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Pitchfork Goldmine!

  • #421
  • Edited 1:10am Jul 20, 2010 12:36am | Edited 1:10am
EJ20 and down!?

any takers?

edit:
set-up has failed, and now has a 50-50 probability of up or dn
happy to exit on small loss (-4), rather than "hold n' hope" it goes in my favour, which it may, but the probability isnt worth the risk
Attached Image (click to enlarge)
Click to Enlarge Name: 2107.gif Size: 31 KB
  • #422
  • Jul 20, 2010 1:27am Jul 20, 2010 1:27am
Hello Traders,

Chart attached showing price found support...been looking for a while, then popped. Expect it to go higher.

Be careful...confirm your entry if trading.

FX4Newbies

Quoting FX4Newbies
Hello Traders,

Been watching the Euro as I prepare for sending test signals this week...it has been trying to decide...am I going higher? See bullish sentiment on longer time frames.

Have to step out though. Will see what the market gives.

Take care,
Attached Image (click to enlarge)
Click to Enlarge Name: BullsJumpedOn.jpg Size: 235 KB
Trade what you see, not what you think or feel. Let the market come to you.
  • #423
  • Jul 20, 2010 1:33am Jul 20, 2010 1:33am
The sign of a mature, disciplined trader: being able to take a small loss (and feel good about it) is how you stay profitable and in emotional control, which is VERY important. Also, not waiting for it to take your stop if you see good reason to exit. Good job PeterE!

Now on to the next trade .

FX4Newbies


Quoting PeterE
EJ20 and down!?

any takers?

edit:
set-up has failed, and now has a 50-50 probability of up or dn
happy to exit on small loss (-4), rather than "hold n' hope" it goes in my favour, which it may, but the probability isnt worth the risk
Trade what you see, not what you think or feel. Let the market come to you.
  • #424
  • Jul 20, 2010 1:39am Jul 20, 2010 1:39am
thanks for the kind words


Quoting FX4Newbies
The sign of a mature, disciplined trader: being able to take a small loss (and feel good about it) is how you stay profitable and in emotional control, which is VERY important. Also, not waiting for it to take your stop if you see good reason to exit. Good job PeterE!

Now on to the next trade .

FX4Newbies
  • #425
  • Jul 20, 2010 1:45am Jul 20, 2010 1:45am
It is the truth PeterE. Not every trader can do that and feel good about it. That is what separates the winners from the losers. At some point, we all see what may not be there or the market changes. We've got to manage these negative scenarios, because the rest is all good !

Thanks for posting the good, the bad and the ugly.

Quoting PeterE
thanks for the kind words
Trade what you see, not what you think or feel. Let the market come to you.
  • #426
  • Jul 20, 2010 1:51am Jul 20, 2010 1:51am
yes, if one can shift attention away from the "score" and to the "set-ups", it helps to keep mind clear and flexible

it's when obsessively focusing on the "score" things get out of hand, at least that's my experience

i find it very helpful to shift attention in this way, the ego resists, but the trading improves
  • #427
  • Edited 3:40am Jul 20, 2010 3:19am | Edited 3:40am
I hope traders who read the thread will take what you have said to heart. We all have to find a way to take our attention away from the "score" as you put it. Pilots don't panic because of turbulence. They check their instruments. Whatever they say is what the pilot stands on.

This is solid advice...and all for free! Make good use of it.

Thanks so much PeterE for being transparent and sharing.

FX4Newbies

P.S. Sent my first free signal tonight...Wow! Getting used to that process: a little more detailed than just seeing for me.

Quoting PeterE
yes, if one can shift attention away from the "score" and to the "set-ups", it helps to keep mind clear and flexible

it's when obsessively focusing on the "score" things get out of hand, at least that's my experience

i find it very helpful to shift attention in this way, the ego resists, but the trading improves
Trade what you see, not what you think or feel. Let the market come to you.
  • #428
  • Jul 20, 2010 3:58am Jul 20, 2010 3:58am
FX4N
will you be detailing entry, SL, TP on your blog, or is that only accessible via blog email subscription?
thanks
  • #429
  • Edited 7:48am Jul 20, 2010 4:12am | Edited 7:48am
I plan to send them via email for those who sign up.

I will continue to post as I have been posting with occasional trades. Would consider posting results of signals here.

FX4Newbies

P.P.S. I will try to post the signal charts here.

Quoting PeterE
FX4N
will you be detailing entry, SL, TP on your blog, or is that only accessible via blog email subscription?
thanks
Trade what you see, not what you think or feel. Let the market come to you.
  • #430
  • Jul 20, 2010 5:20am Jul 20, 2010 5:20am
Price failed to hit target. See next post.

