If you have a look at the link I posted to the 123 thread, Paulus describes his method which pretty much eliminates this problem. He uses it simply as a reversal method, so you trade the first retrace which has much higher odds of success.
also agree with this, and would add to never sell near an important support and never buy in an area of major resistance, though it seems trivial it is of fundamental importance, just my opinion. And if we look at today's price action we will have confirmation of this
I don't know where I'm going wrong every trade I do in demo works but evry live trade seems to fail............I follow all the signals then as soon as I enter it turns against me!
I don't know where I'm going wrong every trade I do in demo works but evry live trade seems to fail............I follow all the signals then as soon as I enter it turns against me!
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If you had looked at the 15 minute chart at the time of taking the trade you would have seen that the 3ema, 5 ema and 13 ema were not in their correct positions.
Both 3 and 5 emas were below the 13 - therefore no trade.
If you had looked at the 15 minute chart at the time of taking the trade you would have seen that the 3ema, 5 ema and 13 ema were not in their correct positions.
Both 3 and 5 emas were below the 13 - therefore no trade.
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They look good to me, both heading up and both above the 13?
They look good to me, both heading up and both above the 13?
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Hi
Pop the 200EMA on your chart - you will see that it is acting as resistance on the M15 and M5 charts. In an ideal world we want to trade away from the moving averages, not into them.
Also, if your s/l was under point 1 rather than point 3 you would still be in the trade. Don't know if it will go any further this evening, but still watching it.
Pop the 200EMA on your chart - you will see that it is acting as resistance on the M15 and M5 charts. In an ideal world we want to trade away from the moving averages, not into them.
Also, if your s/l was under point 1 rather than point 3 you would still be in the trade. Don't know if it will go any further this evening, but still watching it.
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Thats interesting, but how many emas and s/r do we have to go by, I thought the idea was to ignore them with this set up?
Thats interesting, but how many emas and s/r do we have to go by, I thought the idea was to ignore them with this set up?
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I know - its a total minefield. I keep the 200 just because it seems to be respected time and time again. I think time of day may have more to do with this - if your set up had occured as the first move in the London session, then chances are it wouldn't have stalled - the momentum would have been enough to blast it through most levels of S&R (they may not have held and price may have returned to below/above them, but it would have touched your tp at least.
I am still learning the dynamics of the NY session, post London close. It will be interesting therefore to see how this trade develops - whether we need to set smaller tps or just need to be more patient and give the trade more time to develop. For instance, a long i took on EU at 15.45 GMT has only just hit tp.
Sorry not to be more precise - I'm still learning myself. the 200EMA was more of a heads up - I know others who trade this method completely naked so its very much a personal choice. Stick with it though. It works!
They look good to me, both heading up and both above the 13?
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forex1962 I know the system looks at the 15 min chart and trades the 5 min but the hour chart was clearly in a down trend. Also the move of the day already happened. When your in the latter portion of the day I wouldnt trade against the hour chart, matter of fact I would never trade against the hour chart,thats the only reason you lost this trade.
hi am finding it hard to understand the concept of latest swing highs and swing lows is there any link any1 can suggest me tha helps me understand it thankyou in advance everyone for discussing great method
