"Not a professor"
,
Can you explain your two charts a bit.
First one shows short that did not work out?
Thank mate!
,Can you explain your two charts a bit.
First one shows short that did not work out?
Thank mate!
Cable Update (GBPUSD)
- #133,842
- May 22, 2009 3:42am May 22, 2009 3:42am
To everyone who PM'ed me for my system......
Just read what I said. It is simple. I look for candles where the high/low is within a couple of pips from each other and mark this level. If broken I will enter in that direction. I also look at inside bars. All this on 4 hour or larger chart.
What is important is that your trading style and your MM fit the system. I only target 3,000 pips per year. I have no fixed TP or SL, this is determined by price action and candles once a trade is entered (I usually place stops 1 or 2 candles away and TP's around previous break-areas). So this system 'sucks' big time but for me it works like a charm. It's simple, it takes hardly any time, I watch the charts every 8 hours or so, and it works for ME.
So where will I trade now? If I had to (I'm done for this week) I will only look to short at around 5730 (see pending order on chart).
Why not long? I believe this up trend is far from over but I'm not going to put my money on it on a Friday and not after this weeks rally.
Cheers and remember...tomorrow is another day...what you do not make today you may make tomorrow...but what you lose today you might never recover......
Just read what I said. It is simple. I look for candles where the high/low is within a couple of pips from each other and mark this level. If broken I will enter in that direction. I also look at inside bars. All this on 4 hour or larger chart.
What is important is that your trading style and your MM fit the system. I only target 3,000 pips per year. I have no fixed TP or SL, this is determined by price action and candles once a trade is entered (I usually place stops 1 or 2 candles away and TP's around previous break-areas). So this system 'sucks' big time
but for me it works like a charm. It's simple, it takes hardly any time, I watch the charts every 8 hours or so, and it works for ME.So where will I trade now? If I had to (I'm done for this week) I will only look to short at around 5730 (see pending order on chart).
Why not long? I believe this up trend is far from over but I'm not going to put my money on it on a Friday and not after this weeks rally.
Cheers and remember...tomorrow is another day...what you do not make today you may make tomorrow...but what you lose today you might never recover......
- #133,843
- May 22, 2009 3:42am May 22, 2009 3:42am
- Joined Jan 2009 | Status: Not bothered. | 18,084 Posts
"Not a professor"
Can you explain your two charts a bit.
First one shows short that did not work out?
Thank mate!
First chart showed since price failed to close below the tl, any thoughts of shorting the pair yesterday needed to be discarded & go long instead when price showed strength.
Second chart again showed how price is still respecting the tl and the thought of shorting it is not such a good idea. Plus I was trying to point out to my friend ubaidahsan that going long from 5715 which could possibly be after price close below tl is a big gamble.
Good luck.
Thank You
- #133,844
- May 22, 2009 3:46am May 22, 2009 3:46am
- Joined Mar 2008 | Status: Taking Care Of Business | 5,587 Posts
Hear the music before the song is over ...
- #133,846
- May 22, 2009 3:49am May 22, 2009 3:49am
- | Joined Jun 2007 | Status: Still Learning :) | 1,203 Posts
- #133,847
- May 22, 2009 3:55am May 22, 2009 3:55am
- Joined Mar 2008 | Status: Taking Care Of Business | 5,587 Posts
Hear the music before the song is over ...
- #133,852
- May 22, 2009 4:13am May 22, 2009 4:13am
- Joined Mar 2008 | Status: Taking Care Of Business | 5,587 Posts
Hear the music before the song is over ...
- #133,853
- May 22, 2009 4:16am May 22, 2009 4:16am
- Joined May 2009 | Status: Re-member | 6,497 Posts
hi
still my SL not hit and even if it hit ... trader must accept win or lose
and also for second time ... my view depend on my system ... maybe my
system is wrong or right ... but i ve to follow it ... becuase at the end of
month i got profit
Thanks for saying that, it's exactly what I am struggling to do with all the blabla and blabla.... TA blabla so on...
Even if I "only" have 33,3% winning rate on my GBPUSD system I am up 1574 pips this year... running 3 other systems as well.... butt diff currency...
Thanks for keeping my motivation up for holding on to my strategy
Struggling for close to 2 years now...
Shorted at 1,5815
SL 1,5906
TP 1,5515
- #133,855
- May 22, 2009 4:20am May 22, 2009 4:20am
Do u also sometimes get the feeling that your order is the strongest support/resistance level in the market ... hold on, I think you are on the right side for now and your stop is ok....looks like gu is running out of steam for now...only time will tell
... hold on, I think you are on the right side for now and your stop is ok....looks like gu is running out of steam for now...only time will telli shorted from 5832 but closed trade (not saying u should if its open), but on 30 min chart its hitting 50ema wich is a very strong level on 30 min...if candle closes above it not a good sign for the downside...check it out for yourself.
