Mine is freezing temp.. 
Somebody here trade m5 ? I miss m5 charts. (ryanmcd style)
- #14,962
- Nov 4, 2008 6:50am Nov 4, 2008 6:50am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
I believe . . .
- #14,964
- Nov 4, 2008 7:09am Nov 4, 2008 7:09am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
Here is a Usd/cad trade i took earlier today...
Looking at the 4H chart i wanted to catch any breakout from the 1.19 zone realzing the strong mood the bears were in, i jumped on to the 1H (which i do very rarely) to get a better look and a possible early entry.
Seeing the IB i placed a pending order a few pips below the low of it, price hit my pending order and then shot straight up to break the high of the IB thus invalidating it compeletely.
I consider myself fortunate to have thought really well on that instance though. I was eyeing the area circled on this 4H chart as the key area for resistance and and perhaps the willingess of price to test it hence placing my stop just above it, and BINGO! price does find one hell of a resistance at the confluence area of the 1.19 ppz and the trendline, down we go to hit eating all the -ve pips and i was able to bag in 50 pips for half of my position! half of my trade is currently still running at more than 200 pips!
What i really find good abt this trade is the way i thought and the discretionary descion making that i for so longed wanted to properly use in my trading (cuz i have always believed that it really was a special skill to think correctly at the moment at the instance without having to rely on any unrambling rules to control this rambling market), unfortunately which earlier resulted in stupid descions that were far worse than rules hammered into stone.
Morever this trade is a good example of how the different timeframes can help you achieve greater efficiency and fetch you a better reward if properly managed.
Sorry if i sound too boasty! I just could not resist this great feeling inside me!
Thankyou everybody! You guys deserve more of this than i do! CHEERS!
Looking at the 4H chart i wanted to catch any breakout from the 1.19 zone realzing the strong mood the bears were in, i jumped on to the 1H (which i do very rarely) to get a better look and a possible early entry.
Seeing the IB i placed a pending order a few pips below the low of it, price hit my pending order and then shot straight up to break the high of the IB thus invalidating it compeletely.
I consider myself fortunate to have thought really well on that instance though. I was eyeing the area circled on this 4H chart as the key area for resistance and and perhaps the willingess of price to test it hence placing my stop just above it, and BINGO! price does find one hell of a resistance at the confluence area of the 1.19 ppz and the trendline, down we go to hit eating all the -ve pips and i was able to bag in 50 pips for half of my position! half of my trade is currently still running at more than 200 pips!
What i really find good abt this trade is the way i thought and the discretionary descion making that i for so longed wanted to properly use in my trading (cuz i have always believed that it really was a special skill to think correctly at the moment at the instance without having to rely on any unrambling rules to control this rambling market), unfortunately which earlier resulted in stupid descions that were far worse than rules hammered into stone.
Morever this trade is a good example of how the different timeframes can help you achieve greater efficiency and fetch you a better reward if properly managed.
Sorry if i sound too boasty! I just could not resist this great feeling inside me!
Thankyou everybody! You guys deserve more of this than i do! CHEERS!
I believe . . .
- #14,966
- Edited 7:44am Nov 4, 2008 7:33am | Edited 7:44am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
Dude,,
Ur doing LIVE or just demo...??
If u r still doing demo, i suggest u to step into real stuff than reel action...
as u can do 101 types of analysis/long essay in ur demo..and thing can turn diff in LIVE...
Jus a suggestion....
Sonic
it already is BTW cuz every cent in this is hard earned, and i am not willing to loose it like the numbers in your demo account.The only time i was doing demo was during my first few months when i was searching for the right time frame and trading methodology to suit my trading personality, the day i found this thread, demo was BYE BYE!
I believe . . .
- #14,967
- Nov 4, 2008 7:38am Nov 4, 2008 7:38am
I do. but I prefer not to post it here as it seemed to cause some divergence in the thread.
I had 2 longs this morning. & have now sold @ resistance.
I only do this on the euro & pretty much the same as Ryan.
