Looking at IB4 setups, I found a real tight monthly IB in GBPAUD straddling the 1.65 Big Round number. What you guys think?
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james16 Chart Thread
- #62,526
- May 2, 2010 4:32pm May 2, 2010 4:32pm
technically yes---you are correct----fudge factor on my part...just like some of pin bars ....proxy bars.....so now do we have proxy inside pin bars?
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- #62,529
- May 2, 2010 6:14pm May 2, 2010 6:14pm
Hi guys
Just done my Sunday Night scanning(UK) and do not see any A class setups on the weekliesdailies. Anyone seeing any good setups for the week ahead. Had no trades last week so it would be nice to get moving again this week. Some pins about but not A class, most of them are in traffic.
berti
- #62,534
- May 2, 2010 8:41pm May 2, 2010 8:41pm
But there are also those who chronically undervalue the psych aspects of the game. They think that a reliable methodology is all they need and it should be as simple as pressing the button when their methodology tells them too.
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In fact to some of those people it may just come naturally, which is why they refuse to accept the value of trading psych.
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Those who undervalue trading psych usually have a response along the lines of "just don't do those things dummy"....
There are a lot of trading sacred cows that can be skewered this way.
All of which is a very long winded way of saying that it's a balance issue, like anything else in trading. Everything is just a piece of the puzzle. Make it add up for you. Methodology, psych, money management....it's all part of the game. Balance all of those into a workable ecology for you, and you will succeed.
When you have to shoot, shoot. Dont talk.
- #62,535
- May 2, 2010 9:24pm May 2, 2010 9:24pm
- Joined Feb 2006 | Status: 'Try-hard' extraordinaire... | 2,151 Posts
Noticed this setup on Trade Station, but I don't see it on MT4.
First off, if I were to trade this off trade station's chart, I welcome any input. Pin bar on a swing high, off the 150MA and off the .618. FTA @ 1.3440 area
Secondly, should I put more weight on setups that appear on MT4?
Thank you
Slade
The main benefit to MT4 here is to just have the same looking bars as most others here. That's all though. Some of us advocate watching charts that have the daily bars close when New York closes.
As for your chart. You'd trade a break of the bar, no qualms. Location is pretty good. (was ...lol. Got to your post a bit slow.)
After the break you should definitely not take a full bar loss once that second trouble area you marked has been hit. (The most likely target for this first push.)
Some here know that I use the close price chart a lot and that's where is has just touched the previous peak as I put this together.
The main point , as I said is once it's reached here you should NOT have your winner turn into a full loser at the least.
The fast run up to that peak compared to the previous bars would have me playing this to just a target. And at this point I would have moved my stop by now to at least half way from the original position to the open price. Just above the current bar's high (on my chart at the orange 'X' mark) And more than likely just have me closing the trade at this spot. If the run up hadn't been so enthusiastic, I'd have held and watched the price action for clues for a continuation or trade end.
Good trade choice for the fact there was at least some room to get a comfortable way into profit.
(Your second blue box)
Bundy's status today: "Waiting..."
- #62,537
- May 2, 2010 10:57pm May 2, 2010 10:57pm
- Joined Feb 2006 | Status: 'Try-hard' extraordinaire... | 2,151 Posts
Bundy's status today: "Waiting..."
- #62,538
- May 2, 2010 11:42pm May 2, 2010 11:42pm
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
I believe . . .
- #62,540
- May 3, 2010 2:32am May 3, 2010 2:32am
- Joined Feb 2006 | Status: 'Try-hard' extraordinaire... | 2,151 Posts
I'll buy them on a dip
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