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RoelsMajor Jan 8, 2016 8:30am | Post# 3681

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AUDUSD Long update: I believe I started building this one too early.. not much volatility in London has brought us back down to the whole number which we're now finding some support above yesterdays stop hunt. Now is probably where the MM's want price ahead of NY session and major news. I still have conviction in this trade so holding tight. MM's may even want to test the RDL but we'll see what NY brings. I've done my analysis and am confident in my decision. Cheers all! Note: For upcoming weeks I may only want to focus on one pair and build that...
Your Entry (OP) Long was below the Main Trends H1, did you consider that as a main factor of your trade? Should your Entry below or above The Trends H1?
Please see this analysis of the Fisher trade on TVT20 as example:
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leentjai Jan 8, 2016 8:48am | Post# 3682

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Opened and closed USDJPY average +37 p total +185 p
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cigarguy Jan 8, 2016 8:54am | Post# 3683

Opened and closed USDJPY average +37 p total +185 p {image}

leentjai Jan 8, 2016 8:56am | Post# 3684

{quote}
Thank you

Alcibiade Jan 8, 2016 8:59am | Post# 3685

Opened and closed USDJPY average +37 p total +185 p {image}
Very nice trade. I wanted to take it too, but didn't have the balls of steel that you Lady seem to have to open before huge news, and the PVSRA confidence to play them.

Dyekid217 Jan 8, 2016 9:00am | Post# 3686

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{quote} Your Entry (OP) Long was below the Main Trends H1, did you consider that as a main factor of your trade? Should your Entry below or above The Trends H1?
Hello RoelsMajor,

My entry was mostly based on the H4 condition. As well as PVSRA clues that were hinted during the Asian session. In the future I may play each session as its own and close any open trades prior to the next opening. This way I am constantly taking pips in from the market instead of suffering the drawdown from each rollover/overlap etc.

MM's did a stop hunt run on the RDL as many stops will be below that level.. providing liquidity for bull side orders.

Lower timeframe chart shows good PVSRA clues as well but I'll post that chart in a little bit when I have time.
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cigarguy Jan 8, 2016 9:19am | Post# 3687

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EU M5 scalp +29.5 (5 lots +5.9) entered long with EUR momentum above EMA resistance with quick target of 1.08750.
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Dyekid217 Jan 8, 2016 9:36am | Post# 3688

{quote} Hello RoelsMajor, My entry was mostly based on the H4 condition. As well as PVSRA clues that were hinted during the Asian session. In the future I may play each session as its own and close any open trades prior to the next opening. This way I am constantly taking pips in from the market instead of suffering the drawdown from each rollover/overlap etc. MM's did a stop hunt run on the RDL as many stops will be below that level.. providing liquidity for bull side orders. Lower timeframe chart shows good PVSRA clues as well but I'll post that...
Looks like I was wrong on this one.. I was way premature in my thinking and will absolutely need to pay attention to the H1 timeframe trend. Will need to wait for classic formations above dragon trend. Also the consolidation during AO is a clear sign I was so wrong on the trade. I'm going to need to analyze each session as a part of the bigger picture.. where is price and how is it reacting at those levels.

cigarguy Jan 8, 2016 9:40am | Post# 3689

{quote} Looks like I was wrong on this one.. I was way premature in my thinking and will absolutely need to pay attention to the H1 timeframe trend. Will need to wait for classic formations above dragon trend.
You entered what was called a Scout on the old Sonic thread and many had huge DD's and looses. Much safer to trade pullbacks and retraces IMO ie., low t/f's retrace and then join higher t/f trend. Friday also known for retraces and closing positions prior to week end............

Dyekid217 Jan 8, 2016 9:46am | Post# 3690

{quote} You entered what was called a Scout on the old Sonic thread and many had huge DD's and looses. Much safer to trade pullbacks and retraces IMO ie., low t/f's retrace and then join higher t/f trend. Friday also known for retraces and closing positions prior to week end............
Yes and that is what I'm used to which has given me great success thus far.. This was kind of sloppy on my part. Lesson learned =)

In the long run it is a small price to pay for one day reaching true GURU status like yourself !

cigarguy Jan 8, 2016 9:48am | Post# 3691

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EU M5 scalp +30.5 (5 lots +6.1) entered again after retrace back to 1.08750 level for a quick snipe....
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cigarguy Jan 8, 2016 9:55am | Post# 3692

{quote} Yes and that is what I'm used to which has given me great success thus far.. This was kind of sloppy on my part. Lesson learned =) In the long run it is a small price to pay for one day reaching true GURU status like yourself !
Dyekid217,

Thanks for he compliment but I don't feel that I deserve that status as I too make many mistakes. Every day is a learning process as trading isn't a sprint it's a marathon. I try not to look at a mistake as a mistake, but I learned how not to do something! Dwell on the positive not the negative.......

