Trade what you see NOT what you expect

Good evening everyone or morning! I just got in, looking over my charts and see our Mrs. is wound up tight!! The mistress on the other hand has provided some nice pippage opportunities I see and still see more available out of her.

Letting a trade breath vs. Letting a trade develop

Many people get caught up on the letting a trade breath and not really knowing where to put their SL or how to control their risk. So, they take a position, not having a SL in mind or better yet set and when the trade moves against them, they try and find all the reasons why it'll come back. We've all done this and I'll be the first to raise my hand.

Now, letting a trade develop is where you've taken a position, your risk is controlled and you let the candles do their job, or your out looking for a new seat. The loss is just a part of the transaction just like a gain is the other side. Regardless of the outcome, you've given the trade a chance to develop from the setup. Nothing is 100%, if it was, we'd all be billionaires. But the odds are in your favor the setups will work more than not. The key is controlling your risk. You should feel the same emotion when you have a loss as when you have a gain (NUMB). You put the trade on based off the setup and that's all.

Now, today, I can relate with Shilva as to when he was looking for a seat and not wanting to buy going into strong resistance. I believe price was around 1.656x at this time If you were to enter a long position at that time, you could have gained around 20 pips and your SL being around 1.6550. So pretty much a 1:1 risk ratio. The 1.6550 area was a price between the m15 5/10. I had made a comment of my own SL being move upto to this price level when price had spiked into 1.657x area before it came back to the 1.656x area. I myself have a hard time buying into strong resistance. I'd rather wait for solid PA off my higher TF resitance to show the turn. Shilva got in short I believe around 1.6585 booked 15 then covered just a little too quick. Even if you get taken out too quick, don't be afraid to get back into the trade based off the PA, keeping your SL where it would be on the initial setup.

1h 62ma bounce ?

holding my short position from 6545 and saw it creeping to the 62ma as well. Not to mention it's currently bathing on one of those 'round number psych levels' (~6500). Either way, I feel as if it's going to be a wild morning...

http://www.forexfactory.com/showpost...stcount=164492

albchr, saw that not too long ago.. nice job man . Wondering when that position was first opened if you don't mind indulging me.

About 17 hours ago on the 1H bar marked with the blue arrow. I took it as it traveled up the wick of the previous bar. 6580/90 area was good S/R and 6600 is a ROCK IMHO so my initial SL didn't have to be too far away to make me comfortable taking the shot. When I saw the high of that bar didn't ever get to the 6590 S/R, I felt even better about it....lol

Sure took a while before I felt I made the right move though....

And the name is Chris.....

Morning, fellows

I have some academic question - GAP.

After 7am news there is a gap on 5M, 15M and 1H as well for GU.
Is there any rule(s) that gap has to be closed ?
Or it's possible that PA will leave it as is?

Good morning Komissar...my broker (MIG) does not show any gap ?!?!?!

This is weard! Thanks for mentioning that.

Guys, does anybody see this gap at 7am EDT?

The gap is not wide, about 6 pips. But it's here, on 5M, 15M and 1H.
I am using CMS platform, VT 2.0.

Not all brokers show gaps It is normally due to there price feed. I didn't think price moved so fast to have a gap. My broker has had gaps of over a 100 before . It can mess with your indicators .. Like your MA.s not so bad if it is a small gap.. Not much you can do about it though..

eo thanks for your pearls of wisdom. todays news really drove price back up but i think it is exhausted so i am short now @ 6615

I'm short as well, just got filled at 6630.

BTW, I would love to see a pin on this m15 getting ready to close in 5m.

the mistress is bouncing the 1h62 it has a long wick but i may enter long anyway. the 62 is nice support.

question for you guys. tweezers are a reversap pattern right??? Coz the mistress has two pairs in a row both while she was moving down. so those with thte 62 bounce on the 1h = long @ 133.95. i know its abig round number but im taking it anyway

I'm long on her from 133.80, booked some profit and covered. Make sure you look at your h4. Last h4 closed on the mistress was bearish and engulfing. Keep you reins on your trade.

Time for a shower. See everyone in a little bit!

Morning all

Whoops

I had a small lot left long expecting 1.6680 and a reversal short there

right now she is bouncing the 10 on the h4 maybe that will lend support to our longs

ow and the 150 as well i didnt add that one for some reason