Super helpful as always Digs... gonna spend some time going back through all these posts for a little mental force feeding lol. Hard to undo habits that have been years in the making... countertrend trading, smoking, drinking... all of my bad ones LOL, seems like countertrend trading is the easiest to start with ha!
{quote} Yeh i found countertrend trading gave me much bigger returns....just gotta deal with the emotion / head fuck / margin requirements while ur losing the whole time!Haha I feel you on that. I live on countertrend trades. BUT the one time you get it wrong and your emotions stop you from bailing in time, that one bad trade wipes out all the gains and more from 10 good ones
...{quote} Haha - yes mate....my first month of trading in nov / dec.....i was about 8k up on eurusd.....was loving life! Could really enjoy xmas! Then boxing day came......was using my other broker account and went in short on the dow....3 lots....didnt realise this broker has a contract size of 5 (different to icmarkets)....so basically i had gone short 15 lots on the biggest boxing day move in the dows history.....tried all kinds of shit to get out if it.....but didnt close it quick enough (dont ask me why!)....all 8k vanished.
{quote} Cheers dig - totally undertsand ur bearish stance after yesterays low caved......but my view came from the gradual higher highs and higher lows on the m5, after that happened......i thought with that upwards trend it was gonna carry on so decided to sit on my buy........rather messy mistake at the mo!{image}
{quote} Does this stick out ,,,,,, thinking should involve what the chart is telling you the mkt is doing ,,,, not what you think the mkt is going to do,,,next post down ,, the counter trend thing ,,,,,,so you know its counter trend ,,you know that ,, yet one still fights it ,,not that its wrong to take a trade counter trend ,, but one neehds to bkhnow where to take profit and have a stp as in define your limits and stick to them ,,one also knows the bigger chunks are going to come from where and how ? rolling with the mkt . A bad habit to get into...
{quote} But didnt we both counter trend yesterday when yesterdays low was tested twice... and we went long? my thinking was.....not a lot of action or volume.....tested that area again today so worth another long (wrong i know).....then as i showed in my earlier message.....it came back to yestedays open three times and went a bit higher each time.....so i thought it was gonna push through finally and so left my long open seems clear now i see ur graphs and explanantions etc! But i wasnt thinking that at the time!
{quote} But didnt we both counter trend yesterday when yesterdays low was tested twice... and we went long? my thinking was.....not a lot of action or volume.....tested that area again today so worth another long (wrong i know).....then as i showed in my earlier message.....it came back to yestedays low three times and went a bit higher each time.....so i thought it was gonna push through finally and so left my long open seems clear now i see ur graphs and explanantions etc! But i wasnt thinking that at the time!
{quote} But didnt we both counter trend yesterday when yesterdays low was tested twice... and we went long? my thinking was.....not a lot of action or volume.....tested that area again today so worth another long (wrong i know).....then as i showed in my earlier message.....it came back to yestedays low three times and went a bit higher each time.....so i thought it was gonna push through finally and so left my long open seems clear now i see ur graphs and explanantions etc! But i wasnt thinking that at the time!
Then you get the big move as in the thought hits ,,,well shit I got to get to work aint got shit done today ,,this week ,, this quarter etc etc
makes a lot of sense, isnt good at the best of times!
{quote} I think im starting to get it - stop trying to use my brain JP!!!
Straightforward and easy
{quote} I write them manually on a piece of paper every morning when I start the day. Too many lines clutter the charts, clouds your vision. Just identify what you need, write it down somewhere then wait till price gets within those levels then make your decision
Sounds like a sunday evening job then (for weekly and >)
{quote} I think im starting to get it - stop trying to use my brain JP!!!
{quote} They can get messy ,, if I had the daily pivot levels on this chart it wouldnt look as good ,,My M1 or 2 Im sure looks shitty posted but then I not taking trades based on it its just for watching levels the m30 hits and what happens with the 30 ema on the m1 chart etc etc ,, they are just to watch price around certain levels for a quick scalp or time of day thing etc etc {image}
