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Cable Update (GBPUSD)

  • #745,881
  • May 16, 2023 10:19am May 16, 2023 10:19am
Quoting Elysion
Guys I have one question. Especially to those who uses Technical Indicators to generate entries and exits. How do you ingrain/ensure setups or system into your brain. Months of practices? Having notes standby during trades? Or any kind of tools to help you with it. Everytime I review or backtest I see the clear entries but sometimes i fail to do so during livetrades. It's like a brain malfunctioning during live I see so many setups during review but my brain fail to do so during live.
I started using limit orders. I find that when I look at my chart at the biginning of the trading day or week when things aren't moving that I see setups. I then place limit orders complete with SL as well an expiration date far into the future. I then wait for price to enter my range and activate my trades. Because it is already set there is no emotion. Lastly.. once my trades are shown good, then I may add some market orders as price moves across support and resistance. My entries are based on Elliot Wave theory, and I enter on Waves 2 4, and B, as well as any retracements to the 50 period simple moving average within those trends. The last one is a good simple one. Mark your trend, put a 50 SMA on your chart and whenever price on the lower time frames hits the 50 enter. Hope this helps.
Don't compare your trades to others. Most often the masses are the asses
  • #745,882
  • May 16, 2023 10:21am May 16, 2023 10:21am
Quoting voeltoez
all.protected...going to sleep {image}
partial close..gonna sleep peacefully..
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  • #745,883
  • May 16, 2023 10:23am May 16, 2023 10:23am
Quoting Fardeen1209
{quote} One thing that kept me going is i had never did a backtesting of anything in my life (for me this is bullshit) As first, i had a small account gathering the data of every setups i used and with the outcome i get i checked their validity, to know when to go a little more aggressive and when to not. This helps me to make my state of mind adapt with losing money (i kept a fixed % small by always placing stops) Backetesting has nothing to do with the psychological part of trade which is the #1 aspect of trade managememt.
There are valid arguments for both sides here. I too jumped right in, but wish I had demoed just a little more. I learn through pain, so losing money was painful. But I tell my kids that if they can turn 1000 into 100,000 in demo, only then are they ready for real money.
Don't compare your trades to others. Most often the masses are the asses
  • #745,884
  • May 16, 2023 10:24am May 16, 2023 10:24am
Quoting Fardeen1209
{quote} One thing that kept me going is i had never did a backtesting of anything in my life (for me this is bullshit) As first, i had a small account gathering the data of every setups i used and with the outcome i get i checked their validity, to know when to go a little more aggressive and when to not. This helps me to make my state of mind adapt with losing money (i kept a fixed % small by always placing stops) Backetesting has nothing to do with the psychological part of trade which is the #1 aspect of trade managememt.

I see, thanks for the insight.
I do manage it by having at least 10 - 15 pips SL with my current system RR.
But clearly the state of mind is the issue that I'm having.
When I'm confidence with the setups I'll definitely risk slightly more than usual.
I'm trying as best as possible to review all my trades and it's validity recently.
Exhausted
  • #745,885
  • May 16, 2023 10:25am May 16, 2023 10:25am
Quoting OBsayMkMoney
{quote} There are valid arguments for both sides here. I too jumped right in, but wish I had demoed just a little more. I learn through pain, so losing money was painful. But I tell my kids that if they can turn 1000 into 100,000 in demo, only then are they ready for real money.
Definitely, if I were able to turn back time. I'll punch myself in the face and get myself into demo before jumping right in.
The loss through out the year has been painful for me.
Exhausted
  • #745,886
  • May 16, 2023 10:25am May 16, 2023 10:25am
2486 Long GU, will add lower
People don't plan to lose. They lose because they don't plan.
  • #745,887
  • May 16, 2023 10:26am May 16, 2023 10:26am
Quoting voeltoez
{quote} partial close..gonna sleep peacefully.. {image}
How are you taking these trades? Are you entering market orders as it slides down?
Don't compare your trades to others. Most often the masses are the asses
  • #745,888
  • May 16, 2023 10:30am May 16, 2023 10:30am
Quoting OBsayMkMoney
{quote} I started using limit orders. I find that when I look at my chart at the biginning of the trading day or week when things aren't moving that I see setups. I then place limit orders complete with SL as well an expiration date far into the future. I then wait for price to enter my range and activate my trades. Because it is already set there is no emotion. Lastly.. once my trades are shown good, then I may add some market orders as price moves across support and resistance. My entries are based on Elliot Wave theory, and I enter on Waves 2...

Limit orders eh... maybe in the future I'll trade using that.
For now I'm sticking to market entries.
I have still yet to master Elliot Wave but I do apply the basics from time to time.

