sorry, I meant the bar next to it..... the beginning of the change in direction...
Okay, I'll stay away from almost (disaster) setups...
DislikedThe best thing you can do at the start Dave is nail some slam dunk winners for your confidence. Our mindset is so vulnerable at the outset that a few losers can do damage to our confidence for a while (I speak from experience). So just let the god ones come to you and bag a few in a row. It's a great feeling.Ignored
DislikedThanks Jaroo, I sometimes have random Ideas.. which will probably lead to me randomly losing all over the place.
yes 1.65 has some strong history behind... and then the 365 day ema is lurking below that...
another random question, I set my EMA for the close of the candle, is there any advantage to using a different setting?Ignored
Dislikedeu and uc hit their first targets for now..
and so on and so forth and so on and.....
DislikedI swear, I don't know how he does it....so many times....to the exact pip.
(and I'm holding my UCAD looking for just shy of 1.1 If we go down from here I'm blaming you Rac man... )Ignored
DislikedI'm with Joel. ...Waiting it out. Too many issues for this pair to deal with for the minute. ( and the retarded bit. ...it's bed time. lol)
If you want my thoughts on how much room? ...Enough room to get into profit and start moving stops. Where the stop is likely to be nicely protected. ...That's just me though.Ignored
DislikedI haven't heard it put better.
Those first levels almost always see a bounce of some kind. The question is always is it just a temporary bounce or a full on stop-killing reversal.
If that first level is far enough away from my entry then I have some breathing room to work out which one it is. My stop gets to break even and the trade still has room to move.
If that first level is 15 pips away, well it's going to put me in drawdown even if it's only a small bounce. And I find that hard to handle.
I've had too much time in a cold room...Ignored
...oops. ...Hang on ...I mean "exactly" to the rest of what you said.
You see the same thing happen time after time on close range trouble spots:- Draw down ....and with it the realisation that once again you could have waited for a better opportunity anyway... ...either as a better entry to that particular trade with even more reward , or for a totally different trade somewhere else down the track. In the mean time you stress about it while it screws around.
Edit: [i]LOL I think I just repeated...Ignored
Thank you. Super! Location Location Location again .... I always see people trading daily more leniently but I guess it is just WAITING for the best setups and locations
DislikedThat's the voodoo that he do do.
I can find the heavily confluenced layers that are obvious but I just need to fine tune it a bit more. Which comes from practise, of course.
A great benefit that people have studying the Rac's way is finding great locations and understanding why they're great location. And I like that he doesn't outright tell you about it, you gotta find out yourself. lolIgnored
DislikedYupz it does Now to read through Mikes post and get another ah ha moment for the trouble areasIgnored
DislikedAH, but he does tell us!... one simply must read, study, and understand his 1900+ posts...For those willing to put forth the effort, everything is laid out, imo...now that doesn't mean that the trader will feel comfortable trading that strategy... but it might spark a new, original idea too...
I'm guessing this is what you were talking about anyway...
This was the best post on FF in the last month in my opinion. Newbies take note. I know I did.
DislikedWhat did I miss? What was the 1.0920 on the Cad based on? I had the 1.0900ish level, I just didn't know the "ish". Looks like more Rac reading for me. lol
I agree. Another Mike classic post. I'm glad he's on our side.Ignored
DislikedBut do have 1 question though, no matter how much space the bar is in, there is usually some bar highs or lows to the left of it which we can miss out where on hindsight we will say, hey I missed that high ...
No offence to James or anyone here but just trying to figure this out.
I really this PA works but when we get to the nitty gritty part of this, I am LOST!!!.....Ignored
DislikedI prob spend the least amount of time actually trading then anythingIgnored
DislikedIt's good isn't it?
....I mean getting the point where waiting actually feels really relaxing.