Learn something difficult and earn real money for ever, a lot.
here's a possible explanation but i'm not claiming this is what actually happened:
during slow trading hours market makers can make traps for retail traders by price manipulation. the tick up (in red circle) could be manufactured by money makers and trigger buy signal for retail traders, as soon as traders bought money makers could drive prices down by 7 or so pips to scare shit out of traders and make them sell. here's a good video with some explanation of money makers manipulations http://youtube.com/watch?v=RZQJyBJKr6U
i dont really know much about how money makers scalp but anyone who's interested in the subject could share their views. thanks
*updated*: the reason i posted this screenshot in the first place is because this is a hi-prob setup that failed, isnt it? eventually it went up as it was supposed to but made a trick before the move
Note, its not about if it retraced or not, I would definately trade such a setup if the breakout would be different with a lot more strength (thats what you watch the rainbow for, we dont need the rainbow to trade simple breakouts! ).
- #3,810
- Edited 3:19am Nov 21, 2007 2:59am | Edited 3:19am
- Joined Mar 2007 | Status: ~~~~~~~~~ | 3,692 Posts
Thanks FXSurfer
I could post up some great trades today and look like a genius but the truth is that for the last couple of days the poor trades have outweighed the good ones. I am going to sit on my hands for awhile and reread the wisdom of LTs ebook and the Mantra and figure out some way to train my dog to bite me every time I try to trade before the retrace on a breakout or perhaps reading the ebook to my 3 year old daughter and getting her to trade for me.LOL.
Guess what I just missed a great breakout, I hope I can catch the retrace.
of your "bad" and "good" trades both. A couple of our more experienced
rainbow scalpers, who have provided really excellent feedback in the past,
happen to be hanging around for the last couple of days. Kind of like Helper
Trolls for LT. LOL
Just a suggestion.
P.S. I would go with the idea of teaching your daughter instead of the
Reverse Pavlov. She could retire your whole family by age 10 and it
would save your rear end. LOL
Lucky I'm trading pennies. Everytime I buy price goes down and I sell price goes up.
Guess your setups just suck
seriously though post some of your trades with screenshots good chance some guys here can help you.
- #3,814
- Nov 21, 2007 4:18am Nov 21, 2007 4:18am
- | Commercial User | Joined Mar 2004 | 1,255 Posts
Lucky I'm trading pennies. Everytime I buy price goes down and I sell price goes up.
I normally trade the USD/JPY but it is being rather lethargic. So I gave the Eur/Jpy a try.
1st Trade:
I tried trading the spine breakout. Is that what it is called? Didn't work
2nd trade
I got very greedy, didn't settle for 10 pips.
Edit: Finally got the pic up. Please critique and thanks.
but hey first one isnt bad
btw your entries are fine (or at least not bad i like the tendency).
- #3,820
- Nov 21, 2007 4:46am Nov 21, 2007 4:46am
wow you let a trade run 20 pips against you but then exit when it goes like 2 pips in the other direction ?
but hey first one isnt bad
1st trade:
It just went straight -8 and I gave up.
2nd trade
It went +10 first then -13 followed by +14.