FOREX PRO Weekly June 04-08, 2012

MidnightRun

MidnightRun

Sergeant
Messages
186
pragmatic said:
Hi Damian!
I see that you are becoming a serious trader by the day and I really appreciate your posts.
I think I have some of your problems too. I started to take a different approach. In your 15M example trade you acted in anticipation of the price action.
After really listening to Sive lessons, I began entering trades following the price action and not anticipating it. In your example there was no noticeable bearish price action, I mean no thrust to the down side, just slow movement. Yes, the trend on 15M was down but this is of less importance than the price itself. Of course it will bring not such a good entering point but I am sure that overall profit is far better, from my recent experience.
Another thing in your example is that, in fact, the more noticeable price action on 15M was to the upside. Take a look that price went to 61.8 directly, more quickly than the prior slow move down.
Just one more thing I noticed is that Daily trading that Sive is using is not by chance. One day trading is truly relevant and you can make an ideea of what is going on. 15M is never relevant per se, just in combination with other bigger time frame analysis. In your example, only a strong reaction on 4H or 1H chart could give you the idea that the market is responding to the resistance zone.
Just sharing my recent experiences.
Good trading to you all!
Click to expand...
Pragmatic, unfortunately no image.
 
L

Louis123321

Corporal
Messages
166
In my humble opinion, price action ALONE, suggests continuation to 1.2620 area, this seems like almost a sure bet with everything taken into account, unless something huge happens say Greece leaves the euro zone tomorrow ... I Shall rather enjoy closing these buys. ;)
 
4x4Ever

4x4Ever

Private, 1st Class
Messages
56
Hello Traders :)

Long time no post. I hope your all doing well and enjoying many green pips!

Personally I see alot of moments that point at reversal coming in around 1.2650-2660 area so this is where I plan on taking profit and adding to my sell positions. Oddly enough I am actually Buying and Selling this market right now :) My Selling trades are looking at longer monthly goals and are longer term trades but my buys are for our daily short term trades and targets.

Sive my good man, once again many many thanks for all you do! I've noticed on your charts lately you have shown us oversold and overbought levels plotted on your MT4 charts. I'm wondering if you can help me get this indicator that you are using. Where may I find it? Thanks again and sorry if this was posted somewhere already. Haven't had much time for reading with my work schedule.

Take care and Happy Pip'N! :)

~Markus
 
Sive Morten

Sive Morten

Special Consultant to the FPA
Messages
12,880
4x4Ever said:
Hello Traders :)

Long time no post. I hope your all doing well and enjoying many green pips!

Personally I see alot of moments that point at reversal coming in around 1.2650-2660 area so this is where I plan on taking profit and adding to my sell positions. Oddly enough I am actually Buying and Selling this market right now :) My Selling trades are looking at longer monthly goals and are longer term trades but my buys are for our daily short term trades and targets.

Sive my good man, once again many many thanks for all you do! I've noticed on your charts lately you have shown us oversold and overbought levels plotted on your MT4 charts. I'm wondering if you can help me get this indicator that you are using. Where may I find it? Thanks again and sorry if this was posted somewhere already. Haven't had much time for reading with my work schedule.

Take care and Happy Pip'N! :)

~Markus
Click to expand...
Hi Markus,
Unfortunately it is forbidden to distribute it, but you may easily derive it's formula from DOSC and programm it. If you look at DOSC formula with details and if you have light math skills - you'll find decision fast.
 
4x4Ever

4x4Ever

Private, 1st Class
Messages
56
Thanks again Sive. Yes I can program MT4 :) Just wasn't sure where to look and now I know :)
 
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