RoelsMajor Jan 8, 2016 10:02am | Post# 3693

{quote} Looks like I was wrong on this one.. I was way premature in my thinking and will absolutely need to pay attention to the H1 timeframe trend. Will need to wait for classic formations above dragon trend. Also the consolidation during AO is a clear sign I was so wrong on the trade. I'm going to need to analyze each session as a part of the bigger picture.. where is price and how is it reacting at those levels.
...It is the moving average line thus created. Accordingly, we use the good angle of our Trend to help us see situations of momentum. In this respect, the Trend is our friend. Not waiting for good angle, not waiting for the LS to get underway, not being patient is not the Trend's fault. It is the trader's fault!

...If a TVT20 long setup occurs, after such consolidation beneath a key level, the trader should replace greed, impatience and lack of discipline with the skill to see the situation for what it might become, and heed the angle of the Trend before making entry, lest you end up owning a head fake followed by more consolidation, or even a reversal, which the IWWRBMMs are fully equipped to create without notice. Decapitation!

-by tah-

Lesson learned =)
Dwell on the positive...

cigarguy Jan 8, 2016 10:03am | Post# 3694

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EU M5 scalp +28 (5 lots +5.6) entered again after retrace with MM momentum at 1.08750 level area.
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Dyekid217 Jan 8, 2016 10:04am | Post# 3695

{quote} Dyekid217, Thanks for he compliment but I don't feel that I deserve that status as I too make many mistakes. Every day is a learning process as trading isn't a sprint it's a marathon. I try not to look at a mistake as a mistake, but I learned how not to do something! Dwell on the positive not the negative.......
As humans we are all bound to become lackadaisical at some point. No one is perfect and what better way to learn is there than losing a bit of money to the thieving MM's?!

I like to think of losses as a cost of running a business. It is the overhead we pay to trade the markets.

Note: If I'm to manage my trades on the 1HR chart I'll be implementing a 2 bar trailing stop so I can lock in profits instead of having trades go in my favor only to take a loss.

cigarguy Jan 8, 2016 10:07am | Post# 3696

{quote} As humans we are all bound to become lackadaisical at some point. No one is perfect and what better way to learn is there than losing a bit of money to the thieving MM's?! I like to think of losses as a cost of running a business. It is the overhead we pay to trade the markets.
Business's need positive cash flow for longevity and to succeed as well as capital preservation.....stay GREEN my friend!

cigarguy Jan 8, 2016 10:16am | Post# 3697

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Done for the week got things to do....

Stay GREEN My Friends!

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Dyekid217 Jan 8, 2016 10:20am | Post# 3698

Done for the week got things to do.... Stay GREEN My Friends! {image}
Enjoy your weekend Cigarguy,

We will steal back what the MM's stole from me next week haha!

Dyekid217 Jan 8, 2016 1:25pm | Post# 3699

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Here's just a note for anyone that's been struggling with classic entries.. mostly for my own memory.

A classic wave is more likely to be high probability when price is penetrating from the opposite side of the dragon trend. If a wave forms and price is on the same side of the dragon in which direction you are trading it is more likely to retrace against you. I know this is documented already but I have failed to recognize this in my recent trades as price has pulled back on me numerous times.

Here's a picture as an illustration. The importance of understanding high probability is patience and persistence with a given method.


Trade #1 : Enter based on classic wave.. LL, LH (kind of a double top really) Stop at swing. Good low risk trade.. no drawdown.

Trade #2 : Enter based on classic wave.. LL, LH. This is a minor swing point!!! If you enter this trade and choose to use this swing you will get stopped out as price retraces. Or if you decide to use the swing prior to that you are almost tripling the amount of risk!!!!

Trade #3 : Enter based on more major classic PA wave. Low risk and no drawdown.

I hope this can be of use to some newer folks.. I know it will definitely help me to journal my thoughts.

As you see new swings being put in they are logical places to reduce risk as the trade progresses. Same concept applies to higher TF's
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Dyekid217 Jan 8, 2016 4:09pm | Post# 3700

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Three trades closed out to end the day. Ended up in the Red overall but made quite a nice recovery. Reminding myself to pay attention to the H1 trend next week!!

AU: +12 pips
EURAUD: +89 pips
USDJPY: +48.8 pips

Atleast I can end the week on a good note with some winners.

Also a note to self... Trade each session as its own.. a new session can either be neutral, reverse, or continue the trend.
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