090615 First scalp today ... in SIM of course
Signaled by the ZLEMA 16 / ZLEMA 16 to go short
Price moving away from consolidation
StochModRSI dropping and not yet oversold
=> high probability short => in at .185 out at .160 => 5 ticks
- I forgot a rule ... the ECO was not yet in red
- worked out but long trade (almost hour)
- almost back to even on second bar, would have gotten nervous with real money)
- entry should have been earlier (think arrow was placed 1 or 2 bars earlier then sound signal)
- when looking at the 15 min chart 140.160 was strong support ... indeed it did bounce here ... so less safe than I thought when entering. Also need to read the long term chart before entering.
Last edited by Peter; June 15th, 2009 at 10:09 AM.
Peter, good analysis. I see sharky endorsed this entry, which was the first 4 range down bar below ADX consolidation after the DMA rolled over. The one question I have about this trade is the directional component. I show the longer term 11 range chart in a sustained up trend, and the slower 4 range DMA was well below price action in an up trend.
My question: for the high probability trade, is this trade disqualified as counter trend? If not, what qualified this counter trend trade as 'high probability'?
i said good trade this morning on the chat room just from the photo he showed me i was trading myself and didnt have time to look and match all his charts up with mine to see if it was a a1 trade or a 2nd class trade but now that i have time i will look and see if it was a trending trade or a countertrend trade ...sam/sharky
Yep it is the right trade.... and I agree ... that's why I said next time I need to look first at the long term chart.
I see you have the long term information on the 4R chart ... good idea ... will do the same.
Thought you aid on chat the blue/red was 22ZeroLagEMA ... if so I can't replicate. What did you use there ?
The setting on bottom is the 22EMA/22ZeroLagEMA
Last edited by Peter; June 21st, 2009 at 08:08 AM.
Reason: Answer Sharky