Spider's Den

tl, bearish divergence, double top in play, although no short signal yet, looking at 3255

It might be a retracement now. Volatility will fade. no entries anymore today.

agree on that, it might get us back to 3247 at tl, wil not trade it either, just watching and ....learning thanks

Exactly, dont trade when banks are having holidays

Hi Prashant

Just going through today's posts and responding to yours as I read it.

Needless to say I wasn't too pleased about your cold call but I'd like to tell you well done for posting your loss and acknowledging that you were wrong in your calculations - it takes some guts and you are therefore not to be associated with guys who post such "hot tips" and come back with an explantion as to why this didn't happen and how they have miraculously saved the day on another trade.

I still think it would have been nice to post your charts/calculations even after you failed, but I guess you may have been too upset to do so. I hope this will teach other traders who read T's thread to trade their plan and not someone else.

Although I am now more enclined to think you were genuine in your will of sharing with us, this highlights the problem of "hot tips" and why T@rantula's thread is so unique - because we keep at posting reaons why we enter trades.

If you are upset about a $3,000 loss in a week it's likely that you were overleveraging as well. You acknowledge that too. Don't worry too much - you are learning the hard way as 99% of the traders. The goal is to remain in the game until a time comes when you become profitable. This takes time, commitment and a lot of hours behind the screen.

I once lost $7000 in a day. It wasn't a friday the 13th but definitely my worst day trading ever BUT....

for those of you who are just starting, you are better off failing at the start. You will learn quicker and this will make you stronger (or more cautious). It will also make you poorer for a little while. I BELIEVE that if you were only successful you would grow overconfident and make even bigger mistakes. My broker account may tell you otherwise but I am grateful that I made mistakes early because I've learnt from them and I am now slowly but surely raising from ashes...

You actually made the right call by closing at 1.30. of course it only went down to 1.2975 but that's not the point - you had a SL in place (or so I believe) and you traded your plan. This is also called capital protection.

If I recall I was Long at 1.305x with SL @1.302. I lost 30pips on that one 30 pips was the price I was willing to pay to make it happen. As it turned out, I traded my plan, which was to load long at 1.3030 (from the bottom) and I still hold my positions at present and over 200pips in the green. But ths is like chess, you have to accept losses to win.

The other thing you did right was to stop trading. Another common mistake is the revenge trade and that's when people loose big. My recipe is to keep trading when I'm succesful and stop if I repeatedly lose (this means I'm doing something wrong and I should re-assess).

If you haven't read it yet,I suggest reading "trading in the zone", which has been an eye opener to me. Among many other things, it taught me never to expect or anticipate, but just to trade with the flow (T@rantula used the term to "react"). And this simple concept in principle is defintely harder to implement in reality.

So in essence, thanks for getting back to us and good luck with your future trading.

All the best,
B.

I know this is after the fact but I couldn't post at the time. No trade opened over the weekend (except L position trades). Today I entered only one trade, L: 1.3215 after BPC of Bullflag on M5 (@ 10:15am GMT): +55pips. My target was DR1 @ 1.327, my SL was 15pips.

We are now ranging within another bullflag on M5. I have a pending order Long position planned @ 1.323 (one of my levels, should provide some support, so a good place to go long with a tight SL: 15 pips). Another level would be on the Breakout at c. 1.327 but this would be riskier as we would need some fundies to go higher (targets 1.332, 1.3340 and 1.3385).

Market is waiting for news. I thought the agreement was to be drawn today?!?
I'll bet this will start just when Asia opens...
I am off now - see you all tomorrow

Cable Daily.. gets up into blue area on chart will be looking to go short..

Reasons..
Fibo 50% at 15919..
Ext..150%..15890
EXT..1.618%..15940
trend lines collide..
possible D/Top
Weekly fibo pivot points..resistance..50%1.5884...618%1.5910
Mthly...Fibo pivot..Resistance >618%1.5940
Daily CCI and Stochastic.. Possible divergance emerging.. also watching 4 hr which gives similar points but from differnt points..

All just a probality of course..

Good evening Danc,

An excellent post and very good logic and explanation on how to take a trade.
When you have the whole plan for a trade it makes the trade so much easier to take.

You just need one perfectly planned trade a day to make money in Forex.

Well done
Have a nice day

Regards BW

Thanks BW.. appreciate yr comments..as a matter of interest been revisiting a couple of books manuals i have sections on the Golden Mean.. and it has only just started to sink in the importance of..one is a trade book and the other a Beginners guide toConstructing the Universe.. Bldy Amazing stuff.. Chapter 5.. on Regeneration.. BLDY Amazing..
Any thinking on this??
Also i keep revising this thred revisiting yr and Ts settups.. Thank you both..

I'm@ my work
Just want to say put in ur plan the possibility 1.60 can b touched

good for kidding ?( 1.6)

e/u
3250 Important Fib on my chart
Daily close above 3170 Bullish to me
I will b watching 1h if can close under it

Frankfurt fake now or steeper retrace after hitting 1.329?

I got stopped out overnight (-15pips). Bullflag turned out to be at a steeper angle than originally thought.

Above 3175 bullish bias is intact.

1h close above @3252 - confirmation to ME , 5 MIN close above 3265

agreed.

Price dancing around 3235, multiple rejections...

So its basically, 3255 and 3232 the range. Price bias still bullish ofc.

The best option is to play range breakout.

tl break, retest, bullish divergence, long @ 3247 sl 3229

Cool