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Elite Trading Method

  • #81
  • Dec 30, 2013 9:34am Dec 30, 2013 9:34am
Quoting chonchy
{quote} Hello Dove, nice to heard from you, hope all fine, happy holidays and a great new year for you Sir......
Hello Carlos and blessings. It is good in seeing you still at it. Been watching you off and on. You too my friend; Have a very blessed and great coming year.
The Dove - Forex Trainer
  • #82
  • Dec 30, 2013 1:18pm Dec 30, 2013 1:18pm
My stop is at 1.3720, however, anything upto 1.3625 or even upto little below 1.3600 does not void bull targets.

Cannot post a chart because of slow connection, but if you check daily, it can make a Higher Low anywhere from here to 1.3625. When so close to a round number, it sometimes tends to touch it. Therefore, for me any bottom made even just below 1.3600 is a valid Higher Low for the current trend.

I am assuming Yesterday's spike up that went past 1.3800 a valid Higher High. Only time will tell if this assumption is right or wrong.

Since it can make a Higher Low past my stoploss of 1.3720, will look for a re-entry if there is chance of bull trend continuation. If not, will post bear levels.
The Thief of Wall Street
  • #83
  • Dec 30, 2013 1:29pm Dec 30, 2013 1:29pm
Quoting dove_alliance
{quote} Hello Carlos and blessings. It is good in seeing you still at it. Been watching you off and on. You too my friend; Have a very blessed and great coming year.

The same to you Sir. all the best for you this 2014 as well.......
The Chonchy
  • #84
  • Dec 30, 2013 1:30pm Dec 30, 2013 1:30pm
Quoting Chicky
My stop is at 1.3720, however, anything upto 1.3625 or even upto little below 1.3600 does not void bull targets. Cannot post a chart because of slow connection, but if you check daily, it can make a Higher Low anywhere from here to 1.3625. When so close to a round number, it sometimes tends to touch it. Therefore, for me any bottom made even just below 1.3600 is a valid Higher Low for the current trend. I am assuming Yesterday's spike up that went past 1.3800 a valid Higher High. Only time will tell if this assumption is right or wrong. Since it...
Happy Holidays Chicky, all good for you this coming 2014 and all who frequents this thread.......
The Chonchy
  • #85
  • Dec 30, 2013 1:36pm Dec 30, 2013 1:36pm
Quoting chonchy
{quote} Happy Holidays Chicky, all good for you this coming 2014 and all who frequents this thread.......
Thanks for dropping by here Chonchy. You too.
The Thief of Wall Street
  • #86
  • Dec 30, 2013 1:46pm Dec 30, 2013 1:46pm
Few Key Levels. We are currently between the marked two levels.


4559
4377
4371
4196
4192
4155
4102
4024
4014
3922
3893
3832
3761
3742
3734
3698
3652
3650
3637
3630
3562
The Thief of Wall Street
  • #87
  • Dec 30, 2013 1:49pm Dec 30, 2013 1:49pm
Quoting Chicky
Few Key Levels. We are currently between the marked two levels. 4559 4377 4371 4196 4192 4155 4102 4024 4014 3922 3893 3832 3761 3742 3734 3698 3652 3650 3637 3630 3562
You may like to do something at these levels. ................. doing something does not include BJ.
The Thief of Wall Street
  • #88
  • Edited 5:24pm Dec 30, 2013 5:14pm | Edited 5:24pm
Moved sl to just below 1.3761 at 1.3759 which by coincidence is also the BE.

Ps. The reason / calculation of this change in sl is because 50% retracement of current 5M move is at 1.3772. I think SL at any point below 1.3772 is little safer therefore moved it to just below 1.3761 which is a good s/r.
The Thief of Wall Street
  • #89
  • Dec 31, 2013 12:42am Dec 31, 2013 12:42am
Quoting Chicky
Moved sl to just below 1.3761 at 1.3759 which by coincidence is also the BE. Ps. The reason / calculation of this change in sl is because 50% retracement of current 5M move is at 1.3772. I think SL at any point below 1.3772 is little safer therefore moved it to just below 1.3761 which is a good s/r.
Entered a 10 pip long scalp near 1.3772 with sl of 5 pips. Risking about 0.25% for 1/2% reward. Total risk exposure is 0.25% because first trade's sl is at BE+
The Thief of Wall Street
  • #90
  • Dec 31, 2013 12:56am Dec 31, 2013 12:56am
Quoting Chicky
{quote} Entered a 10 pip long scalp near 1.3772 with sl of 5 pips. Risking about 0.25% for 1/2% reward. Total risk exposure is 0.25% because first trade's sl is at BE+
Stopped out and re-entered, again risking 5 pips with tp 10 pips. Bit risky because next support is at 1.3761.
The Thief of Wall Street
  • #91
  • Dec 31, 2013 1:04am Dec 31, 2013 1:04am
Quoting Chicky
{quote} Stopped out and re-entered, again risking 5 pips with tp 10 pips. Bit risky because next support is at 1.3761.
s/o, re-entered,sl 5 pips tp 25.
The Thief of Wall Street
  • #92
  • Dec 31, 2013 1:22am Dec 31, 2013 1:22am
Quoting Chicky
{quote} s/o, re-entered,sl 5 pips tp 25.
Bulls are weak even at 1.3761. No reaction from them
The Thief of Wall Street
  • #93
  • Dec 31, 2013 5:37am Dec 31, 2013 5:37am
Quoting Chicky
{quote} Bulls are weak even at 1.3761. No reaction from them
Original long got stopped out, but long scalp placed just above 1.3761 survived. Added one more long scalp when 1.3772 became a support. Before the second scalp first one was brought to BE+ to reduce the risk. Both scalps hit tp at 1.3787.

