?
  • #3,212
  • May 8, 2013 7:58am May 8, 2013 7:58am
Quoting Seneca pilot
{quote} It is right around the Friday high right now. I would probably be out personally.
Done - thanks very much.
  • #3,213
  • May 8, 2013 7:59am May 8, 2013 7:59am
Quoting hollowhead
Chris, I'm currently long on the EU - can't decide where to target as it looks like it's in thin air - prev week high looks a long way away. Any thoughts/suggestions/clues? Edit - I am in from the retest of Prev day high @1.3131. Have lost two trades this morning, so this is covering it at the moment, but I don't want to be greedy - maybe I should aim for BE for hte day?
What are the losses? It was a pretty straightforward day so if you post up your entries we can talk about what happened.
  • #3,214
  • May 8, 2013 8:00am May 8, 2013 8:00am
Quoting Seneca pilot
I missed the buy. Slept about ten minutes too long. I don't think I will sell the weekly open here it has been ground down all morning. I will look to sell the Tuesday high if price gets there. {image}
Rethinking the possibility of a sell at the weekly open. May take it on a retest after this bar. Not sure yet.
Attached Image (click to enlarge)
Click to Enlarge Name: ej.gif Size: 19 KB
  • #3,215
  • May 8, 2013 8:12am May 8, 2013 8:12am
Quoting Seneca pilot
{quote} What are the losses? It was a pretty straightforward day so if you post up your entries we can talk about what happened.
Thanks - any input would be appreciated

I went short on EJ from LO retest. Shouldn't have done that - it's not trending!!


http://charts.mql5.com/1/503/eurjpy-...poration-3.png

I went short on the EU Previous Day High, but reentered on the retest.

http://charts.mql5.com/1/503/eurusd-...poration-2.png
  • #3,216
  • May 8, 2013 8:20am May 8, 2013 8:20am
Hi SP, What do you think a short at yesterday high for EU at 10:00 GMT 1.3131?
  • #3,217
  • May 8, 2013 8:22am May 8, 2013 8:22am
Quoting Seneca pilot
{quote} Rethinking the possibility of a sell at the weekly open. May take it on a retest after this bar. Not sure yet. {image}
I am a little confused by the price action right now so I will just watch.
  • #3,218
  • May 8, 2013 8:29am May 8, 2013 8:29am
Quoting Seneca pilot
{quote} I am a little confused by the price action right now so I will just watch.
E/U 3170 appears to be the play for 10 SP
  • #3,219
  • May 8, 2013 8:30am May 8, 2013 8:30am
Quoting hollowhead
{quote} Thanks - any input would be appreciated I went short on EJ from LO retest. Shouldn't have done that - it's not trending!! {image} I went short on the EU Previous Day High, but reentered on the retest. {image}
I don't trade the London open as a price level so I can't really help you there. The first trade of the day for EU was a retest of the daily open. Since I would have taken the daily open trade I would have either taken profit at the Tuesday high and waited for a break and retest or I would have moved to BE at the level and tried to get the break while holding. If the first trade of the day is a long trade I think long until something happens to change my outlook. If you are going to trade it is critical in my opinion to be there for the first trade of the day. This may require getting little or no sleep sometimes.

I highlighted the area with two fifteen minute bars separated from the open price.
Attached Image (click to enlarge)
Click to Enlarge Name: eu.gif Size: 18 KB
  • #3,220
  • May 8, 2013 8:31am May 8, 2013 8:31am
Quoting 4x.zombie
{quote} Very funny 60mm! Your sarcasm is not wasted on me! Obviously you are color blind so let me point out that your own chart sample disproves your statement. The bars or candles don't know, but the patterns do. PS. I made the fractal public for free. Mandelbaum said I should have charged.
it doesn't, but don't worry most can't see it... hence the 95% / 5% split
tradewith60
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