let the chart to be your chauffeur ... -Forexmnstr-
- #2
- Dec 9, 2012 8:54pm Dec 9, 2012 8:54pm
- Joined Sep 2009 | Status: Trader | 1,027 Posts
From sticky thread quotes: the trend is on a specific timeframe: what trend you see at weekly maybe is different at daily, 4h.
Friday I was 100% sure about the price will move up, since we were in a deep. And ge went even lower. "Successfully" I have closed my long position exactly at the bottom.
I know I can press the close position button, and I saw the news result was exactly as expected.
It is ok to make a mistake, but I learnt already the lesson: never put all your money to a single card.
For me: the Monday opening gap and the Friday event it says how to react at the opening of the weekly Market. If isn't going as I have expected I will try to get out. Tuesday everybody is in position an is retesting Friday movement or a new HH or LL, depends if is a trending or consolidation market. Wednesday is a news release / push day: either in inverse or forward direction of Tuesday. If I am really lucky than I have the position from Monday(with at least 100 pip profit), but in most cases not, because I have closed out because of fear. Thursday is anther push day or consolidation for Friday, if Friday has news (like NFP). Sometimes I am entering in range scaling sometimes, I am out an waiting to happen something, sometimes I loose my patience and Iam entering in long position at top of range and so on... Friday is a profit taking day: if you had all week a directional movement, without a retrace you can expect after NY open, until London close.
At Oanda I have used the 5m charts to pick the "safe" trades, with 0.9 pip spread it was ok, but missed the hedge option, which is needed to "correct my position, when I have entered at top tof the range by mistake.
A Dukascopy I have hedge, but a loooot more spread: 0.6 pip(Spread)+1.2pip(commission)+ overnight + fill up fee + who knows what else commission not... I think I am using around 3-7 pip "spread", so nothing to do below 4h with this prices.
Not the 0.9-7 pip makes me successfully or looser!
Changing the timeframe to a higher one I can pay easy that spread on daily-weekly chart.
For me the hardest part is: not beigh online all the time. I am reading news before London open and before NY close, breaking news can move enough to hit SL even from a profitable trade. I don't have enough money to be full trime trader.
Not beigh online, when I should it is increasing my looser positions ration, trades. Than I am thinking is not good my system after 3-5 consecutive losses., which sounds funny from outside, but loosing real money has different effect than demoing.
Friday I was 100% sure about the price will move up, since we were in a deep. And ge went even lower. "Successfully" I have closed my long position exactly at the bottom.
I know I can press the close position button, and I saw the news result was exactly as expected.It is ok to make a mistake, but I learnt already the lesson: never put all your money to a single card.
For me: the Monday opening gap and the Friday event it says how to react at the opening of the weekly Market. If isn't going as I have expected I will try to get out. Tuesday everybody is in position an is retesting Friday movement or a new HH or LL, depends if is a trending or consolidation market. Wednesday is a news release / push day: either in inverse or forward direction of Tuesday. If I am really lucky than I have the position from Monday(with at least 100 pip profit), but in most cases not, because I have closed out because of fear. Thursday is anther push day or consolidation for Friday, if Friday has news (like NFP). Sometimes I am entering in range scaling sometimes, I am out an waiting to happen something, sometimes I loose my patience and Iam entering in long position at top of range and so on... Friday is a profit taking day: if you had all week a directional movement, without a retrace you can expect after NY open, until London close.
At Oanda I have used the 5m charts to pick the "safe" trades, with 0.9 pip spread it was ok, but missed the hedge option, which is needed to "correct my position, when I have entered at top tof the range by mistake.
A Dukascopy I have hedge, but a loooot more spread: 0.6 pip(Spread)+1.2pip(commission)+ overnight + fill up fee + who knows what else commission not... I think I am using around 3-7 pip "spread", so nothing to do below 4h with this prices.
Not the 0.9-7 pip makes me successfully or looser!
Changing the timeframe to a higher one I can pay easy that spread on daily-weekly chart.
For me the hardest part is: not beigh online all the time. I am reading news before London open and before NY close, breaking news can move enough to hit SL even from a profitable trade. I don't have enough money to be full trime trader.
Not beigh online, when I should it is increasing my looser positions ration, trades. Than I am thinking is not good my system after 3-5 consecutive losses., which sounds funny from outside, but loosing real money has different effect than demoing.
I want to buy PATIENCE