PA, S/R, ZL, EXTREMES & MOMO

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ajaymein
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Postby ajaymein » Tue Feb 22, 2011 9:24 am

FXfreak wrote:for instance look now at m5 eu: at the left there is a supply-zone, then we had a momo-candle down with a nice entry. d1 also down. would you take it? based on the rules perhaps but i'm pretty sure that we will move up. i made loss after loss trading that "system-way". anybody short?


The 5m momo wasn't too powerful bc the following candles didn't show any continuation downwards so it wasn't an A+ setup, but I was aggressive bc I saw the 15m PB touch a previous resistance line to the pip so I took it.

If I got my long entry at 38 where yours is at, I would probably have waited it out a few more bars but I missed that and got in on the next bar 12 pips up.

Just curious, what did you see to make you go long at that point since the momo upwards right after your entry wasn't created yet?

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FXfreak
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Postby FXfreak » Tue Feb 22, 2011 9:30 am

i saw nothing, i only saw higher timeframes ...this is why i also lost -25 pips today :-( this is the price for trading without confirmation.

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ajaymein
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Postby ajaymein » Tue Feb 22, 2011 10:05 am

Entered short

Humble
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Postby Humble » Tue Feb 22, 2011 10:13 am

FXfreak, hope it helps. Not that I trade the M5. These guys are too good for me.

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Is price closing higher or lower than something? Simple yet powerful question. ..MO

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ajaymein
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Postby ajaymein » Tue Feb 22, 2011 10:24 am

This is sexy...previous H1 momo MIGHT screw with it tho...lets see

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Postby ajaymein » Tue Feb 22, 2011 10:31 am

:shock:

FXfreak
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Postby FXfreak » Tue Feb 22, 2011 10:33 am

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poipen
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Postby poipen » Tue Feb 22, 2011 10:33 am

Sweet Jesus! The opportunities are abundant tonight!
Wise Men Know Their Limits, Great Men Have No Limits.

FXfreak
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Postby FXfreak » Tue Feb 22, 2011 10:47 am

no take profit defined yet, but i will cancel that trade if it doesn't move.

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Postby es/pip » Tue Feb 22, 2011 11:17 am

as was said above

you look to the m15 m5 m1 or whatever when you have

either

higher time frame momo
higher time frame s/r
higher time frame extreme



i mean u can trade just the m5 but you have to be prepared to make a lot of trades and be able to take a bunch of small losers and be able to flip your bias very quickly

it is easier to trade based on what is happening on the higher time frames
Bend over and assume the position for another 4 years of hope and change.

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