Stop thinking like a retail trader
Forextrinitrader3.0 Profit This Month:
na
james16 Chart Thread
- #110,882
- Apr 27, 2012 10:12am Apr 27, 2012 10:12am
http://www.forexfactory.com/showthre...86#post5601186
I posted like 30 charts in the PF I am watching lol. So many things are winding up. I am just sitting and waiting
- #110,883
- Apr 27, 2012 10:33am Apr 27, 2012 10:33am
- Joined Sep 2010 | Status: Trader | 1,122 Posts
Many touches
Clearer touches
Major swings
Less breached
Easy to spot
Combine all and you get'em !
Human
Hey fxterrapin,
could you please elaborate on why you took that trade?
g.
It was not a pretty pin (or a pin at all), but did stop short of the 200 MA, the bar next to it also closed below 1.2800. In addition, both bars remained below the high of the 2-day pin that formed around April 10-11. Once the third bar broke the low of the previous bar I went short. Went to BE when I was 20 pips in the green. I considered this range trade. What do you think?
70+ pips, but still does not mean it was a good trade.
fxterrapin
- #110,886
- Apr 27, 2012 12:31pm Apr 27, 2012 12:31pm
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
Lol, you probably think it was a bad idea?
It was not a pretty pin (or a pin at all), but did stop short of the 200 MA, the bar next to it also closed below 1.2800. In addition, both bars remained below the high of the 2-day pin that formed around April 10-11. Once the third bar broke the low of the previous bar I went short. Went to BE when I was 20 pips in the green. I considered this range trade. What do you think?
70+ pips, but still does not mean it was a good trade.
fxterrapin
I asked your rationale behind the trade because I wanted to know if you were passionate about the pin bar straddling the big round number.
Round numbers as confluence to your pin bars is in a totally different league than your other confluence factors like MAs, Fibs and divergence.
Scan your charts for pin bars...even the average looking ones that straddle round numbers and notice how often price will pull back into them to hold to the pip at these round numbers and bounce. These can call for very high probability trades on the pull back to the RN with very tight stop loss and very good R:R.
Another recent superb opportunity was the GBP/CAD daily pin bar. There were mixed views resulting from valid concerns regarding lack of space. Despite the deficiencies notice the same phenomena on the GBP/CAD as with your EUR/AUD setup.
(PS the GBP/CAD is off the Fxpro feed, your EUR/AUD was on a different feed)
g.
I believe . . .
- #110,888
- Apr 27, 2012 2:42pm Apr 27, 2012 2:42pm
- Joined Jun 2010 | Status: Hello,Mr.Market | 1,806 Posts
A chart helps those who can read it.
- #110,889
- Apr 27, 2012 2:53pm Apr 27, 2012 2:53pm
Just wanted to say something...
Reading too many threads really messes with my analysis, people can be bullish or bearish and be right but even two people trading in the exact same direction can have different outcomes.
I just realized that I was so set on going short on EURUSD for the past week that I almost missed the daily BUOB showing up now (off of a FTA zone drawn beforehand on H4). I must follow the charts, the charts don't follow me... intermediate up trend show in blue lines (added after the fact).
One more thing I noticed... there are two ways to get people to believe a certain view is right: Smart analysis in a certain direction, or dumb analysis in the other direction! Main thing here is to stick to what works for you.
Just something to conclude my week I like this thread...
Reading too many threads really messes with my analysis, people can be bullish or bearish and be right but even two people trading in the exact same direction can have different outcomes.
I just realized that I was so set on going short on EURUSD for the past week that I almost missed the daily BUOB showing up now (off of a FTA zone drawn beforehand on H4). I must follow the charts, the charts don't follow me... intermediate up trend show in blue lines (added after the fact).
One more thing I noticed... there are two ways to get people to believe a certain view is right: Smart analysis in a certain direction, or dumb analysis in the other direction! Main thing here is to stick to what works for you.
Just something to conclude my week
I like this thread...
- #110,890
- Apr 27, 2012 3:54pm Apr 27, 2012 3:54pm
- Joined Feb 2009 | Status: kiki soso largyalo | 2,243 Posts
meine augen sind die sterne
- #110,891
- Edited 4:14pm Apr 27, 2012 4:02pm | Edited 4:14pm
Anyone have a good strategy for taking profits while you are sleeping or not in front of your computer??
Lately I have been getting into trades and they have been going in my direction and almost missing targets by 3-4 pips. When I am awake or sitting in front of my computer and I see it that close I will close some of the position and move stop to BE and let the rest run. For the last week , last night really sucked , I will put on trades and the TP usually will hit sometime during the late night /early morning here in AZ when I am sleeping. Sometimes if I wake up I will check and close the position. Last night ALL 3 of my trades missed their targets by 3 pips....
