DislikedI'm glad you brought it up. I like to see it instead of guessing. In other words, let the market tell me if the price is being rejected.Ignored
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DislikedI'm glad you brought it up. I like to see it instead of guessing. In other words, let the market tell me if the price is being rejected.Ignored
DislikedI get the feeling you may have read Trader_Dante's infamous thread; he is an advocate of waiting for a strong candlestick pattern to verify a trade. I agree with Trader_Dante but unfortunately my opportunity to monitor the price charts is limited with having a wage job to also deal with. BillyRayValentine does essentially the same thing in finding confluence zones, but he doesn't wait for the candlestick pattern and does pretty well for himself from what I can tell. I guess what I'm saying is that your advice seems quite sound to this novice trader,...Ignored
DislikedIt's not just candle formations. You need much more. If your day job is getting in the way of monitoring charts then you could wait until top formation is formed, let the initial move go, then get in at the second entry. Much easier and less painful then selling the rallies, IMO.Ignored
DislikedAt the risk of going slightly off topic, my worry with going in at a 'second entry' is that the resistance will give way due to it already being partially eaten up at the first go. This would probably work better if I were to do this at the pullback we last saw resistance from (the 'retracement bus' lol), especially given that most of us are in consensus that the trend will likely continue. I'm curious now, though - what do you mean by needing much more than the candlestick rejection (having already taken into account S/R and fib levels)? If this...Ignored
DislikedYeah, I think this is where Gator comes in with his target of 1.2432. Like I said, big drop.Ignored
DislikedYea... there are some who will never change their way until they've learned it from the worst experience one can have trading the market before finally righting their ship, and that would be the great margin call.
From what I've read... this guy is down around 225 pips, and with next 150 pips move he will be called. He's playing with 5 lots.... No proper MM used, no SL. All of the very basics of the basics on trade knowledge to master before even attempting to place the first live trade was ignored...
So...
50x225 = $11,250
50x375 =...Ignored
Dislikedyou will have to do some homework on that subject of "second entry." many ways to skin a cat. personally, the "second entry" is when you can apply the system of trading.
regarding on the subject of candlestick:
candle stick alone will not tell you if the market will reverse. most major tops and bottoms do not form in a single day. you need to understand 'top and bottom formations' alone with momentum reading behind the price moves.
ex. market makes a parabolic move. then a reversal candle forms. how reliable do you think that candle is?...Ignored
QuoteDislikedlook at george soros. does he sell all rallies or buy all dips hoping that the market will turn? i doubt it. he waits until the market (price) tells him the sentiment has turned towards his fundamental outlook. in other words, even for him, he is not at the very top or bottom.
DislikedWhen it stops going up, I'll get out of my long and go short until it stops going down. Repeat the cycle over and over.
I don't predict, some here are far more talented at this than I am. I just react.Ignored
DislikedAgreed, but I'm not necessarily looking to find the ultimate top to this trend; pulling a scalp off of this level is my current goal and trailing to see what the market does. If price manages to bust through previous support after bouncing, then maybe there's something more to it. If it bounces at all I expect it to rebound at support though which is where I'll be setting my take profit. Determining whether or not this is going to be where the Euro turns is something none of us will really know until long after the fact unfortunately, [b]I'm simply...Ignored
DislikedI have posted my POUND analysis for those who are interested here:
http://www.forexfactory.com/showthre...53#post6229053Ignored
DislikedWhat is the meaning? That what it worked well one time it will not work well another time.
My strategy is not so vulnerable to high volatility. Your is.
But your strategy works much better in low volatility than mine.Ignored