just got back from the Georgia State Fair. watched Chubby Checker singing ‘come on baby let’s do the twist’ for the age of 69 he sure looks and acts young. Anyway just checked on EU and closed my trade at around 70+ Decided to close it out rather than leave it overnight. It was a small trade size so didn’t make much. Just playing around that time. Next week I’ll get more serious.
edit:
good thing I got out when I did. price dropped right after that! Shows you shouldn’t listen to my advice! 
Ah, great contribution. I will write this down and use it.
Guess that’s common sense but when it comes to trading, there is nothing common with a noobies sense 
Talon:
Happy for you mate! And also good contribution to the thread! 70 pips isn’t bad you know, better than negative :o Keep up the good work!
Now to the price action.
The market broke my short-term price action trendline (red thick line) and blosed below it…
So most likely it would make a small correction down to the main trendline (thick blue line) and also just below my main trendline is the round number SR 1.3850 so the market has stalled there right now and is looking to make a candle with quite a bit of a tail right now.
Anyway, no trade taken (unless you’re a scalper) because everyone is holding their breath… US News.
Another thing I wanted to point out was that it was a nice 123 or zig-zag pattern. Yesterday I wrote that after a big candle on a pivot high or low the market tends to move in the same direction for a little while and it did a couple of candles. Then we had a nice flag (also a 1-2-3 pattern if you look closely) and then it resumed the direction.
Now, I have a rather elongated last wave down because the first wave was
166 pips so the other leg should be the same length. That will give us 1.3795. Give or take round number support 1.3800.
Let’s see if I’m correct… if so… champagne to everyone!!!
Ok so I’m back after the weekend.
As we see the market broke my main trendline and I’m really not expecting a big trend reversal here but going short at 1.3892 and stoploss at 1.3947.
The trade is counter trend, once again, but it has broken the trendline so I went short… That’s the rules right?
Looks like a good trade Carn. This may turn in to a good counter trend since the Daily just finished an AB=CD pattern at your chart’s peak.
EMERALD MY OLD FRIEND!!! Good to have you here mate, as you pointed me toward this forum!
Yeah the trade looks ok, looks as if we are reversing into a retracement or even a reversal, let’s see.
Now to the trade, I’ve experienced something new! A NON STOP-LOSS TRADE!! I DIDN’T LOOSE THE TRADE!!
No really, I think this is the summary of what I learned from this trade:
When trendlines break, assuming we’re going into a reversal or retracement:
DO NOT PUT TAKE PROFITS. ONLY USE STOP-LOSSES.
As the price pierces through the trendline more and more, equally there are more sellers or buyers (depending on the angle of the trendline and trend).
Since the take profit is the break of the NEW trendline, the only need is for a Stop-loss.
I hope this lesson is true and if you do not agree, please, any input is valuable!!!
My market vision is now this:
The blue main trendline is from Daily and adjusted in 4HR.
The red trendline is the new trend (or is it a correction? let’s see!) if there is a break of this one we will start to buy.
Right now I am in SHORTING-MODE since price broke our long-only main trendline.
Let’s see how this works out.
Good luck to you guys and happy pimpin
Ok so as I wrote in my last post I am in shorting-mode and looking for a opportunity to short this move down.
Since this red trendline is down we should short the market.
15MIN timeframe showing some resistance at round numebr .3850 area with a couple of shooting stars.
So I have a order @ 1.3830 to go SHORT.
Order SL: 1.3885 and TP: 1.3750.
Let’s see how this one turns out, if the market breaks the trendline we’re heading UP again, if not. I will have my pips 
HOWEVER!
If the market breaks my red trendline (being my short mode) and closes above it, I will wait for an appropriate retracement and continue longing my trades.
Sup Carn! So did you get stopped out on that last trade?
I had a couple good short scapling trades early friday morning (15th) on that move down.
Btw, I like how you’re coming up with the ‘no stop-loss’ thing. Lately I’ve realized that money management has some great advantages over just the trade entry. I’ve been trying out multiple lot orders when making trades. Similar to what you’re talking about. 
Here’s what I’m seeing right now on the hourly…
[I]Ignore the EMAs, was doing some testing ;)[/I]
Sorry for not replying in a long time!
To defend myself I have to say I have been studying allot (trading ofcourse)…
I have found a guy that is interesting (IN THE TRADING WAY :D) and I find his style of trading really nice!
[B]Michael Jenkins[/B] is his name.
He trades cycles and astro… Allot of Gann’s stuff. Found it very interesting.
If you have info about him or anything relating to it… Please tell me!
Emerald: Glad the trades went well! I actually didn’t trade any direction… But I discovered a new thing!! It’s in the latest thread I started, the name is Entries…
Guess what the new thing I discovered was? 
I haven’t taken any real direction exept shorting the heck outta it the last day. Check out this post from last week and how the Eur/Usd is behaving Forex Factory - View Single Post - The concept of “trend” which I cannot grasp
Ive been studing Gann’s work as of late and just finished the book “Trade What You See” by Larry Pesavento & Leslie Jouflas. I’m trying to find a PDF of Gann’s book “Tunnel Thru the Air”.
Imma check out that thread right now… Lemme know any other cool stuff and I’ll do the same.
How was the ‘trade what you see’ book? Any good information? Worth reading?
Hello guys,
Once again I am sorry for the inactivity but I’m learning sooo much new things… Michael Jenkins style!
My market view right now is that we should continue up. However, I have noted (maybe wrong, tell me what you think!) that we are in a ranging market and the trending has stopped. Maybe we will continue up or maybe down, don’t know until it breaks out.
Anyway, I have a measured move I am going to look for (which is also one of the new things I’m learning) which points to an uptrend.
Take a look at the chart and tell me what you think!
I apologise for the cluttery chart but hopefully wou will see that the flag down separates the first 350 move up and shows the bottom.
Also note that there is a small measured move inside the big one. Let’s see how this works out!
Sorry for the late reply Carn. “Trade What You See” is a great book. It revolves around trading what you see, not what you believe. Kinda cool concept. Shows patterns, stops, take profit areas, ect throughout the whole trade.
I’m going to attach a chart of a demo trade I made a few days ago. Of course this beauty had to be in a demo… but I’m using the 4hr chart since I’m too busy to check Forex often. Great pinbar at a high but a lower high is what got me in to this trade. Yellow line is entry, TP1 moves Stop to BE, ect.
I believe it was in one of your threads where someone said to look for V-tops/bottoms as a strong reversal sign. On a higher TF those look like pinbars.