What would have been a great night turned out to be losses
Example :
Short GBP/USD TP 1.6145 ACTUAL LOW 1.6151
Short EUR/CAD TP 1.2975 ACTUAL LOW 1.2977
One that really kicked my a$$ was USD/JPY I went long yesterday afternoon as my signal told me to ......get my a$$ kicked after the statement and the USD tanked for about 5 minutes ....took me out with a quickness only to come right back and see my initial profit target hit , and then some, but I was not in it because of the sharp spike down..... this just sucked over all it really had nothing to do with missing target just wanted to bitch about it
So I was just wondering if anyone else has issues like this and anything they do to help alleviate this besides the obvious "lower your targets"
Thanks
Lately I have been getting into trades and they have been going in my direction and almost missing targets by 3-4 pips. When I am awake or sitting in front of my computer and I see it that close I will close some of the position and move stop to BE and let the rest run. For the last week , last night really sucked , I will put on trades and the TP usually will hit sometime during the late night /early morning here in AZ when I am sleeping. Sometimes if I wake up I will check and close the position. Last night ALL 3 of my trades missed their targets by 3 pips....
What would have been a great night turned out to be losses Example :
Short GBP/USD TP 1.6145 ACTUAL LOW 1.6151
Short EUR/CAD TP 1.2975 ACTUAL LOW 1.2977
One that really kicked my a$$ was USD/JPY I went long yesterday afternoon as my signal told me to ......get my a$$ kicked after the statement and the USD tanked for about 5 minutes ....took me out with a quickness only to come right back and see my initial profit target hit , and then some, but I was not in it because of the sharp spike down..... this just sucked over all it really had nothing to do with missing target just wanted to bitch about it
So I was just wondering if anyone else has issues like this and anything they do to help alleviate this besides the obvious "lower your targets"
Thanks
"Greed is good,greed is right,greed works"
- #110,892
- Apr 27, 2012 4:11pm Apr 27, 2012 4:11pm
Anyone have a good strategy for taking profits while you are sleeping or not in front of your computer??
Lately I have been getting into trades and they have been going in my direction and almost missing targets by 3-4 pips. When I am awake or sitting in front of my computer and I see it that close I will close some of the position and move stop to BE and let the rest run. For the last week , last night really sucked , I will put on trades and the TP usually will hit sometime during the late night /early morning here in AZ when I am sleeping. Sometimes...
- #110,893
- Apr 27, 2012 4:22pm Apr 27, 2012 4:22pm
- Joined Feb 2009 | Status: kiki soso largyalo | 2,243 Posts
meine augen sind die sterne
- #110,894
- Apr 27, 2012 4:27pm Apr 27, 2012 4:27pm
- Joined Oct 2010 | Status: full time beer drinker | 1,345 Posts
happy weekend
It was a fabulous trade brother,
I asked your rationale behind the trade because I wanted to know if you were passionate about the pin bar straddling the big round number.
Round numbers as confluence to your pin bars is in a totally different league than your other confluence factors like MAs, Fibs and divergence.
Scan your charts for pin bars...even the average looking ones that straddle round numbers and notice how often price will pull back into them to hold to the pip at these round numbers and bounce. These can call for very high...
Absolutely, Ghous.
The feed is Interbank btw. In fact it was the general feeling I got when the pattern popped out at me. I then investigated the technicals further. Even though the second bar was indecisive, its upper range respected 1.2800 almost to the pip. But of course since as you mentioned I was trading into the range, BE at 20 pips was pretty important.
- #110,897
- Apr 27, 2012 4:36pm Apr 27, 2012 4:36pm
- Joined Oct 2010 | Status: full time beer drinker | 1,345 Posts
thanks guys for this setup, i set my SL to BE and will take half out on the first TA
but look on the weekly pin bar
- #110,899
- Apr 27, 2012 6:07pm Apr 27, 2012 6:07pm
Anyone have a good strategy for taking profits while you are sleeping or not in front of your computer??
with more experience I'm sure you'll find a good TP... I'm in an opposite situation, my SL gets hit and then price moves a couple pips more before going in the opposite direction.
The only way is to tighten your TP.. what's 5 pips difference?
"One of the most helpful things that anybody can learn is to give up trying to catch the last eighth or the first. These two are the most expensive eighths in the world." - Reminiscences of a Stock Operator
Stop thinking like a retail trader
Forextrinitrader3.0 Profit This Month:
na