Hello everyone, I just took a trade on eurjpy.
Entry was correct?
Thanks for your help !
Entry was correct?
Thanks for your help !
- #9,665
- Edited 11:22am Feb 5, 2025 10:29am | Edited 11:22am
- Joined Jul 2009 | Status: Trade What U See Not What You Think | 1,759 Posts
Hello everyone, I just took a trade on eurjpy. Entry was correct? Thanks for your help ! {image} {image}
Also, look at your chart and count the number winning and losing Crossover Trades and what the net pips would be, and then do the same thing with the Continuation Trades.
Here's my point, Continuation Trades have a much higher chance of success vs. Crossover Trades because you are entering hopefully on the resumption (and in the same direction) of a trend after a brief pause or consolidation of Price. Plus, you also have a clearly defined spot to place your Stop, which is the most recent swing low if Long or the most recent swing high if Short.
So, as I have said many times before in this thread, were I new to trading, I would start off by only trading Continuation Trades to give myself the best chance of success. *BTW, you can define Continuation Trades in many different ways.
I day trade stocks EVERY day. Here is a 3 min. chart of Nvidia from today. Look inside of the white boxes. Each time that the yellow dotted line "dips" inside of the magenta line, and then it goes back above it, that's a Continuation Trade with clearly defined spots to place your Stop.
Always a Student, Never a Master - Emulate What Works
- #9,667
- Feb 5, 2025 11:19am Feb 5, 2025 11:19am
- Joined Jul 2009 | Status: Trade What U See Not What You Think | 1,759 Posts
Always a Student, Never a Master - Emulate What Works
- #9,668
- Feb 5, 2025 11:28am Feb 5, 2025 11:28am
- Joined Jul 2009 | Status: Trade What U See Not What You Think | 1,759 Posts
Always a Student, Never a Master - Emulate What Works
- #9,669
- Feb 5, 2025 11:54am Feb 5, 2025 11:54am
- Joined Jul 2009 | Status: Trade What U See Not What You Think | 1,759 Posts
Here's why I day trade stocks and why I now only trade Continuation trades when trading stocks.
I watch 6 stocks all at the same time because that's what fits the best to my liking on my 43" monitor (it's actually a Toshiba smart tv).
I just noticed that all 6 stocks that I am watching today all have/had Continuation Trades just recently. Meaning, there have been lots of trades to choose from.
Notice how many of these trades would have lost. Here's a hint...NONE. 
I watch 6 stocks all at the same time because that's what fits the best to my liking on my 43" monitor (it's actually a Toshiba smart tv).
I just noticed that all 6 stocks that I am watching today all have/had Continuation Trades just recently. Meaning, there have been lots of trades to choose from.
Notice how many of these trades would have lost. Here's a hint...NONE.
Always a Student, Never a Master - Emulate What Works
- #9,672
- Edited 7:13pm Feb 5, 2025 1:05pm | Edited 7:13pm
- Joined Jul 2009 | Status: Trade What U See Not What You Think | 1,759 Posts
Always a Student, Never a Master - Emulate What Works
- #9,675
- Edited 2:50pm Feb 5, 2025 2:20pm | Edited 2:50pm
- Joined Jul 2009 | Status: Trade What U See Not What You Think | 1,759 Posts
{quote} Thank u. This setup for sell is at whats called "supp" do u take it on consideration. U still take this trade? Cheers. {image}
Plus, to me, it's the wrong time of the day to be entering trades. I usually (ideally) enter trades between 3 a.m. (EST) and about noon because there is more volume than during other times of the day (regarding the EUR).
Also, as I said in post #9665:
"There is nothing wrong with where you entered, however, I always enter just below the low of the 2nd red candle back starting from the right side of your chart. I see it all the time where if you "jump the gun" you can end up losing a trade that technically (based on my own rules) you should not have ever been in, or you have to needlessly endure some pain as the trade goes against you some"
Based on where I think you entered, that's what I was talking about.
Putting all other considerations aside, here's a chart of where I would have entered. The red arrow is pointing to the set-up candle and the red horizontal line is the spot IF PRICE HITS IT. But, it hasn't happen as of yet.
Always a Student, Never a Master - Emulate What Works
- #9,677
- Feb 5, 2025 4:36pm Feb 5, 2025 4:36pm
- Joined Jul 2009 | Status: Trade What U See Not What You Think | 1,759 Posts
{quote} "Jump the gun" as entering to early without proper confirmation? On EurJpy I entered on the Arrow that u marked on your chart aswell.
I can see where you entered because below your entry is at the top of the green box (denoting a short trade) and above your entry is a red box (denoting your Stop Loss). You're entry is at the short horizontal line inside of the yellow box which is clearly above all of the red candles.
Always a Student, Never a Master - Emulate What Works
- #9,679
- Feb 5, 2025 5:12pm Feb 5, 2025 5:12pm
- Joined Jul 2009 | Status: Trade What U See Not What You Think | 1,759 Posts
{quote} Ok so I should wait for price to get below that level where the red candles are and look for a entry once it does?
"There is nothing wrong with where you entered, however, I always enter just below the low of the 2nd red candle back starting from the right side of your chart. I see it all the time where if you "jump the gun" you can end up losing a trade that technically (based on my own rules) you should not have ever been in, or you have to needlessly endure some pain as the trade goes against you some"
And here's exactly what I was talking about when I made that statement:
Always a Student, Never a Master - Emulate What Works