I will like very much Mr. Senator to ride that wave!
Those who say it cannot be done should not interrupt those who are doing it
- #8,121
- Nov 7, 2011 2:13pm Nov 7, 2011 2:13pm
- Joined Aug 2008 | Status: Persist Until Something Happens | 17,898 Posts
She seems to be chewing through support at which she faked the break last time. You think she will manage through 
I think enough reasons and analysis supports 1.39 level as a retracement, so I risked a small long. SL already at BE, unfortunately long is quite high, so she may take it before heading north.
Yep, I entered too late or moved SL to BE to early. Time will tell.
I think enough reasons and analysis supports 1.39 level as a retracement, so I risked a small long. SL already at BE, unfortunately long is quite high, so she may take it before heading north.Yep, I entered too late or moved SL to BE to early. Time will tell.
- #8,123
- Nov 7, 2011 2:22pm Nov 7, 2011 2:22pm
- Joined Aug 2008 | Status: Persist Until Something Happens | 17,898 Posts
She seems to be chewing through support at which she faked the break last time. You think she will manage through
Yep, I entered too late or moved SL to BE to early. Time will tell.
If I don't get a pullback, I let it go without me.
Those who say it cannot be done should not interrupt those who are doing it
I find it best to wait for a pullback before entering, rather than entering on the breakout.
If I don't get a pullback, I let it go without me.
Maybe I will reread babypips in search for some info about pullbacks I keep missing all the time. Seems I am lacking sth, as I just cannot make pullback strategy to work for me. No idea what am doing wrong.
- #8,128
- Nov 7, 2011 2:45pm Nov 7, 2011 2:45pm
- Joined Apr 2009 | Status: Live and learn. | 25,199 Posts
"If The Fool persists in his Folly he will become wise." - William Blake
- #8,129
- Nov 7, 2011 2:57pm Nov 7, 2011 2:57pm
- Joined Aug 2008 | Status: Persist Until Something Happens | 17,898 Posts
Yes, I remember that, the problem is for some reason when I try to enter on pullback it turns out to be a fakeout
You have to study the movement of the candle and look at the volume behind it.
Also a fakeout is less likely to happen if a resistance or support takes many tries to break and the candle lows (in the case of a bullish breakout) keep getting higher with every candle. That tells you that the bears are exhausting but the bulls are still raging. It's like a battle. Study how they move. It will come in time.
A good guide to help you decide at which point of the pullback is good to enter your trade is a moving average line. The best one I have found is the 10ema or 12 ema on the M5 chart or the 5ema on the M30/H1 charts. Just take any M5 chart and place a 10ema on it. Find a trend and see how price behaves when it pulls back to the ema line. You will see what I mean.
When it comes to entering on a wave pullback (retrace actually), I use the fibo tool. 61.8% is the best entry for me. If it turns out to be a reversal instead of a retrace, more often than not, the price will come back to the 61.8% line to allow you to exit the trade with a much smaller loss or even with a profit. I find very often on the higher time frames that once price reaches around the 88.6% fibo line, price will pull back to 38.2% before continuing on to the 100% and beyond. Kind of like a retrace of a retrace.
To see this in action, much like the ema experiment, go hunting for some nice harmonic patterns (waves) and draw your fibo tool on them to see what I mean.
I don't think you will find any of the above in babypips.com as these are my observations and are not part of the fundamental rules of technical trading, but rather part of my system.
Those who say it cannot be done should not interrupt those who are doing it
- #8,131
- Nov 7, 2011 3:07pm Nov 7, 2011 3:07pm
- Joined Aug 2008 | Status: Persist Until Something Happens | 17,898 Posts
Those who say it cannot be done should not interrupt those who are doing it
- #8,132
- Nov 7, 2011 3:14pm Nov 7, 2011 3:14pm
- Joined Sep 2011 | Status: I make Rambo look like a boy scout. | 1,472 Posts
I don't care which way the market is going as long as it's going my way
- #8,134
- Nov 7, 2011 3:31pm Nov 7, 2011 3:31pm
- Joined Aug 2008 | Status: Persist Until Something Happens | 17,898 Posts
Pasta analisis from italian CB
Italy can sustain borrowing rates of 8% and zero economic growth, the central bank said in a report today.
http://www.rte.ie/news/2011/1102/italy-business.html
this will be fun
Those who say it cannot be done should not interrupt those who are doing it
- #8,136
- Nov 7, 2011 3:50pm Nov 7, 2011 3:50pm
- Joined Sep 2011 | Status: I make Rambo look like a boy scout. | 1,472 Posts
Only 8%? Nah I'll put my money in Greek bonds for a 102.5% return
You will need it when you are the one bent over at the 2nd annual Greko Roman Bunga Bunga bond default party next year.
I don't care which way the market is going as long as it's going my way
- #8,137
- Nov 7, 2011 3:53pm Nov 7, 2011 3:53pm
- Joined Aug 2008 | Status: Persist Until Something Happens | 17,898 Posts
You better get a shipment of Olive oil for collateral.
You will need it when you are the one bent over at the 2nd annual Greko Roman Bunga Bunga bond default party next year.
Those who say it cannot be done should not interrupt those who are doing it
Fakeouts happen but more often than not a breakout is not a fakeout.
You have to study the movement of the candle and look at the volume behind it.
Also a fakeout is less likely to happen if a resistance or support takes many tries to break and the candle lows (in the case of a bullish breakout) keep getting higher with every candle. That tells you that the bears are exhausting but the bulls are still raging. It's like a battle. Study how they move. It will come in time.
A good guide to help you decide at which point of the pullback is good...
I am somehow cheered that I almost retake my losses (trade missed TP less than one pip 
). So maybe next one will be profitable