Learn Forex Trading Online with a Forex Pro
A A A
Avatar
Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

Login form protected by Login LockDown.


Lost password?
sp_Feed
Topic Rating: 0 Topic Rating: 0 Topic Rating: 0 Topic Rating: 0 Topic Rating: 0 Topic Rating: 0 (0 votes) 
sp_TopicIcon
WavEFX trade video
EUR/USD trade 13th Jan 2014
Avatar
Pepe le Pip
Advanced
Free Members

VIP Members
Forum Posts: 58
CubePoints $212
Member Since:
January 24, 2014
sp_UserOfflineSmall Offline
1
February 9, 2014 - 22:19
sp_Permalink sp_Print
0

Hello Theo,

I have some questions regarding the EUR/USD trade, please refer to the chart attached.

When you were setting up the trade, why did you not consider the support area (marked with a green horizontal line) as a significant obstacle? You do mention in the comments later that price got caught up in that area as you expected.

You do indicate that the trade was a set and forget trade so I am assuming that you were not monitoring the trade as it unfolded. If however you had been monitoring the trade as price approached the support level, would you have taken action given the confirmed 3PT against the trade? 

As price created a higher low after the double-tap, would the price action now be considered range bound? If you had not taken a short trade, would you look to play the 3PT back up to the upper range boundary or would you consider price to be too congested and wait for another opportunity?

As price reversed again and with good pace, and assuming the original short trade was closed because of the 3PT buy setup, would you have taken a breakout trade of the double-tap support level?

Pepe.

** Register Here for Free Membership to see this image/link **

 

 

Without you (price action), I am not worth a [s]cent.

Avatar
Theo Patsios
UK
Admin
Forum Posts: 667
CubePoints $8001991
Member Since:
February 26, 2011
sp_UserOfflineSmall Offline
2
February 9, 2014 - 23:13
sp_Permalink sp_Print
0

Hi Pepe,

The first thing to keep in mind that this is my entry trigger chart and the location of this move starting is based on a slower chart. 

With that in mind and the confidence in this location providing a move, trading the lower high on the brown scale meant that I was expecting a lower low on the brown line for my target. The safest place I could see for that that also full-filled my RR requirements was where you see.

If you sat there and observed that opposing price action that you have mentioned then as price came down and broke the lows it would be a wise move to put your SL at +1. So as price crossed the green line on that chart above it would be a good 'lock profit to +1' area.

Trying to trade the buy against the location (the double top) means not expecting a higher high and besides making no sense it also has bad RR.

Theo

Avatar
Pepe le Pip
Advanced
Free Members

VIP Members
Forum Posts: 58
CubePoints $212
Member Since:
January 24, 2014
sp_UserOfflineSmall Offline
3
February 10, 2014 - 01:04
sp_Permalink sp_Print
0

Hello Theo,

It took several reads but I think I now understand. You are using the smaller scale wave much like you could use a smaller time frame chart, to finesse an entry into a trade identified with using larger scale waves, or a larger time frame chart if you were using multiple charts.

Thank you Theo,

Pepe.

 

Without you (price action), I am not worth a [s]cent.

Avatar
Theo Patsios
UK
Admin
Forum Posts: 667
CubePoints $8001991
Member Since:
February 26, 2011
sp_UserOfflineSmall Offline
4
February 10, 2014 - 02:19
sp_Permalink sp_Print
0

Exactly Pepe, what I designed WavEFX to do is to help me read multiple chart activity on one chart.

Forum Timezone: America/Los_Angeles

Most Users Ever Online: 45

Currently Online: ChrisW, GerardDela
3 Guest(s)

Currently Browsing this Page:
1 Guest(s)

Members Birthdays
sp_BirthdayIcon
Today: None
Upcoming: None

Top Posters:

koeart: 541

WeeMee: 354

fxstuntelaar: 184

Generaal_Goudvis: 141

juakali: 82

ChrisW: 81

henkknot: 70

Pepe le Pip: 58

Snejanka: 44

Gj8668: 38

Newest Members:

lablinks

Laimonas

Holamine_70

JT928

Imehsid

portocar

osmosystem

andrematthee01@gmail.com

jumobh

LeoS

Forum Stats:

Groups: 5

Forums: 22

Topics: 223

Posts: 2466

 

Member Stats:

Guest Posters: 3

Members: 2239

Moderators: 5

Admins: 1

Administrators: Theo Patsios

Moderators: cesande, glangstaff@shaw.ca, Rob S, theopatsios, sitegroundam

Back to Top
css.php