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PTG
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Postby PTG » Tue Sep 22, 2009 9:08 am

spa wrote:what was wrong with this trade.. short EJ of the 5 min .. was it the fact that the previous 4h and 1h bullish momo was larger and price wicked those respective MZ and jumped higher trumps the more recent bearish momo?


If I'm not mistaken you have a bollinger band on M5. It is likely that once price has moved from one extreme through the middle line (= average) it continues to move to the other extreme. Based on the fact that the price first tested the middle and then went through it, going long had a higher probability, especially if you combine that with the 66-ish % probability that there will be a 2nd same color bar (i.e. green after green).

If you put EJ on H1, you can see that price bounced off exactly at the middle.
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***FX-JEDI***
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Postby ***FX-JEDI*** » Tue Sep 22, 2009 11:19 am

es/pip wrote:
***FX-JEDI*** wrote:
pablo101 wrote:
***FX-JEDI*** wrote:Just a couple of trades from GBP/USD over last few days. :D

Thanks for your post ES/PIP & DRAGON, they have been a big help,
I'm focusing on fine tuning my entries, slowly getting better at this I think..

Lukx, I know everyone has said something to you about not giving up etc etc., so you probably sick of hearing about it. I just want to say how good this forum is & how valuable this information is, when i started out learning how to trade, I did a course that cost me $5,500, I did this before I realized how good it is to search the internet & what google is..about 5 years ago now.. All of the stuff I was taught could be found on the net for free, you just needed to piece it all together & really from what I found out they were just "teachers" not "traders"...took me a while to get over that..
Here I believe these guys are the real deal. they are traders, not teachers. & my trading has improved dramatically since stumbling across this site. One day I hope to be able to teach my trading knowledge to others freely, like MO & others have done..
So hopefully you will continue on trading if that is what you want to do & come to know it will take time to Master..

Regards ***FX-JEDI***


Nice trading! Man you are good. There's me thinking I'm happy with 40 a day doh! :shock:


Thanks Pablo.. :)

I'm getting there!!

got out of trade at 315.2 pips.


nice one


Thanks ES/PIP.. you have been a real help..
Cheers Mate...
Its better to be out of the market wishing you were in,
then being in the market wishing you were out.....

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Postby TheRumpledOne » Tue Sep 22, 2009 11:33 am

Image

Dozens of reasons.

You just have to laugh.
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Postby PTG » Tue Sep 22, 2009 11:43 am

TheRumpledOne wrote:Dozens of reasons.

You just have to laugh.


I thought it was more than that ? :wink:

Some people prefer form over contents. I wish them good luck :lol:
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Postby spa » Tue Sep 22, 2009 11:46 am

how do you guys and gals(altho' lisa hasn't been around lately) go about this chart... 4h momo to the upside,1 h touched a previous ZL and has moved above it forming a new one to the upside that got wicked, 15min shows a possible entry short tho'..

situation like this present themselves more often than not
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Postby es/pip » Tue Sep 22, 2009 12:12 pm

spa wrote:how do you guys and gals(altho' lisa hasn't been around lately) go about this chart... 4h momo to the upside,1 h touched a previous ZL and has moved above it forming a new one to the upside that got wicked, 15min shows a possible entry short tho'..

situation like this present themselves more often than not



for me


this is kind of like the other situation that we were discussing the other day

#1 h4 is long
2 when you come into that h1 zl---- what got you there----another momo long candle. So, coming out of the above zl is going to find support based on the h1 bar that got you there----



i would not trade short there
Bend over and assume the position for another 4 years of hope and change.

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Postby aliassmith » Tue Sep 22, 2009 12:13 pm

I believe it is my best single trade to date :)

GBP/USD H1 started late US session and finished
up London session for 90 pips.

Long at pullback on the MoMo candle
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Postby es/pip » Tue Sep 22, 2009 12:27 pm

aliassmith wrote:I believe it is my best single trade to date :)

GBP/USD H1 started late US session and finished
up London session for 90 pips.

Long at pullback on the MoMo candle



nice

you got in before i did---

i missed that

traded it off the h4

the h4 chart setting up like that was almost a gift from the banks

Image
Bend over and assume the position for another 4 years of hope and change.

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es/pip
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Postby es/pip » Tue Sep 22, 2009 12:28 pm

dbl post
Last edited by es/pip on Tue Sep 22, 2009 12:44 pm, edited 1 time in total.
Bend over and assume the position for another 4 years of hope and change.

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Postby es/pip » Tue Sep 22, 2009 12:34 pm

es/pip wrote:
spa wrote:how do you guys and gals(altho' lisa hasn't been around lately) go about this chart... 4h momo to the upside,1 h touched a previous ZL and has moved above it forming a new one to the upside that got wicked, 15min shows a possible entry short tho'..

situation like this present themselves more often than not



for me


this is kind of like the other situation that we were discussing the other day

#1 h4 is long
2 when you come into that h1 zl---- what got you there----another momo long candle. So, coming out of the above zl is going to find support based on the h1 bar that got you there----



i would not trade short there



now that the h1 bar marked---b--- found support in the momo created by ------a------- and could not continue to go up, i would be much more comfortable trading short out of that area


so

zl in red

new momo------------a

finds support ( based on a)--zl's them-------------b

cant go up so now i would look short



do you see it?

this is just how i interpret what is going on based on that PA

Image
Bend over and assume the position for another 4 years of hope and change.

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