Billytt Die happy trading e/j daily breakout
- #18,882
- Jun 15, 2017 3:50am Jun 15, 2017 3:50am
- Joined Sep 2006 | Status: Trader | 10,702 Posts
i am off for a sleep lol,
every Saint has a past. Every Sinner has a Future
- #18,883
- Jun 15, 2017 3:52am Jun 15, 2017 3:52am
- Joined Sep 2006 | Status: Trader | 10,702 Posts
{quote} Me too. Back for Dead Zone, folks.
every Saint has a past. Every Sinner has a Future
- #18,884
- Edited 7:04am Jun 15, 2017 4:52am | Edited 7:04am
{quote}You're misunderstanding this a little. Wick-Zone trading does include the breakout as well as the trade back inside. However, my point is that you had let the inside trade go to wait for the breakout. You should have taken the trades as they came back inside the candle from the outside box edge (and would have had an easy profit and no drama). If the breakout comes first, then of course that's the legit entry
"Shorting at a better price as if I am trading the breakout I missed" VS "Trading the Wick-Zone into the candle body"
These two contradict each other, giving opposite signals. Any thoughts here?
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{quote} Before I go back and read the earlier morning posts, I wanted to add this in - EURGBP isn't one of the pairs that I run on The Dead Zone either. Doesn't work. EJ, UC, AU, UNok, GN, AN, GU, CJ, NU, NJ, GOLD, UJ, GJ, GER30 and OIL (plus US500, The Dollar Index and other indices in The Other Galaxy).
I made an impulsive trade.I surfed the EURGBP DZ near the NY close... I don't even trade the normal DZ on this pair. I don't know what I was thinking. Crazy crazy me...
- #18,885
- Jun 15, 2017 7:04am Jun 15, 2017 7:04am
- Joined Oct 2015 | Status: Trader | 18,269 Posts
Damn - running waaaaayyyy late, so abbreviated check-list for DZ. Faves only...
EJ - short
UC - short and
maybe AU long
EJ - short
UC - short and
maybe AU long
- #18,886
- Jun 15, 2017 7:18am Jun 15, 2017 7:18am
- Joined Oct 2015 | Status: Trader | 18,269 Posts
{quote} Hmm... Okay, so if the point wasn't about whether I should trade the breakout or back into the candle body, I think I need some clarification. Excluding the fact that I traded a wrong pair at the wrong time, surfing entry-wise, was my trade incorrect? When I came to the chart, I saw that price already broke the WH low and without reaching +5, price was retracing. My thought process here was, if I was at the chart, I would have taken the short, but now I can short at a better price. Also, if price reverses, the loss will be smaller. "Shorting...
I will try and get back on and add some kind of example to clarify.
''I saw that price already broke the WH low and without reaching +5, price was retracing.''
This is the part that I think that you're confusing the process (if I'm reading your description correctly).
As far as I understand, you had missed the move and price was now outside the box, not made what would have been the +5 target and was now retracing. Correct?
If so, you are then apparently looking to jump on board what looks like a short and so are waiting on a pullback to enter at ''a better price''. Am I right so far? If so, this is what a ''normal'' trader would do, classic entry on the pullback to get in on the move at a better price as it then turns and continues on.
Thing is...we're not normal
...The problem is, you're not (to paraphrase) ''trading what you see''. Price is retracing. We are now not trading ''old school'' and waiting to get in on a continuation of the short. We're trading Wick-Zone style. So now we have forgotten all about any short (now or in the future - that flight has left without us) and are waiting for the retrace to continue back up into the box again and get us in on the way up as price exits the lower WZ and enters the body.
Again, in my reading of what you said, you were either in on this the wrong way now as you had entered on the short (?) or had let it go all the way back up through again with no entry of any kind (?).
Sorry, if I'm either not explaining this very well, or getting it completely wrong right from the off by misreading your post. As I said, I'll try and put together some kind of visual description.
- #18,887
- Jun 15, 2017 7:23am Jun 15, 2017 7:23am
- Joined Oct 2015 | Status: Trader | 18,269 Posts
UC broke first...
I've binned all interest in EJ and AU. UC gain covers them easily.
I've binned all interest in EJ and AU. UC gain covers them easily.
- #18,888
- Jun 15, 2017 7:49am Jun 15, 2017 7:49am
- Joined Sep 2006 | Status: Trader | 10,702 Posts
{quote} Shopping -Mts T said -then back for Dead Zone as well Lem
every Saint has a past. Every Sinner has a Future
- #18,890
- Jun 15, 2017 8:11am Jun 15, 2017 8:11am
{quote} If so, this is what a ''normal'' trader would do, classic entry on the pullback to get in on the move at a better price as it then turns and continues on. Thing is...we're not normal
Just to clarify my thought process, if I was at my computer earlier, I would've entered a short at DZ low anyway and counter at DZ high if needed. Entering a short at a higher price would give me additional pips to the +5 if it shoots down after a small retracement. If price goes up, the negative pips I would have to counter is also less. Whether it goes up or down, I would benefit from shorting at a higher price. BUT, I understand that "trading what you see" is also an important mindset I need to have. Missed opportunities are missed opportunities. That's what you mean, right?
Considering the benefits I mentioned, would you not recommend trading like I did AT ALL when I miss a surfing opportunity (on the correct pair, at the correct time)? I'm not trying to argue with you or anything. I hope I don't sound aggressive. Just trying to pick your brain lol.
After checking the wick-zone in this specific case, it wouldn't have given me +5 because the DZ candle was like a pin bar. (Highlighted part is the wick-zone.) A counter was needed anyway. But again, I totally understand what you mean by "I'm not trading what I see." That really cleared things up. Thank you Lem!
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"we're not normal
..."LOOOL
- #18,892
- Jun 15, 2017 9:08am Jun 15, 2017 9:08am
- Joined Sep 2006 | Status: Trader | 10,702 Posts
every Saint has a past. Every Sinner has a Future
- #18,894
- Jun 15, 2017 12:55pm Jun 15, 2017 12:55pm
- Joined Oct 2015 | Status: Trader | 18,269 Posts
{quote} set up ? {image}
I also marked up the two earlier ones in the day as well.
- #18,896
- Jun 15, 2017 1:10pm Jun 15, 2017 1:10pm
- Joined Sep 2006 | Status: Trader | 10,702 Posts
every Saint has a past. Every Sinner has a Future
- #18,899
- Jun 15, 2017 5:28pm Jun 15, 2017 5:28pm
- Joined Oct 2015 | Status: Trader | 18,269 Posts
DZ charts for the day...
EURJPY
USDCAD
AUDUSD
USDNOK
GBPNZD
EURJPY
USDCAD
AUDUSD
USDNOK
GBPNZD
- #18,900
- Jun 15, 2017 5:30pm Jun 15, 2017 5:30pm
- Joined Oct 2015 | Status: Trader | 18,269 Posts
AUDNZD
GBPUSD
CADJPY
NZDUSD
NZDJPY
GBPUSD
CADJPY
NZDUSD
NZDJPY