The CJ trade is on the right track.I'm hoping it can hit my 20 pip capital protection mark so it will go to breakeven and then It can just cruise up non-stop to my 100 pip TP {image}
the cautious seldom err....C
[quote=Zoopots;7361481]Trading the H4 chart requires some patience...
Thanks for that great post Zoopots. Good to hear that even an old fighter pilot can understand this. There might still be hope for me then!
Still struggling to become profitable in this business, but a big thanks to everyone who contributes here. Learning more every day!
haff
Thanks for that great post Zoopots. Good to hear that even an old fighter pilot can understand this. There might still be hope for me then!
Still struggling to become profitable in this business, but a big thanks to everyone who contributes here. Learning more every day!
haff
- #33,872
- Mar 25, 2014 4:57pm Mar 25, 2014 4:57pm
{quote} ya i see what ur saying. so the cross doesn't necessarly have to occur under or above the overbought oversold areas, the tdi just needs to reach to begin looking for tdi signals or doth the red and green line of the tdi have cross below and above the 32 and 68 level? sorry for all the questions. i just really wana understand this. Also take a look at my chart, how would decide not to get into these trades marked by the green line? {image}
I have learned to place a lot of emphasis on the Market Base Line, particularly the slope of the MBL. It gives a somewhat truer representation of the price sentiment (often called trend). We need to realize that the MBL almost always reacts like a drunk driving down the road: He drifts to the left ("68") then gets startled when he hits the gravel and corrects to the center of the highway ("50") but then drifts to the right, hits the gravel again at ("32") gets startled and corrects back to the center line. That's how it was taught to me over 6 years ago. Look at this picture of just the MBL on your chart in question; GBPNZD H4. I've pulled in a lot of candles and deleted everything but the MBL on the TDI. Do you see the rhythm of the drunk driver? He veers left to overbought, then veers right to oversold. I have placed trend lines on the MBL to highlight the overall sentiment of the pair.
Now to your entries you asked about, what I see right off is that all of them, 3/7/1200, 3/11/200 and 3/13/1600 are all suggesting longs contrary to the MBL----the entries are fighting the down trend (the slope of the PACs tell you this as well but they give whipsaws as they are 5 EMAs.)
The first TDI signal to consider, in my judgment, is the 3/19/0800 long. Notice the MBL is finally correcting back to the "50" area (white arrow). I would have passed on this entry though as the trigger was 1.9299 and S/L the swing low of 3/18/1600 1.9160 140 pips away...too rich for my blood. It did push up 120 pips but that's not good risk-to-reward. Also, I would think the events in Crimea are weakening the Cable some...pretty strong sell.
Hope this helps some.
- #33,874
- Mar 25, 2014 5:10pm Mar 25, 2014 5:10pm
{quote} Zoo, Are you always looking for it to be below 32 / above 68? Or if it is near those levels (as below) is that something you would trade? Assuming of course it DID cross. {image}
Zoopots
- #33,877
- Mar 25, 2014 5:30pm Mar 25, 2014 5:30pm
- Joined Nov 2008 | Status: Trader | 50,190 Posts
CADJPY trades:
Position building in sideways market.
CADJPY has an average weekly range of 215 pips and target 60% of that range.
Position building in sideways market.
CADJPY has an average weekly range of 215 pips and target 60% of that range.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
