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  • #281
  • Mar 12, 2012 6:59am Mar 12, 2012 6:59am
Quoting clivepackham
Well I'm in be it a bit early as price didn't get to top of box but had a HA colour change so took it. Stop is above 100 and 200ema and resistance so nice solid stop.

Might enter again if price comes up to top and turns as really like this set up as 100/200 emas just crossing down too.

Of course it could just as easily go up from here but I see this as a high probability trade with a good chance of a reward of 2:1 so worth the try.

lets see what happens??????
Oh well there you go price decided to break out the top instead this time.
Feel the Fear and do it anyway!!!
  • #282
  • Mar 12, 2012 7:31am Mar 12, 2012 7:31am
Quoting clivepackham
Oh well there you go price decided to break out the top instead this time.
Clive

Although youre short trade could work out as we may be changing to shorts shortly here is my take on it....

5m was in uptrend and you where shorting at 'potentially' the bottom of a swing 'in an uptrend'.

If youve not read Hharringtons thread I suggest you have a quick read, its totally opened my eyes! I spent years 'addicted' to MA`s and have never got them to work for me. Sometimes price respects sometimes not. No good for me that.

D
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  • #283
  • Mar 12, 2012 7:36am Mar 12, 2012 7:36am
After every trade I do a quick analysis to see what went right and what went wrong and whether or not I can learn something to avoid future losses etc.

Well all I can say is I would take that trade everyday of the week as i know it can work really well in my favour but this time it didn't so is there a reason for that?

Well i did enter halfway across box when i should of waited for the top as there was no reversal signal there it just went straight through so I woildn't have enetered.

The other thing of course is the price was not trending my 2 emas were going sideways so shouldn't I wait for a nice solid trend to establish itself?

But that said I've had many a good trade from consolidation zones and typically the emas will be going sideways. The one thing you know about consolidation zones is that price will breakout of there one way or the other, I just bet the wrong way today.

So CZ's are great entry pionts with high probability high return trades but you just have to guess the right way.

Once I've had a loser I'm a bit loathe to have another go as maybe the markets not going to play nicely with me today, maybe my entries just aren't going to work?

In fact I am now going to wait for a really good setup and nothing else, will probably wait for a trend to setup then look for entries that way.

I'm very seriously thinking of making a golden rule 3 strikes and out so that on my bad days I lose 6% tops and on my good days when trades go my way with 2:1 plus winners I make 10 - 20%.

Bottom line? I took a good setup just a bit early and bet the wrong way.

Lesson learnt? Maybe just take CZs in a strong trending moves only so I have a better chance of getting the direction right.

Anyone got any thoughts on my trade or where our next possible setup is coming from?
Feel the Fear and do it anyway!!!
  • #284
  • Mar 12, 2012 7:37am Mar 12, 2012 7:37am
Long
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  • #285
  • Mar 12, 2012 7:40am Mar 12, 2012 7:40am
Quoting rossobonks
Clive

Although youre short trade could work out as we may be changing to shorts shortly here is my take on it....

5m was in uptrend and you where shorting at 'potentially' the bottom of a swing 'in an uptrend'.

If youve not read Hharringtons thread I suggest you have a quick read, its totally opened my eyes! I spent years 'addicted' to MA`s and have never got them to work for me. Sometimes price respects sometimes not. No good for me that.

D
Thanks Rossobonks appreciate your comments will check out that thread later.

I hear what you are saying about the 5 min chart and it makes sense, only thing is the 5 min chart is driven by the 1 min so my theory is that if I can spot a trend on 1 min I'm just entering a 5 min signal earlier.

But thanks for your comments its really appreciatted.
Feel the Fear and do it anyway!!!
  • #286
  • Mar 12, 2012 7:40am Mar 12, 2012 7:40am
I've closed this for +7
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  • #287
  • Mar 12, 2012 7:43am Mar 12, 2012 7:43am
The next ones I will pay attention to will be...
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  • #288
  • Mar 12, 2012 7:47am Mar 12, 2012 7:47am
Also keep an eye on 3095
  • #289
  • Mar 12, 2012 10:45am Mar 12, 2012 10:45am
Quoting Roofx
The next ones I will pay attention to will be...
Took your short at top of London session range, looking for bottom of range as target

At BE so can't lose from here.

