You wont survive without preserving!!!
The System II (Yes with irony)
Thanks elizo!
I think I got it. But I will put it in my words here and please add just one your comment to see if I am on a right page.
So I am in a long trade and it shoots +25 pips for a semi fakeout. Then it starts to fall down slowly to +22, 20, 15, 12 and it stalls. Now this (+12) is not a fcr until the price goes back close to the peak (+25) giving me oportunity to play #1 (close it or let it go through whatever is in line with the expectancy). It is now, since I had my chance to play #1 (market went up to the peak level), that the low...
When you look for a valid FCR, especially for reversing your position, apart from close a trade, you should look for a loop..
A clear one....
but that doesn't mean that price has to reach the HH again, sometimes it doesn't and there is when you have your FCR1 in place for reversing...
Hope it helps...
I should have bailed out at 64/65 ... however my hope factor has left me in the trade and now instead of looking at a 6 pip loss am potentially looking at a 20 pip loss. Its all cool baby , the price to learn.
Today have learnt how not to miss a runner, and how to stop short.
That is the valid learning process for all of us....
A good defense wins championships..... lol...
- #12,028
- Dec 1, 2009 2:20am Dec 1, 2009 2:20am
It is very important to learn every single day and from every single deal and every single mistake we do.....
That is the valid learning process for all of us....
A good defense wins championships..... lol...
- #12,036
- Dec 1, 2009 2:36am Dec 1, 2009 2:36am
- Joined Apr 2008 | Status: Trader | 1,271 Posts
Dim, take a look at this link for clarifying yourself...
http://www.forexfactory.com/showpost...postcount=9726
The problem lies in onother thing.... I think I can no more see this set ups on the chart in real time... For exemple yesterday... i have seen very lot of set ups, but later, I recognize that they was mostly wrong.....
But, I will do it still!!!!! I will follow the plan!
if you look at my yesterday's chart - what is your opinion? - I think wrong entries were mostly in range (I mean in brackets).... Am I right?
