Islander, beautiful!
Psych Levels, Pivots, and Trendlines - Resurrected
- #2,402
- Apr 20, 2009 3:21am Apr 20, 2009 3:21am
... i just realized that i don't remember any trade in this pair, nor of EV neither of Islander or 007.. do u guys avoid it at all?
...i wouldn't say i like it too..
the stop was put just abv the spike over 61.8 line.. 13 bid.. it traded almost 12 bid after that but the fx gods were kind to me today.. 80 lvl was not enuf to compensate for my moral costs but as soon as i saw an engulfing in the vicinity of previous day's lows, i closed..
not as much fun as in cbl today, but at least some pips up
...i wouldn't say i like it too..
the stop was put just abv the spike over 61.8 line.. 13 bid.. it traded almost 12 bid after that but the fx gods were kind to me today.. 80 lvl was not enuf to compensate for my moral costs but as soon as i saw an engulfing in the vicinity of previous day's lows, i closed..
not as much fun as in cbl today, but at least some pips up
- #2,403
- Apr 20, 2009 4:01am Apr 20, 2009 4:01am
- | Joined Aug 2007 | Status: I keep my eyes open | 1,108 Posts
the stop was put just abv the spike over 61.8 line.. 13 bid..
Nice trade!
One Chart is Worth Ten Thousand Words.
- #2,404
- Apr 20, 2009 4:04am Apr 20, 2009 4:04am
- Joined Sep 2006 | Status: Son of this Sceptred Isle. | 3,635 Posts
... i just realized that i don't remember any trade in this pair, nor of EV neither of Islander or 007.. do u guys avoid it at all?
...i wouldn't say i like it too..
the stop was put just abv the spike over 61.8 line.. 13 bid.. it traded almost 12 bid after that but the fx gods were kind to me today.. 80 lvl was not enuf to compensate for my moral costs but as soon as i saw an engulfing in the vicinity of previous day's lows, i closed..
not as much fun as in cbl today, but at least some pips up
Your SL could do with adjusting upwards a little. I think it's around 7 pips or so on your chart? Move it up somewhere around 15-20 pips, in order to give the trade a chance. I say this because I see that it was very nearly triggered. Am I right?
Also, you're making a lot of work for yourself by selecting a trade which was against the trend. You'll see that just after you entered the trade, price consolidated on the 13ema and then started moving upwards. This would have been a typical pull-back trade, and you'd have made around 10 pips or so, I think. Further, for myself, I wouldn't have even considered a short trade until price was BELOW both ema's and your TL.
Oh, and no, I don't like usd/jpy, but that's just me!
Hope you don't mind me drawing your attention to these points, coaster?
Cheers
- #2,406
- Apr 20, 2009 5:01am Apr 20, 2009 5:01am
Just a couple of points, if I may.
Your SL could do with adjusting upwards a little. I think it's around 7 pips or so on your chart? Move it up somewhere around 15-20 pips, in order to give the trade a chance. I say this because I see that it was very nearly triggered. Am I right?
Also, you're making a lot of work for yourself by selecting a trade which was against the trend. You'll see that just after you entered the trade, price consolidated on the 13ema and then started moving upwards. This would have been a typical pull-back trade, and you'd...
no, of course i don't mind.. i appreciate yr feedback vm, really..
i learn from u
u r right both on s/l (10 pips actually) and on consilidation around ema.. i hesitated when i saw it consolidating but just kept away from screen coz that's what made me stop 3 times on my friday's gbp deal (rmmbr?) more often than not it end up with reentering lower for me..
i was rather concentrated on low risk/reward ratio here and decided to plunge.. but thank you for yr advice, i ll make a note of that
it's all abt trying not to miss the trade, u know
i missed gbp just before that...
btw i wud appreciate if u cud share yr policy on placing s/l's.. is it lvls or candle formation? do u ever aim for bigger moves basing on hrly charts and thus placing bigger stops? how do u manage stops inside the 38.2-61.8 zone? too many confidential information
- #2,407
- Apr 20, 2009 5:19am Apr 20, 2009 5:19am
- Joined Sep 2006 | Status: Son of this Sceptred Isle. | 3,635 Posts
btw i wud appreciate if u cud share yr policy on placing s/l's.. is it lvls or candle formation? do u ever aim for bigger moves basing on hrly charts and thus placing bigger stops? how do u manage stops inside the 38.2-61.8 zone? too many confidential information
I wonder if anyone else has any ideas about this one?
