cowpip

Closed for +140. Long @ 208.71.

Wasp, do you pay any attention at all to major pairs containing the cross pairs you're trading? For example, GJ... do you have S/R lines set up and watched on $/yen or GBP/$ ? Or is everything you need to know or care about contained within GJ alone?

Where they start is of little importance. Many of them react as far back as my platform has data. The fact that they exist is enough reason to use them.

I've gotta stop flip-flopping before the 4-hour candle closes... that was the killer for me last week, and again so far this week. Slap the hand... bad hand! Short again @ 210.11

Stopped out for -42. Sheesh... Flat at the moment. Getting soundly toasted today.

Closed at b/e. Long @ 210.38

As you have long proven, waiting doesn't guarantee a better entry.

Short @ 210.46

Out for -61... Not back in yet.

That's a very interesting observation.

A candle entirely inside another candle. Often used as a trigger for longs (when price breaks the inside bar candle on the upside) or shorts on the downside. It's either-or, but the preference for breaks is in the direction of prior movement (which in this case would be short).

BTW, we now also have a 4-hour inside bar.

Waiting to see which way this 15-min inside bar breaks...

I'm still inclined to think this will rise, Wasp. It has a "rolling over" look and feel to it now. The next hour will be telling.

It would be nice if the hourly print coming up could close above this S/R zone around 75. Otherwise, it'll draw a sustained "hmmm..." out of me.

But of COURSE! :\ I didn't like that hourly hammer print, but I'll hold this for a bit longer to see if price can negate it. But I agree.. price action isn't terribly encouraging at the moment.

Reversed. Long GJ@210.87

Agreed. It looks like a consolidation day. Range-plays off of these S/R zones would probably be more profitable today. I detest when price makes the near-daily-range during the first few hours after the weekend open. What a pain. As was said, price may choppily range down toward that low, but if price action doesn't soon start thrusting lower, today's daily candle may print in a bullish config.

Fair enough. Nothing done here should be done to show off, which is why I believe if you decide to post, you should post your losses as readily as your wins. I'll post only the trades I do in real-time. However, I will say I'm currently short GJ.

Wasp, do you have any etiquette for posting trades you were too tired to post during the night? Yes, they aren't real-time, but they're real trades. Don't post them and keep things real-time only? Or just post pip profits? Or ignore them altogether?

Oanda varies as follows: Asian weekend hours: 20 pips (but they open when most other platforms are closed, and you can execute weekend trades even when price is flatlined). Normal Asian hours: 6.5-7.0 pips Europe / UK / US overlap: 4.0 pips US only hours: 6.5 pips I've been with Oanda for years. They've been good to me.

I've heard other big players say that the time-zone (upon which daily candles start for the big dogs) is at midnight, London time. Any opinion on whether there is truth to that? London is the central location where most of the liquidity is pushed through, so it makes sense - but is it true?

AHHH... gotcha! Much obliged! I wasn't sure if it was dot-to-dot, or "dig here" or what. Didn't even think it would be loss locations. Didn't mean to dredge up bad memories. Take'r easy!

Hey Wasp, hope you've had a good weekend. It's been a hot one here. What are those red X's you have marked on your S/R overview "treasure map" for?

It should be clear to others here that your posts have been of benefit to me. But then, I've been the dominant one asking questions and therefore the dominant one benefiting from the responses lately. If my questions (and questions from others earlier in this thread) have been providing answers for those watching, then great. Otherwise, people need to get out of their comfort zone and start asking questions. As I understand it, that's the purpose of this thread - to share and discuss trades and the reasoning behind them. These can be immensely useful threads, particularly to people who are just beginning to learn forex. It's not intended to be an ego-fulfilling trip, which is why losses are encouraged to be reported just as readily as wins. And since Wasp has been honestly posting his losses and his wins, it's proof to me that this is not an ego trip for him. He's just using this thread as it is intended to be used, and hoping that it may be benefiting people who are watching. And for me, it is.