Time is an illusion, timing is an art.
Ratios & Harmonics: a Different Way to Trade
- #36,602
- Feb 5, 2018 12:31pm Feb 5, 2018 12:31pm
Just made this quick trade, some nice quick pips as the market is fluid and moving fast. Entered in line with OF and structure and the 38.2%. Profit hit the 1:1 at speed so TP taken out. +49 pips
- #36,603
- Feb 5, 2018 12:39pm Feb 5, 2018 12:39pm
{quote} Congrats PeteH
I have had a bit of fortune today. I'm sorry to hear you have not. I'm sure after Mr Pip's live video tomorrow you will gain some confidence.
I was considering the GBPUSD today but saw a nice 62% bearish retracement on EURUSD on the larger swing when compared to a 100% correction on GBPUSD. Only thing I noticed on your last trade was that the low of the trade did meet structure at a nice whole number of 1.4000.
- #36,605
- Feb 5, 2018 12:53pm Feb 5, 2018 12:53pm
- | Joined Nov 2016 | Status: Trader | 1,121 Posts
{quote} Hi PeteT I have had a bit of fortune today. I'm sorry to hear you have not. I'm sure after Mr Pip's live video tomorrow you will gain some confidence. I was considering the GBPUSD today but saw a nice 62% bearish retracement on EURUSD on the larger swing when compared to a 100% correction on GBPUSD. Only thing I noticed on your last trade was that the low of the trade did meet structure at a nice whole number of 1.4000.
I thought about going to BE there, at 1.4000, but because price had already been past that point (1.3987), I considered the latter to be the level where I had to move to BE.
Thanks for your view
- #36,606
- Feb 5, 2018 12:54pm Feb 5, 2018 12:54pm
{quote} Update: SL hit -14.5 pips; -34 euro Wow what a bad day. Worst thing of all is that I stubbornly did not break a rule. I didn't go to BE early, didn't get out of a trade, didn't move SL. Had I followed my instinct, the loss would have been minimal in all trades, maybe I'd even be in profit for the day LOL But.. still believe I did the right thing. If the trade doesn't work out it's: A) a bad entry, bad reading of P.A., (edit: or bad SL placement) B) just bad luck Follow rules. Period. Giving all my January profit back to the market. You're...
You don't have a rule for maximum drawdown allowed for a certain day for example?
If you didn't break any rule than it should be fine to be honest, BUT a 15% or so drawdown in 1 day is really bad luck..
I experienced it before, not that much but a lot on Fx and I overtraded en made it worse, so I kind of understand how you feel buddy..
"Luck is when opportunity meets preparation"
- #36,607
- Feb 5, 2018 1:02pm Feb 5, 2018 1:02pm
Another quick trade. As stated above I had changed my bias as a NSH was hit, then looked for structure to the left (plenty at the level I entered). Price moved quickly again and TP hit. TP should have been placed at the structure level noted earlier (yellow box) so could have had another 20+ pips there. But another successful trade +43 (+92 on the day). Would have been nice to get 100+ but not being greedy and going to call it a day.
Wow just looked at the chart and look at the reaction to that structure area...
Wow just looked at the chart and look at the reaction to that structure area...
- #36,608
- Feb 5, 2018 1:02pm Feb 5, 2018 1:02pm
- | Joined Nov 2016 | Status: Trader | 1,121 Posts
{quote} NOOO mate, so sorry to hear! You don't have a rule for maximum drawdown allowed for a certain day for example? If you didn't break any rule than it should be fine to be honest, BUT a 15% or so drawdown in 1 day is really bad luck.. I experienced it before, not that much but a lot on Fx and I overtraded en made it worse, so I kind of understand how you feel buddy..
Don't have a rule for maximum drawdown. Every next trade could be a winner so why stop?
I picked the wrong trades and may have put my SL in the wrong place in the last trade. But that is only clear in hindsight..
I don't know...
We'll see how the rest of the month develops
- #36,610
- Edited 1:46pm Feb 5, 2018 1:30pm | Edited 1:46pm
- | Joined Jan 2016 | Status: Trader | 1,719 Posts
- #36,612
- Feb 5, 2018 1:52pm Feb 5, 2018 1:52pm
{quote} Thanks man. Well it was also in previous days. Today was -9%. Don't have a rule for maximum drawdown. Every next trade could be a winner so why stop? I picked the wrong trades and may have put my SL in the wrong place in the last trade. But that is only clear in hindsight.. I don't know... We'll see how the rest of the month develops
"Luck is when opportunity meets preparation"
- #36,616
- Feb 5, 2018 2:15pm Feb 5, 2018 2:15pm
- | Joined Nov 2016 | Status: Trader | 1,121 Posts
{quote} Big respect for not hiding your stats, maybe this also keeps you accountable, which in the end game is a good thing!
But I will show my wins and my failures.
I don't think it's something to be ashamed about.
I'd like to advance quicker but it just isn't so.
Good luck to you
- #36,617
- Feb 5, 2018 2:16pm Feb 5, 2018 2:16pm
- | Joined Nov 2016 | Status: Trader | 1,121 Posts
Okay, that went well..{image}
- #36,618
- Feb 5, 2018 2:19pm Feb 5, 2018 2:19pm
{quote} It's really painful to share how you lose a month profit in a few days. But I will show my wins and my failures. I don't think it's something to be ashamed about. I'd like to advance quicker but it just isn't so. Good luck to you
Remember the turtle wins the race, not the rabbit. It takes an average of 2,5/3 years to become fully profitable, with a normal job on the side. Some take 10 years and some 10 months, just don't give up and keep them charts coming, really like your content brother.
Peace!
"Luck is when opportunity meets preparation"
- #36,619
- Feb 5, 2018 2:28pm Feb 5, 2018 2:28pm
- | Joined Nov 2016 | Status: Trader | 1,121 Posts
The spike on UJ caused me another loss.
-29 euro
I'll provide some explanation as to why I took the trade.
Really starting to doubt everything now..
Comments and tips appreciated thanks.
-29 euro
I'll provide some explanation as to why I took the trade.
Really starting to doubt everything now..
Comments and tips appreciated thanks.
