shoulda, coulda, woulda never have taken that trade. i was doing nothing and was bored, that i started seeing things that wasn't really there. lesson learned.
i have a limit buy on eur/usd at 1.3302. Price is at lower median line forming an inside bar(?) near the close of the new york session. initial stop set at 1.3217, at risk is 85 pips, 2% of total equity.
limit sell at 1.68199; price formed showing weakness on re-test of upper median line on h4. initial stop set 5pips above pin bar at 1.691459; at risk is 96pips, roughly 2% of total equity. order good for the next 5 hours and will automatically be cancelled if not filled.
i have a limit sell in place for eur/usd at 1.3120. price zoomed past bull's median line (green) with h4 showing retracement candle. i placed a limit sell order 5 pips below the low of this retracement candle with initial stop set 5pips above the breakdown candle.
i have a limit sell on cad/jpy at 82.04. price is showing weakness off upper median line. initial stop set 29 pips away, 2% at risk. order automatically cancels if not filled in 8 hours.
i have a limit sell on cad/jpy at 81.96.
price is showing weakness off upper median line.
initial stop set 29 pips away, 2% at risk.
order automatically cancels if not filled in 8 hours.
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Joined Aug 2007
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Status: Say what ?
|1,888 Posts
I dunno but maybe this is a reference to Andrews Pitchfork or one of it's variants.
If so, it's just as good as anything else someone might use if you just can't resist
drawing some lines on a chart. Not too different than a channel with a line thru the middle.
Support and resistance, floor pivots and price action are more than enough for me.
I could even get away without using the pivots if I had to, as long as I have a grasp on SR and PA.
It goes like this: Where's support? Okay now, where's resistance ? okay then.
Are we going up or down ? Well let's see. Price is higher than yesterday.
Price is higher than a few hours ago. Price is higher than a few minutes ago.
Looks like it's going up. How someone looks at the same circumstances
and say, "Gee, this could be a good short, I think I'll sell" is hard for me to follow.
overbought/oversold, retracements, pull-backs, counter-trend scalps..... I'm okay with all that.
That assumes the operator has a plan with a destination in mind and a stop-loss for protection.
I just think the trend is paramount and Money Management should be driving.
What all that has to do with any variation of Andrews Lines, I'm sorry I don't know.
I felt compelled to share a few thoughts. Thanks for your time.
i finished demo trading and found that i am better off not using median lines.
instead of starting a new thread, i choose to continue posting on this one so all my trades/notes are in one journal.
this time, i use zigzags, and watching price action to determine entry and exit points. risk is 2% of total capital, trading off m5 during the closing of the tokyo market and london session open.
PS
if i am not able to reply to your posts on this journal, please PM me. thanks!
