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EURUSD 6E Euro
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EURUSD 6E Euro

  #771 (permalink)
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This is funny... Are you even reading what I write here? Yes, the last few days were range bound as clearly evident on the chart shown previously. With that context being observed, I traded those ranges based on my intra-day set up which is off of a smaller periodicity chart. How is this conversation morphing from what happened today in the Euro to a battle of who's trading method is superior? Lol!

No battle, I was trying to ascertain how those 6 days on that 15 min chart, helped you trade intra day.

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  #772 (permalink)
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monpere View Post
No battle, I was trying to ascertain how those 6 days on that 15 min chart, helped you trade intra day.

OK, cool. The last thing we need is to argue over something like that, lol! Whatever works best for each trader is great. There's no best of all method out there. It comes down to the individual obviously.

I'm a firm believer in using bigger picture context to stay on the right side of the market when trading the intra-day swings. I too, look at range bars in addition to a 5 minute chart for my intra-day set ups and agree that there certainly was gold in those last few days of price action.

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  #773 (permalink)
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This is funny... Are you even reading what I write here? Yes, the last few days were range bound as clearly evident on the chart shown previously. With that context being observed, I traded those ranges based on my intra-day set up which is off of a smaller periodicity chart. How is this conversation morphing from what happened today in the Euro to a battle of who's trading method is superior? Lol!

One thing that would help is the micro context that provided the reasons why you went short. Judging from your higher timeframe, price broke above the range and could have just pulled back around the red line at 1.3021 and go higher from that point. Providing this micro context is in my opinion as important as the macro context. Just look at the ES today, quite a directional move no matter how many high volume nodes were crossed during this trip upward. The cross over of the falling trendline was obvious though.

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  #774 (permalink)
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trendisyourfriend View Post
One thing that would help is the micro context that provided the reasons why you went short. Judging from your higher timeframe, price broke above the range and could have just pulled back around the red line at 1.3021 and go higher from that point. Providing this micro context is in my opinion as important as the macro context. Just look at the ES today, quite a directional move no matter how many high volume nodes were crossed during this trip upward. The cross over of the falling trendline was obvious though.

Well, the market ran up to a low volume area and lost momentum. That low volume area also happened to be October's swing low so upside resistance was pretty clear. I also observed a lot of selling at this AM's swing high which suggested potential rejection at these levels. I took all of those items and found a good entry on my smaller time frame charts. If I were wrong, I would've simply got out. I was able to scale out on the way down and finally cover my remaining position at the next HVN where price ended up consolidating for the rest of the day.

Equities diverged from the Euro today which I did take note of but with it being year-end, these things happen. At the end of the day, I take trades that appear to make sense, if I'm wrong I get out and look for the next set up. I don't take trades just because another sometimes correlated market is doing something. Sure there's an opportunity for a convergence trade at some point but that's not my method of trading.

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  #775 (permalink)
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  #776 (permalink)
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monpere View Post
I never could wrap my brain around why traders trade such large time frames. This breakout, even if superbly and perfectly executed would probably be about a 3:1 risk/reward trade. I get on average between 5 to15, 3:1 r/r trades everyday on a 3 or 4 range 6E chart. What is the draw of a 15min+ chart for day traders?

So your making between 15 to 45% a day assuming a 1% risk per trade....

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  #777 (permalink)
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  #778 (permalink)
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6E finally loosened up here today with a nice wedge break out that took price up to the 3142 high. Market clearly rejected price at these levels which was a low volume area and October's swing low. Very nice short set up there if you didn't catch the move higher. Pretty nice price action today considering we're heading into a relatively low volume period. But given the current events in the markets, we may see nice swings all the way through the holidays.


monpere View Post
I never could wrap my brain around why traders trade such large time frames. This breakout, even if superbly and perfectly executed would probably be about a 3:1 risk/reward trade. I get on average between 5 to15, 3:1 r/r trades everyday on a 3 or 4 range 6E chart. What is the draw of a 15min+ chart for day traders?


rassi View Post
So your making between 15 to 45% a day assuming a 1% risk per trade....


I feel like I must be a bit of a muppet but how do you guys work out from that one message and screenshot all that R:R and % return? Or is this some sort of currency trading in-joke that I haven't figured out yet?

Hopefully Santa's gonna bring me that Forex for Dummies book I asked for.

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  #779 (permalink)
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Some chart analysis of recent activity in the 6E. It could be clearer I suppose, but
I don't think it's too bad really. Very basic and standard stuff. No Fibonacci or moving averages.

Attached Thumbnails
EURUSD 6E Euro-chart-analysis.png  
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  #780 (permalink)
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stephenszpak View Post
Some chart analysis of recent activity in the 6E. It could be clearer I suppose, but
I don't think it's too bad really. Very basic and standard stuff. No Fibonacci or moving averages.

I think the only thing such chart analysis is good for, is if you are doing a 5 min guest spot with Maria Barturomo. the best way to become a successful trader is to search for a market phenomenon you identify with and trade it. I.e I am gonna trade every breakout/down in an up/down trend, or every pullback in a trend, or every double top/bottom at resistance/support, or every divergence in a weak trend, etc. Find one thing and trade it every time it setups according to your rules. Your trading will become fluid and automatic, no more second guessing, no more hesitation, no more psychological battle on every trade.

After a while, you will only have to look at any chart for 3 seconds to know if a trade is setting up, and you will know several bars before hand if a potential trade will or will not trigger. If you want more trading opportunities, find a couple of other uncorrelated markets and trade the same setups there as well. I only trade 2 very specific setups, and I do it on one index futures, one currency futures, and oil futures, so I look at 3 charts. I only need to look up at each monitor for 3 seconds each and know if I have a potential trade within the next several minutes or so.


Last edited by monpere; December 25th, 2011 at 09:43 AM.
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