Holy Betting Grail strategy
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- #207,643
- Apr 11, 2025 1:38am Apr 11, 2025 1:38am
Wow... coming back to see that bulls did some crazy rocket rally and pushing my drawdown to places that I have not encountered for years.. Almost 3% drawdown now and these f*ckers don't even seem like slowing down.. I won't touch my account until I see a proper correction.. I am not gonna lie.. These highs were mentioned by me and some members here and it was in charts and long term plans but I didn't expect it so early.. Wow... Makes me scratch my head...
as you say it should go up but not like this rush.
I hope things go smoothly with peace.
- #207,644
- Apr 11, 2025 1:48am Apr 11, 2025 1:48am
- Joined May 2014 | Status: Full Time Trader | 27,280 Posts | Online Now
Trading is NOT about being "right"... it IS about "making money"... That is the only truth in this business if you know... Not the opposite!
Even in life, chasing to "being right" will never make you a happy or likable person... You will suffer!
Allow yourself to be wrong sometimes or even most of the time! The trick is to accept that you are wrong and cut losses early.
Always remember the saying: "Eat like an elephant, shit like a bird." Stick to that!
Those who think the opposite have no place on this forum. Period!
Best wishes
Even in life, chasing to "being right" will never make you a happy or likable person... You will suffer!
Allow yourself to be wrong sometimes or even most of the time! The trick is to accept that you are wrong and cut losses early.
Always remember the saying: "Eat like an elephant, shit like a bird." Stick to that!
Those who think the opposite have no place on this forum. Period!
Best wishes
Focus only on what truly matters!
- #207,647
- Apr 11, 2025 2:06am Apr 11, 2025 2:06am
- Joined Jul 2011 | Status: Trader | 3,181 Posts
Holy Betting Grail strategy
- #207,650
- Apr 11, 2025 2:30am Apr 11, 2025 2:30am
- Joined May 2014 | Status: Full Time Trader | 27,280 Posts | Online Now
Self-Critic Based on H4
- I am usually trading the H1 chart (and sometimes also M15) and use higher timeframes solely to understand the longer term roadmap...
- Despite the fact that H4 chart was never bearish, on the H1 chart a clean sell signal was triggered and I followed... At that time I was aware that H4 was bullish but even so I assured myself that I can switch to buying with first correction if price goes against my will.
- BUT... that expected correction (red colored curve on chart) never happened!
- After that I tried one more time to sell based on H1 spikes touching upper line of bull channel because "correction" should arrive eventually.
- The rest, as you can guess, has turned into a shit show... Drawdown went to almost 3% of my equity... That's why I am sitting and doing nothing until I recover the 2nd order... Money management will handle the rest once a correction kicks in... I don't panic.. I don't rush... I just wait!
- The fix: I will continue to trade H1 chart as I always do. Rinse & repeat buy or sell until failure. No changes in system. BUT I will get rid of failing orders without hesitation or second thoughts IF the order on H1 was opened against H4 trend!
We keep learning, we keep improving...
Best wishes
Focus only on what truly matters!
- #207,651
- Apr 11, 2025 2:35am Apr 11, 2025 2:35am
- Joined Jul 2011 | Status: Trader | 3,181 Posts
Holy Betting Grail strategy
- #207,652
- Apr 11, 2025 2:41am Apr 11, 2025 2:41am
- Joined May 2014 | Status: Full Time Trader | 27,280 Posts | Online Now
Focus only on what truly matters!
- #207,655
- Apr 11, 2025 3:09am Apr 11, 2025 3:09am
- Joined Dec 2015 | Status: Trader | 2,586 Posts
Perfection is the enemy of good enough!
- #207,657
- Edited 4:06am Apr 11, 2025 3:26am | Edited 4:06am
- Joined May 2014 | Status: Full Time Trader | 27,280 Posts | Online Now
Said that in one of my latest posts that we are reaching around 1.145 and that was only analyse monthly and above. This rules the euro, big timeframes are the playground for those who have money over and over.
{quote} When it comes to patterns, always assume they will work and they will not... That way you will always make sure to have 2 plans for both scenarios... Nothing is a guarantee with patterns anyway so my confirmation is only empty talk... Instead, I better give you my overall thoughts based on the monthly chart below: Bulls are trying to climb higher and my MACD shows a bullish cross of lines BUT it is too early to tell if bulls can break above nearest resistance, which is strongly related with my core indecision level: ~1.1040... Write this level down because it will play an important role in coming days and weeks... For your Inverted H&S to play out, the resistance level I mentioned has to stop bulls and force bears for a last retest to form the missing shoulder (purple lines on chart), which I see as possible, but again we must constantly remind ourselves that nothing is a guarantee in trading... On the longer run, if bulls can finally overcome the resistance zone, which is really a wide zone, I also would look for a potential AB=CD rally which could cause a completion of a potential Gartley pattern. You see how everything falls into place... Only if all this plays out though... For now, these are only ideas... Intraday wise, we have to go step by step to see where this pair takes us... Since this is the monthly chart, give every mentioned level some proper flexing room and don't chase precision... I hope it answers and puts some light into your thoughts... Best wishes
**It also shows why 1.1040 area was such a crucial level..
Focus only on what truly matters!
- #207,658
- Apr 11, 2025 4:21am Apr 11, 2025 4:21am
- Joined May 2014 | Status: Full Time Trader | 27,280 Posts | Online Now
Focus only on what truly matters!
- #207,660
- Apr 11, 2025 4:35am Apr 11, 2025 4:35am
Trading is NOT about being "right"... it IS about "making money"... That is the only truth in this business if you know... Not the opposite! Even in life, chasing to "being right" will never make you a happy or likable person... You will suffer! Allow yourself to be wrong sometimes or even most of the time! The trick is to accept that you are wrong and cut losses early. Always remember the saying: "Eat like an elephant, shit like a bird." Stick to that! Those who think the opposite have no place on this forum. Period! Best wishes
You're absolutely right.
Watch your risk management, can't stress that enough. You're going to have losing trades, losing days, your account will be in drawdown sometimes...
while the objective is profit, the job description is risk management