Would LOVE to see a 4hr pin form here.
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- #52
- Edited 5:02am Apr 8, 2008 4:34am | Edited 5:02am
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Actually I was referring to your reasoning behind a bearish outlook a couple post back in your journal when you said:
" 2. Since breaking the trendline at 1.4900, we have not come back to confirm that break."
I'm assuming you meant the descending trendline shown on the chart below (or the S/R line depending on how you look at it). I didn't word it very well, but I meant, we could be returning to the 1.5000 area to test it and confirm that break. Do I understand your statement correctly?
If this were to happen we would obviously still be well within the weekly uptrend, it would just be a deep retrace, which is still possible.
I hope that's clear! And that I didn't misinterpret you.
Thanks for being the first one to write in my journal!
I just went back and looked at what I wrote.... so unclear... sorry man.
Hi Static
Just dropping by reading your last post. Is that suppose to read 1.5900?
" 2. Since breaking the trendline at 1.4900, we have not come back to confirm that break."
I'm assuming you meant the descending trendline shown on the chart below (or the S/R line depending on how you look at it). I didn't word it very well, but I meant, we could be returning to the 1.5000 area to test it and confirm that break. Do I understand your statement correctly?
If this were to happen we would obviously still be well within the weekly uptrend, it would just be a deep retrace, which is still possible.
I hope that's clear! And that I didn't misinterpret you.
Thanks for being the first one to write in my journal!
I just went back and looked at what I wrote.... so unclear... sorry man.
- #54
- Apr 8, 2008 8:28am Apr 8, 2008 8:28am
- | Joined Feb 2006 | Status: Trader | 1,305 Posts
Attachment
Actually I was referring to your reasoning behind a bearish outlook a couple post back in your journal when you said:
" 2. Since breaking the trendline at 1.4900, we have not come back to confirm that break."
I'm assuming you meant the descending trendline shown on the chart below (or the S/R line depending on how you look at it). I didn't word it very well, but I meant, we could be returning to the 1.5000 area to test it and confirm that break. Do I understand your statement correctly?
If this were to happen we would obviously still be well within the weekly uptrend, it would just be a deep retrace, which is still possible.
I hope that's clear! And that I didn't misinterpret you.
Thanks for being the first one to write in my journal!
I just went back and looked at what I wrote.... so unclear... sorry man.
A good example of the above explanation is if you look at the euro. Last night it shot up very very quickly and I'm sure it caught a lot of traders off guard. However, just as fast as it went up, it came down just as fast and if 1.5700 is to hold, this is a test of that level. I wouldn't be surprised if we head up higher and break 1.6000 in the near future.
Today, while looking for a good place to enter around 1.5700 (the trade outlined above) I had the scariest trading experience of my life.
I decided to enter with a market order because I was fine tuning my entry to hopefully get a lower price. Now I usually trade in 50K lots with a 100 Pip stoploss. But for this trade I was trading 50K with a 50 pip stoploss.
So, because the spread on EUR/USD is usually 2.6 on my platform (FXCM) I am used to seeing my initial P/L go to roughly - $13. Fine. Now, what was slightly different about this time was that my initial P/L as I entered the trade was -$793.00!!
I had accidentally entered an order for 3,050K!!!!!
I think it had something to do with the sensitivity of my mouse touch pad... the cursor has been doing funny things.
Well after almost shitting myself, I had to decide what to do next. I watched my P/L go from -793.00 to -1,250.00 to -2000.00. Everyone's worst nightmare.
A million things rushed through my head. Voices from the forum who I remember saying "if you make a mistake just close it out and write it off". But I couldn't just close a -2000.00 dent in my account!! I even thought about phoning FXCM and saying I made a mistake... hahaha YEAH RIGHT!! The point is I was panicking.
So, I held on. I knew that I had made the trade for a reason, and that hopefully just hopefully the probability was in my favour. Amid the panic, I reasoned that the market was likely to at least retrace back to 1.5700 even if it was going to continue down.
I waited for it to pop back up, and sold for a profit of $180 or near that.... Best $180 I've ever made
The interesting part of all of it was that fear and greed were having an all out brawl in my head. One side telling me to close now and take the loss, the other telling me to hold. I suppose they met in the middle.
The trade could have easily wiped out half of my account! I'm just glad to have come out of it with no damage. Other than to my underwear.....
I decided to enter with a market order because I was fine tuning my entry to hopefully get a lower price. Now I usually trade in 50K lots with a 100 Pip stoploss. But for this trade I was trading 50K with a 50 pip stoploss.
So, because the spread on EUR/USD is usually 2.6 on my platform (FXCM) I am used to seeing my initial P/L go to roughly - $13. Fine. Now, what was slightly different about this time was that my initial P/L as I entered the trade was -$793.00!!
I had accidentally entered an order for 3,050K!!!!!
I think it had something to do with the sensitivity of my mouse touch pad... the cursor has been doing funny things.
Well after almost shitting myself, I had to decide what to do next. I watched my P/L go from -793.00 to -1,250.00 to -2000.00. Everyone's worst nightmare.
A million things rushed through my head. Voices from the forum who I remember saying "if you make a mistake just close it out and write it off". But I couldn't just close a -2000.00 dent in my account!! I even thought about phoning FXCM and saying I made a mistake... hahaha YEAH RIGHT!! The point is I was panicking.
So, I held on. I knew that I had made the trade for a reason, and that hopefully just hopefully the probability was in my favour. Amid the panic, I reasoned that the market was likely to at least retrace back to 1.5700 even if it was going to continue down.
I waited for it to pop back up, and sold for a profit of $180 or near that.... Best $180 I've ever made
The interesting part of all of it was that fear and greed were having an all out brawl in my head. One side telling me to close now and take the loss, the other telling me to hold. I suppose they met in the middle.
The trade could have easily wiped out half of my account! I'm just glad to have come out of it with no damage. Other than to my underwear.....
Not sure about 1.5550. I think we may be heading to 1.5800 soon. Once we break that we will most likely see 1.6000. Could be wrong though. You know how it goes... when you think you have it figured out the tables turn on you lol.
Forgot to also mention... if you look at the 1 hour chart, the highs/lows are becoming higher.
If we lose that 4HR trendline with a confirmed break, I see more downside. The way it's looking though, we're in for at least one more rally.
On the bullish side we have an activated 2 X 1 hr Pinbar. Good.
I was a member of J16 for quite a while, and the price action training is a wonderful addition to Jacko's method.... or maybe vice versa
. Were you a member?
- #59
- Apr 8, 2008 9:37am Apr 8, 2008 9:37am
- | Joined Feb 2006 | Status: Trader | 1,305 Posts
LOL. I think if that was me, after I get back to profit and close out, I'd probably faint and call it a week. Yes, that's right, not call it a day but a WEEK 
Come to think of it, you would be like that character in my avatar haha
Come to think of it, you would be like that character in my avatar haha
- #60
- Apr 8, 2008 9:39am Apr 8, 2008 9:39am
- | Joined Feb 2006 | Status: Trader | 1,305 Posts
Yeah, you may be right. I think the important thing is that we are both on the "right" side!!! The side with the AH!
If we lose that 4HR trendline with a confirmed break, I see more downside. The way it's looking though, we're in for at least one more rally.
On the bullish side we have an activated 2 X 1 hr Pinbar. Good.
I was a member of J16 for quite a while, and the price action training is a wonderful addition to Jacko's method.... or maybe vice versa
Were you a member?