Whatever happens happens for the best. Whatever you really need right now is what you are going to get. It really is true for ALL of us so we may as well start believing it becuase it is as you say. The illusion is the situation looks crappy but after things play out you are actully better off. SOmetimes we are too ignorant to even be able to see why what happened was for the best BUT it WAS.
Mindless prattle HEH
is that what bobcat said?
I guess he is focused on trading with a keen focus and he said something he didnt really mean. I do it all the time. WHen I am into doing something and am focused on it, and am with others that are focused on it (who should BE focused on it as we are doing it together), I am so focused on the single matter at hand that sometimes if someone says something irrelevant to the matter at hand, I will snap back with hush with the BS or something.
The thread is growing and lots of people are reading it and many more are commenting than previously. At times in the beggining it seemed like it was only me.
I should’ve kept my own counsel back @ 205.80 and gone long - even with the spread I’d be up 50 pips. Ah well, I never trade with those spreads, as a rule.
144 EMA posing resistance @ 206.60; Senkou Span B (Ichimoku Cloud) @ 206.73 - it’s flat, so it acts as a point of equilibrium attracting price back to it; but can price break? If we go through there, 207 is next, then it’s open to 208.
I sold everything I had up through 206’s. I had to get another one at 206.66
to try to prop her up some. I will buy three more in the 206’s at the bottom and hold the rest for now.
The daily chart has quite a few days of up coming, it looks like to me before it gets anywhere near overbought.
It’s a fibonacci series number (55+89=144). I sometimes take trades off of a - albeit heavily modified - form of the Vegas H1 system, in which the 144 and 169 EMAs form a tunnel that acts as a fulcrum point for going long or short. I’ve found price, especially on H1 but also other TFs, respects 144 as an S/R level. Other fib numbers (esp. 89 and 55) are significant as well on the medium TFs I typically take trades from.
Let me know if you have any questions or want more info…
And andrew will say EMA and I will insist SMA but the number is the same.
my SMA’s form S/R in the very similar way that the fib numbers do espewcially when I am using those fib numbers as the numbers of the SMA
The original thought for me for running fib numbers as SMA’s is because Raghee uses 34 for her “waves” basically SMA’s, folks at forex.com use 55 instead of 50 a fib number. SO I use fib numbers for SMA’s, sometimes I set them es EMA’s but find the SMA’s work better and are a more accurate m,easure of what I am trying to get.
I read the whole thread before jumping on. I feel that should be required. It must have slipped my mind. That is some interesting stuff I will have to look more into.
On the other hand, Guppy has saved the day and my second trade I closed at 30 pips. It put me up for the day and let me close out my euro trades that I don’t feel comfortable having open anymore after Trichet stroked the euro bulls with his rhetoric.
Right now I have a clear board and a positive day. I am looking for one more trip a little south to buy one I may finally hold on to. As long as I keep getting so many positive pips on the first open order, I guess I will keep on selling them off.
EMA or SMA - I prefer EMA because of the function EMA plays in weighting price. But, I do use SMAs (and WMAs) as well - there is a difference, but whether it is significant is relative to the timeframe and market context. I don’t swear by any of them, but I do use EMAs by default. Mileage may vary from one person to another, which is fine - liberty to each man as he plots his moving averages.
On the matter of fibonacci number v. round number, I am a more staunch proponent of using fibonacci numbers - or at least I stand by my own practice of it; but that’s because I use a lot of fibonacci studies, and want coherence across the chart through complementarity between data points. Some people like to argue the point (not suggesting that of anyone here), which is a worthless exercise. I try to stay away from pedantic discussions over worthless jots and tittles of “theory”, preferring instead to trade with what has worked and continues to work.
But I’m glad you asked M2P - an insatiable desire to learn is one of your chief assets as a trader.
I recall now. YOu were shocked it seemed by my use of 144 minutes after market open and I explained that the first2 hopurs and as much as three hours was the best time to tradea market. And 144 is more than 120 but less than 180 and almost in the middle and a common number and a fib number so I selected it and use it.
But I also have it as a SMA but dont use it as a trigger as much as a hard line that price normally sticks too.
144 is also the square of 12, I prefer Tf’s of 2 6 12 24 48 60 240 AND
144 which is now indicating up up up. I dont think we are going to get down too low overnight. I do not expect to dip below the .500 fib at 205.97,
but if we do I am buying anyways.
As for the time prediction, sometimes I use fib circles, and considering that, recent price movement and the first 144 of franfurt trading to cause upward pressure, I think she is going to break higher another leg up.
Well I had closed out my figures for the day and decided to open a buy order. I was all set to buy down and got to grab one more. I planned on holding them but then the next thing I know I am up a combined +40 pips with both orders.
So guess what I did?
If you guessed sold, you are correct.
I am going to seriously need to learn some patience if I am to trade this strategy.
I plan on buying down, but all she does with me is go up. She never gives me the chance to load up. It’s been like this for almost two weeks now.
poor Germans will come in to trade and wonder WTF happened,
and kick themselves for not getting up earlier to place their long trades.
Yes she can at least to the goal she sees at 207.68. She may get there early or the germans will do ok and help her up the rest of the way when they get in.
You’re right … I used to check in on this thread occasionally and it seemed like it was just you talking to yourself. Then around May 20 I decided to read it from the beginning… and I was hooked. Andrew came in about the same time, then MPT, SweetPip and others.
If you build it … they will come
