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  • #1,162,921
  • Feb 21, 2020 8:43am Feb 21, 2020 8:43am
Looking to enter more longs at 1.0822x- 1.0813 if indicators support it. Was to early last time, and had to reverse and continue short and re-entered long this morning @1.0806. Once again for newbies, against the trend is high risk. Using 4H trend and entry/exit based on 1H chart.
"What the wise do in the beginning, fools do in the end."-Warren Buffet
  • #1,162,922
  • Feb 21, 2020 8:44am Feb 21, 2020 8:44am
Quoting MrBullBear
{quote} I am not responding negatively... just throwing questions that you might explain to get your point. Many "gurus" showing us chart samples pointing out the one that works but if you look/backtrack some same situations it has different results. I understand that it doesn't work all the time and we are dealing with probabilities.. But if the probability is low and you understand the use of it but someone using it wrongly, we must be alarmed. I know your intention is to help, but i am also trying to protect fellow learners reading this.
I make no claims to being a guru and never will.

I too, am a learner.

I have been involved with trading for more than 3 years and have been burned multiple times. I have spent a great deal of time and money learning how to trade. Most of the stuff people teach is ineffective, and most indicators are garbage. So I understand what you are talking about and appreciate your concern.

But there is no need to look at me with a critical eye. I am not selling trading courses or indicators and never will. I simply don't care about that. I am just here to share my knowledge. But I have limits. If people aren't interested, then I'm out of here. I don't need to be here.
Learn from your mistakes and march on.
  • #1,162,923
  • Feb 21, 2020 8:50am Feb 21, 2020 8:50am
This is a daily chart with pivots. Price is starting to fall so I shorted. Will close position before the day ends. I don't carry positions over a weekend.
Attached Image (click to enlarge)
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Managing your lot size is the key
  • #1,162,924
  • Feb 21, 2020 9:10am Feb 21, 2020 9:10am
Curious if we will hit the weekly pivot at 1.08709 today.

Well, guess I will have to find out later, going to TP and call it a week, fine with where it is at. Remember, if you did not make money this week, feel free to ask for help on this thread. There are multiple posters with winning methods/strategies in here who appear willing to share and there is more than one way to trade. Stay green everyone and good luck!
"What the wise do in the beginning, fools do in the end."-Warren Buffet
  • #1,162,925
  • Feb 21, 2020 9:22am Feb 21, 2020 9:22am
Quoting OhComeOn
Curious if we will hit the weekly pivot at 1.08709 today.
That is my TP.... am with you!
Only an idiot knows with certainty to where the market is going.
  • #1,162,926
  • Feb 21, 2020 9:30am Feb 21, 2020 9:30am
going long from 10800 and shorting around 10980
POSTMASTER
  • #1,162,927
  • Feb 21, 2020 9:33am Feb 21, 2020 9:33am
Attached Image (click to enlarge)
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POSTMASTER
  • #1,162,928
  • Feb 21, 2020 9:56am Feb 21, 2020 9:56am
Quoting auricforecas
TP 1.082
Quoting auricforecas
{quote} yes
Wonder how many realise the potential profit out of above signal... 500:1 max was possible btw... 333%+/trade potential, so far!
Was in it but exited in the morning, at 100%/trade, just in case.. since it was not that sure, so this kind (at the bottom or inflection point) of trades are the hardest to harvest (specially with high leverage)... Anyway, those kind of signals we are trying to get/harvest at the cheetah thread... So if any one of you are here for a COMING and GOING FAST, is welcome... The marathoners/talkers/observers wouldn't like it or believe it...
Can you afford to take that chance?
  • #1,162,929
  • Feb 21, 2020 10:24am Feb 21, 2020 10:24am
Though I had an excellent entry at 1.07948, I have decided to close out my long positions.

Why did I do that?

In an earlier comment, I had mentioned I opened a long trade at a very bad spot (against my better judgment). I was deep under water. But I knew it wouldn't just keep going down forever. So I waited it out.

The good thing is that through proper trade management, I was able to correct my mistake and walk away without a loss. Patience for the win!

It doesn't work out this way all the time, however. I was fortunate to get out unscathed.

I have certainly learned a lesson from my mistake, a mistake I will be very careful not to repeat.

