Hi guys,
is this one worth anything ? Tell me what you think about my thinking
There is gap above so I will be careful.
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is this one worth anything ? Tell me what you think about my thinking
There is gap above so I will be careful.
james16 Chart Thread
- #105,863
- Jan 13, 2012 3:57am Jan 13, 2012 3:57am
Hi guys,
is this one worth anything ? Tell me what you think about my thinking
There is gap above so I will be careful.
Attachment
- #105,864
- Jan 13, 2012 4:14am Jan 13, 2012 4:14am
I think you should be very careful with this consolidation and all the bar lows you are getting into . And you're already there . Not a bad idea to tighten your stop or go to breakeven .
Just passing comment based on yesterdays short dialogue about Euro pairs all showing bullish PA. I'm just finding it interesting that we're already showing bearish PA.Your point is very valid, and well taken tho.
- #105,870
- Jan 13, 2012 8:33am Jan 13, 2012 8:33am
Maybe this is why Mike doesnt enter a break just because it broke. Gave it a try with an ultra micro tiny position on demo, just to have a record of the result and could see it over and over again in the future, and definitively is a bad strategy.
I posted here so you can have a record too, lol
Could have closed it on the break of the beob, but wasnt really following that close (bad strategy too, lol)
Have to read carefully what this experts write, their advise comes from experience, and their experience is priceless!!!
Best wishes
Hector...
As soon as the bull PA formed, the next morning i'm seeing bear PA, which is following the trend.
When i'm looking for a reversal i'm hoping to see more evidence than the break of a trendline. Divergence, big pinbar/BUOUB, double bottom etc.
i'm still short the Euro.
- #105,873
- Edited 9:30am Jan 13, 2012 8:49am | Edited 9:30am
Hello Rust, probably you already saw it, but take a look at the daily!!!, It could be a looooong ride down!!!, too early, but it could become even a beob!!!
Best wishes
Hector
yes I did see it . There is some time till bar close of course
Too early to say , but if end as a nice bearish bar I may consider to manage it as i took it on daily
edit : chart - you may be very right
I hope so 
- #105,874
- Jan 13, 2012 9:03am Jan 13, 2012 9:03am
We mentioned here yesterday evening that the Euro pairs bounced off some nice words from Draghi.....
As soon as the bull PA formed, the next morning i'm seeing bear PA, which is following the trend.
When i'm looking for a reversal i'm hoping to see more evidence than the break of a trendline. Divergence, big pinbar/BUOUB, double bottom etc.
i'm still short the Euro.
Good observation, thank you!!!
Best wishes
Hector
- #105,876
- Edited 10:52am Jan 13, 2012 9:31am | Edited 10:52am
Hey Hector ,
yes I did see it . There is some time till bar close of course
Too early to say , but if end as a nice bearish bar I may consider to manage it as i took it on daily
Lets say for example, you make a 4Hr TF trade risking 2% of your account. Things go in your direction, and there is a daily pattern. To enter same position size on daily, you have to risk 6% of your account, but you are already in with a bigger position.
If my account size is the same as yours, and i enter on daily pattern, i have to enter on a 3rd of your position size. If i make 3%, you make 9%. And there you go, now our account sizes are not the same anymore, yours is much bigger!!!
It could be an interesting strategy, but i like sooo much 4Hr tf, i find it sooo accurate on retraces, entries, targets.
Btw, the hardest part of the trade, the mgmt. If you took the 4Hr pattern, when the daily closes probably you are be+. When the daily pattern arises, what do you do with your sl?, do you put it on the supposed daily sl?, or do you keep managing it as a 4Hr?, maybe it all depends, each trade is a different case, but it is interesting how to switch tfs!!!
Best wishes
Hector
- #105,877
- Jan 13, 2012 9:34am Jan 13, 2012 9:34am
Hey Hector ,
yes I did see it . There is some time till bar close of course
Too early to say , but if end as a nice bearish bar I may consider to manage it as i took it on daily
edit : chart - you may be very right
- #105,880
- Edited Jan 14, 2012 5:16am Jan 13, 2012 9:49am | Edited Jan 14, 2012 5:16am
Hi Hector ,
in this case the stop placement will be the same , 'couse the high of the 4hr pin and the high of the (possible) daily beob are the same .
But you are right that it depends ! Depends on the situation and it depends on the trader . Like Mike says - whatever you are comfortable ! And the only way to find what is comfortable for you is to experiment . Then put all your trades in the end of the month (or every 3 months) are ask yourself "how could I managed them better?"
Something like that
If Mike is kind as usual , maybe he will throw some thoughts . I just try to use what i have learned from him .
EDIT : stop tightened to 1.5325 . Can't let this huge pinbar wannabe ot h1 eat of such a strong beginning
EDIT 2 : Stopped in the end of Friday
for a very small profit . I really liked this setup , I was 1:1+ , but ... this is it I have a rule not to close positions till the close of the bar , so this is ok . I followed my plan and my rules
in this case the stop placement will be the same , 'couse the high of the 4hr pin and the high of the (possible) daily beob are the same .
But you are right that it depends ! Depends on the situation and it depends on the trader . Like Mike says - whatever you are comfortable ! And the only way to find what is comfortable for you is to experiment . Then put all your trades in the end of the month (or every 3 months) are ask yourself "how could I managed them better?"
Something like that
If Mike is kind as usual , maybe he will throw some thoughts . I just try to use what i have learned from him .
EDIT : stop tightened to 1.5325 . Can't let this huge pinbar wannabe ot h1 eat of such a strong beginning
EDIT 2 : Stopped in the end of Friday
for a very small profit . I really liked this setup , I was 1:1+ , but ... this is it I have a rule not to close positions till the close of the bar , so this is ok . I followed my plan and my rules 