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EUR/JPY

  • #501
  • Jan 8, 2014 4:14pm Jan 8, 2014 4:14pm
Quoting dove_alliance
{quote} My trading charts - which are three must be sync for a cycle going either way - if they are not - then I am fighting a losing cause.
Very interesting. The other strength of your methodology is when you recognize price is in a wedge, and also when there isn't sufficient space to play the 40/40 rule.
Best time to plant a tree was 20 years ago, second best is now
  • #502
  • Jan 8, 2014 4:19pm Jan 8, 2014 4:19pm
Quoting horuxito
{quote} Very interesting. The other strength of your methodology is when you recognize price is in a wedge, and also when there isn't sufficient space to play the 40/40 rule.
- that is correct - the variables are many and to be a winner you must trade the variables.
The Dove - Forex Trainer
  • #503
  • Jan 8, 2014 4:22pm Jan 8, 2014 4:22pm
Quoting dove_alliance
{quote} - that is correct - the variables are many and to be a winner you must trade the variables.


And the assessment of these vars are executed in the present, every new bar updates what is going on, hence the past is just the starting point but not necessarily the exact trigger since this will change in the here and now. Simple but not easy.
Best time to plant a tree was 20 years ago, second best is now
  • #504
  • Jan 8, 2014 4:33pm Jan 8, 2014 4:33pm
Quoting horuxito
{quote} And the assessment of these vars are executed in the present, every new bar updates what is going on, hence the past is just the starting point but not necessarily the exact trigger since this will change in the here and now. Simple but not easy.
Most traders - if not 99.9% - cannot trade in the moment because of baggage and being bias. You cannot trade both ways if you are bias. So yes - it is not easy.
The Dove - Forex Trainer
  • #505
  • Jan 8, 2014 6:00pm Jan 8, 2014 6:00pm
We had hit resistance at the 142.47 and the 4 hour is in the down trend.
The Dove - Forex Trainer
  • #506
  • Jan 8, 2014 6:02pm Jan 8, 2014 6:02pm
Quoting dove_alliance
We had hit resistance at the 142.47 and the 4 hour is in the down trend.
It will take a 1 hour close candle to break this resistance.
The Dove - Forex Trainer
  • #507
  • Jan 8, 2014 6:27pm Jan 8, 2014 6:27pm
This is a major problem during consolidation. There is no room for error when support and resistance are minimal on spread. Scalpers are happy during consolidation but one rule I abide with is to never scalp. All it takes is the wrong entry with a spike that does not return.
The Dove - Forex Trainer
  • #508
  • Jan 8, 2014 6:35pm Jan 8, 2014 6:35pm
Quoting dove_alliance
This is a major problem during consolidation. There is no room for error when support and resistance are minimal on spread. Scalpers are happy during consolidation but one rule I abide with is to never scalp. All it takes is the wrong entry with a spike that does not return.
What about trading during or before the news?
Best time to plant a tree was 20 years ago, second best is now
  • #509
  • Jan 8, 2014 6:47pm Jan 8, 2014 6:47pm
Quoting dove_alliance
{quote} It will take a 1 hour close candle to break this resistance.
To make this clearer - it takes a 1 hour CLOSE candle above resistance to break it.
The Dove - Forex Trainer
  • #510
  • Jan 8, 2014 6:53pm Jan 8, 2014 6:53pm
Quoting dove_alliance
{quote} To make this clearer - it takes a 1 hour CLOSE candle above resistance to break it.
142.47 is a very specific number. It is sitting right now above my moving daily and weekly moving balance points and I have a 180 min resistance exactly at that number.
Best time to plant a tree was 20 years ago, second best is now
  • #511
  • Jan 8, 2014 6:56pm Jan 8, 2014 6:56pm
Right now we have a spread of 33 pips between High and Low ranging - the high is just under the DPP at 142.49 and low at 142.16
The Dove - Forex Trainer
  • #512
  • Jan 8, 2014 6:59pm Jan 8, 2014 6:59pm
Quoting dove_alliance
Right now we have a spread of 33 pips between High and Low ranging - the high is just under the DPP at 142.49 and low at 142.16
Based on yesterdays hlc/3 dpp is 142.534, this means yours is dynamic.
Best time to plant a tree was 20 years ago, second best is now
  • #513
  • Jan 8, 2014 7:02pm Jan 8, 2014 7:02pm
Quoting horuxito
{quote} 142.47 is a very specific number. It is sitting right now above my moving daily and weekly moving balance points and I have a 180 min resistance exactly at that number.
you are on right path.
The Dove - Forex Trainer
  • #514
  • Jan 8, 2014 7:04pm Jan 8, 2014 7:04pm
Next major resistance is at the 142.99
The Dove - Forex Trainer
  • #515
  • Jan 8, 2014 7:06pm Jan 8, 2014 7:06pm
Quoting dove_alliance
{quote} you are on right path.


Dove, let me try to understand your previous lines. We needed a close above 142.47 some minutes ago to decide if we continue to hold our long position taken at support at 142.17. If the condition was met then we continue further, otherwise you would had taken profits from the 33 pips spread at that moment...
Best time to plant a tree was 20 years ago, second best is now
  • #516
  • Jan 8, 2014 7:08pm Jan 8, 2014 7:08pm
Quoting dove_alliance
Next major resistance is at the 142.99
We have secondary resistance at 142.51 and the major is 143.06 instead of 142.99 --- I was off a few pips.
The Dove - Forex Trainer
  • #517
  • Jan 8, 2014 7:11pm Jan 8, 2014 7:11pm
Quoting dove_alliance
{quote} We have secondary resistance at 142.51 and the major is 143.06 instead of 142.99 --- I was off a few pips.
The secondary is near the fixed daily pivot which is also paradox resistance at that level. If and when price gets to 143.06 at major resistance we would have the paradox to confirm it since now the secondary resistances are all below that level. We need to be patient for that to happen.
Best time to plant a tree was 20 years ago, second best is now
  • #518
  • Jan 8, 2014 7:12pm Jan 8, 2014 7:12pm
Quoting horuxito
{quote} Dove, let me try to understand your previous lines. We needed a close above 142.47 some minutes ago to decide if we continue to hold our long position taken at support at 142.17. If the condition was met then we continue further, otherwise you would had taken profits from the 33 pips spread at that moment...
I would take profit of the 40 with this resistance being broken and the reason is because the DPP is at 143.53 just a couple pips above the next resistance.
The Dove - Forex Trainer
  • #519
  • Jan 8, 2014 7:14pm Jan 8, 2014 7:14pm
Quoting dove_alliance
{quote} I would take profit of the 40 with this resistance being broken and the reason is because the DPP is at 143.53 just a couple pips above the next resistance.
If resistance was not broken then I would had taken profit.
The Dove - Forex Trainer
  • #520
  • Jan 8, 2014 7:18pm Jan 8, 2014 7:18pm
Quoting dove_alliance
{quote} If resistance was not broken then I would had taken profit.
That resistance (142.47) was tested by 2 1H candles or 3 30M candles and during that time they kept above the smallest mid support. I guess here is where the trade management comes into place. The discipline to pursuit the 40 pips if and when price is trading as expected.
Best time to plant a tree was 20 years ago, second best is now
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