Ok, another elephant type bar on the EURJPY…went long. Price got up to +10 and closed 1/2, stop moved to b/e
hmmm…does anyone else see a head & shoulders pattern forming…the right shoulder that is? If so, it might not reach the upper Lime resistance line I was looking to target.
Now I don’t get what to do here. Price is at the 20, below the 200. It could be a BSC or a long Sqz.
Price is in the middle of gap2 range…so we enter long at the bottom with tight stop, and if it goes south, then let it stop out and then go short right away? Or, if it goes to the top of the range…go short with tight stop and if it stops out, immediately go long?
Excellent question SP…Markets forever change so does time…the key is to be in the market on tokyo close or before it,
theres always a gap between tokyo close and london open. the GAP is 6 pm tokyou 8am london thats contant but the gap distance changes on summer time and winter time.
October 2012
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yes sp spot on you got it…money managment, risk reward.
Thats a big yes, so i dont need to answer your post 828.
So that essentially is hedging when you have a long and a short open at the same time? If so, that’s a problem…at least with US & Cdn brokers because they don’t allow it.
Isn’t hedging having 2 opposite orders open at the same time?
If doesnt matter how far apart the trades are opened…just that if you already have a long open, it won’t let you open a short (or vice versa). So yes you’d have to close the long before opening a short…kinda puts a damper on the possibility of being with the long and it make a run up doesn’t it :(. The only other way is to use 2 highly correlated pairs and long one, short the other.
Does not put a damper on anything, if your sl is taken out thats your reason to go short?
I meant that…if you buy at the bottom of the channel, and it goes up to the top of the channel, the sell zone…if you close your long order (in profit) so you can go short, (in the sell zone - top of channel), then you miss out if it rallys up. However, I can see that if you do open a short after closing the long and it rallys up, the short sl will get taken out, and you could open long again.
Will have to see how big an issue it is…here’s what looks like a good example on the EURAUD. I have the top & bottom of a consolidation channel marked with black lines. I’d say these consolidations usually happen in Asian mostly, but here it kinda continued from yesterdays Asia (gap 2 in dark grey boxes)…lol. It’s ranging across the 20ma. So I will go short at the top, long at the bottom…which ever comes first. I hope the buy first cuz it looks like it’s on an upward trend by looking at the 200 and the yellow regression channel direction. I have an EA (called TrendMeLeaveMe) that will open the orders as it approaches either line…so I don’t miss it 
haha definitely 
So while the AUDCAD ranges between my upper & lower channel…I opened a long on GBPUSD as a BLC. Price, the 20ma and the uptrend yellow channel have all converged at the bottom of the range marked by the black support line.
I think I just had one of those aha moments…before when I heard the terms “buy low”, “sell high”, I always thought of the high & low as display across the width of the chart which can be hundreds of pips apart…it really didn’t occur to me until now that it could refer to the low & high of a consolidation range irregardless of whether the consolidation range was at the high or low of my charts…hmmmm.
SP thats spot on…you got it. Ok look I have to remove some of the TK posts, Im under a lot of pressure to do so. There are other less sensitive subjects that I will cover in time, and they are just as awarding.
Hi All,
Just finished reading through the thread. I’m looking forward to contributing charts and trades to this thread for feedback from everyone next week! Have a good weekend, time for some homework.
dennis, what’s TK?
welcome on board. i will give you all the support i can
I put on a couple trades last night before bed. I didn’t wait until the close of the bars, I estimated the level of the 20sma for entries with a 10 pip stop from entry. On netted about 40 pips, the other I closed half at 11 pips, half open with stop at BE. I will post more detail and charts later for feedback.
Thanks
So, it turns out when I look back I don’t think there was any trigger or confirmation. I was pretty excited after I watched the “Love for support and resistance” video and started looking at charts. I’m having trouble posting the chart but I shorted the eurusd at 1.293 with a 10 pip stop and a tp at 1.2892. The reason I chose this as my target was there was strong support at 1.289. Interesting enough, price touched this point three additional times and came within a couple pips 2 more times. I’m happy I scored some pips, but I have to work on my entry trigger. This was definitely an arbitrary point. The other video that made a lot of sense was the video on optimal entry points.
I’m going to figure out how to post charts then there will be more
Hahaha, I have to laugh at myself. Turns out they all posted. WHen I was replying all it said was attachment…Now I know and knowing is half the battle
Entered at the green candle, 2nd from right. H1 chart audusd Short @ 1.0341. Reason was hr close at 200sma. TP for about half position size then move the stp to BE
All positions have 10 PIP stp and I try for 30 PIPS tp but unsure if this is the best way. Trying to cut half position then let the other go a bit but not sure if it’s better to just take whole profit???
Got stopped out. -10pips
keep up the good work 
