Nothing is hard, some things just take more time and discipline.
- #343
- Sep 12, 2006 5:56am Sep 12, 2006 5:56am
- | Joined Jul 2006 | Status: Your friendly Daily Pip Nipper. | 399 Posts
Which trade to enter?? When we look at 4HR chart is a downtrend but on Daily chart is an uptrend.
Peter would reccomend in a situation like that not to enter the trade but me personally would look at a couple more things. On the daily chart that most recent candle is what I like to call a YIKES candle, since it looks like a big exclamation point that says YIKES! I think the proper name for that candle is a shooting star or something like that. Either way it goes it shows the situation where the bulls tried to continue the uptrend of the price but the selling pressure from the bears caused it to go back down....this indicates a reversal... the yikes! Candle is a trend reversal signal. So considering that the 4 hr is starting to go downward....determine what is the projected price movement...if it is within a reasonable distance then I would say enter the trade, because personally I think the trend is about to reverse anyways.
Hope that makes sense.
Nothing is hard, some things just take more time and discipline.
Peter would reccomend in a situation like that not to enter the trade but me personally would look at a couple more things. On the daily chart that most recent candle is what I like to call a YIKES candle, since it looks like a big exclamation point that says YIKES! I think the proper name for that candle is a shooting star or something like that. Either way it goes it shows the situation where the bulls tried to continue the uptrend of the price but the selling pressure from the bears caused it to go back down....this indicates a reversal... the yikes! Candle is a trend reversal signal. So considering that the 4 hr is starting to go downward....determine what is the projected price movement...if it is within a reasonable distance then I would say enter the trade, because personally I think the trend is about to reverse anyways.
Hope that makes sense.
" master your setup, master your self "
- #349
- Sep 12, 2006 6:40am Sep 12, 2006 6:40am
- Joined Apr 2006 | Status: Suaviter in modo, fortiter in re | 1,851 Posts
Peter would reccomend in a situation like that not to enter the trade but me personally would look at a couple more things. On the daily chart that most recent candle is what I like to call a YIKES candle, since it looks like a big exclamation point that says YIKES! I think the proper name for that candle is a shooting star or something like that. Either way it goes it shows the situation where the bulls tried to continue the uptrend of the price but the selling pressure from the bears caused it to go back down....this indicates a reversal... the yikes! Candle is a trend reversal signal. So considering that the 4 hr is starting to go downward....determine what is the projected price movement...if it is within a reasonable distance then I would say enter the trade, because personally I think the trend is about to reverse anyways.
Hope that makes sense.
It could go up or it could go down.
I would stay until it makes a real move and then come in, even if it's late.
Losing a few pips after the move is confirmed, but gaining some during the move, is better than losing pips on your stop-loss before its direction is resolved.
Just my opinion, each trader must call it as he/she sees it
Peter
- #350
- Sep 12, 2006 6:50am Sep 12, 2006 6:50am
- | Joined Jul 2006 | Status: Your friendly Daily Pip Nipper. | 399 Posts
It's hitting a major resistance (you can see this if you shrink your chart on the hourly).
It could go up or it could go down.
I would stay until it makes a real move and then come in, even if it's late.
Losing a few pips after the move is confirmed, but gaining some during the move, is better than losing pips on your stop-loss before its direction is resolved.
Just my opinion, each trader must call it as he/she sees it
Peter
Nothing is hard, some things just take more time and discipline.
- #352
- Sep 12, 2006 7:11am Sep 12, 2006 7:11am
- Joined Apr 2006 | Status: Suaviter in modo, fortiter in re | 1,851 Posts
When we get better at this 
this is the sort of opportunity that arises.
Here (EURGBP) there was money to be made both sides of the Supply & Demand lines.
The thing is to pick a couple of pairs, that are completely unrelated, so you're not hit by correlation issues and concentrate on them while mastering this method.
Pick only one of the XXX/USD, whichever you feel suits you, and then look for something different, say EUR/GBP or one of the other cross-currencies.
That way, if there is a sudden change in direction because of Dollar related news, you won't be losing on two currency pairs, only one.
There are a couple of threads dealing with this subject and I suggest you check them out.
For example, if you're long EURUSD & GBPUSD, you're basically doubling your risk.
Peter
this is the sort of opportunity that arises.Here (EURGBP) there was money to be made both sides of the Supply & Demand lines.
The thing is to pick a couple of pairs, that are completely unrelated, so you're not hit by correlation issues and concentrate on them while mastering this method.
Pick only one of the XXX/USD, whichever you feel suits you, and then look for something different, say EUR/GBP or one of the other cross-currencies.
That way, if there is a sudden change in direction because of Dollar related news, you won't be losing on two currency pairs, only one.
There are a couple of threads dealing with this subject and I suggest you check them out.
For example, if you're long EURUSD & GBPUSD, you're basically doubling your risk.
Peter
- #355
- Sep 12, 2006 8:10am Sep 12, 2006 8:10am
- | Joined Jul 2006 | Status: Your friendly Daily Pip Nipper. | 399 Posts
i'm looking to buy the chf/usd around noon, set up looks good....to me at least
Yea....That should be the time it opens above trendline
Nothing is hard, some things just take more time and discipline.
- #356
- Sep 12, 2006 8:21am Sep 12, 2006 8:21am
- | Joined Jul 2006 | Status: Your friendly Daily Pip Nipper. | 399 Posts
When we get better at this
Here (EURGBP) there was money to be made both sides of the Supply & Demand lines.
The thing is to pick a couple of pairs, that are completely unrelated, so you're not hit by correlation issues and concentrate on them while mastering this method.
Pick only one of the XXX/USD, whichever you feel suits you, and then look for something different, say EUR/GBP or one of the other cross-currencies.
That way, if there is a sudden change in direction because of Dollar related news, you won't be losing on two currency pairs, only one.
There are a couple of threads dealing with this subject and I suggest you check them out.
For example, if you're long EURUSD & GBPUSD, you're basically doubling your risk.
Peter
http://img118.imageshack.us/img118/3...artpostet6.gif
Nothing is hard, some things just take more time and discipline.
Could someone post a chart with this trendline setup on it please? I'm on a buddy's computer and don't have access to charts today.
Thanks!
Thanks!
i'm looking to buy the chf/usd around noon, set up looks good....to me at least