we might see a move at the change of next 4H candle.. midday fwiw?? i'm watching...
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Dislikedeur/usd
2 sells, 1 buy.
See how price stalls/lingers around 1.27500. That is not momentum.
If there was a stack of sell limit orders on 1.27500 then it would be a large bold candle down.
I wouldnt touch this.
Oh dear... wick bounce @ 1.27391
Rmemeber wicks?Ignored
DislikedThis is very confusing to me.
Why are you trading both sides of the EURUSD from a M5 chart during the Asian session? You started with sells tonight and then changed to buys a few minutes later. So, your discussion on the first page of the Monthly/Weekly/Daily trends means very little to your entry strategy? Really, you are just looking for short-term momentum in which you will hopefully find a few trades that will "stick" for long term growth. You've already taken over 10 trades on EURUSD alone...that seems like many more trades than you mentioned...Ignored
Disliked!!!!!!!
missed it.....
thats why never focus on one pair...
edit: unless you have 4 heads and 20 eyes... keep moving around the chartsIgnored
DislikedHi Graeme,
I was just looking at the EURUSD 1hr chart from the start of the day on Monday. You talked about seeing momentum on the EURO, I'm trying to figure out what you saw that gave you the indication there was momentum and where you started to place trades. On the hour chart there is a break down from a small area of consolidation that only last 1 candle. Is that the area you placed your trades in?Ignored
DislikedHi Graeme,
Could you please share with us when you move the stop to B.E. on the 5 min chart? Do you just do it from feel or do you have a set number of pips?
Regards,
BenIgnored
Disliked
Now we can see that it was a failed breakout.
I will show some charts later tonight on volatile breakouts. Best breakouts are the ones that travel very far from s/r in one single candle. These are usually the beginning/resume of a trend.Ignored
Dislikedthat was very "real" breakout at that moment. i actually followed eurjpy, and buy and sell both, but both didn't work out, just exit with same reason of yours.
i love these LIVE trading examples. i LIVE them too.Ignored
DislikedJust before I go out for the day
Traders often get discouraged at the number of losing trades. Pros dont care at the 'amount' of losses however ensure that each winning trades are stretched out to cover more than all the losses combined. This is the required mindframe.
Edit: Fantastic job Ben. Keep watching the markets for the next volatile breakout.
Sincerely,
GraemeIgnored
DislikedThanks for your good lessons...
Just to share what I discovered.
It seems to me that it's difficult (for new traders) to maintain a cool head when suffering from a string of losses if trader have a fixed R:R like 1:3 ... the reason is because, for new traders, high accuracy is something almost impossible to do. Lose 3 times and trader will start to question his ability.
Only by having a large R:R ratio .. 1:50 or 1:100 (or 1:infinity) can new traders feel comfortable during losing streaks ... They feel they can lose many-many times and still...Ignored