I´m in that also. + 75 pips. Check out also AUD/USD already at all time highs. The sky seems to be the limit?
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This pair is really interesting right now. As you said at all time high, in my H4 chart I can see PA bounce violently from that red resistance and the H1 chart shows how PA has bounced twice on that resistance level. Everything could happen as we know, but it's worth watching closely.
As jdcompute just said, pairs tend to bo and go back to the consolidation zone and then back to with their original move.
Most of the days we take advantage of this with ZC, but today was a whacky day.
Most days we see how a pair BO of the box and then goes back into or on top of it, and then continue its original direction... here USDJPY might be doing just that right now...
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I've been meaning to ask someone to point me to the discussion about the "ZC" trade. I haven't a clue what that is.
This pair is really interesting right now. As you said at all time high, in my H4 chart I can see PA bounce violently from that red resistance and the H1 chart shows how PA has bounced twice on that resistance level. Everything could happen as we know, but it's worth watching closely.
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Made newbie mistake on that thinking it HAS to come back down because its at all time high. Didn't stick to the system - Lost 30 pips
I've been meaning to ask someone to point me to the discussion about the "ZC" trade. I haven't a clue what that is.
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Read post #1 thoroughly jd, if you have already, it wouldn't hurt to read it again, and the link to ZC trading method is at the bottom of this first post. It's a useful method, btw. get on it now... lol
Read post #1 thoroughly jd, if you have already, it wouldn't hurt to read it again, and the link to ZC trading method is at the bottom of this first post. It's a useful method, btw. get on it now... lol
Made newbie mistake on that thinking it HAS to come back down because its at all time high. Didn't stick to the system - Lost 30 pips
I guess markets never HAVE to do anything.
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That's right PA never HAS to do anything, it will do whatever its meant to do, we can't know and we shouldn't care, we should just try and go with it as it moves. (This sounds like duh! but as we can see it is not).
Anyway I wouldn't worry that much you'll be ok as long as you used MM and it will eventually come down, that's certain... when will it come down, we don't know...
My charts are a little bit different so I have no setup yet, but nice call. Best of success to you. If my chart gives a setup I'd watch PA closely around that red resistance above your entry...
My charts are a little bit different so I have no setup yet, but nice call. Best of success to you. If my chart gives a setup I'd watch PA closely around that red resistance above your entry...
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Good point. I´m beginning to understand your way of seeing S/R lines. Better safe than sorry....
Good point. I´m beginning to understand your way of seeing S/R lines. Better safe than sorry....
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I like seeing s / r levels more as areas or zones than just plain lines, here you can see how that level around the red line repelled the price repeteadly in the past, and even the zone PA is at right now is kind of a resistance. This doesn't mean we should or shouldn't enter a trade, that's up to every traders discretion, but it advises me to watch PA closely around this levels.
I like seeing s / r levels more as areas or zones than just plain lines, here you can see how that level around the red line repelled the price repeteadly in the past, and even the zone PA is at right now is kind of a resistance. This doesn't mean we should or shouldn't enter a trade, that's up to every traders discretion, but it advises me to watch PA closely around this levels.
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I´m blessed with a hasty personality and like to jump into things. Not just in trading, but in general also. I was just thinking ways to improve the quality of my trades by more carefully evaluating trade setups so your way of analysing them is for me undoubtedly something to aim at. It´s a lot about psychology. As Lawgirl quoted some time a go, one of the most difficult things in trading is waiting the right moment. How do you guys and girls manage this?
Probably the hardest, I've always been told that Forex is a S&R market and drawing those lines has always been a challenge. I have a small book in pdf format that i found very helpful. Check it out here:
That's right PA never HAS to do anything, it will do whatever its meant to do, we can't know and we shouldn't care, we should just try and go with it as it moves. (This sounds like duh! but as we can see it is not).
Anyway I wouldn't worry that much you'll be ok as long as you used MM and it will eventually come down, that's certain... when will it come down, we don't know...
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I like this discussion. As you said, PA never has to do anything, and I might add, it is always right and never, ever wrong. The correlation to that is, of course, if we lose a trade, we traders were the ones who were wrong.
It is very hard on the ego to be wrong as often as we are if we are active traders. I am convinced that ego is the #1 problem that most people must overcome in order to be successfull traders (maybe to be successful at anything for that matter.) I am very happy with this thread in that we have so few flashes of raw ego shown here. And I believe that is one reason there appears to be a good number of you who are having consistent trading success. Ego must be kept under control in this business.
I´m blessed with a hasty personality and like to jump into things. Not just in trading, but in general also. I was just thinking ways to improve the quality of my trades by more carefully evaluating trade setups so your way of analysing them is for me undoubtedly something to aim at. It´s a lot about psychology. As Lawgirl quoted some time a go, one of the most difficult things in trading is waiting the right moment. How do you guys and girls manage this?
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Looking for trades on higher TF's suchs as H4 and W1 gives you a little more time to analyse and take your time entering a trade. You might find that at the begining it is always better to not enter a trade and watch it go in your direction than rushing in and watch your trade go totally against you.
Mastering the timing and selection of trades improves only with experience, but we are doing our work to get there, right?
I totally agree, thanks for your insight on this matter, it gives me a lot to think about. As I mentioned before trading psychology is what I've been working the most recently... and I'm also happy to be in this thread because even tho' this is not its main purpose we can talk about it and learn about it too.
Hi jason, well that explanation is just one way we've been using to enter, it was first introduced to me by LG of course and it's always improving, so with a little practice you might as well come out with a better method and share it with us...
Regarding SL and TP, well I don't want to sound boring and repetitive but when it comes to BO trades, it's all about observing PA, at least for me. Let me explain a little further:
1. When I enter a BO trade I will watch PA closely and come to any decision based in PA's actual behavior.
2. Open of new...
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Thanks so much for the detailed response that you have provided! I really appreciate you explaining it step by step, as it has provided a great insight into how lawgirl and you trade.
I haven't been able to find a better way to enter than what you have described. Will certainly share if I do!
Trade What You See - Almost Naked Trading