- #2,409
- Apr 20, 2009 5:37am Apr 20, 2009 5:37am
- | Joined Aug 2007 | Status: I keep my eyes open | 1,108 Posts
it's all abt trying not to miss the trade, u know
i missed gbp just before that...
Good trades are like a bus - there is always one coming (soon(ish))
Be your own boss, impose a limit and take only AAA+++ setups, that will make you VERY happy!!
Have a look at this thread, btw - http://www.forexfactory.com/showthread.php?t=163972
Enjoy!
One Chart is Worth Ten Thousand Words.
- #2,410
- Apr 20, 2009 5:40am Apr 20, 2009 5:40am
Hi All,
Just wanted to share. Best single trade I have made in a long time and currently up +521 on 3 trades. Thought it would reverse at Daily S3 but it hesitated and moved on through. Then I was looking for the reversal at Daily S1 and the "Trading God's" cooperated to the pip. My SL on all three trades is 50 pips.
Took half off the table at 250.
Nice way to start the week.
MG
Magnificent!
- #2,411
- Apr 20, 2009 5:58am Apr 20, 2009 5:58am
Coaster, if you had a limit of "TWO TRADES PER DAY" imposed on you by your boss, would you (a) take that trade? and (b) would you still be chasing "so-so" trades just because you missed some earlier?
Good trades are like a bus - there is always one coming (soon(ish))
Be your own boss, impose a limit and take only AAA+++ setups, that will make you VERY happy!!
Have a look at this thread, btw - http://www.forexfactory.com/showthread.php?t=163972
Enjoy!
let me go look up the link and learn smth useful
Thanks man!
EV, thank u for yr answer!
- #2,413
- Apr 21, 2009 12:50am Apr 21, 2009 12:50am
- Joined Jan 2007 | Status: Trader | 11,838 Posts
Trading Levels with WRBs
- #2,414
- Edited 1:56am Apr 21, 2009 1:55am | Edited 1:56am
- Joined Sep 2006 | Status: Son of this Sceptred Isle. | 3,635 Posts
- #2,415
- Apr 21, 2009 3:32am Apr 21, 2009 3:32am
- Joined Sep 2006 | Status: Son of this Sceptred Isle. | 3,635 Posts
- #2,417
- Apr 21, 2009 8:45am Apr 21, 2009 8:45am
- Joined Sep 2006 | Status: Son of this Sceptred Isle. | 3,635 Posts
EV,
reviewing my deals..
re yest's remark on usdyen... my fresh eyes can now see that my entry was way far from perfection.. the setup was so-so as 007 said
007,
Everybody does at one time or another!! - #2,418
- Apr 21, 2009 8:55am Apr 21, 2009 8:55am
- | Joined Aug 2007 | Status: I keep my eyes open | 1,108 Posts
EV,
reviewing my deals..
re yest's remark on usdyen... my fresh eyes can now see that my entry was way far from perfection.. the setup was so-so as 007 said
007,
)
One Chart is Worth Ten Thousand Words.
- #2,419
- Edited 10:45am Apr 21, 2009 9:08am | Edited 10:45am
- | Joined Aug 2007 | Status: I keep my eyes open | 1,108 Posts
AAA+++ setups jump at you! Have a look at this - you don't even need to know what TF or pair it is; you don't need MAs. Simply have a look and you can see those few golden nuggets (can you?
Guys, sorry for somewhat off-thread comments, but I just wanted to highlight the importance of PA and levels. Their combination is the key to determining the quality of setups.
One Chart is Worth Ten Thousand Words.
- #2,420
- Apr 21, 2009 10:42am Apr 21, 2009 10:42am
Guys, sorry for somewhat off-thread comments, but I just wanted to highlight the importance of PA and levlels. They are the key to determining the quality of setups.
007, thanks for another lesson..