Quoting FX4Newbies
Hello Traders,

Chart attached showing price found support...been looking for a while, then popped. Expect it to go higher.

Be careful...confirm your entry if trading.

FX4Newbies
Trade what you see, not what you think or feel. Let the market come to you.
  • #431
  • Edited 8:47pm Jul 20, 2010 5:26am | Edited 8:47pm
Hello Traders,

Attached is the chart for the signal issued via email. Price failed to reach initial yellow target of earlier post. Did not find support at red U-MLH or green L-MLH. Trade was profitable for about 13 pips before losing steam. Became a sell around red line. Time-frame: M15.

On to the next hunt.

FX4Newbies

Quoting FX4Newbies
I plan to send them via email for those who sign up.

I will continue to post as I have been posting with occasional trades. Would consider posting results of signals here.

FX4Newbies
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EU July 20-2010 2.jpg Size: 87 KB
Click to Enlarge Name: BullsJumpedOn.jpg Size: 235 KB
Trade what you see, not what you think or feel. Let the market come to you.
  • #432
  • Edited 7:44am Jul 20, 2010 6:19am | Edited 7:44am
Here is the earlier chart showing the price failure. Posted here for comparison sake...to show how that chart set-up played out.
Attached Image (click to enlarge)
Click to Enlarge Name: EurUsd Price Failure.jpg Size: 232 KB
Trade what you see, not what you think or feel. Let the market come to you.
  • #433
  • Jul 20, 2010 2:57pm Jul 20, 2010 2:57pm
Got an email from a trader who made 10 pips this morning from the signal. The price did not make the target, which was a Price Failure. There is a specific strategy for dealing with failures in the Andrews methodology.

If price did not hold at green L-MLH, it was downhill. Looking forward to the London Session. Still working on streamlining the process.

Take care,

FX4Newbies
Trade what you see, not what you think or feel. Let the market come to you.
  • #434
  • Jul 20, 2010 3:56pm Jul 20, 2010 3:56pm
i listened to timothy morges free monday session today,i found the money management part has got me thinking

on a 10,000 account,2000 is for trading the rest is for margin,if the 2000 is lost the account is bust,i never thought like that,the point is to stay in the game long term
  • #435
  • Jul 20, 2010 4:34pm Jul 20, 2010 4:34pm
Glad you got something from it. He is very good. He often talks about his surgeon-like money management techniques. If money management is not as strict as possible, your longevity in the business is questionable. He is such a stickler for strict MM...he won't even mentor people who refuse to use stops. To him, it is just a matter of time before they blow up.

Take care,

FX4Newbies

Quoting pikeliver
i listened to timothy morges free monday session today,i found the money management part has got me thinking

on a 10,000 account,2000 is for trading the rest is for margin,if the 2000 is lost the account is bust,i never thought like that,the point is to stay in the game long term
Trade what you see, not what you think or feel. Let the market come to you.
  • #436
  • Jul 21, 2010 2:31am Jul 21, 2010 2:31am
Attached Image (click to enlarge)
Click to Enlarge Name: TRADEIDEA1.gif Size: 25 KB


Attached Image (click to enlarge)
Click to Enlarge Name: timeframe.gif Size: 19 KB
  • #437
  • Jul 21, 2010 3:17am Jul 21, 2010 3:17am
Good idea to use a smaller time-frame...was very rangy. Be cautious.
Quoting pikeliver
Attachment

Attachment
Trade what you see, not what you think or feel. Let the market come to you.
  • #438
  • Jul 21, 2010 4:23am Jul 21, 2010 4:23am
Market looks parked for the moment...a scalping session?

Be careful,

FX4Newbies
Trade what you see, not what you think or feel. Let the market come to you.
  • #439
  • Edited 6:56am Jul 21, 2010 6:44am | Edited 6:56am
Hello again,

Price dropped further...bouncing a little, expecting it to go further south...possibly to 1.2750.
Attached Image (click to enlarge)
Click to Enlarge Name: EU July 21 More Selling.jpg Size: 133 KB
Trade what you see, not what you think or feel. Let the market come to you.
  • #440
  • Jul 21, 2010 1:30pm Jul 21, 2010 1:30pm
Just posting a chart update. Price hit target square on. Will post again during the London Session. Going to ML?

Take care,
Attached Image (click to enlarge)
Click to Enlarge Name: Short Target Hit.jpg Size: 133 KB
Trade what you see, not what you think or feel. Let the market come to you.
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