Trading with the Edge. - Page 3
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Thread: Trading with the Edge.

  1. #21
    Got stopped from my trade for breakeven. Dopey my rationale for transferring the stoploss without having a logical place to conceal it. Primarily, I was going against the trend of the day and if I take a trade against the primary trend for the day then I am more cautious as price might turn around and continue its principal tendency. Secondly, in the intersection of two forks one anticipates price to maneuver quite violently.In this trade I had one big bar and then the price went in a power coil indiing that maybe it has already spent its downward energy and now its saving energy to move back up again. Thus I moved my stop to breakeven so if I am wrong then I don't let a winning trade turned into a loser.

  2. #22
    Price is currently 1.5585. I guess the Gurus and the rest of the good people offorexintuitivewere correct and I was wrong. However, I feel happy as I followed my machine and I was not affected by others. This is the crux of good trading in my humble opinion. Using a plan which you trust and then regardless of public opinion, having the certainty to do it. I am slowly getting there. Having said that I understand this road is a really long one.

  3. #23
    This is yet another take on the proceedings of this morning. I guess my short prejudice prevented me from seeing this fantastic setup. This transaction would have been with the tendency of the day and also a fantastic risk/reward ratio also.

  4. #24

  5. #25
    Hi Dopey,
    This weekend was backtesting action response lines. From the chart below I drew a centre line along with an activity line. To my my amazement the price almost touched the response line and I am short of 1.5597. SL was just 10 pips above and it is at 1.5595.
    Edit: Sl hit at 95. . 2

  6. #26
    Sorry I forgot to attach the chart. I had drawn these lines over the weekend. I am still amazed at their accuracy.

  7. #27
    The aforementioned trade on a 4 hr chart.

  8. #28
    Hi Zones,

    shooting a short now after the very strong up move isn't a high probability move regardless of what the PFs show. Sure it could turn around, however, the move has been in the direction of the general trend. Price had bottomed out at some powerful support, mainly a longer-term 38% and 50% ret along with the weekly ML. Also, if you redraw your initial PF and place the C pivot at the low at 5412 you will see the up move ended at the UML, then return back to the ML and continues to be riding the ML ever since.

    However, moving your stop in this situation was the right thing to do since you were moving against the main fashion and that strong up move. I know you've got a bias for some reason. However you just shouldn't short powerful moves such as this, it just doesn't pay off in the long run.

    Here are the weekly charts first.


  9. #29
    Now I was determined to work on my brief prejudice. At each move I drew and redrew an upsloping fork. I got a reasonably wonderful trade this morning for 30 pips. It might not be much but it had been obtained using a risk of only 10 pips.Ofcourse I did overlook an even nicer trade to the lows of the day. Now I hope for a valid entry to possibly go long as the price has moved up quite nicely from the 50% fib of yesterdays high/low.

  10. #30

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