There's a support zone indicated in the attached chart and the price didn't break through. I would not have take that trade because the support zone is too close from the entry price.
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DislikedHi
I have been trading for 5 years but am still experimenting with this method. I took a short on GBPCHF last night from 1.4875 but was stopped out for -100 pips. I entered at this level to ensure that .4900 level was broken. I have since noticed that Dan posted yesterday about this potential trade and I believe that our reasons were mostly the same. I thought this looked a good entry. I would be very grateful though if anyone could point out any flaws in my analysis or maybe this was just one of those loosing trades.Ignored
DislikedHi
I have been trading for 5 years but am still experimenting with this method. I took a short on GBPCHF last night from 1.4875 but was stopped out for -100 pips. I entered at this level to ensure that .4900 level was broken. I have since noticed that Dan posted yesterday about this potential trade and I believe that our reasons were mostly the same. I thought this looked a good entry. I would be very grateful though if anyone could point out any flaws in my analysis or maybe this was just one of those loosing trades.Ignored
DislikedHi
I have been trading for 5 years but am still experimenting with this method. I took a short on GBPCHF last night from 1.4875 but was stopped out for -100 pips. I entered at this level to ensure that .4900 level was broken. I have since noticed that Dan posted yesterday about this potential trade and I believe that our reasons were mostly the same. I thought this looked a good entry. I would be very grateful though if anyone could point out any flaws in my analysis or maybe this was just one of those loosing trades.Ignored
Disliked1)as danmick observe well in post 901, a former minor resistance is broke up and become minor support around 1.4850/80
2)price did not reach the october low zone 1.51 yet
3)is the signalbar a reversal candle ?
does not look like a nice pin or bear engulfing candle and it is still bullish
3 reasons not to enter ? just my 2cent, still learning too
and this tread is a great place to be for... bravo Danuk +Ignored
DislikedIf this pinbar stays the same its looking good for a buy on monday.
With the trend, key level of s/r, 61% fib, round number.
Any opinions?Ignored
DislikedHi
I have been trading for 5 years but am still experimenting with this method. I took a short on GBPCHF last night from 1.4875 but was stopped out for -100 pips. I entered at this level to ensure that .4900 level was broken. I have since noticed that Dan posted yesterday about this potential trade and I believe that our reasons were mostly the same. I thought this looked a good entry. I would be very grateful though if anyone could point out any flaws in my analysis or maybe this was just one of those loosing trades.Ignored
DislikedThere's a support zone indicated in the attached chart and the price didn't break through. I would not have take that trade because the support zone is too close from the entry price.Ignored
DislikedIgnored
DislikedHi everybody. I would like to thank everybody here and specially Dan for sharing his knowledge. This thread has been a tremendous help to a noob like myself (before Septembar 2010 in did not know what FOREX was...lol). Anyway I have attached a chart for EUR/USD. If you all could comment on my support and resistance level lines and please let me know if they are somewhat correct or not that would be greatly appriciated......Thank you.
http://img135.imageshack.us/img135/9761/chart1.gifIgnored
Disliked1)as danmick observe well in post 901, a former minor resistance is broke up and become minor support around 1.4850/80
2)price did not reach the october low zone 1.51 yet
3)is the signalbar a reversal candle ?
does not look like a nice pin or bear engulfing candle and it is still bullish
3 reasons not to enter ? just my 2cent, still learning too
and this tread is a great place to be for... bravo Danuk +Ignored
DislikedHi Paul,
Again, it is my cautious nature.
I know it's a bit cliche to say it but successful trading is not about focusing on maximising profits - it's about limiting risk.
That's why I mentioned it. Perhaps I shouldn't have commented.Ignored
DislikedHi jcalow,
Don't beat yourself up about this one too much! I think it caught a few people out. Losses happen, I wish they didn't but it's just part of the game I suppose.
Now, as to things that went against this trade, I would cite the following:
1. The first week back after Christmas is not a good time to trade.
2. NFP Friday.
[color=black][font=Verdana]3....Ignored
DislikedI agree with Naughtypip....please keep posting setup. We will learn from our mistakes and together we will be a better trader.Ignored