DislikedHey Fuzz...
just curious how long you've been trading live,and how many contracts/what leverage you use.
Thx
XIgnored
I trade the standard 100:1 leverage.
Why do you ask?
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Disliked....just mildly curious.
Like I said before, I'm a retired FX trader (extremely active) and hung out here on occasion.
It infuriated me then (and is likely the same situation now) that most posters who gave out advice/opinions/'systems" etc did not actually trade live.
And most of those didn't even demo trade either.
Congrats for being someone who does.
XIgnored
DislikedHi Fuzzy, looking at the EUR/USD 5-min chart yesterday (April 5) I think there was a failed low at 1.3460 level (line A in below chart). So I assume we should then look for a long play.
My question is, where is a proper entry? I'm guessing one possibility is to wait for the trendline break (line B) and re-test? Not sure if there is another lower risk entry.Ignored
DislikedMy question is, where is a proper entry? I'm guessing one possibility is to wait for the trendline break (line B) and re-test? Not sure if there is another lower risk entry.Ignored
DislikedVery nice thread any newbie popping there head into this thread and in fact any other to do with price action and candle or bar reading take note this is how its done. Forget your moving average crosses and crap. and forget the newly invented strategy that say 50 ppl are using. do you think the big boys are watching your obscure strategy that only a few are using NO. they wont be. skip the years of pain and torment of not getting it and read up all u can on price action.
regards damienIgnored
Dislikedbut a significant pull back never happened to test the new trend line but that inside bar failure and the inverted hammer were your best bets along the way. If you look at the 1 min on this move there were a bunch of failed lows.Ignored
DislikedSo basically you're looking for a candlestick failure as your entry? Interesting... Would you also enter based on "normal" candlestick signal (e.g. go long after a hammer testing a previous support level)?
By the way the analysis in your post #88 was a very good read, thanks for the detailed explaination!Ignored
Dislikedi place trades on the 5 mins but i view higher(1hr,4hr, daily) to get a better perspective.
IMO 1 min is too fast to read and to deceiving it not enough data to actually be valid. More data/time is better for a candle. Time is kinda a filter. People can move price very rapidly in one min but to control a bar over 4hrs or a daily its very difficult....Ignored
Bulls and bears make money pigs get slaughtered. Know the Trend and Stalk the with trend entries.
When the bull line was broken. Short term bull took profit. Bears went net short. Pigs exited at a loss.
Entering on the Inverted hammer on the hourly was the best signal.
And exiting when you felt comfortable or on the break of the new bear trend line. Shown later.