{quote} why when close under 1.33461?
Basically I use one of the simplest methods of trading. I follow the price action and stop doing so once an engulf
occurs.
Banks scalp, why don't you?
- #916,261
- Aug 12, 2014 9:41am Aug 12, 2014 9:41am
Basically I use one of the simplest methods of trading. I follow the price action and stop doing so once an engulf
occurs.
- #916,263
- Aug 12, 2014 9:52am Aug 12, 2014 9:52am
NoNickCool.
Have a look at EJ. I am currently long because the candle which has the yellow candle above it is the first candle to close to the upside of the 50 fib (trend reversal). Now the red candles are the candle which faked to close under the candle which triggered me to buy. Unless on the 15m chart the price closes under the LOW of the candle with the yellow arrow, then the buy (based on my calculation) is the best scalp to have open at the moment.
Should my trigger candle be engulfed, I can
1) Hedge it and enter a bigger sell.
or
2) Leave the trade open and cover the order with a bigger account (have a look at my trade explorer)
I believe that the best position to enter the currency before the next breakout (to the extension or reversal) is when it is in between the aforementioned ma lines. So an engulf which occurs inbetween it is like a signal which should not be ignored.
Have a look at EJ. I am currently long because the candle which has the yellow candle above it is the first candle to close to the upside of the 50 fib (trend reversal). Now the red candles are the candle which faked to close under the candle which triggered me to buy. Unless on the 15m chart the price closes under the LOW of the candle with the yellow arrow, then the buy (based on my calculation) is the best scalp to have open at the moment.
Should my trigger candle be engulfed, I can
1) Hedge it and enter a bigger sell.
or
2) Leave the trade open and cover the order with a bigger account (have a look at my trade explorer)
I believe that the best position to enter the currency before the next breakout (to the extension or reversal) is when it is in between the aforementioned ma lines. So an engulf which occurs inbetween it is like a signal which should not be ignored.
Banks scalp, why don't you?
- #916,264
- Aug 12, 2014 9:53am Aug 12, 2014 9:53am
- Joined May 2009 | Status: User of Geppy patience pills | 7,645 Posts
Today gold rally made my day. Now I'm looking for entertainment here.
Don't be a hero. Don't have an ego. Always question yourself
- #916,265
- Aug 12, 2014 9:57am Aug 12, 2014 9:57am
- | Joined Feb 2012 | Status: Giving earnings to the wife | 1,193 Posts
I don't even have a cool signature
- #916,267
- Aug 12, 2014 10:02am Aug 12, 2014 10:02am
Do you see how with just a few seconds left in the life of that 15m candle the price started to move away from the sl line? That is why I wager on the close across the sl instead of the touch. Because when we back test, we back test the open and close, not the price action in between the tf you are back testing.
Banks scalp, why don't you?
- #916,268
- Aug 12, 2014 10:02am Aug 12, 2014 10:02am
- | Commercial User | Joined Sep 2009 | 1,757 Posts
Make money by doing the opposite of Giveachance aka loser
- #916,269
- Aug 12, 2014 10:05am Aug 12, 2014 10:05am
- Joined May 2009 | Status: User of Geppy patience pills | 7,645 Posts
Don't be a hero. Don't have an ego. Always question yourself
- #916,271
- Aug 12, 2014 10:25am Aug 12, 2014 10:25am
- | Commercial User | Joined Sep 2009 | 1,757 Posts
Make money by doing the opposite of Giveachance aka loser
- #916,272
- Aug 12, 2014 10:27am Aug 12, 2014 10:27am
Here is the EJ position I recommend taken in my cover account. You can see the fakes towards the sl line, then we got a small charge to the upside. Profit taken and done for the day.
Banks scalp, why don't you?
- #916,273
- Aug 12, 2014 10:34am Aug 12, 2014 10:34am
- Joined Aug 2011 | Status: Trader | 4,956 Posts
Starting to look like a good place to long EJ. Sorry messy chart(90 min left to candle close) {image}
As the lights go by so too do the shadows move
- #916,274
- Aug 12, 2014 10:35am Aug 12, 2014 10:35am
- Joined Oct 2012 | Status: private | 2,606 Posts
{quote} Append herewith Le Holy Grail courtesy by His Highness Thodie {file}
some very simple alert function added, imho easy to understand
just do it
- #916,275
- Aug 12, 2014 11:44am Aug 12, 2014 11:44am
- | Joined Sep 2012 | Status: Trader | 2,815 Posts
Hmmm...Pretty silent here 
- #916,278
- Aug 12, 2014 11:55am Aug 12, 2014 11:55am
- | Joined Sep 2012 | Status: Trader | 2,815 Posts
Targeting 1.3470, adding on support at 1.333. Stop at close under 1.3300
Easy target for early Sep month.