{quote} Lol he needs to hope Mrs T isn't reading this.
then i will
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
Billytt Die happy trading e/j daily breakout
- #49,181
- May 22, 2020 12:10pm May 22, 2020 12:10pm
- Joined Feb 2009 | Status: Trader | 25,867 Posts
then i will
- #49,182
- May 22, 2020 1:08pm May 22, 2020 1:08pm
- Joined Oct 2015 | Status: Trader | 18,269 Posts
Just been playing about with some exotic stuff, pairs wise that I think I'll be looking at seriously next week.
That's for then, though - this is for now...and something completely out of left field
That's for then, though - this is for now...and something completely out of left field
Inserted Video
Evening folks - hope you don't mind me popping in here for a wee question :-) .. there's a friendly face here who may have seen this chart before! Regarding my ability level, I'm a 'work in progress' so to speak ;-), gathering knowledge.
Specific question is around counter trading for I know there is a wee bit of that goes on around here!
As per below I got into a demo trade today which very quickly went south on me. I saw a possible way out in terms of the bounce off 00, however if I hadn't any obvious clue that price had something to bounce off then I'd have been fully expecting a stop to be hit.
I did try a wee counter trade that you might just manage to see if you squint closely, but it clearly had no conviction behind it. In hindsight, my thoughts are that if I was going to counter then the indication that price was likely to head down was the pinbar rejection of the 23 fib so I should have sold on the close of that candle and then took profit at the 00 line.
...sooooo...my question finally.....if you had to counter trade this move south, which bar would be your trigger to sell & why?
EURUSD M1 chart
Specific question is around counter trading for I know there is a wee bit of that goes on around here!
As per below I got into a demo trade today which very quickly went south on me. I saw a possible way out in terms of the bounce off 00, however if I hadn't any obvious clue that price had something to bounce off then I'd have been fully expecting a stop to be hit.
I did try a wee counter trade that you might just manage to see if you squint closely, but it clearly had no conviction behind it. In hindsight, my thoughts are that if I was going to counter then the indication that price was likely to head down was the pinbar rejection of the 23 fib so I should have sold on the close of that candle and then took profit at the 00 line.
...sooooo...my question finally.....if you had to counter trade this move south, which bar would be your trigger to sell & why?
EURUSD M1 chart
- #49,185
- May 22, 2020 2:04pm May 22, 2020 2:04pm
- Joined Oct 2015 | Status: Trader | 18,269 Posts
Evening folks - hope you don't mind me popping in here for a wee question :-) .. there's a friendly face here who may have seen this chart before! Regarding my ability level, I'm a 'work in progress' so to speak ;-), gathering knowledge. Specific question is around counter trading for I know there is a wee bit of that goes on around here! As per below I got into a demo trade today which very quickly went south on me. I saw a possible way out in terms of the bounce off 00, however if I hadn't any obvious clue that price had[/highlight]...
You are more than welcome on board, buddy.Two answers - for me - to your question. I would know where the Daily Wick Zone was (or even the previous H1), as that could give me a line-in-the-sand to counter from.
However, as I don't know that - and to save any confusion trying to talk about invisible lines, lol - I will stick to what I can see and say that I would have gone short once price broke below and stayed below the 23.6 level. So, basically as close to that level up the wick of the pin bar.
Why not immediately on the break - and so the previous candle? Well, I would have given price a chance to bounce from the level of that gathering of crows-on-a-wire to the left (which coincidentally is where price is at in your screen shot). Sure enough, price did bounce there - and I may have been tempted to add in at that point - however, as I said, once it rebounded quite forcefully from the 23.6, I would have turned to the shortside.
- #49,186
- Edited 2:32pm May 22, 2020 2:21pm | Edited 2:32pm
- | Joined Aug 2014 | Status: Relaxed | 1,141 Posts
Hi Stu, I'm a WIP too so we can traverse the jungle together? 
I'm looking at your chart but I can't see totally what is happening....why did you take the trade? A breakout?
this is what I SAW on EU early doors today, that's when I drew the red line....in fact I commented that it looks long from the DB (double bottom) on another thread(Billy was short at the time from the 0-4am bar I think)
Once it broke the red line I knew I was wrong and it was a short....after that I'd say the PA (price action) is a bit shit to be honest lol
I'm a swing trader at heart but not a successful one so I keep thinking I should trade 'breakouts' which is what most on here seem to do..
