“Control, control, you must learn control!” - Yoda
- #122
- May 7, 2013 8:01pm May 7, 2013 8:01pm
Hey all,
For those of you that are following this, I just could not wake up this morning to catch the 5AM PST & 9AM PST candles. looks like it is a mixed bag. So now I am trading IN RE-ENTRY mode.
Hey sometimes you just gotta sleep.....
-ILZ
For those of you that are following this, I just could not wake up this morning to catch the 5AM PST & 9AM PST candles. looks like it is a mixed bag. So now I am trading IN RE-ENTRY mode.
Hey sometimes you just gotta sleep.....
-ILZ
“Control, control, you must learn control!” - Yoda
- #123
- May 7, 2013 8:13pm May 7, 2013 8:13pm
Hey Ilzalama, Sorry to be bothering you again. I've been looking at this USD/JPY chart. {image} The current candle should close in about an hour. I think a long is setting up. If this picture represented the close of the current candle would you go long or wait for the break of the resistence line at 99.437? Thanks in advance.
If the distance of the close is AT LEAST 30 PIPS away from the current S&R*, then I would take the trade.
* When price reaches but does not break through a previous adjacent established S&R, I would wait for a break/close before entry.
-ILZ
“Control, control, you must learn control!” - Yoda
- #124
- May 7, 2013 8:16pm May 7, 2013 8:16pm
Hi ILZ on usdjpy chart posted by piper , the barry indicator has drawn resistance at 99.430 approx, would that stop you from taking the long, would you like price to break that resistance or the 4hour price action to close above that resistance
-ILZ
“Control, control, you must learn control!” - Yoda
Ilz,
want to ask you about the re-entry. Last night EURUSD break out of the resistance and at the same time pass the super trend line -- long signal. Got to 30pip so i move my stop loss to +3 pip. Then the next candle come down and hit the stop loss.. the signal still looks like its going to go long.. how do i re-enter?
also can you explain to me about you current long on UERUSD "Long EUR/USD @ 1.31607. Current Stop 1.30682" - seems like my trade but did you have not got stop out.
want to ask you about the re-entry. Last night EURUSD break out of the resistance and at the same time pass the super trend line -- long signal. Got to 30pip so i move my stop loss to +3 pip. Then the next candle come down and hit the stop loss.. the signal still looks like its going to go long.. how do i re-enter?
also can you explain to me about you current long on UERUSD "Long EUR/USD @ 1.31607. Current Stop 1.30682" - seems like my trade but did you have not got stop out.
- #137
- May 8, 2013 10:49pm May 8, 2013 10:49pm
Hi Ilz In post 45 you said there must be at least a 30 pip space between the High/Low of the candle that closes over the Supertrend and the established SR. In post 123 you refer to the 30 pip space being measured from the Close of the candle and not it's High/Low. I may be misunderstanding you, but could you please clarify this entry rule. Great thread by the way, just what I have been looking for. Koglkama
Thank you for pointing that out.
RE-ENTRY IS BASED ON 30 PIPS AWAY FROM CANDLE CLOSE.
I am unable to edit that post with the mistake on it. But thank you for pointing it out!
-ILZ
“Control, control, you must learn control!” - Yoda
- #138
- May 8, 2013 11:08pm May 8, 2013 11:08pm
Hi Ilz Would it be possible to show a chart of some of the trades that you provide details for in your TRADE UPDATE posts? That is, as the trade progresses with candles marked where the Entry, SL, Exit actions are made. My MT4 charts are different to yours (server time GMT +2) and this would greatly help in understanding how you apply your trade management rules. Could you also explain the reason for the manual exit for the USDCAD short trade shown in the TRADE UPDATE posts 97, 101 and 107? Koglkama
I can do that. I will post images to trades when something happens.
USD/CAD -
That turned out to be a bad thing because now it is a winner. However, as per what is stated in Post # 21, if price closes above/below the supertrend in opposite direction of my trade, i close the trade & wait for re-entry.
Here is what it looks like in currently:
This is what it looked like at the time:
As you can see there is no upside for me to keep this trade open. There was no S&R line above. I cut my lose before it turned worse. I have no idea what is going to happen, I only know what is happening. If others would have stayed in then bravo, but I plan my trade and trade my plan.
-ILZ
“Control, control, you must learn control!” - Yoda
