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EURUSD 6E Euro
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EURUSD 6E Euro

  #1591 (permalink)
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Bloomberg Video


Mike

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  #1592 (permalink)
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Traderji View Post
@researcher247 Lots of buying opportunities for you I hope you are loading up heaps on the cheap Euro!

-------------
I am buying pullbacks & momentum breakouts to the upside on larger timeframes; taking profits and reloading on shorter timeframes.

This is OUTSIDE of my core positions long that I have posted about. My bias is LONG and I anticipate a MULTI-MONTH advance.

The Sunday night vote was meaningless in the long run; fundamentals don't mean a thing in this market. Order flow does. Prices move up and down in cyclical waves; period.

peace

hedvig

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  #1593 (permalink)
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Big Mike View Post
Short Euro 2732 stop 2772, target 2625.

Mike

Flat, didn't hit target and wild ride since.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

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  #1594 (permalink)
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Practiced some manual trades today in SIM on FX Euro. Tools used support /resistance and trend lines. My rules are: the line has to touch in 3 places and buy/sell the first new bar after the line violation. Exit when it nears /breaks a support or resistance line.

I followed the rules except for the second trade entry. Thought for sure it was going fall through after the second violation. I didnt take the trade around 2:30 EST. The bar which broke the support was just too big.

Today was the perfect day for this type of trading. Could have not asked for better patterns.

SD

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  #1595 (permalink)
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Silver Dragon View Post
Practiced some manual trades today in SIM on FX Euro. Tools used support /resistance and trend lines. My rules are: the line has to touch in 3 places and buy/sell the first new bar after the line violation. Exit when it nears /breaks a support or resistance line.

I followed the rules except for the second trade entry. Thought for sure it was going fall through after the second violation. I didnt take the trade around 2:30 EST. The bar which broke the support was just too big.

Today was the perfect day for this type of trading. Could have not asked for better patterns.

SD

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@Silver Dragon,

Curious as to what was your exit criteria for the middle 2 trades? Where are the near/broken S/R lines? for exits?

Thanks.

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  #1596 (permalink)
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Big Mike View Post

Bloomberg Video


Mike

Lower Highs and Lower Lows? This is all a question of the lookback period. The Euro has just retraced 50% of its advance.

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  #1597 (permalink)
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aligator View Post
@Silver Dragon,

Curious as to what was your exit criteria for the middle 2 trades? Where are the near/broken S/R lines? for exits?

Thanks.

Hi aligator,

See the big red lines and notes on the chart. I showed the logic for all the trades.

The last trade was near the intended exit line however the 2nd and 3rd trade blew through lines quickly. I exited the second trade on the large bar retracement and exited the third trade right after the line break.

SD

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  #1598 (permalink)
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researcher247 View Post
-------------
I am buying pullbacks & momentum breakouts to the upside on larger timeframes; taking profits and reloading on shorter timeframes.

This is OUTSIDE of my core positions long that I have posted about. My bias is LONG and I anticipate a MULTI-MONTH advance.

The Sunday night vote was meaningless in the long run; fundamentals don't mean a thing in this market. Order flow does. Prices move up and down in cyclical waves; period.

peace

hedvig


Just to be clear you are buying 'pullbacks' AND 'momentum breakouts to the upside'? So in essence you are saying that whether the price moves up or down you are buying? That is a really awesome trading strategy plus with your Astrology based predictions how can you fail?

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  #1599 (permalink)
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Traderji View Post
Just to be clear you are buying 'pullbacks' AND 'momentum breakouts to the upside'? So in essence you are saying that whether the price moves up or down you are buying?

I'm not sure if you are joking or not.

But, I do the same thing. I never put on a full position (all-in) in one spot. If price moves in my favor, I try to add when I believe the trade will continue in my favor. If price moves against me, I will add so long as I believe the overall trade idea is still sound.

Everyone always drills into your brain "only losers average losers", or don't add to a losing position. The trick is, like most things, context.

To me, a losing position in this regard is one where the trade has gotten away from you, it is beyond your initial stop, you've moved the stop, and you are now desperate to "average" the trade by adding to it, trying to turn a loser into a winner. That is not what I do.

I have a pre-determined stop level when I enter the trade. I am willing to add if price moves against me, but the original trade idea still makes sense, and has not taken out my stop. I also add when price moves in my favor.

BTW, it goes without saying, but this strategy really only works when you are trading bigger time frames. You can't make this work with tiny stops. I often have 40-50 tick stops and 100 tick targets, and I find this works well.


Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
The following user says Thank You to Big Mike for this post:
 
  #1600 (permalink)
Elite Member
Australia
 
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Favorite Futures: Spot Forex, Gold, Silver
 
Posts: 176 since Oct 2010
Thanks: 114 given, 114 received



Big Mike View Post
I'm not sure if you are joking or not.

But, I do the same thing. I never put on a full position (all-in) in one spot. If price moves in my favor, I try to add when I believe the trade will continue in my favor. If price moves against me, I will add so long as I believe the overall trade idea is still sound.

Everyone always drills into your brain "only losers average losers", or don't add to a losing position. The trick is, like most things, context.

To me, a losing position in this regard is one where the trade has gotten away from you, it is beyond your initial stop, you've moved the stop, and you are now desperate to "average" the trade by adding to it, trying to turn a loser into a winner. That is not what I do.

I have a pre-determined stop level when I enter the trade. I am willing to add if price moves against me, but the original trade idea still makes sense, and has not taken out my stop.

BTW, it goes without saying, but this strategy really only works when you are trading bigger time frames. You can't make this work with tiny stops. I often have 40-50 tick stops and 100 tick targets, and I find this works well.

Mike


If you de-construct @researcher247 posts they are mostly gibberish, often self-contradictory. The post I was replying to was such a post. He claims to buy on pullbacks and breakouts to the upside. And then in the next sentence he says he is taking profits. If you are buying on both pullbacks and breakouts, where exactly do you take profits?

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