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  • #3,801
  • Feb 6, 2012 3:10am Feb 6, 2012 3:10am
i was able to pick up 20 pips on the downswing to cut down on my losses. but now i am done for the day. will give it a go again tomorrow. have to go to work in a few hours.

good luck with the remaining session guys!!!
  • #3,802
  • Feb 6, 2012 3:10am Feb 6, 2012 3:10am
quit not sure is that a little shake a trap before long,,hmm if not then target 13000,,ouç Monday mornings again nothing clear
" Accepting losses is the most important single investment devise "
  • #3,803
  • Feb 6, 2012 3:10am Feb 6, 2012 3:10am
If PA should break through support @ 1.3026, it would be a breakout of this horizontal channel and I would consider a SHORT...
  • #3,804
  • Feb 6, 2012 3:10am Feb 6, 2012 3:10am
Quoting X-Man
I would like to also say that to be safe and conservative rather wait and see how the market plays out on mondays at the LO.

This will give to time to start feeling PA rather than just jumping into a trade after the weekend.
This use to also happen to me and i realized that most of my losses came from monday mornings when i just jumped into a trade.

As we can see now PA has created a 3 wick support. Just have to wait to see if that breaks
SL also hit.. X-man, you couldnt have been more right mate! Lesson learned, schoolfees paid!
  • #3,805
  • Feb 6, 2012 3:11am Feb 6, 2012 3:11am
Quoting emmanuel7788
same here, out at -30pips.

no worries msc, we paid our entry ticket for this week. So we look for the next setup.
agreed. good luck to you emmanuel
  • #3,806
  • Feb 6, 2012 3:19am Feb 6, 2012 3:19am
PA had moved 90 pips down from the open of the day.....it would take more than one pullback candle to reverse that trend plus it bounced off the 200 EMA. Currently short on the open of current candle and TDI cross back down....up +26.
Third week in a row that PA has taken off in one direction from the open of the day. Already took+20 on the break of the first 4 hrs of the Asian session.
  • #3,807
  • Feb 6, 2012 3:20am Feb 6, 2012 3:20am
We are at a strong support level. This same level formed resistance from 23. jan till 25. jan.

If this break, it will go down. I personally belive, that it will break, because people are allready for weeks eager for the EUR fall.

I'm thinking about entering on a price pullback to this level once it gets breached.

A reasonable tactic?
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Thoughts are things
  • #3,808
  • Feb 6, 2012 3:24am Feb 6, 2012 3:24am
Quoting Phx62
PA had moved 90 pips down from the open of the day.....it would take more than one pullback candle to reverse that trend plus it bounced off the 200 EMA. Currently short on the open of current candle and up +26.
Third week in a row that PA has taken off in one direction from the open of the day. Already took+20 on the break of the first 4 hrs of the Asian session.
You are so right Phx62, last Monday price just kept on going through from the asian into the london.

I actually was thinking about it today and made a mental note, however that big blue pullback just before the london open today somehow rang bells of a reversal.
  • #3,809
  • Feb 6, 2012 3:26am Feb 6, 2012 3:26am
Quoting Quezoy
We are at a strong support level. This same level formed resistance from 23. jan till 25. jan.

If this break, it will go down. I personally belive, that it will break, because people are allready for weeks eager for the EUR fall.

I'm thinking about entering on a price pullback to this level once it gets breached.

A reasonable tactic?

IT will work..not for the reason that u mentioned though....do not try to scalp from this level...there will be a major stop loss running at this level.....go in for the trend and not for the scalp
  • #3,810
  • Feb 6, 2012 3:30am Feb 6, 2012 3:30am
Currently short. Up about 15pips now
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X-man the legendary conqueror of markets
  • #3,811
  • Feb 6, 2012 3:33am Feb 6, 2012 3:33am
Quoting Sanquir
IT will work..not for the reason that u mentioned though....do not try to scalp from this level...there will be a major stop loss running at this level.....go in for the trend and not for the scalp
I'm not sure I understand.
I think we are at a point where price will start a downtrend. So I'll wait for a pullback (to confirm my idea) and then go short with the trend.
Thoughts are things
  • #3,812
  • Feb 6, 2012 3:43am Feb 6, 2012 3:43am
Did any of you read Dcginc's story part 1 to 4 on how he became a successful trader?
It makes you think that we all have to go through that journey before we can be profitable.
http://www..protradenetwork.com

