THE original POST here HAS BEEN ERASED. It causes disturbances in the force....i dont like disturbances.
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Dislikedit all depends how aggressive you are with looking for setups. Of course you can also take this one, but for me, I like when it just overshoots for a few pips the trendline and I actually prefer a clear horizontal S/R level. But as you know for my entry requirements I am very conservative.
All up to the trader what he wants to take, I just know for myself that this setup is not good enough for me.
Yeah, I just assumed that the MA's were the reason for taking the trade, sorry for my misjudgement.
best regardsIgnored
DislikedI am not objecting to the fact that the setup will be prettier looking if one opted for the 1.5650 area like custos prefer. However, the 1.5600 area has (1)round number (2) 38.2 fib (3)price action consolidation through asian trading session (4)intersection of the slanted trendline (5)Gap (6)The area between the 30 and 50 MAs.
But argument(by CUSTOS and CHRISP) that the setup was unduly focused on MAs above everything else just doesnt make sense to me. Especially, given all those 6 points i just stated. And the CUSTOS objection...Ignored
DislikedJust to add...
EntropyLad, you've obviously got a good grasp of Hector's method, this is more aimed at keeping the newer folk out of trouble.
For all the newbies reading the thread, practice only taking the best looking setups. Once you get good at these, then demo some of the other setups you see. Track your progress and see if you're any good at them. Just don't give away your hard earned pips on low quality setups. It's far too easy to go down this road when you're starting out.
Best,
ChrisIgnored
Dislikedokay, next time I will refrain from stating how I see a setup, when you have a different opinion. I just stated how I analyse it, nothing personal. If you see it differently, then just state it, there is no one truth about trading there, no need to make this an endless discussion.
So, then next time don't worry, not gonna post any comments on your posts again.
best regards.Ignored
DislikedI am not objecting to the fact that the setup will be prettier looking if one opted for the 1.5650 area like custos prefer. However, the 1.5600 area has (1)round number (2) 38.2 fib (3)price action consolidation through asian trading session (4)intersection of the slanted trendline (5)Gap (6)The area between the 30 and 50 MAs.
But argument(by CUSTOS and CHRISP) that the setup was unduly focused on MAs above everything else just doesnt make sense to me. Especially, given all those 6 points i just stated. And the CUSTOS objection...Ignored
DislikedCome on, custos. Come on. Dont take this personally. You know how much i value your opinion and take on things. You are custos, the one and only. The pip sniper, the pips overload.
Dont take it personally. I honestly want and appreciate your input. Without you i wont have heard of BRV.
I have only this to say about you:Ignored
DislikedHi Paulette,
If you want to learn more about longer term PA and picking trend reversals, here's a link for the best place to start: http://www.forexfactory.com/showthread.php?t=2331
If you don't rely on PA alone and factor in levels of S/R, MACD confirmation, space etc, you'll see the success ratio jump to more like 90%+
I use this method every day.
Best,
ChrisIgnored
DislikedIt's all healthy discussion
I've seen too many threads get overrun with people damning each other down. That's why I'm very picky about where I post. NM has got a good thread going here, and all the people involved at the moment are doing a good job at helping the new folk along. We've all got our own little take on things (how else would there be someone going long when we're going short?), but respect for each other should always shine through.
I enjoy being part of this thread.
Best,
ChrisIgnored
DislikedIt's all healthy discussion
I've seen too many threads get overrun with people damning each other down. That's why I'm very picky about where I post. NM has got a good thread going here, and all the people involved at the moment are doing a good job at helping the new folk along. We've all got our own little take on things (how else would there be someone going long when we're going short?), but respect for each other should always shine through.
I enjoy being part of this thread.
Best,
ChrisIgnored
DislikedMine triggered as with the pullback continuation... I will consider that support area as my take profit 1.. will let it run after that.Ignored
DislikedBy the way, gbp/usd now sitting there since a few bars on the m30. No momentum there, in 45 minutes ny will open, which might take gbp/usd back up. So better to move your stop to around entry levels or close the trade all together.
Again, just my opinion.Ignored
DislikedHi folks,
Been reading the discussions.
Its all a matter of how we each see the market.
Where else do we get savvy people believing they are both right? when ones buying and another selling?? lol! Thats trading.
IMHO I see the gbp/usd a bit more "aggresive" than usuall due to some factors. That doesnt invalidate the trade, it just depends on the individual and their risk tolerance AND expertise.
I personally like the trade. However, I entered at a different price and im already out. Luck? I dont know, but i do know i was comfortable with...Ignored
DislikedBy the way, gbp/usd now sitting there since a few bars on the m30. No momentum there, in 45 minutes ny will open, which might take gbp/usd back up. So better to move your stop to around entry levels or close the trade all together.
Again, just my opinion.Ignored
DislikedYeah..it does not work out after all.. taking too long in that consolidation. Closed my position with minor profit. Dont wanna risk it.![]()
update: looking at that huge bullish climb I glad that I did. Thanks all.Ignored