With all this fuss about playing retracements we missed a good entry to the upside. Now have to wait for a pullback. Very annoying and not effective at all, since i was expecting the move all morning.
Hi there I am interested does anyone scale out of their position ??
I have been lately exiting my trade in 3 or 4 increments, 8,16 and 20 pips each with BE at 10 pips and finding that it is working quite well for me. not as profitable as full 20 pips but nice to bag some profit along the way?
With all this fuss about playing retracements we missed a good entry to the upside. Now have to wait for a pullback. Very annoying and not effective at all, since i was expecting the move all morning.
Ignored
Exactly! I also got caught up in the chop. Luckily came to my senses in time to snatch 20 pips on a minor retrace from 1.2045 to the daily high, to make up for my earlier stupidity.
I agree, now we have to wait for another pullback.....
Its important that you understand the difference between setup and the model.
Setups stay unchanged and are being conducted using rules described in this thread.
The model is the representation of the market which helps us to determine which setups to take and allows us to calculate possible targets.
My previous post showed the model. Now since we consider market to go up you play setups from points C.
at first point C (1.1956) there was a H&S setup
at second point C (1.2008) there was a 2B setup
right now at current point C looks like there is 2B setup (or possibly double bottom) forming as well.
BTW, the extremum at point 1.2148 is shown even if I use settings of 500 on semafor, this tells me its a very strong point and we should expect a deeper pullback.
Here is 15M and 5M charts.
TL looks finally broken.
I missed 2B entry at 1.2114, so decided to enter short after IB formed at 1.2100.
SL 20 pips, target is near 1.2050. Keeping in mind, that major bias is upside, so it's just a correction move. Shoudn't be too greedy anyway=)
Here is 15M and 5M charts.
TL looks finally broken.
I missed 2B entry at 1.2114, so decided to enter short after IB formed at 1.2100.
SL 20 pips, target is near 1.2050. Keeping in mind, that major bias is upside, so it's just a correction move. Shoudn't be too greedy anyway=)
Ignored
SL hit. Looks like I've hurried. Gonna look for short entry anyway.
