Great thanks, I hoped it would.
It's obviously not always like that but I think you get my drift.
It's obviously not always like that but I think you get my drift.
- #105
- Sep 12, 2013 11:45am Sep 12, 2013 11:45am
Ok, so I couldn't watch this EU trade overnight hence the SL move. Terrible time to open a trade in those dead market hours after NY. Hindsight now tells me that if I had left it where it was the trade would have worked out nicely. Could have done with this as the week hasn't been easy but hey.
- #107
- Sep 12, 2013 5:26pm Sep 12, 2013 5:26pm
Ok, so I couldn't watch this EU trade overnight hence the SL move. Terrible time to open a trade in those dead market hours after NY. Hindsight now tells me that if I had left it where it was the trade would have worked out nicely. Could have done with this as the week hasn't been easy but hey. {image} {image}
Hey Quidsey
Just wondering why you took the EU trade in the first place. i cant seem to spot it, i can see a fake out of sorts but no real engulf and a small reaction to that level after the fakeout (maybe i am up too early
)
Would have been a good trade using another quasi which formed at the same level you have marked for your short though.. dont know how i missed it..
Josh
nollej is power..
- #112
- Sep 13, 2013 1:34am Sep 13, 2013 1:34am
Hi guys, wow you're up with the lark Josh
Yes the EU trade as GT said was from what I call a 'broken' pattern (for want of something to call it) if price doesn't engulf the usual way and just breaks through the low/high then when it comes back there is a high probability that you'll get a reaction at that level. There was a 61% fib at that level too for confluence, plus the FTA was 40pips away, lovely.
The downer for me was the time of day it got back there and how I managed it after..... poorly, +5pips oh dear.
These are great entries as I'm sure you've seen but the key to it as always is the management and what you do with that freakin' stop loss.
Did anyone take the Kiwi trade? finding support @8100 at the moment, that's a 2R trade already.
Yes the EU trade as GT said was from what I call a 'broken' pattern (for want of something to call it) if price doesn't engulf the usual way and just breaks through the low/high then when it comes back there is a high probability that you'll get a reaction at that level. There was a 61% fib at that level too for confluence, plus the FTA was 40pips away, lovely.
The downer for me was the time of day it got back there and how I managed it after..... poorly, +5pips oh dear.
These are great entries as I'm sure you've seen but the key to it as always is the management and what you do with that freakin' stop loss.
Did anyone take the Kiwi trade? finding support @8100 at the moment, that's a 2R trade already.
- #114
- Sep 13, 2013 1:50am Sep 13, 2013 1:50am
Hi guys, wow you're up with the lark Josh
Ahh 8 in the morning isnt too early here... maybe for you it is
Ok then i see what you mean now, so the engulf is not even needed for the trade to be valid..
Yes im finding the stop loss part very tricky.. So many of them seem to need such a tiny stop, when taken from the 15/30 minute timeframe, which could lead to huge RR trades.. Sometimes they break the fakeout low by a few pips but then seem to reverse again as well.. very tricky indeed..
Havent included NU in my pairs, i guess ill chuck it in since its a major..
Josh
nollej is power..
- #115
- Sep 13, 2013 2:27am Sep 13, 2013 2:27am
{quote} Ok then i see what you mean now, so the engulf is not even needed for the trade to be valid..
The up & under pattern needs engulfing to be valid. I was trading a broken up & under pattern, we got the up but no under, in this case a trade in the opposite direction is an option. If it has confluence then all the better.
I wish I had the eloquence to explain better.
don't over stretch it. 
- #118
- Sep 13, 2013 2:44pm Sep 13, 2013 2:44pm
- Joined Dec 2010 | Status: Trader | 1,152 Posts
What is any ocean but a multitude of drops?