And theres a cool video called building a belief in your trading system through back testing


X-man the legendary conqueror of markets
  • #3,813
  • Feb 6, 2012 3:44am Feb 6, 2012 3:44am
It seems like,,IT ONLY SEEMS.. the down bias is going to slow down..

X-MAN 1H channel is broken down but waits the hourly close.. if we close below 13051 this hourly , I would like to fellow this sign
" Accepting losses is the most important single investment devise "
  • #3,814
  • Feb 6, 2012 3:48am Feb 6, 2012 3:48am
Quoting Quezoy
I'm not sure I understand.
I think we are at a point where price will start a downtrend. So I'll wait for a pullback (to confirm my idea) and then go short with the trend.
Plz read post 3794..it will help everyone
  • #3,815
  • Feb 6, 2012 3:53am Feb 6, 2012 3:53am
PA is bouncing of feb 1 low and 200ema on 4h, wonder for how long
  • #3,816
  • Feb 6, 2012 3:56am Feb 6, 2012 3:56am
Quoting freedom48
It seems like,,IT ONLY SEEMS.. the down bias is going to slow down..

X-MAN 1H channel is broken down but waits the hourly close.. if we close below 13051 this hourly , I would like to fellow this sign
EDIT: Thats what I was talking about...,, and what noww..now wait the volume
" Accepting losses is the most important single investment devise "
  • #3,817
  • Feb 6, 2012 4:00am Feb 6, 2012 4:00am
Quoting Sanquir
There are a few problems with this system which will prevent it from being profitable in the long run...This method has been discussed in detail by another trader NickB.

William Eckhardt --- one of the best traders of all time( mentor of the turtles) provides an explanation of why these systems will never work in the long run.

Problem---- There is no reason to use 1 Hour candle...if this pattern is providing any insights into the psychology of the markets there must be no restrictions on the time frame of the candles.this pattern will disappear...
Thank you sanquir for your input. Could you please tell me where did NickB discuss this method in detail as to why it would fail in the long run.

I will be here in 5 years time as well as in 10 years time to show everyone that this method will still be working.

As long as PA works then my method will work.
The day PA stops working which means the end of forex thats the time my system will stop working.
X-man the legendary conqueror of markets
  • #3,818
  • Feb 6, 2012 4:05am Feb 6, 2012 4:05am
Quoting Sanquir
PLEASE do not use it on your live accounts ...read my previous post for the reason
Oh yes i was also very concerned about this issue. Thanks for reminding the S3 traders not to trade live.

I also keep begging them not to trade live until they have mastered it and confident about the S3 system.
only then a trader should go live.
X-man the legendary conqueror of markets
  • #3,819
  • Feb 6, 2012 4:07am Feb 6, 2012 4:07am
Quoting X-Man
Thank you sanquir for your input. Could you please tell me where did NickB discuss this method in detail as to why it would fail in the long run.

I will be here in 5 years time as well as in 10 years time to show everyone that this method will still be working.

As long as PA works then my method will work.
The day PA stops working which means the end of forex thats the time my system will stop working.
Lets start with the fact that we have to look at 1 Hr candle...what if this pattern is forming in 30 min candle and not working.would u still trade it at 1 Hr candles? is PA invalid at 30 min

NICKB--- this is a good place to start...http://forums.babypips.com/free-fore...ng-method.html
  • #3,820
  • Feb 6, 2012 4:07am Feb 6, 2012 4:07am
I am still in my long trade -55 ATM, i like to give my trades room to breath. Seems like TDI starting to straighten out on the H1 at the 32, not sure but could be setting up for a reversal. If i do see a reversal i will open another long at a lower price.
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