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  #551 (permalink)  
Old 06-10-2008, 10:51 PM
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Valeo,

Thanks for the explanations, it make me feel like I am on the right track. I am going to continue to post charts and questions.

Let me know if they get overwhelming.

I will try to keep my post to very specific charts and questions to expand my knowledge and understanding of your system.

James
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  #552 (permalink)  
Old 06-11-2008, 06:54 AM
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Quote:
Originally Posted by suk1000k View Post
ValeoFX - are you still using Murray Math Lines? Because mine showed 0/8 at 1.9531. I am not too familar with the Entrex because the price does not hit it too often. But it definitely was a cling then a bounce as described. "The trend is your friend - except when it bends at the end" --- today just "the trend is your friend - until there is a pierce of the Murray Math 0/8"

The lesson for me today was the H8 this morning which was the only chart I could see where I could question direction of trade. This was because althugh CCI was down, the RSI was pointed up and was overheated to south. The lesson I have learned before which gave me the short (and it is a needed one - because this can and does happen on H4 and H1)is that the RSI can revert back below 30 after coming up - it is very dynamic and this should be considered -it doesn't neccessarily signal the end or start of a move - especially when there is a zero line cross on CCI (this includes the turbo CCI on the longer timeframes (H1, H4, H8).

Cannot see it now, but H8 RSI 2 was pointing up this morning, however TCCI was a zero line cross and CCI following it.

Very good observation, Suk. Concur with RSi-2 readings. And "NO" I do not use MM anymore. I stck to Gann-lines they are more accurate in my opinion. Might be an idea to add Gann to my H8-chart which I have not doen yet, but will do so after this Post.

Best hunting today.
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  #553 (permalink)  
Old 06-11-2008, 06:59 AM
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Progress on yesterday's trade.............
I left my stop @ 1.9582 as per my Post #548.

Price now @ 1.9540 which gives me a total of +49 overnight and a total of +138 pips on this half of my lots traded yesterday morning.

According to my charts, we are in for another short ride, maybe towards 1.9466 which is the 78,6% Fib level. Moved Stop to lock-in +100 pips @ 1.9571 which is a stop of -31 pips.

Best wishes.
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Last edited by ValeoFX; 06-11-2008 at 07:21 AM. Reason: Latest Stop
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Old 06-11-2008, 08:38 AM
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Stopped out................
Stopped out @ 09h01:42 for +100 pips.
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  #555 (permalink)  
Old 06-11-2008, 09:34 AM
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That news was coming from a mile off. I don't know why, but the action before the news this morning (930 UK time) told me that it was a setup for going short. I already banked on the long despite ValeoFX's stoploss and then went short against the techs which I try to never do because it it unwise generally. I am very pleased so far with my results and will try to improve my contribution as per my results. What does surprise me is the continuation of the long after the newstime spike. I've been out of the market apart from a tiny short.
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Old 06-11-2008, 09:47 AM
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Quote:
Originally Posted by ValeoFX View Post
I left my stop @ 1.9582 as per my Post #548.

Price now @ 1.9540 which gives me a total of +49 overnight and a total of +138 pips on this half of my lots traded yesterday morning.

According to my charts, we are in for another short ride, maybe towards 1.9466 which is the 78,6% Fib level. Moved Stop to lock-in +100 pips @ 1.9571 which is a stop of -31 pips.

Best wishes.

Well I was obviously not reading the charts right.

I went long for -2, and then long again for -30.

I am short now at 1.9516 and will be trailing my stop. Maybe I can make some of this back. Lets see what the market gives me.

James

edit >> the market gave me -22.

not a good day. Tomorrow will be better.
Last edited by jharvey407; 06-11-2008 at 10:02 AM.
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Old 06-11-2008, 11:51 AM
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This morning's first entry..................
Need no explanation I guess, James?

I guess it does: The reason for entering @ 08h35 candle close, is that previously the price kept on bumping its head against the 180-EMA, so one had to wait for the 180-EMA to be broken. (+16 pips)
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Last edited by ValeoFX; 06-11-2008 at 11:54 AM.
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Old 06-11-2008, 11:56 AM
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2nd entry AFTER the news event.............
The best was to have waited for the announcement before taking any positions due to the exhausted situation on the Longer TFs (H1 and H4).

Entry @ 1.9540 and still Long.
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  #559 (permalink)  
Old 06-11-2008, 12:10 PM
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Quote:
Originally Posted by ValeoFX View Post
Need no explanation I guess, James?

I guess it does: The reason for entering @ 08h35 candle close, is that previously the price kept on bumping its head against the 180-EMA, so one had to wait for the 180-EMA to be broken. (+16 pips)
I guess the only explanation I need is how you managed to exit with +16.

I entered just a bit before you and trailed my stop and ended up at -2.

As you can see I entered before the break of the MA, and it was a little nerve wracking.

My entry and exit are marked with the vertical red lines.

James
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Old 06-11-2008, 02:46 PM
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My retrace long. I have to admit, I scale down my trades often in the afternoon. Here is the long I just took. It was quite agonising to wait out the resistance and I was very tempted to close with 6 pips several times, but I held out.

Looks as though my RSI's have reset though. It was not a perfect setup, I had to risk on the RSI H1 breaking through for me, but a great trade is a great trade. My main "thing to watch" right now is the potential of a long trade even when the CCI turbo on H4 has been showing overheated and CCI is still below zero.

May luck be always on your side.
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