Just a quick short as I am expecting a breakout long.
so here is my chart just cause someone asked for one
edit... stop to be
stopped out @ be.
price is now breaking out above the round # 1.2900.
now wait for the retest of resistance, now turned support. simple
- #14,970
- Nov 4, 2008 11:10am Nov 4, 2008 11:10am
Dude,,
Ur doing LIVE or just demo...??
If u r still doing demo, i suggest u to step into real stuff than reel action...
as u can do 101 types of analysis/long essay in ur demo..and thing can turn diff in LIVE...
Jus a suggestion....
Sonic
going live Before that.. IS GREAT 4 us!( WE WILL HAVE UR MONEY IN NO TIME)
- #14,972
- Edited 4:53pm Nov 4, 2008 4:34pm | Edited 4:53pm
- | Commercial User | Joined Mar 2008 | 9,095 Posts
Demo as if theres no tomorrow untill u start to profit on regular basis
going live Before that.. IS GREAT 4 us!( WE WILL HAVE UR MONEY IN NO TIME)
Do not get me wrong...
I didn't say demo isn't important or not a need...It is a must....for a trader...to test the method,timing and money management....etc...
I still do demo trade...whenever I have earned enough/lose enough for my daily limit...
However, I do not trade my demo like there is no tomorrow. I trade my demo as if I am doing Live trading...and vice versa....
You needa have a great leap forward... as there is a diff world in LIVE trading with much more emotion involved....I want the trader to go forward that step....and I believe that "ghous" is ready for this....
All the best
Sonic
BTW:: I (everybody) put the money on the table when I(we) trade, Come take my(the) money if u can...
- #14,976
- Nov 4, 2008 5:33pm Nov 4, 2008 5:33pm
- | Commercial User | Joined Aug 2006 | 12,004 Posts
hi mike.
sorry, old post. But you entered here at the line itself or PA in smaller TF?
thanks in advance.
Mike
- #14,977
- Nov 4, 2008 5:36pm Nov 4, 2008 5:36pm
- | Commercial User | Joined Aug 2006 | 12,004 Posts
Hey giraia, can you give me the post number
Mike
Best
Mike
- #14,978
- Nov 4, 2008 5:44pm Nov 4, 2008 5:44pm
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
Ghous,
nice trade on the the U/C. I see that you went down to the 1 hr Tf to time your entry. Would you have considered playing it as a breakout-pullback-continuation trade on the 4 hr chart? This is how I like to play breakout trades, and I got a nice one on the Gb/Aud yesterday.
Anyway nice trade and great chart with comments. Keep them coming dude!
bert
Yes you could have played it as a breakout plus pullback trade on the 4H, i have done the exact thing but on a lower tf to fine tune my entry, that's it.
Regards,
Ghous.
I believe . . .
- #14,979
- Nov 4, 2008 5:50pm Nov 4, 2008 5:50pm
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
Demo as if theres no tomorrow untill u start to profit on regular basis
going live Before that.. IS GREAT 4 us!( WE WILL HAVE UR MONEY IN NO TIME)
Other then that i.e finding consistency, proper money management, tightening up trading psychology, emotional knowledge are just totally untouched untill the trader first enters live.
Who calls a live account to be a $300,000 account only?? I have a $34 live trading account and the very fact that it is still is my heard earned money happens to make me serious in manipulating it in the market, it still does'nt get as good as a $300k account but sure is a lot lot better than a silly demo playing around with numbers and figuring out extremely hard how to excpet these as real profits/losses, PHEW!! it's impossible.
Regards,
Ghous.
I believe . . .
- #14,980
- Nov 4, 2008 5:59pm Nov 4, 2008 5:59pm
- | Commercial User | Joined Oct 2005 | 2,899 Posts
Aint' PF GOLD?
Hope you made a track load of money on that setup...
R
Hope you made a track load of money on that setup...
R
I was looking at the GBPUSD last night while checking out racekfx's 1hr R-db thread on the J16 private forum and posted this to my journal over there......just drilling down to the 1hr looking for a possible trend reversal or entry point....no trade in place at the moment as I'm very wary about picking a bottom but very interesting nonetheless.
The chart grab was taken last night, my time and price has moved up a bit since then.
Price is retesting the 78.6% Fib from the move Northwards starting from May 2001...