DislikedFirstly i wish to commend Phil for his judgement on the Euro trade. I was sceptical about it due to the weight of resistance that the price was likely to encounter.....until further notice, as it were. Looking back on the trade, which was very instructive and interesting, i realise that one could have missed out the 12-4pm candle altogether. Of course one is not set up to take the break out with pips in the pocket, but this doesnt matter, that is a question of having an advantage. Temperamentally i am not suited to sitting for 4 hours whilst the price makes a neglible gain, i am just not going to do it. Thankfully, as this 5 min chart shows, this is not always necessary. Why not cut out the middle man! Entering on the break the gains are good partic. with two lots, and save the wait. This is another view of this trade. Of course with the conviction of the 4hr method and the signal also at the close of the 4pm candle the trade is still on its just a question of skipping the slow candle. Of course there might be a break from the slow candle, but that is not a problem with this chart, it will show that as well. I am just running through why i couldnt take the trade at that time ie; too much resistance.
By the by, i feel one benefit of posting on this thread is that putting things into words is a therapeutic process, formalising ideas and explanations to oneself as much as to the readers. Hopefully bringing about clarification.
The price is on the 89 as i write, spot on nice one!.
Of course this partic kind of trade will occur again and so is firmly logged into the permutation files for future reference. It also gives me the idea that i can skip a candle without much trading detriment which hadnt occured to me before,whilst waiting for a trade to appear later on, rather than feeling that i am missing out somehow by not trading it which is also instructive.Ignored
Such a pity I could not take thses trades because of connection problem over here. It was pretty difficult opening FF pages at those times. I saw these signals, but could not get confirmations from this thread, bcos as we all know, two good heads are better than one. I must say, Phil, you are doing a great job here, helping those of us new here, catch up. I hope you'll continue with this. Thanks.
PIPS AND PIPS ONLY... + OF COURSE