I'm gonna try harder next week to concentrate more and put some proper trades on
Good luck!
Claudia! that short you took earlier from DS1, that's a swing or reversal trade right? Yet you normally trade breakouts?
Or do you just do both depending on how you 'feel' and your 'experience'?
Thanks!
I'm looking at your chart but I can't see totally what is happening....why did you take the trade? A breakout?
this is what I SAW on EU early doors today, that's when I drew the red line....in fact I commented that it looks long from the DB (double bottom) on another thread(Billy was short at the time from the 0-4am bar I think)
Once it broke the red line I knew I was wrong and it was a short....after that I'd say the PA (price action) is a bit shit to be honest lol
I'm a swing trader at heart but not a successful one so I keep thinking I should trade 'breakouts' which is what most on here seem to do..
I'm gonna try harder next week to concentrate more and put some proper trades on
Good luck!
Claudia! that short you took earlier from DS1, that's a swing or reversal trade right? Yet you normally trade breakouts?
Or do you just do both depending on how you 'feel' and your 'experience'?
Thanks!
used to be undecided but nowadays can't make my mind up
- #49,187
- May 22, 2020 2:34pm May 22, 2020 2:34pm
- Joined Feb 2009 | Status: Trader | 25,867 Posts
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
- #49,188
- May 22, 2020 2:38pm May 22, 2020 2:38pm
- | Joined Aug 2014 | Status: Relaxed | 1,141 Posts
Lem, new expression of the week for me 'gathering of crows-on-a-wire' love it! Gonna look out for more of them from now on 
used to be undecided but nowadays can't make my mind up
- #49,189
- May 22, 2020 3:34pm May 22, 2020 3:34pm
- Joined Feb 2009 | Status: Trader | 25,867 Posts
Lem, new expression of the week for me 'gathering of crows-on-a-wire' love it! Gonna look out for more of them from now on
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
- #49,190
- May 22, 2020 3:39pm May 22, 2020 3:39pm
- Joined Feb 2009 | Status: Trader | 25,867 Posts
Just been playing about with some exotic stuff, pairs wise that I think I'll be looking at seriously next week. That's for then, though - this is for now...and something completely out of left field
Also saw them with Fergal many moons ago oop Norf about 78/79 that one not too sure of date
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
Hi Stu, I'm a WIP too so we can traverse the jungle together?
).....so, that's the background to where my head is at, which feeds into my answer your question!So I'm trying to keep things very simple, and really just playing this week as, no matter what 'system' I end up following, I need to be able to deal with things that go against me, either by taking the stop hit or trying to save a bit of bacon at least...I had little screen time available today, so I popped up EU and saw a green H1 candle, then on M1 a solid rejection up off the 00, and we were above the 23 and a mid pivot, so thought I might get 1 or 2 pips based on where price had got to at the upper left of my shot. So, on M1, once I had a good 'green' candle, after a red candle I stuck a pending buy at the top of the red (before my green trigger) and waited for it to go, and you see the rest.
That's it not in a nutshell.......I really do not like the HTF stuff unless I'm walking away.....I find waiting on M5 candle an eternity, so I'm going to give it my best shot to build a foundation of knowledge around these horizontal lines, and utilising some
tech that I I've been using a few concepts from these last few days, so we shall see how it develops.Anyhow....nearly time for coca
- #49,194
- May 22, 2020 4:57pm May 22, 2020 4:57pm
- Joined Oct 2015 | Status: Trader | 18,269 Posts
{quote} Cept, crows don't do wire.
- #49,195
- May 22, 2020 5:05pm May 22, 2020 5:05pm
- Joined Feb 2009 | Status: Trader | 25,867 Posts
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
- #49,196
- May 22, 2020 5:08pm May 22, 2020 5:08pm
- Joined Feb 2009 | Status: Trader | 25,867 Posts
{quote} {image} {image} {image}
Ok I stand corrected
Rooks? They're rooks, ravens.ptarmigans ,hippos
SEE LINE,TRADE LINE..PRICE HAS TO GO SOMEWHERE,,, PRICE WILL GO SOMEWHERE.
- #49,199
- May 23, 2020 11:22am May 23, 2020 11:22am
- Joined Dec 2010 | Status: Never Stop Learning | 7,323 Posts
- #49,200
- May 23, 2020 2:05pm May 23, 2020 2:05pm
- Joined Sep 2006 | Status: Trader | 10,704 Posts
every Saint has a past. Every Sinner has a Future