cowpip

I haven't been following your lead for that precise reason. I've been taking trades and making my own decisions before checking this thread. Although I know you know, I don't know if the others reading this know (? :hmmmm: ?) that had I been following you, I would have had a profit this week following your strat. But as it is, I have taken a loss during the initial phase of getting my bearing. My bungles at attempting to "fine-tune" cost me my profits. And rightly so! If you're going to commit, commit. Don't dither about. Stay committed. I've been trading full-time now for a few years now, but have never been able to find anything that really works well with my personal style on GJ. That pair has always creeped me out. But your style, Wasp, is like a breath of fresh air. I love it. It fits me well, and so I thank you for sharing. Success in this method is critically dependent upon accurate placement of S/R lines. Although I've heard many people say that they are approximate zones or areas, there is still a "center" to that zone which, if properly placed, will make all the difference. EDIT: I will admit that seeing what you do (after the fact) has had a minor bearing on my thinking. But once I have a plan, I tend to want to see if I'm right regardless of what someone else thinks.

Closed my GJ trade for +71 and I'll stay flat now through the weekend. Had this not been a weekend, I would have reversed here and gone short at 211.62 But I'm of the opinion that it's not wise to take an entry this close to the end of the week. Anything could happen during the weekend to change sentiment. Anyway, have a great weekend everyone! Wasp... you 'da man! I deeply appreciate the time you've taken to share your thoughts and trades during this week.

Well if it's any consolation (and it probably isn't), it's been some time since I've seen anyone perform as acutely as you have this week. I have little doubt that you will once again milk the vine next week. At least the playing field has finally opened up.

A little late on the post here... went long on GJ from 210.91 at the end of the last 4-hour close.

Balderdash, dude! That's not ego. That's reality! I would appreciate it if you could continue to post, if for just one more week... it's (as you probably know) incredibly helpful when you're trying to digest the nuances of a new strat. I think I've pretty much figured it out now, but would appreciate just a tad more guidance in your 'wise ways'. But do whatever you feel is best.

One more question for you Wasp? Do you recall the last time you had a losing week? Do they happen very often for you? I couldn't find a negative week since you started logging (which I continue to appreciate very much!).

Wasp, you close out your positions at the end of the week, don't you? Nice end to the week. Well done!

And closed... I'm going to hold fire now and take a break for a wee bit.

I must be cursed with your strat, Wasp. Kidding... it's just poor placement. 4-hour candle closed below support, so... according to your destructions... closed for -10 on EJ and short at 167.57 (had I been trading my strat, I would have definitely not considered going long in the first place - but I'm learning this new strat... so...).

That chart is a cool comparison. Jee... I really like your daily blocks!!

And not in a horizontal straight line either!

I'm concerned that GJ is exhausted. GBP (on cable) has moved VERY far (some of which is US dollar based). EUR has also moved very far and is looking over-extended. I don't think the Yen has depreciated too much. In my opinion, I think EJ has room to rebound. EJ also touched one of my S/R zones. SO, change of tactics... I've closed GJ for +9 and am going long EJ at 167.76. See if I can ride this back up toward 168.20.

Sure, but there is no sure way to tell which pair will move the most - unless you play both simultaneously.

Thanks guys. That helps. Wasp, I have noticed that you will often stop and reverse a trade when it approaches your S/R level even when the 4-hour candle isn't close to closing (it may be half-way finished forming). You must be looking at the length of the days' run, or other candles on faster time-frames, or just have an opinion that the S/R line will be firm (or a combination of all of the above) to make that decision, right? It's not all solely based on what the 4-hour candle does.

I'm still making this too complicated, aren't I Wasp? I'm losing most of my gains on stupid entries that I have to reverse. Granted, this time it was due to a mis-drawn S/R line that gave me wrong signals and caused me to whip about. I have to be more careful.

Buddy... to post THAT fast, you must already have the form filled out and your order ready to click!!

Closed -25. Short from 212.71. :angry:

Weee... look at me... I'm a yo-yo! I've moved my S/R line slightly (from 96 to 76). It seems to fit better, which places the 4-hour candle close inside the band and therefore justifies a move higher? ... Closed short for -14 and long now from 96. Last time I'm switching... it's either do or die. Talk about drunk driving! Sheesh...

Closed for -10, reversing back to short at 212.82... It's having problems going higher, although I recognize the risk given the double-bottom on the faster frames.

Wasp... look at cable. It has also tested a major support zone and is testing resistance now. If it busts resistance, I figure long on GJ may be wise. If not... EDIT: Cable is also fairly oversold.

Wouldn't you know it... No sooner did I post that and price broke support. Jeez I hate that! I'll wait and see how this 30 min bar closes - maybe even the next hourly bar before making a choice.

Price isn't busting back through this support line, so I'm closing for +53 and going long at 212.97. YEAH YEAH... I know... now no one believes that I'm not copying Wasp.

Wasp, in reference to your "adapt and update" post in the Live Forex Trade thread, I can see now that this "zone" is actually wider than I had figured. It extends from 85ish up to 95ish. So this could be an either/or trade (up or down) on GJ. Don't know why I didn't see that before. Thanks for the tip.

Alright Wasp... now I'm wondering why?... Didn't your 4-hour candle close below your support line? Where is your support line? I have mine marked at 212.96.

Moved stop to b/e. Price on the 4-hour closed below my S/R line at 96. I'm looking for a test of the 20/30 zone before going long.