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judokamak
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Postby judokamak » Tue Apr 30, 2013 5:55 pm

If i may comment on todays EJ PA and please Doji corect me if there is something wrong with it:

1. 1h- price ariwes at demand zone and tests the 1h z-line, doesn t close below it and the next candle is up.





2. 15 min. Longs had tested 1h z-line behind.



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newscalper
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Postby newscalper » Tue Apr 30, 2013 6:24 pm

AKAIK a 15min close above an H1 line isn't enough to warrant an entry, it could just be wicking it but yes (edit) in this instance there's an H1 close above and then pulls back.

What about the short in the morning, which is what I sat and watched for hours - I wasn't around for the long.
The time a higher timeframe candle had closed over the line it went like a steam train, there was no pullback after that. 'Just take the break of the bar' you say...yeah, I've done that often enough to see it come right back and bite me in the ass that unless there's a pullback there's no trade :lol: because you're either trading one or the other

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Postby dojirock » Wed May 01, 2013 1:27 am

Hi News,

This is how I see e/j currently
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Postby newscalper » Wed May 01, 2013 7:43 am

That's fine. Right now I see it long but the question was re how to get in short yesterday morning? If it doesn't pullback do you just sit it out?

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Postby MightyOne » Wed May 01, 2013 11:53 am

newscalper wrote:That's fine. Right now I see it long but the question was re how to get in short yesterday morning? If it doesn't pullback do you just sit it out?


The question is not when do I enter but what can I afford; position, lot size, pips.

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Postby MightyOne » Wed May 01, 2013 12:09 pm

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newscalper
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Postby newscalper » Wed May 01, 2013 3:11 pm

So I'm straight on this - 00 is positioned at the top of the DA candle on the daily and the difference between that and the bottom of the fib is how much space you have or are you using some extreme for the bottom line?

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Postby MightyOne » Wed May 01, 2013 4:53 pm

newscalper wrote:So I'm straight on this - 00 is positioned at the top of the DA candle on the daily and the difference between that and the bottom of the fib is how much space you have or are you using some extreme for the bottom line?


If 00 is at/above a daily extreme then you are trading/positioned for the daily chart.

The other end of the fib (##) is your "risk space" or 90 pips in this example.

The lot sizes show where you can afford x number of lots.

If I short 8 lots at the 50% ret then my risk space is 00 to the 50% level; which is now ## as ## is always the current price WHEN you are in a trade.

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Postby MightyOne » Wed May 01, 2013 5:09 pm

This is the idea behind using 00 as an entry (your stop) on a larger chart:

If you don't learn anything else at all then learn this:

The chart that you are trading is the extreme above/below which you have your stop loss order.

If you are looking at a tick chart and place your stop at/above the daily high then you are "trading"/positioned for the daily.

What is the median range of the last 3 days? I doubt it is hundreds of pips, but it could be.

To go for hundreds of pips, you really need position/(stop at the weekly extremes) on the weekly chart.

Think of your stop loss as an entry onto a higher time frame where your entry is the best price of that period.
When you increase your position size, your entry price becomes an average (it moves) and is similar to a trailing stop on that period...hopefully you follow.

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newscalper
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Postby newscalper » Wed May 01, 2013 10:53 pm

MightyOne wrote:
newscalper wrote:So I'm straight on this - 00 is positioned at the top of the DA candle on the daily and the difference between that and the bottom of the fib is how much space you have or are you using some extreme for the bottom line?


If 00 is at/above a daily extreme then you are trading/positioned for the daily chart.

The other end of the fib (##) is your "risk space" or 90 pips in this example.

The lot sizes show where you can afford x number of lots.

If I short 8 lots at the 50% ret then my risk space is 00 to the 50% level; which is now ## as ## is always the current price WHEN you are in a trade.

Yeah, I'm cool with that :) I was just wondering if there was some TA reason to where the fib stretched to or if was purely down to space, which you've answered. Thanks.
There's one more question (isn't there always :lol: ) what's the maximum ret you would consider taking?

Actually, make that two. The 90 pips in this instance - is that a function of daily atr or something else? It could be 50% of the high to low as that lines up?
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