thats 57 pips on those charts…note, both tokyo brakes were not in corelation with SQ. Both currencies were trading in Tokyo above the 20 SMA and above the 200 SMA (i.e. not SQ to comprehend the trading above factor) Note: Both Currencies were a rising channel formation. IE. London day before made the high of the channel, New York made the Low. Tokyou went side ways, London continued the strech to upper channel on the break of Tokyo.
so dont be like everyone else trying to trade a brake on the channel, which has so many fakeouts...........................buy the low sell the high of the channel not the BRAKE. IF YOU ENTER THE BRAKE YOUR LATE..........AND YOUR NOT COVERED WITH HALF SPLIT PROFIT..........................like in this chart<img src="//babypips-discourse-media-production.s3.amazonaws.com/original/3X/1/5/15ac4c02bae297bca8e3942d83543eff8840951e.jpg" width="690" height="297"><br/>.[B]DIRESPECTING THE MIGHTY 200![/B]
Personnaly all the FT traders that do THE ABAOVE, win sum loose sum, eventually, there posting there CV looking for a job…trade against the big money, then you will get drawdown on top of drawdown…and you will be taken to the cleaners eventually…
[B]ADVISE FOR EVERYONE: THIS THREAD IS ABOUT TRADING FOR A LIVING: SO HEAR THIS[/B]
Trading retracement is a fools game. I have seen so called experts do it well, however they all end up in tears and some jump of bridges. If your reading stuff about counter trend trading. Invest your time cleaning cars and cutting grass. Trading is not for you. I remember in 2004 i paid a fee to be on a webenar , I watched a so called pro, make his analysis that the market was bullish based upon price being above a 13 period moving average and a 21 period moving average. That knuckle head entered the market long on Euro, he pulled the trigger without SL place on entry. The 200 was way above price it to me was clearly bearish. Euro made its famouse tail in a mili secound. That correction, made him close that webinar, he was never herd of again. Going long under the 200 sma without SQ confirmation, puts you 6 feet under.
If you wanna have faith, speak to Shultz we trade live together everyday via skype…and we both went long on eur usd and gb usd this morning and we are bagging pips. not digging graves…Theres only one way to trade. All the other crap out there is complete and utter crap which is the result of people who dont know trying to make sence of what they dont know. Failures have a habbit of repeating there selves…trade against the trend, have faith that the support will hold as resistance in a bear market is like trying to land a plane on water…Miracles happan, you win sometimes. But Miracles wont pay the bills and keep your heart ticking. I can think of better ways to die then financial ruin.
SORRY GUYS , THIS IS JUST THE WAY IT IS…IM HERE TO GROW WITH YOU. REALITY CHECK…
So price was above the 20 & 13 & below the 200…isn’t that a long SQ trading zone? I’d say it was irresponsible not to have put a stop, but I thought that was the general idea…no?
Basically that’s what I did here on the AUDCAD…well in reverse going short with price below the 20 and above the 200…bullish sentiment. However, there was a double top and price poked below the 20 bouncing off the upper resistance (not shown on this online chart at my workplace), so I entered short against the trend. I did get in a little late because of when I opened the chart, but the initial stop was still within my 20 pips risk allowance so I went for it. Got to +10 and closed 1/2 the trade and stop is to break even …still up +30ish on the remaining half.
eurcad121017.bmp (802 KB)
thats a good sq sp. coz prior to sq the tell tale sign of double top major rejection of price long…your CHART is same as my chart ON POST 712 above . yours is the short version and mine is the long version…that is spot on
…i am seeing what you are seeing…its a good trade with high proberbility of completion…other factors marked on chart RRRRRRRRRRRRRRRRR.bmp (802 KB)
this is why i was not into this short trade of shultz…this could have broken up against you in a mili second…that inspired my post about trading against the 200.
yes sp its iresponcible…i have seen people loose trade after trade on sl and roll it back and back and loose more…we dont have to do that…not with trading as we have detailed on this thread…sl is our friend. I dont take a trade without knowing my entry sl…We got SL when 10 pips is like on the extreme as our entries are so good and right in the profit within a miunute of the tigger. if its not im closing the trade
So here’s my Oanda chart of the EURCAD. Now I’m not sure where to take profit…actually I’d like to take it now…lol… with the 1/2 lot at +50 pips, and then re-enter short “if” it pullsback up and touches the 20 again…because otherwise I can see it continuing up again and retest that double top, thus giving back all but those +5 pips I locked in. Where it is now is at the 38% retracement, but have a t/p at the 50% which is where the lower red support lines are…
Update: Yay…hit t/p for 65+!..
[QUOTE=Sweet Pip;409936]So here’s my Oanda chart of the EURCAD. Now I’m not sure where to take profit…actually I’d like to take it now…lol… with the 1/2 lot at +50 pips, and then re-enter short “if” it pullsback up and touches the 20 again…because otherwise I can see it continuing up again and retest that double top, thus giving back all but those +5 pips I locked in. Where it is now is at the 38% retracement, but have a t/p at the 50% which is where the lower red support lines are…
[
yeah i have a gut feeling of that when i shorted that’s why i pull out early that time
but i wont do that with out a tight stop, if i do that on a big stop meh ill just leave that chart alone and not trade it
You managed this trade very well…
yes we are spot on so far…
Check out this possible long on NZDUSD…now it’s a break of the channel, but it also coincides with a BLC, and what looks like that little pattern you just mentioned that happens before a big move…but the high impact news is still 6 hrs away…hmmm
Update: Failed
nice one sp.............ideally get the lowest low you can get during tokyo. Thats around 2 hour prior to london open...............market timing really is the key................its long theres no other logic that can say it not gonna be a massive break out....arrow head madness , gonna be going to the bank^^&&&&&&&&&&&&&&&&
Well not yet…lol…but thanks for saying, and hopefully will be one day. I do like this approach quite a bit so far…keeping fingers crossed that I can work it consistently over the next month. I have made some trades that I didn’t post about…testing things out…so not so perfect but working on it 
My little robot icon under my name is now hooked up to my new Oanda demo account.
just remember when news is goona come be 200 sma bias always, forget the news results play the 200 against the news on euro, gb looks poor