you are not expected to understand this
- #24,563
- Jun 7, 2018 10:11am Jun 7, 2018 10:11am
- Joined Feb 2017 | Status: pippin' | 1,139 Posts
{quote} lol...so up we go?
it is not a "trend", it is a bullish correction (actualy a bullish flag) in a downtrend.
Wait until it breaks at technical level, wait for the pullback, short the shit out of it, ride into the sunset...
That's how I do it. Except the riding part, ain't got a proper horse...
you are not expected to understand this
- #24,567
- Jun 7, 2018 10:58am Jun 7, 2018 10:58am
Hi All,
Newbie here. Primary pair for me is EUROUSD and have been following this forum for some time, so thank you Ata for setting this up and the huge amount of data I have been reading through. My style is 100% price action, and never to read the news. I trade the market I pretty much lose all the time. And, taking everyone's advice I have a very very small amount of real cash in MT4 and a demo account to practice.
So when looking at price action, would I be right in thinking that there is some historic resistance end Nov 2017 at around 1.19500 , which became support in Mid Jan 2018, and resistance again on 14th May 18, (I plot S/R as a zone , and in this case it was about .1.19300 - 1.19600). So it looks like we have broken historic support of around 1.17930 , so is a price action model of new resistance between 1.19400 to 1.19800 a possibility? So I have a few longs in place at the moment and have gone long again today. 3 bear candles in a row on the 1D, Moving Ave 150 crossed Moving Ave 8, RSI fair to middling. So I read many people expecting a drop but I seeing a continuation. Again, I'm very very new to this, so partly sense checking my learning so far. Not sure if my screen shot will appear in the body or as an attachment though.
Good luck to all anyway, god speed.
Newbie here. Primary pair for me is EUROUSD and have been following this forum for some time, so thank you Ata for setting this up and the huge amount of data I have been reading through. My style is 100% price action, and never to read the news. I trade the market I pretty much lose all the time. And, taking everyone's advice I have a very very small amount of real cash in MT4 and a demo account to practice.
So when looking at price action, would I be right in thinking that there is some historic resistance end Nov 2017 at around 1.19500 , which became support in Mid Jan 2018, and resistance again on 14th May 18, (I plot S/R as a zone , and in this case it was about .1.19300 - 1.19600). So it looks like we have broken historic support of around 1.17930 , so is a price action model of new resistance between 1.19400 to 1.19800 a possibility? So I have a few longs in place at the moment and have gone long again today. 3 bear candles in a row on the 1D, Moving Ave 150 crossed Moving Ave 8, RSI fair to middling. So I read many people expecting a drop but I seeing a continuation. Again, I'm very very new to this, so partly sense checking my learning so far. Not sure if my screen shot will appear in the body or as an attachment though.
Good luck to all anyway, god speed.
- #24,568
- Jun 7, 2018 11:06am Jun 7, 2018 11:06am
- Joined May 2014 | Status: Full Time Trader | 27,263 Posts
Focus only on what truly matters!
- #24,569
- Edited 11:27am Jun 7, 2018 11:12am | Edited 11:27am
- Joined Feb 2017 | Status: pippin' | 1,139 Posts
{quote} Dude, Looks like it's going through another consolidation right at the top. so the chances are we will likely to have another leg up. just cut the loss and move on. /r
1.195 is on the table, especialy when 1.185 breaks.
1.195 is the pitchfork Median...
the Right Shoulder of the W1 SHS pattern could form @1.206
reposting.. the ....same... chart....
you are not expected to understand this
- #24,570
- Jun 7, 2018 11:32am Jun 7, 2018 11:32am
- Joined Feb 2017 | Status: pippin' | 1,139 Posts
Hi All, Newbie here. Primary pair for me is EUROUSD and have been following this forum for some time, so thank you Ata for setting this up and the huge amount of data I have been reading through. My style is 100% price action, and never to read the news. I trade the market I pretty much lose all the time. And, taking everyone's advice I have a very very small amount of real cash in MT4 and a demo account to practice. So when looking at price action, would I be right in thinking that there is some historic resistance end Nov 2017 at around 1.19500...
Keep it up, don't worry about profit, keep working, and results will come...
If you are going to try, go all the way
~ Charles Bukowski
you are not expected to understand this
- #24,572
- Jun 7, 2018 11:56am Jun 7, 2018 11:56am
- Joined Mar 2012 | Status: Trader | 1,984 Posts
My net went out for a bit, scary times! I sold at 1.1826 or so, sl 1.1841, tp 1.1785 half and another at 1.172. I'll place sl at 1.182 shortly assuming it goes down in the next hour or two. {quote} Love your chart man
- #24,574
- Jun 7, 2018 12:47pm Jun 7, 2018 12:47pm
- Joined Sep 2017 | Status: Trader | 4,364 Posts
Trade to trade another day
- #24,575
- Jun 7, 2018 12:57pm Jun 7, 2018 12:57pm
- Joined Dec 2017 | Status: Trader | 30,688 Posts
the short is paying
yes yes yes
- #24,576
- Jun 7, 2018 1:41pm Jun 7, 2018 1:41pm
- Joined Dec 2017 | Status: Trader | 30,688 Posts
yes yes yes
- #24,578
- Jun 7, 2018 2:13pm Jun 7, 2018 2:13pm
- Joined Dec 2012 | Status: Trader | 4,723 Posts
The Average Discount Everything
- #24,579
- Jun 7, 2018 2:40pm Jun 7, 2018 2:40pm
- Joined Dec 2017 | Status: Trader | 30,688 Posts
yes yes yes
- #24,580
- Jun 7, 2018 2:50pm Jun 7, 2018 2:50pm
- Joined Feb 2017 | Status: pippin' | 1,139 Posts
Just something I want to extend on in this thread. I have had drawdown situations that have extended in a couple of thousand pips and primarily on Eurusd because it is my main trading pair, however I have always had the ease of not letting my margin level drop below 2000% simply due to my conservative small lot size approach. I have had the luxury of booking much more than my drawdown. Patience, patience. No trader will get it right all the time. No matter how good you are it is simply not possible. You have to treat this as a marathon. I do not...
I was looking on a minor drawdown too this week. Especialy Monday and Tuesday were rough.
Made up for it today and am green and positions are still running,
my "flat drawdown" method:
A method that I use quite often on my longer term trades is split positions:
I split my position and execute two trades of the same size. (half the size of one normal position) with the same entry and stops.
The Target for the first position covers the risk of both positions.
If this position takes profit, the second position is riskfree, even if the Stop is not breakeven yet.
At this point the trade is a "free trade", and when I trail the Stop I lock profits. The Target for the second position is usualy wide and I tend to let it run until my trailed stop gets taken out or it takes profit.
This results in a "flat" drawdown and allows me to go through longer periods of losses without getting nervous because the drawdown is really small.
Most positions that would have turned into losers if I would not have split them, turn into breakeven trades because Target 1 covers the Risk and gets hit most often. It also fixes my "cutting the upside" problem, allowing me to let the second part of the trade run because I already made money with it and it's carefree and riskfree.
And the drawdown is really really flat and very manageble.
Stressfree and I sleep just fine
I don't really care about going though periods of drawdown, even long periods don't make me nervous.
The worst thing you can do is "change" something. The best thing you can do is step away for a day or two.
Don't "fight". The markets always win, and you can only take what the market offers you.
you are not expected to understand this