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EURUSD 6E Euro
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EURUSD 6E Euro

  #1051 (permalink)
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trendisyourfriend View Post
I know your preference about your regular timeframe but was kind of surprise to see a trade of yours on a 60 minute chart. However, despite your explanations, i still did not get why your entry price is so close to the apex on the 60 min. How can an indicator trigger an entry at that price on such a slow timeframe ? So if you don't mind, i will reformulate my question, what were you looking at on the 60 min. chart that told you the timing was perfect to pull the trigger for a long at the price indicated just in front of the round number ?

A few months ago, I started playing around with Forex longer term strategies, and opened a micro account with MB Trading to play around live with very little risk. I look at mainly Daily and 60 min Forex EURUSD. I only need to look at those charts once a day, and once an hour for 10 seconds in order to trade them, while I trade my regular charts.

In the posted chart, the 60min started diverging since about 2pm the day before, so I started stalking it, glancing at it a couple of seconds once an hour checking for a trigger. I don't use price action for the trigger, I look at what picture the squiggly lines of my indicators are making. When all the squiggly lines form a certain composite picture that I'm looking for, that is my trigger. I read the squiggly lines bar by bar just like price action traders read price bars. The bar by bar behavior of every indicator is caused by the behavior of the candle above it, and influenced by a certain number of bars preceding it. I look for specific line patterns in the indicators themselves. That is imperative to my entries. On the chart in question the MACD is showing me a very specific pattern which culminated on the entry bar, and was also confirmed by 2 other indicators. While that bar was developing, I knew if it closed even 1 tick green, that would be my trigger.


Last edited by monpere; February 17th, 2012 at 01:47 PM.
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  #1052 (permalink)
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monpere View Post
I only trade regular divergence, I don't believe in hidden divergence, the theory behind it never really struck an accord with me. I feel you should never trade a market phenomenon you don't fully understand or does not fully resonate with you.

Interesting, I'm not particularly well versed in the specific differences in the theory of the two. Also I imagine the calculations of the chosen indicator will be a factor as well. What strikes me is that trading exhaustion using p a or divergence or a fib extension or whatever often leads to similar trades as was shown by the fact several of us were trying to or were going long at similar levels recently.

On a separate note, well done for reviving the thread monpare as it had become somewhat tepid.

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  #1053 (permalink)
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BREAKING NEWS:Eurozone ministers agree on 130bn-euro bailout aimed at preventing Greek default

http://www.bbc.co.uk/news/world-europe-17109044

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Last edited by Cashish; February 20th, 2012 at 11:45 PM.
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  #1054 (permalink)
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monpere View Post
................................. We can learn by seeing how other people do things, that's all I'm saying. Whether we agree with it, or not, follow it or not, adapt it in other ways, or not. In my trading journey, I have picked bit and pieces from the most unexpected places.

I couldn't figure out how to put this quote in my previous post, but I wanted to.

I don't think news like this is randomly released by governments. I think deals are made and sealed first, and everyone who needs to know, knows, prior to the data being released. People like, PBOC for instance. Allows them time to shore up their "banking systems" in anticipation of an "expected" move in the market that could get out of hand and go terribly wrong. While I'm on my soapbox I also believe the US banking/mortgage crisis changed everything (and still is) and old schools of thought will never again align themselves with most fundamental analysis. And lastly, I believe the Euro is here to stay and the PIGS won't be slaughtered but well fed and cared for.

As for the 100 point move tonight, I say Buy the rumor Sell the fact. When? I have a rule of 3, I want to see it test 3300 3 times. I haven't looked at a bucket shop chart yet to see if they tagged even but I'll call 1.3295 the first test. This is indeed big news, should be exciting to see it playout. {NOTE} I'm not a long term trader, this is only my opinion. I'll play on the chutes and ladders intraday.

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  #1055 (permalink)
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BREAKING NEWS:Eurozone ministers agree on 130bn-euro bailout aimed at preventing Greek default

http://www.bbc.co.uk/news/world-europe-17109044

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Can you explain that chart please?

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  #1056 (permalink)
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Scalping

Exact same divergence method, on scalping time frame, you just get more signals. In scalping time frame, trade management is again fixed stop behind entry bar, but target is fixed at 2:1 risk/reward, No trailing stops, it's just win 2x or lose 1x, wait for the next signal.

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Last edited by monpere; February 21st, 2012 at 01:10 PM.
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  #1057 (permalink)
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Euro daily chart

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There is a substantial risk of loss in trading commodity futures and options. Past performance is not indicative of future results. The opinions expressed here are those of Gary Fullett, and are not to be taken as a recommendation to buy or sell commodity futures or options. This is for educational purposes only.
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  #1058 (permalink)
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I think we're setting up for a short trade, a run to the Buy Number at 1.3191

I'd try to enter short at 1.3235 and a stop at the Pivot 1.3243 and 3250 to be flat

We could use an accelerant NEWS or a RUMOR

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Edit: This is taking to long, I'm looking for a soft place to land


Last edited by Cashish; February 22nd, 2012 at 11:36 AM.
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  #1059 (permalink)
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Cashish View Post
I think we're setting up for a short trade, a run to the Buy Number at 1.3191

I'd try to enter short at 1.3235 and a stop at the Pivot 1.3243 and 3250 to be flat

We could use an accelerant NEWS or a RUMOR

Edit: This is taking to long, I'm looking for a soft place to land


Highest probability was to the upside:

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  #1060 (permalink)
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I think the Highest Probability was to stay range bound. I considered this a low risk trade with a decent profit potential, and a lot of room to maneuver around.

I entered at the VWAP on the pull back. After my entry at the VWAP price hung there and rotated. This rotation caused a shift in the POC up from 3228 to 3233 at the close of the bar in the black circle. This was my second indication this move wasn't going to happen, the first was the amount of time price sat on the VWAP, I wanted a "touch and run." The volume on that attempt at a new low, signaled me to give this trade a try. Lastly the close of the bar in the blue circle was above the -1 standard deviation, I want it below, this was my final get the hell out indication. Since the volume profile was about as symmetrical as they get, going long to the other side of this range, ("pressure cooker") or the +2 SD was for sure a good trade.


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