Wot To Do

[wallstreetwarrior87]

well, some people are still in - at least with part position.

A few hours later we get to this.

??

Thanks Jon, 2nd push failure, so all out as we turn back down inside the last but one candle.

Had to give price a chance to clear the 1st leg to see if there were any more retail buyers about.

So chasers now trapped in, expecting a 40-50% retrace from here. Then back up for a lower high ( 15-20 bars) then down to take out the lows on your original chart.

So no longs on the radar for me now, just a short in the not too distant future.

 

[Liquid validity]

well, some people are still in - at least with part position.

A few hours later we get to this.

??

Well I stand by full exit at the point on first chart.
Ranging now, no reason to re-enter.

Although at this point in time I now know what the
instrument, date and time are.
As Jon will know, I clearly didn't know that when I first posted
So its not fair for me to pretend otherwise, or post
anymore.

 

[scholfield]

Although at this point in time I now know what the
instrument, date and time are.

how?

 

[wallstreetwarrior87]

Well I stand by full exit at the point on first chart.
Ranging now, no reason to re-enter.

Although at this point in time I now know what the
instrument, date and time are.
As Jon will know, I clearly didn't know that when I first posted
So its not fair for me to pretend otherwise, or post
anymore.

LV, not playing dumb here, but what is the chart and what period?

Thanks

 

[Liquid validity]

how?

I didn't work it out, someone else did, I'll let him say
if he chooses to, he asked me what I thought, I didn't agree
to start with, then he said check h1 - sure enough a match.
I'm not saying who clocked it or what it is, that would spoil the fun

LV, not playing dumb here, but what is the chart and what period?

I can't say, although Jon has already said its H1, I won't add more as its Jon's thread,
and I'm not wrecking it.

 

[scholfield]

I didn't work it out, someone else did, I'll let him say
if he chooses to, he asked me what I thought, I didn't agree
to start with, then he said check h1 - sure enough a match.
I'm not saying who clocked it or what it is, that would spoil the fun


I can't say, although Jon has already said its H1, I won't add more as its Jon's thread,
and I'm not wrecking it.

Cool.
Definitely best for all charts (if any more are to follow) to be kept a secret.
I only asked because I wondered if I was being terribly stupid and missing something, as without any info on either the X or Y axis, it would seem almost impossible to work it out.
I don't even want to know.

And as for the chart, i'd still be in!

 

[wallstreetwarrior87]

Never mind then, once a chart is known it spoils the validity of the posts for obvious reasons.

The only way to do this is in real time, which obviously takes longer, and everyone can see how the charts develop together.

 

[wackypete2]

Ditto. Get out now. It looks as if I got about 2R on the trade if I exit now.

Since I'm completely out, I don't care what happens now. I'm already looking for the next trade!

Peter

 

[barjon]

ok since it appears to have been tabbed - and it's a bit of a cheat since it wasn't really into clear air long term - here's how it panned out.

 

[scholfield]

And as for the chart, i'd still be in!

You should have carried it on a few bars at a time. I was doing good!

 

[barjon]

You should have carried it on a few bars at a time. I was doing good!

Sorry, sir

I wonder how long you would have continued - you'd have had to wait an long time for the last little bit.

The thought was to explore peoples' different exit strategies - particularly those fully discretionary.

 

[wallstreetwarrior87]

Sorry, sir

I wonder how long you would have continued - you'd have had to wait an long time for the last little bit.

The thought was to explore peoples' different exit strategies - particularly those fully discretionary.

But is it not the best time to do it from now? Real time:clap:

For me personally I was out 1 cycle leg too early (not a happy bunny), but that's trading for you.

Would not be looking for longs now, as this is the side the retail are on. Your low in your first chart still to be taken (Thursday am would be nice).

So a bounce to 1.6020/30 (stop 1.6090) then short into 1.5850 (now we know its the pound) is the play for me.

Anyone else want to play (fun intended) in real time?

 

[scholfield]

Anyone else want to play (fun intended) in real time?

Let's do it

Prize for the most consistently wrong trader.

 

[wallstreetwarrior87]

Let's do it

Prize for the most consistently wrong trader.

Gold medal already ordered:cheesy:

 

[wallstreetwarrior87]

Sorry, sir

I wonder how long you would have continued - you'd have had to wait an long time for the last little bit.

The thought was to explore peoples' different exit strategies - particularly those fully discretionary.

It is a good idea, but we do need to make sure we actually take the trade in the 1st place. That's why if done in real time (on here) the natural emotions of committing to a trade or even just a call, will be experienced as price moves along its merry way.

If done in real time (with levels called in advance) there can be no BS.

If not it's only ever hypothetical.

What are other members views?

 

[barjon]

It is a good idea, but we do need to make sure we actually take the trade in the 1st place. That's why if done in real time (on here) the natural emotions of committing to a trade or even just a call, will be experienced as price moves along its merry way.

If done in real time (with levels called in advance) there can be no BS.

If not it's only ever hypothetical.

What are other members views?

I agree, but it's pretty difficult to organise and post pics in real time. Perhaps we should get T2W to get a live cable feed (ugh! I hate forex ) and we could work off that. Someone would have fire the starting pistol so we all went into the same trade together and then the exits would decide the pecking order

 

[Splitlink]

I agree, but it's pretty difficult to organise and post pics in real time. Perhaps we should get T2W to get a live cable feed (ugh! I hate forex ) and we could work off that. Someone would have fire the starting pistol so we all went into the same trade together and then the exits would decide the pecking order

I had a go at that, yesterday. I took four screen shots, blanking out my account details along the top. I did that by putting a screenwide Onenote on there that I used for notes.

Its a lot of work, though, and there is the possibility that, one day, one's account details will be posted. I would not like that, frankly, which is why I do not do it.

 

[lurkerlurker]

I thought Jon's chart looked a little..."spooky" ;-)

Seen any ghosts lately?

For those who didn't get the inside joke.

If someone could post a few up to date charts, hourly and daily, of this instrument, to give the context and outcome...

The original WOTs used charts covering a longer time period, which helps both forward and backwards engineer. This example, on an hourly chart, with fewer bars, will probably be less helpful for newbies than say posting an up to date chart (any timeline) and telling what the instrument is so all can follow along with their own charts set up the way they have chosen to present the market to themselves to arrive at a decision. This way the individual decides how much context they need, and what info to display. (kudos to those few who can gauge the likely state of the market with even a truncated example however...but analysis always gonna be higher probability with the context given)

So name the instrument, put up a chart for reference, and let folks analyse in real time going forward, for those who see value in doing so. Nice to see some positive threads here, continued success to all.

 

[Purple Brain]

A "Wot Happened Next" with a difference.

The scenario is that you are a breakout trader. You have entered at the black line with a stoploss at the white line. It's gone really well with great momentum, but now that's stalled.

You are in clear air with no previous price action up at this level, so how would you plan to play it from here?

Is the rightmost bar closed or still open?

If it’s still open I’d move my stop up to capture 67% of the prior bar’s move on the entire position.

If it’s closed, I’d take 2/3rd the position off (windfall bar) and move my stop up to capture 67% of the big bar’s move. I’d then want to see a new high print within the following 2 bars, failing which I’d exit the remaining 1/3rd.

 

[Purple Brain]

Teach me to take a long week-end and respond to post #1 before reading the entire thread.