DislikedI still remember my neophyte days spending all that time in front of charts scaled in minutes.....such a waste.Ignored
- #12,842
- Aug 2, 2011 11:47pm Aug 2, 2011 11:47pm
- | Membership Revoked | Joined Feb 2008 | 9,794 Posts
- #12,843
- Aug 3, 2011 12:36am Aug 3, 2011 12:36am
- Joined Mar 2009 | Status: Trader | 1,052 Posts
If it helps the next step in my learning curve was adding on the pullbacks and building a bigger position..
Worth a look at when my account grows. Thanks for your input.
- #12,844
- Aug 3, 2011 10:15am Aug 3, 2011 10:15am
- | Commercial User | Joined May 2007 | 7,686 Posts
Yeah pyramiding is an interesting concept, definitely something I will look into when I get more comfortable with this longer term approach. I have mostly stayed away due to not being able to effectively impliment pyramiding due to my account size and risk profile i.e. a new position of say 20% original stake is below my 1k minimum lot size (depending on the stop loss location).
Worth a look at when my account grows. Thanks for your input.
- #12,852
- Aug 4, 2011 6:06pm Aug 4, 2011 6:06pm
- Joined Jul 2010 | Status: Weebley Wobbly Timey Wimey stuff | 10,604 Posts
Gday Chris
Just a quick post to say a word of thanks for this thread.
I am a relative newcomer to trading and have had my "learner" plates on for the last 9 months.
I did have some luck and stumbled across Price Action at the beginning and for the last 8 months have been learning PA and S&R methods.
But - and here is the catch - i mainly focused on the daily and 4 hourly charts to analyze and trade - the reason is that other commercial members that teach PA/SR techniques rely on the shorter timeframes.
What i have found is that the daily S&R is somewhat weak and i found it hard to rely on areas. This made my trades lose or break even more often than not.
For the last 4 weeks i have steadily worked through this thread and your chart/trade examples and by focusing on the Weekly timeframes it is like someone has flicked the light switch on for me!
Going back through dozens of charts for FX, and other CFDs you can see the strength of the weekly S&R.
So thanks for opening my eyes and shaving a few years off my learning curve in the process.
If i wasnt a Junior member - I'd PM you for the trial on your website as i reckon it would be well worth the effort.
P.S. - I wish you would post your older videos you made on your website about drawing S&R lines on charts. I cant find them anywhere.
Cheers
Journeyman
Just a quick post to say a word of thanks for this thread.
I am a relative newcomer to trading and have had my "learner" plates on for the last 9 months.
I did have some luck and stumbled across Price Action at the beginning and for the last 8 months have been learning PA and S&R methods.
But - and here is the catch - i mainly focused on the daily and 4 hourly charts to analyze and trade - the reason is that other commercial members that teach PA/SR techniques rely on the shorter timeframes.
What i have found is that the daily S&R is somewhat weak and i found it hard to rely on areas. This made my trades lose or break even more often than not.
For the last 4 weeks i have steadily worked through this thread and your chart/trade examples and by focusing on the Weekly timeframes it is like someone has flicked the light switch on for me!
Going back through dozens of charts for FX, and other CFDs you can see the strength of the weekly S&R.
So thanks for opening my eyes and shaving a few years off my learning curve in the process.
If i wasnt a Junior member - I'd PM you for the trial on your website as i reckon it would be well worth the effort.
P.S. - I wish you would post your older videos you made on your website about drawing S&R lines on charts. I cant find them anywhere.
Cheers
Journeyman