As long as you learn from your mistakes, you still come out ahead even though you've lost something in the process. But always be sure to count the cost before placing a trade.
Learn from your mistakes and march on.
  • #1,162,930
  • Feb 21, 2020 10:36am Feb 21, 2020 10:36am
Quoting Robinhood1
going long from 10800 and shorting around 10980
I may close trades anytime though.
POSTMASTER
  • #1,162,931
  • Feb 21, 2020 10:57am Feb 21, 2020 10:57am
Quoting Robinhood1
{quote} I may close trades anytime though.
That Daily candle is quite strong. It could go up more. However, I have learned from experience that it is not uncommon for a minor retracement of 20% to 50% of a large volume candle's body to take place following such a move.

Also, let's not forget that we are in a bear market, and that there is still much uncertainty surrounding the EURO. I am not ruling out the possibility that it could go much higher (a correction), nor am I ruling out the possibility it can come to a sudden halt and then continue on its bearish journey towards lower prices.

Time will tell.

Either way, there will be more trading opportunities. We have to be careful not to let FOMO get the best of us.
Learn from your mistakes and march on.
  • #1,162,932
  • Feb 21, 2020 11:06am Feb 21, 2020 11:06am
Quoting here2there
{quote} That Daily candle is quite strong. It could go up more. However, I have learned from experience that it is not uncommon for a minor retracement of 20% to 50% of a large volume candle's body to take place following such a move. Also, let's not forget that we are in a bear market, and that there is still much uncertainty surrounding the EURO. I am not ruling out the possibility that it could go much higher (a correction),nor am I ruling out the possibility it can come to a sudden halt and then continue on its bearish journey towards lower...
I think the possibility is here as you stated,
nor am I ruling out the possibility it can come to a sudden halt and then continue on its bearish journey towards lower prices. Time will tell. Either way, there will be more trading opportunities. We have to be careful not to let FOMO get the best of us.[/quote]
  • #1,162,933
  • Feb 21, 2020 11:12am Feb 21, 2020 11:12am
Quoting here2there
{quote} That Daily candle is quite strong. It could go up more. However, I have learned from experience that it is not uncommon for a minor retracement of 20% to 50% of a large volume candle's body to take place following such a move. Also, let's not forget that we are in a bear market, and that there is still much uncertainty surrounding the EURO. I am not ruling out the possibility that it could go much higher (a correction), nor am I ruling out the possibility it can come to a sudden halt and then continue on its bearish journey towards lower...
its certainly going higher, whether to 10980 there is 99% probability but i may close before reaching that price
POSTMASTER
  • #1,162,934
  • Feb 21, 2020 11:13am Feb 21, 2020 11:13am
Quoting Robinhood1
{quote} its certainly going higher, whether to 10980 there is 99% but i may close before reching that price
if so, it will come back down to 10800 aprox
POSTMASTER
  • #1,162,935
  • Feb 21, 2020 11:18am Feb 21, 2020 11:18am
Quoting Robinhood1
{quote} its certainly going higher, whether to 10980 there is 99% probability but i may close before reching that price
In fact, i beleive its going up from this area relentlessly
POSTMASTER
  • #1,162,936
  • Feb 21, 2020 11:50am Feb 21, 2020 11:50am
eurusd i believe will get down to 1.05 to 1.05-50 which i'm basing that on the next level of support on the monthly chart.
  • #1,162,937
  • Feb 21, 2020 12:15pm Feb 21, 2020 12:15pm
Woke up to find stops hit at BE +1
Disappointing... must have misread the cycle.
It happens, yet I had such a solid entry I still managed to profit a bit
  • #1,162,938
  • Feb 21, 2020 12:20pm Feb 21, 2020 12:20pm
Attached Image (click to enlarge)
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Attached Image (click to enlarge)
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yes yes yes
  • #1,162,939
  • Feb 21, 2020 12:40pm Feb 21, 2020 12:40pm
Quoting Robinhood1
{quote} its certainly going higher, whether to 10980 there is 99% probability but i may close before reaching that price
That is a reasonable target in my opinion.

Attached Image (click to enlarge)
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Learn from your mistakes and march on.
  • #1,162,940
  • Feb 21, 2020 1:43pm Feb 21, 2020 1:43pm
Sentiment is a good thing to pay attention to!

Click on the following link, scroll down to EURUSD and read what these folks have to say: https://www.dailyfx.com/sentiment-report

Here is a portion of their commentary: "traders are less net-long than yesterday and compared with last week. Recent changes in sentiment warn that the current EUR/USD price trend may soon reverse higher despite the fact traders remain net-long."

And if I understand it correctly, the COT report appears to be validating this conclusion.

From this point forward, I will be looking for an opportunity to go long on EURUSD. There will likely be a gap on Sunday for this pair, which could be helpful in showing us the way.
Learn from your mistakes and march on.
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