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- MrBurns replied Apr 14, 2014
Annoying slow price action this morning, i want this to move at least jesus christ
- MrBurns replied Apr 13, 2014
I like this thread bro, its a good subject to choose. I wouldnt have entered at all as a SHORT set up was not there and would not be good for money management if price decided to swing high at the Daily Low of the trend.... entering SHort ...
- MrBurns replied Apr 13, 2014
Thats why i only tend to trade this kind of setup on a H4 or Daily basis as there is far too much noise on lower time frames inlcuding swings from news. Larger timeframes tend to eventually hold their technical bias whatever the news outcome. Ive ...
- MrBurns replied Apr 13, 2014
Exactly As long as we have sensible stops, reasonable and achievable targets, evidence of support or resistance at a certain price then yes we are If your buying/selling a correction with a potential of over 100 pips then id say that ...
- MrBurns replied Apr 13, 2014
Not a problem at all, i am here to learn just as you are mate Yes the overall trend may be down but where is the price going today? Its question of wanting to mke money today/this week or in 3 months time. Smaller timeframes like the 5 minute and ...
- MrBurns replied Apr 13, 2014
The expected retracement (entry)/ extension (TP) targets are as follows.. 38% - We can expect 161.8 Extension with good monentum as a target. 50% - 61.8% - We can expect 161.8 extension as a target. 78.6 - We can expect 1.27 Extension as a target. ...
- MrBurns replied Apr 13, 2014
The 86% level is not always gospel you take a look below and you can use even smaller timeframes to determine the retracement....using harmonics and fibs.. 1. The Initial Run up is the Daily Buy Signal so we expect retracement. 2. Price fails to go ...
- MrBurns replied Apr 13, 2014
Thank you very much! Well the idea of the retracement entry for counter trend trading is this .... When picking the bottom, wait for the BUY signal, this may take a while to play out buy the rush of BUYERS at a certain level putting in new highs, ...
- MrBurns replied Apr 12, 2014
IMO counter trend trades are only safe on larger timeframes, as long as you pick a good entry, the profit potential is there and the stops can be tight, again provided you have picked the correct entry, lower timeframes have stung me so much in the ...
- MrBurns replied Apr 12, 2014
Harmonics are good for buying/selling corrections.... Fibonacci also. Check back on this in a month and see the results. FOR EXAMPLE .... Current AUD/NZD Daily Chart image
- MrBurns replied Apr 12, 2014
As I said above I am already LONG at a total position now of 12.07 as I closed my £11.83 Long and the stacked lots which recouped my losses. But currently sit about 1100 pips in the red on my total position at the moment. I am confident that now we ...
- MrBurns replied Apr 10, 2014
Averageing down on my position was a good move i guess. I could only see the £11.80 as a good price rather than expensive, stacking my extra margin as longs on the way back up covered the quarter position loss i took on the £12.07 entry. I was ...
- MrBurns replied Apr 10, 2014
OK so this morning I am a happy man. Following yesterdays choppy price action, we have now reversed at the 86% retracement level (D1). I initially placed my LONG entry @ 12.07 on friday which was a sloppy entry. Price fell yesterday to £11.75. SO I ...
- MrBurns replied Apr 9, 2014
Ok, so Im very fairly confused about this morning. All the signs where there, but i suppose the market spooked me today, keeping my head up Looks like price is headed to take the stops below the last two weeks worth of price action. Ive averaged ...
- MrBurns replied Apr 8, 2014
Much Appreciated, I have agreed with much of your analysis too. I hope your holding EJ Short ... I will get to that a bit later Learning to hold them through the consolidation comes with time, i see you have mastered it mate
- MrBurns replied Apr 8, 2014
Ok no problem. Its simple economics that many traders including myself overlook when starting out. They think its red, im selling, or its green im buying. The Big players, ie people who have lots of money to buy lots of contracts (hence moving the ...
- MrBurns replied Apr 8, 2014
I am currently Long from £12.07 targeting £14.00 so my entry I believe to be sufficient on the Long Term for money management purposes. Also, please look at my chart below, this is the area where price is trying to push off that upwards line on the ...
- MrBurns replied Apr 8, 2014
Anybody on the XAG/XAU Thread will already know my view on Silver but for the sake of my Journal and people asking my long term view and to see my chart then I shall post it here. SILVER/GBP I am firm Long term Bull on this pair for the next 3 ...
- MrBurns replied Apr 8, 2014
Fundamental News for me is a sticky subject that I choose not to get very much involved in. For a number of reasons.... 1 . I have not one idea what they hell they mean. 2 . I believe that news is already priced in before a news release. I believe, ...
- Release the hounds
Good Afternoon Ladies and Gentlemen, I welcome you to my thread with open arms and an open mind. ...