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Flying Dutchman

  • #7,101
  • Mar 23, 2023 3:27am Mar 23, 2023 3:27am
Maybe price is doing upside shopping for downside business on GBP/JPY...Time will tell.
  • #7,102
  • Mar 23, 2023 4:03am Mar 23, 2023 4:03am
Quoting Kwt4x
{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,
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.
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Get the Lag out
  • #7,103
  • Mar 23, 2023 4:15am Mar 23, 2023 4:15am
Today the GJ was playing 'stepping stones' of advancement upwards in London first hour, so traded in stages at the stop-offs (inflections) .

When ADR was under 100p it had plenty of room to move north, and kept 'stepping back' in what I call the aggregations (balancing the internal ledger).

The full expansions high to low had been made pre-Franky, so they can go where they want now.

If they still have 80+ pips left in ADR then to do that "from the low" means the market would have to go down 100p first and then another 80p,
while to do ADR at the high it is not so far a run.

I have seen them plummet all the way down lol with buyers in tow so I am done for the day, while there are targets at around the BRN higher but I'm out for the day as the run to NY begins.

In the end I take +37½p which is way over my wants but the market was running and in any grinder you do not want to be 'against' the GJ direction push imho.

NY might see a variance but I will be well away from the PC and likely ready for bed.

Trade well, trade safe.

.
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  • #7,104
  • Mar 23, 2023 4:37am Mar 23, 2023 4:37am
Quoting ZeroLag
{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}
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 things come to those who wait"

cheers,
"the public is not yet ready for it" W.D. GANN
  • #7,105
  • Mar 23, 2023 4:49am Mar 23, 2023 4:49am
Quoting Kwt4x
{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...
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.
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Get the Lag out
  • #7,106
  • Mar 23, 2023 4:58am Mar 23, 2023 4:58am
Quoting ZeroLag
{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}
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
It never gets easier, you just get better
  • #7,107
  • Mar 23, 2023 5:05am Mar 23, 2023 5:05am
Quoting ZeroLag
{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}
I just TP my GU trades after 2 days holding, so it's not a buy for me. I'm not a scalper so I need to see a solid HL to enter again.

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cheers,
"the public is not yet ready for it" W.D. GANN
  • #7,108
  • Mar 23, 2023 5:17am Mar 23, 2023 5:17am
Quoting ZeroLag
{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}
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.
"the public is not yet ready for it" W.D. GANN
  • #7,109
  • Mar 23, 2023 5:29am Mar 23, 2023 5:29am
Quoting Shabs19
{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...
Well in reality, every time you trade, you are guessing what the market is going to do next. Top and bottoms are relative I suspect.
Get the Lag out
  • #7,110
  • Mar 23, 2023 5:35am Mar 23, 2023 5:35am
Quoting Kwt4x
{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.
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.
Get the Lag out
  • #7,111
  • Mar 23, 2023 5:38am Mar 23, 2023 5:38am
Quoting Kwt4x
{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.
Reminds me of this advert :

Inserted Video
It never gets easier, you just get better
  • #7,112
  • Mar 23, 2023 5:41am Mar 23, 2023 5:41am
Quoting ZeroLag
{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.
there is no guessing in the market, all you need is to stay with the direction and wait for correct pullbacks. you can be aggressive in "stop orders" after the confirmation.

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cheers,
"the public is not yet ready for it" W.D. GANN
  • #7,113
  • Mar 23, 2023 5:45am Mar 23, 2023 5:45am
Quoting Shabs19
{quote} Reminds me of this advert : https://www.youtube.com/watch?v=U3JEORDUEqc
I never surfed before, but I nailed the waiting part, does that make me half surfer ? lol
"the public is not yet ready for it" W.D. GANN
  • #7,114
  • Mar 23, 2023 5:49am Mar 23, 2023 5:49am
Quoting ZeroLag
{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.
Contradiction in terms.

Best of Luck.
It never gets easier, you just get better
  • #7,115
  • Mar 23, 2023 5:50am Mar 23, 2023 5:50am
smart "stop orders"

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"the public is not yet ready for it" W.D. GANN
  • #7,116
  • Mar 23, 2023 6:03am Mar 23, 2023 6:03am
Quoting Kwt4x
{quote} I never surfed before, but I nailed the waiting part, does that make me half surfer ? lol
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.
It never gets easier, you just get better
  • #7,117
  • Mar 23, 2023 6:08am Mar 23, 2023 6:08am
Quoting TimeTells
{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)...
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...hmmmmm
every Saint has a past. Every Sinner has a Future
  • #7,118
  • Mar 23, 2023 6:15am Mar 23, 2023 6:15am
Quoting Shabs19
{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.
reminds me of "Chasing Mavericks" about killer waves.
"the public is not yet ready for it" W.D. GANN
  • #7,119
  • Mar 23, 2023 6:20am Mar 23, 2023 6:20am
Quoting whitesta
Herd Zone Formed..Some decent cash must be sitting there. If price does come up that zone will be targeted. {image}
Is "Herd Zone" the new "Zeppelin"?
every Saint has a past. Every Sinner has a Future
  • #7,120
  • Mar 23, 2023 6:49am Mar 23, 2023 6:49am
Quoting turnip15
{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...hmmmmm
I don't go down to the M1 charts, far too much noise for me, but you could take a trade based on the HTF MS such as M15.

Price tagging YL, making a lower low but divergence telling you otherwise. Current WO is also here @ 160.850

So patience & wait until price closes above WO, and avoid the stop hunts (3 of them). First target would be Franky Open ( Terminus - Bus Stop )

or DO depending on your appetite.
It never gets easier, you just get better
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