To trade or not to trade.

If you were trading on a low time frame, (lets say 5 min) and you got an entry signal on the AUD/USD and it fails, soon after u get a signal on the GBP/USD, that fails as well. Finally u get a signal on the EUR/USD, it fails and then NZD/USD decides to set up as well, do you take the signal or resign that the USD is not going to turn around?

After the failure of the first long would u even try to continue going long?

P.S setups are about 30 min to an hr apart, oh and you never liked economics so you dont know b from "bullfrog" when it comes to fundamental data.

I'd say first of all that trading in the 5 minute timeframe for a new trader should mean trading only one or two pairs. Trading a whole bunch tends to split your focus too much and you don't need all those pairs to generate sufficient trading opportunities. In fact, they'd probably cause you to over-trade.

Shikamaroo said:

If you were trading on a low time frame, (lets say 5 min) and you got an entry signal on the AUD/USD and it fails, soon after u get a signal on the GBP/USD, that fails as well. Finally u get a signal on the EUR/USD, it fails and then NZD/USD decides to set up as well, do you take the signal or resign that the USD is not going to turn around?

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Don't take this the wrong way, but the question has no meaning, no relevance, no attachment to anything that can resolve it. It is an unresolvable question. In fact, it is less of a question and more of a riddle wrapped in an enigma and disguised as a question.

What's the connection between GBPUSD and AUDUSD? Answer: GBPAUD. Likewise, what's the connection between GBPUSD and EURUSD? A pair that does not exit. Finally, what's the connection between EURUSD and NZDUSD? Answer? EURNZD. Extraction:

GBPAUD
No Pairing
EURNZD

So, go find out what those other two pairs are doing, take two Cow size tablets and call me in the morning. [hint]

Shikamaroo said:

After the failure of the first long would u even try to continue going long?

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What were the other guys that you did not account for doing, at the same time your chosen one's were failing?

Shikamaroo said:

P.S setups are about 30 min to an hr apart, oh and you never liked economics so you dont know b from "bullfrog" when it comes to fundamental data.

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Fundamental data is just that, fundamental. Unless you have a crystal ball into whether or not the market had previously priced the fundamental data into the current price, you could end up in a buy the rumor, sell the new scenario when you least want one.

Technical analysis has its problems too, especially when you are out there doing the same thing that every other Tom & Jerry is doing with their respective Moving Average.

You need an edge. And, to obtain one, you need to be doing something different than the rest of the crowd. It does not have to be wholesale different, but it does need to have a flavor of its own.

----------------------
A Truly,
Stupid Cow


PS - the tips I gave you above were free of charge. I don't charge for stuff like that. However, if you want front row tickets to the next Celtic Woman concert, then you are going to have to pay through the nostrils for that stuff. And, I don't care what anybody says, Chloe is very cute! Ok, so she's overweight a bit, who cares. She's extremely talented and she's cute.

I can set you up to see Chloe, on the front row, but it's gonna cost ya.

StupidCow said:

What's the connection between GBPUSD and AUDUSD? Answer: GBPAUD. Likewise, what's the connection between GBPUSD and EURUSD? A pair that does not exist. Finally, what's the connection between EURUSD and NZDUSD? Answer? EURNZD. Extraction:

GBPAUD
No Pairing
EURNZD

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OMG OMG HELP!!!!The EUR/GBP just disappeared from my charts :cheesy:

am (scratches head) who's chloe? is she the chick from smallville?

also i was thinking more along the lines of buying the strength in the USD which has been present most of the year. wanted to know if i should make a rule to guide action if that kind of thing (setups close together) occurs again. from your answer, i think it should be no?

If I get an average looking setup that fails followed shortly after by a great looking signal, I'll jump on the second signal. I have observed these work very well and the logic says the market was getting ready to turn around on the first signal but just had a little more to go, or there was a little stop hunting going on, doesn't matter too much why. But by the time the second signal comes around, the market has well and truly told me it wants to go no further in the same direction and will most probably turn around.
However you are talking about 3 signals failing in a row across 3 different pairs - due to the correlated nature of instruments you mentioned, that is they are all USD pairs, I would read that as you are getting false signals and your system is not working tonight, as you are trading against the trend.
Bit hard to comment further without knowing what you are looking at. But trying to get on a yearly trend with an entry on the 5 min? I'd suggest if you're looking for reversals off the 5min, then combine it with some form of support/resistance on the 4Hr. Just my two bobs worth.

Solved this dilemma by cutting all my day trading down to just EURUSD.

Shikamaroo said:

If you were trading on a low time frame, (lets say 5 min) and you got an entry signal on the AUD/USD and it fails, soon after u get a signal on the GBP/USD, that fails as well. Finally u get a signal on the EUR/USD, it fails and then NZD/USD decides to set up as well, do you take the signal or resign that the USD is not going to turn around?

After the failure of the first long would u even try to continue going long?

P.S setups are about 30 min to an hr apart, oh and you never liked economics so you dont know b from "bullfrog" when it comes to fundamental data.

Click to expand...

Yeah why not? I will also like confirmation from DXY to see if its somewhere near S/R