Short the Dow, No brainer trade (Edit; Target hit at 17.854)
Attached Image (click to enlarge)
Ratios & Harmonics: a Different Way to Trade
- #19,283
- May 3, 2016 2:20am May 3, 2016 2:20am
Eurusd 15m tp hit +65pts today expectation nsh waiting for good entry retracement, barby bar and structure analysis {image}
I'm long GBPUSD and short USDCAD seems pretty obvious where the dollar is headed in early London trading
- #19,285
- May 3, 2016 3:02am May 3, 2016 3:02am
Eurusd 15m tp hit +65pts today expectation nsh waiting for good entry retracement, barby bar and structure analysis {image}
Damn The Torpedoes, Full Speed Ahead!
- #19,288
- Edited 8:17am May 3, 2016 7:44am | Edited 8:17am
- | Joined Feb 2013 | Status: Trader | 170 Posts
{quote} Ok so price had made a weak NSL which means deep pb and then look for a short. Price did pullback past the 61.8 and rejected a structure area, however I would not have taken this short for a couple of reasons. The pullback after the NSL had more momentum than the previous up leg. You can see those large range bars heading up to the 61.8 and also the angle of the pb when compared to the prior leg. Even though there was a decent rejection, that candle still closed above the high of the previous candle. The 2 red candles afterwards don't really...
I have two more:
Would you take these longs?
1?
2?
I saw mainly the bearish weakness going down, but obviously the bulls should have been able to take price higher two times before when they came in so strong. This shows bullish weakness, too. Is it enough to change our expectation and go short after number 2?
I must admit I had difficulties to idetify the swings I wanted to base my expectations on, so I leaned towards the bigger picture.
- #19,289
- May 3, 2016 7:48am May 3, 2016 7:48am
- | Joined Mar 2016 | Status: Trader | 1,068 Posts
Eurusd 15m tp hit +65pts today expectation nsh waiting for good entry retracement, barby bar and structure analysis {image}
{quote} Nice trading MJ!
Hey MJ, Are you keeping a log anywhere outside of this thread, for example Evernote? You seem to be doing really well with the system!
{quote} Nice trading MJ!
you got a good trade too
Hey MJ, Are you keeping a log anywhere outside of this thread, for example Evernote? You seem to be doing really well with the system!
i think this thread becomes my log
every analysis, trade execution and trade management i post it here. I really enjoy this thread.
thank you for those who made comments to my post which i believe improves me a lot trading this system.
- #19,294
- May 3, 2016 10:38am May 3, 2016 10:38am
- Joined Sep 2013 | Status: OTM AI IntelliWave™ Trader | 1,107 Posts
AudUsd
Never to late to join the trend . Was taking first position at fib 23.6 and averaged down with additional at fib 38.2 ( Was prepared to average down at fib 50 and bib 61.8 in worst case so trade was not without risk ) . Locked in 70 pips currently floating with more then 100 pips . Target 1:1 ratio.
Never to late to join the trend
. Was taking first position at fib 23.6 and averaged down with additional at fib 38.2 ( Was prepared to average down at fib 50 and bib 61.8 in worst case so trade was not without risk ) . Locked in 70 pips currently floating with more then 100 pips . Target 1:1 ratio.
Trading in the shadow of SM
AudUsd Never to late to join the trend
- #19,296
- May 3, 2016 12:13pm May 3, 2016 12:13pm
- Joined Sep 2013 | Status: OTM AI IntelliWave™ Trader | 1,107 Posts
{quote} WOOOW nice trade master
Nice !!!
Trading in the shadow of SM
- #19,297
- May 3, 2016 4:15pm May 3, 2016 4:15pm
- | Joined Mar 2016 | Status: Trader | 1,068 Posts
{quote} Thank you, mate. I agree about the price action - the bars where not big enough for an entry signal. But I was very torn otherwise: true, the last small bullish leg had a little more momentum than before, but the bears came up even stronger and avchieved a NSL. It was also a good area to go short. But the weak rotation is a dealbreaker. I have two more: Would you take these longs? 1? 2? I saw mainly the bearish weakness going down, but obviously the bulls should have been able to take price higher two times before when they came in so strong....
In my screenshot, I have the fib anchored to what I personally would consider the long term flow given the time frame. Once price started retracing and putting in NSL's on the short term then there's nothing wrong with looking for possible shorts on the short term provided you keep in mind you are taking trades counter to the long term expectation and that you can stay nimble with them in case price decides to re-align itself with the long term picture. Also keep in mind structure that you might encounter.
I have reread this entire thread once since I made an account here, but have reread multiple times this last period where Damian returned and started dropping all of this knowledge. Each time I reread it I pick up on something and learn something new. Or I find answers to some of my current questions. So if you think of scenarios where you're not clear on something then it wouldn't hurt to go back and see if the answer lies somewhere in the thread. Or if something you read causes a new thought pattern and you solve it yourself.
I agree with you though, this price action on the 3min EU is hard to decipher at times, does your broker offer tick charts? Much easier I think.
This is all just my opinion. Hopefully someone else will chime in here, there are a few in here who are killin it with their forex trades.
