The only other thing you need to be aware of is pivot points and previous day's high and low. I have also added Bollinger Bands to my charts, but only as an option.
Coach
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Can you detail a little bit maybe with some charts? Thank you in advance ..
Any shared setup can be very useful to all of us.
Sold @ 1.98905, prices quickly moved downwards - however the spread on ONADA blew out to 20points for about 30 seconds! Had a suspicion that they may probably do that so I did not lock in a SL, rather had my finger on the 'close out' trigger if things didn't go to plan. Ended up TP at 1.98605 (30 points). Very Happy and learned a good lession that mental SL's can work if you are watching closely enough.
Checkstar,
I don't understand. How would the 20 pip spread effect your locked SL?
Thanks
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Hi Jbone, I entered with a SL of 6 or so points, and straight after entering into the trade the spread increases to 20 points, I would have been stopped out.
Helped by the cable news .. this was an unbelievable day regarding GBP USD. In the below interval of 7 hours everything would have gone marvelous for anybody entering by the sistem! I counted at least 5 big chances!
Helped by the cable news .. this was an unbelievable day regarding GBP USD. In the below interval of 7 hours everything would have gone marvelous for anybody entering by the sistem! I counted at least 5 big chances!
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Yeah Petrol, I even made money today! Man am I glad I found this place. I've been trading the 4X for three years now and for the first time I think I've found a system that suits my personality, timeframe, and market understanding. In these past three years, I've learned a lot about trading, but any systems I'd try were either too fast for me (scalp/news), too slow (swing/position), or they worked best at and around the London open when I'm sleeping. I've only been here a couple of weeks, but I'm sold. There seem to be qualified setups every day.
I'm wondering, do you employ any longer term methods? I'd like to get into Phillip's 4 hour thing but I want to get this down first.
All I can say is well done. But I can add one more thing, trading goes in cycles, there will be winning streak and losing streaks. Just keep perspective by having discipline and CONTROL the risk, then the euphoria and crestfalls will have less of an emotional toll. You will enjoy trading better I think.
All I can say is well done. But I can add one more thing, trading goes in cycles, there will be winning streak and losing streaks. Just keep perspective by having discipline and CONTROL the risk, then the euphoria and crestfalls will have less of an emotional toll. You will enjoy trading better I think.
Cheers
Ignored
Thanks for the wise advice. In fact, I started trading this method with 4 losses in a row. Time was, that would've been the end of this and I would have moved on to something else, but I'm more patient now.
It's funny you mention enjoying trading more. I do enjoy it more now that I am not necessarily emotionally detached, but under control. Again, that's why I like this style; I can maintain discipline but exercise knowledge from my previous experiences trading, and get the most out of it.
Thanks for the 'well done', and I'll see you here tomorrow. Unless tomrrow is today for you already. I'm in the Central Time Zone of the United States, GMT minus 5:00, so it's 11:35pm.
Hi Emacro,
It's easy to say after it has moved but in my opinion it was a legitimate setup - few small candles finding resistance on the 10 EMA and just going in the zone. Missed it as well. Never mind. Looking for the next one. Thanks for posting your trades.
I am back after some problems with discipline. My come back was great because I took EUR/USD and made 28 pips. The reason I took this pair is because this pair sometimes has good corelation with USD/CHF. When EUR/USD is in downtrend, USD/CHF is in uptrend. I saw that USD/CHF could have uptrend but there was still no signal for enter.