I do have a 40 EMA in my chart, using this as it trends closer to the price and minor retracements tends to bounce from here during a trend in lower timeframe.
Exhausted
  • #745,889
  • May 16, 2023 10:31am May 16, 2023 10:31am
Quoting voeltoez
{quote} partial close..gonna sleep peacefully.. {image}
mad man
10000% Wannabe . -$3000 & -$4000
Gold Recovery All Time Profit: -$3,961
  • #745,890
  • May 16, 2023 10:33am May 16, 2023 10:33am
Quoting OBsayMkMoney
{quote} There are valid arguments for both sides here. I too jumped right in, but wish I had demoed just a little more. I learn through pain, so losing money was painful. But I tell my kids that if they can turn 1000 into 100,000 in demo, only then are they ready for real money.
For me this is the definition of trading. How to control my pain level after incurring a loss while keep a clear state of mind to make the next decision wisely.
The phycological aspect of trade management.
More time in the market, does not mean you trade better!
  • #745,891
  • May 16, 2023 10:35am May 16, 2023 10:35am
Quoting pipfarm
GU H1 we had what looks like a correction down which is part of H4 structure H4 is moving against D1 so again we assume corrective structure So if the current H1 move up is C or 3 , it should come back to test 2512 which was the break down area from the assumed H1 correction , that could give a nice entry for the long side to target 2575-2585
In my own words " H4 is moving against D1 so we assume corrective structure" normally it would go up to at least the old higher low that was broken on the way down, i had other trades same scenario worked perfect.

Anyway beware if the whole swing is corrective.
Follow The Markets Structure - Patience and Discipline
  • #745,892
  • May 16, 2023 10:41am May 16, 2023 10:41am
Quoting Mitiblotch
Short 2504. TP 2460.
Out at 2479. +25.
  • #745,893
  • May 16, 2023 10:44am May 16, 2023 10:44am
Quoting Elysion
{quote} I see, thanks for the insight. I do manage it by having at least 10 - 15 pips SL with my current system RR. But clearly the state of mind is the issue that I'm having. When I'm confidence with the setups I'll definitely risk slightly more than usual. I'm trying as best as possible to review all my trades and it's validity recently.
Some of my notes i wrote down when reading "Trading in the zone" ,to make sure i'm undertanding what i'm reading, cause i suffer a lot from "reading but forget to understand"
This helps me a lot.
The font is a bit small so everything i want to screenshot displayed in a single page.
The black and the red are quoted from the book, while the green one is simply my thought.
Attached Image (click to enlarge)
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Hope this helps you too mate
More time in the market, does not mean you trade better!
  • #745,894
  • May 16, 2023 10:50am May 16, 2023 10:50am
Quoting Mitiblotch
{quote} Out at 2479. +25.
why out?
You have an IQ lower than 90 if you interact with this user.
  • #745,895
  • May 16, 2023 10:51am May 16, 2023 10:51am
Quoting Elysion
{quote} Definitely, if I were able to turn back time. I'll punch myself in the face and get myself into demo before jumping right in. The loss through out the year has been painful for me.
demo is irrelevant.
I admit all my losess till now
10000% Wannabe . -$3000 & -$4000
Gold Recovery All Time Profit: -$3,961
  • #745,896
  • May 16, 2023 10:52am May 16, 2023 10:52am
Quoting ForexGoose
{quote} are you against Yellen? https://www.cnbc.com/2023/05/16/debt...-services.html {image}
Janet Yellen is without doubt the worst Secretary of the Treasury in the 21st century.

She EARNED that title with one (1) word: TRANSITORY.

To that I have 2 words in reply: YOU IDIOT!
  • #745,897
  • May 16, 2023 10:53am May 16, 2023 10:53am
Quoting Ferna
{quote} why out?
Because I sold my whole lottage in one single trade; I didn't break it up in parts. To avoid whipsaw getting back to my entry I jumped out with my profit. +25 pips is a good thing.
  • #745,898
  • May 16, 2023 11:06am May 16, 2023 11:06am
Quoting Whale
1.249 could act a support on 1h 1h below and it will be smmmmoooth down if not take what you can and wait for next setup
another 1h missed at the last minutes..
seems like movement will be tomorrow.
  • #745,899
  • May 16, 2023 11:07am May 16, 2023 11:07am
Quoting Bogdanoff
Enough for today not bad {image} Trade safe guys Cheers
Buy limit activated
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Trade safe and gudluck
my loss is your gain
  • #745,900
  • May 16, 2023 11:08am May 16, 2023 11:08am
Quoting Mitiblotch
{quote} Because I sold my whole lottage in one single trade; I didn't break it up in parts. To avoid whipsaw getting back to my entry I jumped out with my profit. +25 pips is a good thing.
good call Miti, i should have taken my profit at 80 too. My analysis has to short time component.
You have an IQ lower than 90 if you interact with this user.
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