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Intraday price action trend trading

  • #2,381
  • May 10, 2010 2:14am May 10, 2010 2:14am
Can't hold on this as 1 min work for +10.

Edit: actually it is approaching the support of recent bars, then sharp cut manually

- Short at 50% pullback of blue bar around the Fib 23.6.
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  • #2,382
  • Edited 3:08am May 10, 2010 2:48am | Edited 3:08am
Eu m15 Inside Bar mismanaged....took profit too early, didnt follow my plan to wait at least for a close of the bar before thinking about taking profit.

And i know...i should have jumped in on the close of the pin, but sometimes i do hesitate, although i know this works fine...


edit: would have been 1:3 RR right now what does this little mistake point me to ? i need to learn more about proper trade management and i need to define my target
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Never whishing, always trading.
  • #2,383
  • May 10, 2010 4:22am May 10, 2010 4:22am
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fingers crossed, 1st chart attachment
Stop killing our Oceans, Stop using single use plastics.
  • #2,384
  • May 10, 2010 4:27am May 10, 2010 4:27am
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is this stop loss correct??
if it keeps going where will the next one be?
thanks in advance
ant
Stop killing our Oceans, Stop using single use plastics.
  • #2,385
  • Edited 4:49am May 10, 2010 4:40am | Edited 4:49am
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still in pity its on a demo still learning

stopped out, nice win
Stop killing our Oceans, Stop using single use plastics.
  • #2,386
  • May 10, 2010 5:14am May 10, 2010 5:14am
The 121 Weekly s/r is approach, see how it will move
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  • #2,387
  • May 10, 2010 5:24am May 10, 2010 5:24am
Its counter trend trade, almost want to jump in short at r/n.

My emotion is still under control, haha.


(Francis knows what I mean)
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  • #2,388
  • May 10, 2010 6:21am May 10, 2010 6:21am
GBPUSD offered two great trades on a plate this morning.

The only thing stopping some from profiting from these is "not enough faith in the edge this method provides".

Trading is a probability business. This method enables us to take some of what the market puts on offer in the knowledge that:

"we don't know which way the market will move"

but

"we do know that we have an edge (which is what casino owners have)".

Applying this or any edge to make money as shown below is the easiest part of trading. The hardest part is not becoming emotional and throwing that profit back into the market. Most traders will publicise their 100+ pip wins, but you will rarely hear about the 110+ pip loss that followed because they trade without a plan or because they allow their emotions to screw up the plan that they so carefully established outside of trading hours when their mind was calm and rational.

Rob
(read Trading in the Zone)
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  • #2,389
  • May 10, 2010 6:34am May 10, 2010 6:34am
hey rob,

since you're here, would really like to thank you for recommending Mark Douglas in the original thread. His book, Trading in the zone, has made a tremendous difference in how i approach my trades and carry out the trades itself after reading it a few times.

in my opinion, the book is abit long-winded but it's like looking for diamonds in a sandbox. and the diamonds i found were really,really worth the time. hope everyone has a good go at the book because it will be worthwhile.

once again, thanks man!
  • #2,390
  • May 10, 2010 6:53am May 10, 2010 6:53am
Quoting firdaus10
hey rob,

since you're here, would really like to thank you for recommending Mark Douglas in the original thread. His book, Trading in the zone, has made a tremendous difference in how i approach my trades and carry out the trades itself after reading it a few times.

in my opinion, the book is abit long-winded but it's like looking for diamonds in a sandbox. and the diamonds i found were really,really worth the time. hope everyone has a good go at the book because it will be worthwhile.

once again, thanks man!
You're welcome.
Just in case you haven't seen it, there's a TV interview with the man himself here

All the best,
Rob
  • #2,391
  • Edited 7:46am May 10, 2010 7:23am | Edited 7:46am
Today biggest win, breaking of 121 s/r (BE out- retraced too quick)

Edit: EJ, if it goes, it really fast and strong (second chart for the same bar)

2nd edit: What a nice 100p just the next bar
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  • #2,392
  • May 10, 2010 8:09am May 10, 2010 8:09am
GU - false break, rocket to 1.51??
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  • #2,393
  • May 10, 2010 9:36am May 10, 2010 9:36am
Quoting Buildcity
GU - false break, rocket to 1.51??

Even i played it and got caught.
  • #2,394
  • Edited 9:41am May 10, 2010 9:39am | Edited 9:41am
Quoting sruthihari
Even i played it and got caught.
Sorry, give you a false hope

Look how strong of the support
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  • #2,395
  • May 10, 2010 10:11am May 10, 2010 10:11am
Sho, if you're watching, was anything wrong with this IB entry please? Were there any clues to warn me off?

Thanks
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  • #2,396
  • May 10, 2010 11:00am May 10, 2010 11:00am
Another one here Sho. What do think the story is here please? Is this the wrong time of day to trade? - perhaps short covering got me. Looked like a real nice setup and I didn't see any bullish momentum on the correction.

Went short on the close of the first arrowed bar. Got stopped out. When the doji formed below the RN I pulled the trigger again....and got stopped out again.

Was this the big boys just playing games with me? Sure looked like the corrective move was over - then off it goes again once everyone jumps in short.

Have I just been suckered? Just a bit upset about giving back some hard earned pips.

Thanks
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  • #2,397
  • Edited 11:05am May 10, 2010 11:03am | Edited 11:05am
Too fast, retrace my BE again, its a 80p running!!

Break out short trade
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  • #2,398
  • May 10, 2010 11:09am May 10, 2010 11:09am
Quoting Buildcity
Too fast, retrace my BE again, its a 80p running!!

Break out short trade
Nice trade City, did it stop you out or are you b/e and running?

wow, 100 pips and counting.
  • #2,399
  • May 10, 2010 11:13am May 10, 2010 11:13am
Quoting Sutts
Nice trade City, did it stop you out or are you b/e and running?
This time I moved my BE too fast again once 15p gained, (its a trailing stop) then a sudden retrace stop out the TS.

The same red bar is down 100p right now
  • #2,400
  • May 10, 2010 11:21am May 10, 2010 11:21am
Quoting Buildcity
This time I moved my BE too fast again once 15p gained, (its a trailing stop) then a sudden retrace stop out the TS.

The same red bar is down 100p right now

Sorry to hear that, it is frustrating to see a good trade stop out like that.

I might give up live trading until things settle down. I'm getting slaughtered these days! I'm trying hard but just don't have the experience to ride these violent swings.
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