Maybe price is doing upside shopping for downside business on GBP/JPY...Time will tell.
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Equity millipede & Flying Buddha trading journal 9 replies
Flying buddah pattern 20 replies
Build an Equity Millipede with the filtered Flying Buddha 171 replies
Flying buddha pattern 12 replies
16/10/'07 - Crude oil and Greenback flying in opposite directions. 0 replies
Disliked{quote} limit orders always against the wave direction, even if it's a pullback. but, waiting for a confirmed HL or LH, you can place stop orders since the next readings should be HH or LL. cheers,Ignored
Disliked{quote} Not sure what you mean. Maybe an example. I'm not advocating the use of limits, per se, but using your out SL level as your entry. Say that based on price action, I was considering taking a short on the yen at 131.13, with a ten tick SL. What if I placed a limit to short at 131.23 instead. Or maybe whilst considering taking the short at 131.13, I waited for a new high, or a break of the pattern that I had considered for the short. Just using this chart as an example. {image}Ignored
Disliked{quote} when price going up like your example, orders above the price will be "sell limit" or "buy stop" "sell limit" will not replace your SL if the price keep going up, you will be adding to your lose. so, "why don't you place your limit, where you would place your stop" is wrong. to replace your SL you use "buy stop" to hedge your lose, but why would you do that near top ? so, since you decided on selling, you should wait to confirm the top then placing "sell stop" orders in the way of the new direction, to make your mother right in saying "good...Ignored
Disliked{quote} Not sure what you mean. Maybe an example. I'm not advocating the use of limits, per se, but using your out SL level as your entry. Say that based on price action, I was considering taking a short on the yen at 131.13, with a ten tick SL. What if I placed a limit to short at 131.23 instead. Or maybe whilst considering taking the short at 131.13, I waited for a new high, or a break of the pattern that I had considered for the short. Just using this chart as an example. {image}Ignored
Disliked{quote} Here is a example, Bar 1 is my signal bar to get long. But I choose to wait. The market moves against my intended direction, posts a bearish bar. I get long there. So instead of getting long at 1.2325, I would be closer to 1.2315. I think you may have misunderstood my initial statement, it was not to clear to begin with. There is no hedging. {image}Ignored
Disliked{quote} Here is a example, Bar 1 is my signal bar to get long. But I choose to wait. The market moves against my intended direction, posts a bearish bar. I get long there. So instead of getting long at 1.2325, I would be closer to 1.2315. I think you may have misunderstood my initial statement, it was not to clear to begin with. There is no hedging. {image}Ignored
Disliked{quote} It is a very dangerous practise to out think what the market is going to do next, unless you have evidence of a strong resistance / support level or MS which held in the past and other confluences agree with that. or some kind of divergence signal which tells you the instrument is running out of steam, but again you would look for some kind of confirmation. I read somewhere that retail traders are always looking for reversal signals ( top & bottoms) in the market, maybe a reason why there is such a high failure rate amongst retail traders...Ignored
Disliked{quote} you don't need to be aggressive in trading, remember "good things come to those who wait". today is BoE Interest Rate Decision, trade safe.Ignored
Disliked{quote} you don't need to be aggressive in trading, remember "good things come to those who wait". today is BoE Interest Rate Decision, trade safe.Ignored
Disliked{quote} My thinking is wait, then be aggressive. If I take a smaller percentage of trades, due to more stringent requirements, this allows me to be more aggressive. A cheaper entry allows a better r/r. Well see if I can apply this philosophy to some real time trading.Ignored
Disliked{quote} My thinking is wait, then be aggressive. If I take a smaller percentage of trades, due to more stringent requirements, this allows me to be more aggressive. A cheaper entry allows a better r/r. Well see if I can apply this philosophy to some real time trading.Ignored
Disliked{quote} I never surfed before, but I nailed the waiting part, does that make me half surfer ? lolIgnored
Disliked{quote}{quote} Hi W, Yes price can run away from us in OUR direction before we get entered, that will happen and I will mostly laugh (with happiness). As we are on the ball. The alternative (and in my early on trading) was to jump in quickly and price goes in the OPPOSITE direction lol. Then, not so much laughter if you know what I mean ... Eventually we know the whereabouts & the roundabouts of the Targets, as the Market will & just does run them (some will even say that IS the purpose of the market/target game)...Ignored
Disliked{quote} I think it shows the importance of timing & patience. Those waves are too powerful & dangerous to the untrained person. It is not all about guessing the direction, but knowing what to do, once you are in the water.Ignored
DislikedHerd Zone Formed..Some decent cash must be sitting there. If price does come up that zone will be targeted. {image}Ignored
Disliked{quote} Interesting that where you have marked "octave?" there is a consolidation zeppelin to the left - price made a triangle down then returned to zeppelin. Same on far left ? BUT didn't happen in 7103? until top of up move...hmmmmmIgnored