Update: Stopped out BE but might have another go when it comes up again.
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Feel the Fear and do it anyway!!!
  • #290
  • Mar 12, 2012 10:49am Mar 12, 2012 10:49am
Price did come up and bounce on the high I was hoping for and mentioned earlier but I didn't like that sideways action shown in pink so I did not take this one.

I did take another long off the same level as earlier though. I might finish up guys as I'm super tired after a weekend boating on the river. I think I might have picked up something nasty from the water as I'm not feeling great. +17 so far and I'll hang around for a bit and see what happens if price breaks out of this little channel.

I hope you're all getting pips today. Not a particularily difficult day today which is nice.
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  • #291
  • Mar 12, 2012 10:55am Mar 12, 2012 10:55am
It's broken above 3134 now so potential for longs after a while if anyone is staying on. London close in 7 minutes so I'm done for the day. Not a spectacular day but a few pips on a quiet Monday and an early finish isn't so bad. Time to switch to the higher time frames and see what's happening in general for the week.
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  • #292
  • Mar 12, 2012 11:06am Mar 12, 2012 11:06am
Quoting clivepackham
Took your short at top of London session range, looking for bottom of range as target

At BE so can't lose from here.

Update: Stopped out BE but might have another go when it comes up again.
Ok it didn't work as resistance lets see how it does as support????

In long and at BE.
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Feel the Fear and do it anyway!!!
  • #293
  • Mar 12, 2012 11:12am Mar 12, 2012 11:12am
Here's the long I was taking about looking for in my last post. I didn't take this as I'm done for the day but for educational purposes, the reason for this long is a strong break through 3134 which was previous resistance from the high of European session. Then price came back down to test this line which was now support. That's where you enter, on that bounce. It's an aggressive trade as we aren't waiting for a stalling signal but in this situation waiting for a stall signal often means giving up a few pips of the move or missing it entirely so we trade the bounce with a tight stop. Close for +10 and you're done.
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  • #294
  • Mar 12, 2012 11:13am Mar 12, 2012 11:13am
Quoting clivepackham
Ok it didn't work as resistance lets see how it does as support????

In long and at BE.
I'm glad someone took this one as it was a lovely trade. Did you get in around 3135 ish?
  • #295
  • Mar 12, 2012 11:21am Mar 12, 2012 11:21am
Quoting Roofx
I'm glad someone took this one as it was a lovely trade. Did you get in around 3135 ish?
no at 1.3141 I'm afraid when I had a pin bar but using mt4 so bit slow to get in

Would you have got in at 1.3135? If so on what signal?
Feel the Fear and do it anyway!!!
  • #296
  • Mar 12, 2012 11:22am Mar 12, 2012 11:22am
Trying to hold this hoping it will break 1.3150 but if it doesn't just add it to my list of BE's
Feel the Fear and do it anyway!!!
  • #297
  • Mar 12, 2012 11:22am Mar 12, 2012 11:22am
Quoting clivepackham
no at 1.3141 I'm afraid when I had a pin bar but using mt4 so bit slow to get in

Would you have got in at 1.3135? If so on what signal?
I explained in my earlier post talking about that trade.
  • #298
  • Mar 12, 2012 11:24am Mar 12, 2012 11:24am
It was a standard 123 entry. A break of resistance, pull pack to test the level which is now support and enter as close to the level as possible with a tight stop.
  • #299
  • Mar 12, 2012 11:25am Mar 12, 2012 11:25am
Quoting clivepackham
Trying to hold this hoping it will break 1.3150 but if it doesn't just add it to my list of BE's
You do seem to take an enormous amount of BEs my friend. Do you think maybe a stop of 3 is too tight with a retail account?
  • #300
  • Mar 12, 2012 11:28am Mar 12, 2012 11:28am
Quoting clivepackham
Trying to hold this hoping it will break 1.3150 but if it doesn't just add it to my list of BE's
A seasoned scalper would of taken profits as close to 1.3150 as possible whenever It came up I'm sure but I'm an optimist and hoping it will break 50 level and rush upto 75 level.
Feel the Fear and do it anyway!!!
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