Advanced trading lessons - page 67
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Did your shorts get triggered
philt
yes i got stopped out right after it triggered and then got pissed off and re- entered with a market order.
i was so possative about this week being a fall off candle falling away from all the trend lines.
so i was determined to get on...
Still going
Still in the short, i worked 19 ours at my day job today and 12 yesterday...
Just got home i am caususly moving my stop.. And this morning i may move it
more agresivly.[attach=config]142653[/attach] to busy to manage the trade
the correct way... The way to do this is: Start creating outer trend lines
once broken expect further down momentum and a channel shift and more...
Later good night...
i have been away for awhile vary busy
i have been vary busy...
after a few minutes i will look and place some trades!!
nasty market while i was away!!! wow ok they want to play high range ... we can play high range also!!!
ok
ok i am ready first after looking at things ,,, i have to check the news... i hate checking the news..
but when you get high range candles that ussually news or some excuse after the market has already
been nasty.. they have all kinds after the fact B.S. so lets see what that b.s. is first..
be back soon.
wowe
after reading the news... and things are getting messy for a nuber of resons..
i don't get into the news and some times it can help.
the bottum line is this!!! the eur is: way way over valued against the dollar!! and we can add
anouther way to that!!! because every one and there brother and there brothers, brothers, brother
is trying to find the resistance point to short the eur/usd!!!!
for us that makes things fun!!! we know this!! 99.9% of traders around the world will not short this at the right
spot!! yes the market will act short at one or two key levels (only temperarly) then they(market movers) will go for the cash
and they will probably do this more than once!!!
so when i look at this i have to decide some real nasty insulting point where the market top is going to be.
then i also have to expect that point to be threatoned at least twice. so there will be no profit for a long time
but it will be worth it...
lets start with some obviouse key levels!!!! after checking them out lets strategize aroud the levels...
ok
i made it back,i had some things to do.
ok this chart shows two points where resistance is clear, and wo yellow line is where the market opened
at the begining of the year, and one were the market closed last year... I.E. gap.
so all this first shot shows is where the obvious points are!!!
next shot will show some points where the market resistance is adjusted. also a very expierenced sneeky
place hides near by!!! shshshshshshsh keep it down!! this next shot will be sneeky..
first the obvious places !!
before i get into any adjustments
this shot shows where i got the obvious places!!!
weekly chart!!!
now
now lets talk about the all important previous test of this market open!!!
but first let me say this again.. the market most of the time does this:
A. it dose not make it to the obvious resistance point but it gets close... then turns around
B. or the market crosses the resistance point then turns around.
so what i am saying here is this!! there will be traders placing trades at thies prices selling the eur!!!!!
not just any traders!! traders with experience big money traders!!
the market movers want that money!!!!!!!!!!!!!!!!!!!!!!!!!!
so the next thing is to do this!!! if they are short there? and they are where are there stops???????????????????????????????????????????????????? lets explore this!!
let me explain
let me explain this:
#1. traders who enter the market at support or resistance put there stops above the next closest obviouse
resistance point,,, or when buying put there stops below the next obvious support point.
#2. after those stops are hit the market does not just hit them and turn around. because traders trading
on lower frequencies may get luckey and see that level as scalping short or a day trading short..
#3. so at the stop out level the market goes inside rests then breaks the highs at the stop out level
and usually twice...I.E. ( hight two)
MAKING SURE NO ONE PICKS THE TOPS OF DOWN SWINGS.. AND THE BOTTOM OF UP SWINGS!!
SO HERE IS THE SHOT OF WERE YEARLY OPEN LEVEL RESISTANCE TRADERS WILL BE FORCED
TO PU THIRE STOPS!!!
NOW THERE IS MORE TO THIS IN MOMENT...YOU KNOW WE ARE LOOKING AT 1500 PIPS OR SO!!