For news trader,.. GBP/USD, A nice IRB/BB
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Disliked{quote} Hello GC the reasons I think this was a nice trade: -The pressure was clearly up, -the stop resided below the 0.9800 level, shall price come to retest it, the stop would survive, - It build up nicely and the stop was acceptable,.. 5 pips I think. -The false lows before the break would have demoralized the bears who took positions at the break of it, which I think may empower bulls on the sidelines Now, the reasons I think this was not the best of trades: - the bull move originated from a false low,.. great candidate to contrarians,.. - The...Ignored
DislikedThis was so hard to spot tho,.. EUR/GBP inside range break,.. I'm realizing that I kinda get bored when long ranges starts in the market,.. surfing here and there on Internet and youtube,.. I'm calling everyone here to help me stay focused buy holding me accountable, so when I find myself wondering here and there for so long I will post here " I'm sucking myself up",.. Thanks {image}Ignored
Disliked{quote} Hey, the trades were nice! For getting bored, it's normal and you need to learn how to manage and get used to it. You can think about a restaurant's owner waiting for some clients to come or about all the workers that spend all the day getting bored in a office, what counts at the end is their monthly salary and the same is for us traders. No matter how long you stay on the chart without entering in any trades, sooner or later some will appear and they all together will make your monthly profit (or weekly, yearly, whatever). Anyway, you...Ignored
Dislikedmeanwhile here is a trade of the USA morning on the EUR/GBP,.. but got shaken out in a second,.. The market was down trading as a whole,.. But alas. Your critical thoughts about this one guys,. Thanks {image}Ignored
DislikedIRB on the EUR/USD, but Alas,.. a scratch after the double top,.. {image}Ignored
Disliked{quote} How far back in time do you go when observing price action? Volman recommends one hour and a half, I usually do that or maximum two hours. That being said, if you go back for only one hour and a half on that chart, then the market was going up, not down. However, even in that case, after a triple top or so, it was reasonable to play a top-bounce BB (or IRB). Let's say you could hope for the prices to reach at least the 50% retracement of the bullish swing. So I think the trade was a proper call.Ignored
Disliked{quote} It is funny because I was trading that chart too, but I played a short SB and got shaken out immediately (see arrow on your chart, attached). Even many bars later, when you entered long, I still think that that formation was a bear flag and therefore something to play short (or not play at all). See the second attachment to better understand what I mean. {image} {image}Ignored
Disliked{quote} It is funny because I was trading that chart too, but I played a short SB and got shaken out immediately (see arrow on your chart, attached). Even many bars later, when you entered long, I still think that that formation was a bear flag and therefore something to play short (or not play at all). See the second attachment to better understand what I mean. {image} {image}Ignored
Disliked{quote} Thanks again for this one,.. now it's making more sense to me,.. Anyway help me understand GC,... I look at the 2 charts,. the IRB/BB on the EUR/GBP and the RB on the EUR/USD,.. That's kinda a same pattern,.. In both charts we had bull swings,.. Given the point you gave on the EUR/USD,.. ain't the IRB a reasonable short when looked at it as a bear flag? Since the market was downtrending ?Ignored
Disliked{quote} The IRB on EUR/GBP was a reasonable short, I said that when commenting on that chart. I think it was more like a top-bounce than a flag because it had retraced all of the last swing, but if you go further on the chart maybe it was a 50% retracement of a bigger move, so yes in that case you could see it as a flag and go short because of that. In any case, I think the short was reasonable, as it would have been reasonable to short on EUR/USD, like I did with the SB and could have done later with an IRB. I think you see a range too easily,...Ignored
DislikedBy the way, not a good morning for me today: two shake-outs and one scratch for about 3 pips of net profit. So it's about 6 pip of net loss as of now. The thing is that I keep spotting good trades and for some reason skipping or missing them and then when I enter I get the bad ones, incurring in some losses. {image}Ignored
DislikedFor example, again about flags vs reversals, look at the attachment, which is the continuation of the chart I posted above. It is indeed debatable if to go long or short at the break of that block in the box. One could argue in favor of the last bullish swing and claim that the block was the end of a pullback and therefore go long, another could think in term of a bear flag or top-bounce (as we discussed before). I think it's hard to say in general. Probably one could evaluate the strength of the moves in place and look for the line with less resistances/supports...Ignored