Re-entered the orginal positon.
The Thief of Wall Street
  • #94
  • Dec 31, 2013 5:41am Dec 31, 2013 5:41am
Quoting Chicky
{quote} Original long got stopped out, but long scalp placed just above 1.3761 survived. Added one more long scalp when 1.3772 became a support. Before the second scalp first one was brought to BE+ to reduce the risk. Both scalps hit tp at 1.3787. Re-entered the orginal positon.
Tempted to take one more long scalp with sl just below 1.3772, but this little retrace from 1.3794 seems a bit strong. Therefore skipping this scalp idea and sticking to the original one position.
The Thief of Wall Street
  • #95
  • Edited 8:13pm Dec 31, 2013 7:37pm | Edited 8:13pm
Let me take this time and talk about being objective vs. being subjective.

Objective:

A: based on facts rather than feelings or opinions: not influenced by feelings.

B: expressing or dealing with facts or conditions as perceived without distortion by personal feelings, prejudices, or interpretations.

C: limited to choices of fixed alternatives and reducing subjective factors to a minimum.

Subjective:

A: of, relating to, or characteristic of one that is a subject especially in lack of freedom of action or in submissiveness.

B: characteristic of or belonging to reality as perceived rather than as independent of mind.

C: arising out of or identified by means of one's perception of one's own states and processes.

D: lacking in reality or substance.

There is a fine line between the both. Being objective is taking something that "is" and turning which "is" into what "defines truth". And your reasoning is because of the way you think. You cannot take what "is" into anything else, because what "is" belongs to the fact of "truth". And if you stay within the fact of truth then you are being objective and new doors are being open into a realm of a thought process you had not experience in the past. Being objective is also being totally opened minded with what "IS". If you are not open minded then what "if" becomes a delusion.

Being bias means you are also “subjective” and not open minded with the truth. Being bias defines the difference between a winner and a loser. The biasness of one’s mentality is also the conqueror of one’s destruction leaving nothing in their wake. This is the main reason traders’ blows accounts after accounts and it makes no difference if you are “Bull” or a “Bear”.

You have to trade objectively and NEVER in a state of biasness. If you are bias – then you will lose every dime you have.

For the last 3 or more years this market – with all pairs – has been in a state of ranging; higher highs and lower lows. And if you are losing your money then it is time to check for the reasons why.
The Dove - Forex Trainer
  • #96
  • Edited 5:31pm Jan 1, 2014 2:50pm | Edited 5:31pm
Here is my analysis of current pa.

I. A Higher High

II. A Higher Low

III. A spike trying to make a new Higher High to void the previous II Higher Low, but closed much below the II Higher Low suggesting it could be a failed attempt

IV. A Higher High above the II Higher Low still below I Higher High, suggesting a continued bull fight

V and VI. These two are Lower Highs and we have not seen any Lower Low Yet.

Conclusion: If it makes a new Lower Low we can say a trend reversal has occured but until then bulls are trying to remain in the fight. That means a break of 1.3625 is required for a trend change from up to down. It will be wiser to first see a Lower Low below 1.3625 and then again a Lower High before deciding to short. It may make a Higher Low near 1.3750 if heading north to make one more attempt above 1.3800
Attached Image (click to enlarge)
Click to Enlarge Name: Untitled11111.jpg Size: 72 KB
The Thief of Wall Street
  • #97
  • Jan 1, 2014 3:03pm Jan 1, 2014 3:03pm
Trying to get into a short scalp for few pips, based on 1.3772 resistance. But spreads are too wide. It may take several attempts to get into a surviving position.
The Thief of Wall Street
  • #98
  • Jan 1, 2014 4:39pm Jan 1, 2014 4:39pm
Quoting Chicky
Trying to get into a short scalp for few pips, based on 1.3772 resistance. But spreads are too wide. It may take several attempts to get into a surviving position.
I am done with the scalp. Time to focus on Elite Method.
The Thief of Wall Street
  • #99
  • Jan 1, 2014 5:02pm Jan 1, 2014 5:02pm
Quoting Chicky
{quote} I am done with the scalp. Time to focus on Elite Method.
This is what I am trading now

Move 1.3819 to 1.3699, Mid 1.3759

TP few pips above 1.3699 and sl few pips above 1.3832

3819

3759
60
3699
Attached Image (click to enlarge)
Click to Enlarge Name: Untitled11111.jpg Size: 66 KB
The Thief of Wall Street
  • #100
  • Jan 1, 2014 5:12pm Jan 1, 2014 5:12pm
Quoting Chicky
{quote} This is what I am trading now Move 1.3819 to 1.3699, Mid 1.3759 TP few pips above 1.3699 and sl few pips above 1.3832 3819 3759 60 3699 {image}
Now, let's make a cup of coffee, grab a cigarette and watch how it plays out.

"Don't let the fear of the time it will take to accomplish something stand in the way of your doing it. The time will pass anyway; we might just as well put that passing time to the best possible use." -Earl Nightingale.

If you have fear of getting old, I have a lot herbs to keep you younger.
The Thief of Wall Street
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