Indicators show the past. Price Action "Indicates" the future.
DislikedIf in doubt, Stay out!
Nothin' doin' tonight for me. Took final profits on EUR/GBP at 0.85 today. Probably too early, but got my 2R. Boy, I love price action. And to humor Jarroo... PRICE ACTION RULES!
Dislikeddont take this as harsh ad.
you let a 125 pip profit turn into a loss?
this is the part you folks must learn. THEY ALWAYS REVERSE AT SOME POINT.
it stalled at the bar low from 5/24.
happens all the time but WE CANT let it turn into a loss.
price hit 5800. it was an easy profit or breakeven trade.
keep the demo going ad and it wont be long until you have a handle on it.
DislikedWithout being negative, tome that sounds like you are looking for a reason/excuse to TAKE a trade. Mike or Jim wrote once that they are always looking for reasons NOT to trade...
Being ULTRA (MEGA!) picky with what you trade makes a LOT of difference. My rule is simple: "If in doubt, don't!"Ignored
DislikedI don't think its a bad trade at all, and the fib level is still valid, but I think it depends on how its managed. I think that the 1.4050 level is a pretty decent level to be respected, so if I were to take the trade, I would probably set my stop pretty tight, knowing I may not get a lot out of the trade. Would probably consider B/E or partial at that level too. Anyway though, not an expert, and a horrible overtrader myself, just throwing it out there, open for discussion.Ignored
Disliked...lurker...hardheaded... to be convinced... poker....
DislikedIf you are ever in Sydney, the beers are on me
I think the question was asked from a different perspective. Surely, getting out with 125 pips in the bag is better than ANY loss, but 125pips represented just RR0.2. So, if you "win" five trades by exiting at that level (surely, the price indeed stalled at the "left eye's Low" - but we know that with the hindsight; would/should anyone exit there "live"?..), just one RR1 loss would wipe any profit we made with such five trades.
DislikedNah, I hear you, just looking at ways to take more trades, and try to build faster. Don't exactly have a 100k account, or something that I can kick back on, knowing a 2 percent profit and I can go party. Looking at any way possible that I can create a profitable situation for myself. Still playing around with ideas, not even sure what I want to do yet. Just having fun and learning for now I suppose, perhaps later though, I will be able to trade in a more straight forward manner. In contrast, though, a high momentum setup is a high momentum setup....Ignored
DislikedI hope you will understand from charts!
Dislikedit sounds as if you are similar to me, $200 here and there, blowing account after account due to not being capitalised enough.
Its better to save for a year while demoing then start with a larger account, at least then you will have a better chance of success and take it more seriouslyIgnored
in your above charts, i noticed a buy stop order for eur$ at 1.4129, with a stop at..... 1.1085? is this correct? i expect this is a demo account, but still that stop is uber-wide...
Just curious. ThanksIgnored
Dislikedwell said, "if in doublt, don't!". I am learning this lesson hard, any thing to share with how you overcame the challenge of this type?Ignored
Dislikedthis is the hardest part for me to explain. this is how i trade but its certainly not the only way.
once again account size has everything to do with how anyone will trade an account. none of you will trade the same with a large account as you did with the small one.Ignored
DislikedThank you, Jim! The way I see it, with your style it's more about common sense rather than "I placed my SL there and I am not moving it no matter what".
Somehow I missed that post of your on SL. The following sentence provides all the answers. Thanks again!
"I WANT CONTROL OVER THE TRADE. I DONT WANT THE TRADE TO CONTROL ME."Ignored
DislikedExcellent posts about SL... I was wondering the same thing as Forex007.
I'm currently leaving SL pretty much but as I'm on a £200 account I'm not to worried about losses but I appreciate what J16 says - I'm sure its very different when your locking in £100s or £1000s as opposed to like 15p like me ;-)
DislikedGet out of that mindset early otherwise you will have a bad habit to break later on, forget the size of the trade, you should treat them all the same 10p or £10k...think in % terms, you're still going to blow 3% for no good reason.Ignored