{quote} made my day
"price got stuck"... yeah it's kaputt ^^
well I played with 1min candles
- #24,922
- Jun 12, 2018 8:37am Jun 12, 2018 8:37am
- Joined Mar 2017 | Status: Impeccable | 2,829 Posts
EU H1 
Self discipline It is a practice
- #24,923
- Edited 8:51am Jun 12, 2018 8:39am | Edited 8:51am
- Joined Feb 2017 | Status: pippin' | 1,139 Posts
{quote} Teek, what you are suggesting (I know it is just your opinion :-)) s not to trade this week? even though a nice setup comes in? thanks
I would not trade intraday around the red flag events.
I do trade the larger timeframes though, H4 for entries, Daily/weekly, with a longer holdingtime and wide enough Stops.
My total exposure to the markets (total risk of all positions) is reduced, so I am taking it easy this week and I don't really like to open new positions.
If you can manage your risk, do whatever makes you money in the long run.
In my opinion it is never a good idea to try and catch news events, because it is not profitable over the long run.
I think like this: if you trade every major news event, over the course of ten years, how often do you win/lose and how much money do you make with it?
As a retail trader I am the last person on the planet who gets the "news" and numbers. Large funds and institutions calculate the numbers (that's the job of Fundamental Analysts!) six months in advance, at least, and they are very precise. They also calculate the volatility windows to find the right levels and time the entries and exits (job of the TA's) and they get the real numbers before the rest of the world gets them.
So I am on a huge disadvantage. Not my playground.
Old fish are smart fish (that's why they are old)
It is more important to know when to sit on your hands and NOT trade, than to know when to trade.
The money you decide not to lose is the money you win.
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- #24,925
- Jun 12, 2018 8:49am Jun 12, 2018 8:49am
- Joined Jan 2010 | Status: The Voodoo Boodoo Club | 42,055 Posts
{quote} Would look a little higher for a top ,, just reclaiming a few levels ,,Last quarters low is starting to look attractive,,, will have to deal with the 4 hour 200 ,,,but will keep chipping away at it ,,, it held last weeks high so far which price used ,, back to 18 not premature at all ,,, as noted earlier ,,will take a few cracks to get thru 4 hour 200 if it is too,,, yearly average mentioned may be flat but some what of a neck line at the moment . cheers all time will tell , {image}
- #24,926
- Jun 12, 2018 8:54am Jun 12, 2018 8:54am
- Joined Feb 2017 | Status: pippin' | 1,139 Posts
{quote}Ah hang in there teek,,its coming ,nothings changed in several days ,,one or the other will have to give out but the waters must be muddied with the int rate news coming ,meanwhile nice little range to take advantage off ,reckon sometime in the next several hours it ought to start moving a tad more,,leaning towards a poke higher myself yearly ave is same area as weekly pivot currently ,,long as that holds a pop higher should come ,,as always time will tell {image}
Currently I look at the EUR/USD every day and say to myself "I don't need this".
Don't like to trade this choppy range...
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- #24,927
- Jun 12, 2018 8:56am Jun 12, 2018 8:56am
- Joined Jan 2010 | Status: The Voodoo Boodoo Club | 42,055 Posts
{quote} yeah but I don't like the direction and the low vola. Got me better setups on other pairs. More juice
- #24,933
- Jun 12, 2018 9:05am Jun 12, 2018 9:05am
- Joined Feb 2017 | Status: pippin' | 1,139 Posts
{quote} You are right that "Market don't give a shit about lines and waves..." But as a matter of fact... I always draw lines .... to "satisfy" my self when I open and close position
But I don't trade the lines. I trade the price that forms around these lines.
As a matter of fact, I only trade when the price is at a line. If it is in between somewhere in nowhere doing nothing (like the EUR/USD), I don't trade.
Priceaction (candlesticks) trading around pricelevels (lines)
lines lines lines... levels levels levels...
(that's the "clean" working chart)
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- #24,934
- Jun 12, 2018 9:20am Jun 12, 2018 9:20am
- Joined Feb 2017 | Status: pippin' | 1,139 Posts
another insanely bad day sofar, similar to yesterday and not just EU but basically every pair
Look, the price sits in the middle of a range.
Every trade, no matter the timeframe, that you take when the price sits in the middle of the range, is pure speculation.
It should help you a great deal if you make it a rule to only trade this range when the price is either at the bottom or the top of it.
When it is in between, do nothing.
Currently, most pairs (the "majors") are in correction and we have very low volatility because of the terrible "red flag events" week.
FED, ECB and Bank of Japan all come out with press conferences, everyone anticipates (already priced in) rate hikes, nobody knows what's really going to happen (except Goldman Sachs and the big guys who rule the world), and a poor Retail trader all you can do is try and keep it as clean and technical as you can and only take trades that make sense.
Anything you do while in the middle of a range, does not make sense.
Less is more!
Markets are human behaviour. There are only three emotions that dominate markets. Greed, Fear, Uncertainty.
Currently Uncertainty has the upper hand. When this is the case, don't trade. What you want is either Greed or Fear in the markets. Both make you money in the long run.
Uncertainty gives you nothing. When the markets don't give you anything, there is nothing you can try to take. If you try to force your will upon the markets, you will lose.
Know when to trade, and when NOT to trade.
I say it again: the money that you decide not to lose, is the money you win (in the long run)
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- #24,935
- Jun 12, 2018 9:23am Jun 12, 2018 9:23am
{quote} oh my charts have many lines. All sorts of lines. I love lines on charts. I'm a TA
Agree with you
"... I only trade when the price is at a line.." I believe this refer to "clarity set up of risk and reward", right?
WANDAFIT
- #24,937
- Jun 12, 2018 9:32am Jun 12, 2018 9:32am
- Joined Feb 2017 | Status: pippin' | 1,139 Posts
{quote} Agree with you "... I only trade when the price is at a line.." I believe this refer to "clarity set up of risk and reward", right?
You need the price to move. Moves happen around levels.
Teek Trading:
- Find the levels (lines)
- read the price (candles) around these levels
- measure the expected move and the needed stop and anticipated targets and how you will manage the trade (Risk/Reward and Gameplan) before the trade
- check if all yor trading criteria is met (clean setup, correlations, currency strength, confirmation.. everyone does it different.. stick to your method)
- execute
- wait... (leave it alone, let the market do the work)
- manage
- never lose your smile
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- #24,939
- Jun 12, 2018 9:42am Jun 12, 2018 9:42am
- Joined Feb 2017 | Status: pippin' | 1,139 Posts
you are not expected to understand this
