No kidding. Redirected from twitter.
Hello lurkers
To be honest i was redirected from twitter, too
- #4,822
- Dec 10, 2012 5:44am Dec 10, 2012 5:44am
[quote=Mezzy;6276666]
On friday i was like 'woah pinbar alert longlonlong!'. But after reconsidering the setup during the weekend several times i realized i was totally wrong on this one. to be honest for a beginner like me its extremely difficult to stay out of the market. but with the help of you guys ive managed to be patient and stay out of a shitty setup 
. thanks!
Ok here are two screenshots of the charts iam talking about. maybe now somebody is willing to contribute.
Well yeah, it is bearish because that's what it's been doing.
What is your goal? Do you want to fade the market? Join the trend? Pattern trade?
EU has a triple top on the daily and is going full bear, I think the gap will close on open then resume its way down.
GU is making consistently lower highs, and the macd is pointing the way down.
Just my thoughts mate. Not exactly sure what your after.
. thanks!
- #4,823
- Dec 10, 2012 5:57am Dec 10, 2012 5:57am
Some stills from a trading video on YouTube from School of Trade.
Interesting.
Ive seen exact the same thing in a book about 'market technique' written by a german trader called micheal voigt. in general the book is about trend trading. He states that in these 1-2-3 patterns price accelerates when breaking point 2 because many people have their stops laying at point 2.
E.g. when price reaches point 2 in the long setup on the left of your picture, people who were short and who had there stops at point 2 are now being stopped out and must therefore take a long order (to get rid of their short position) so there are even more long orders and price accelerates up.
dunno if that makes any sense at all
.
- #4,824
- Dec 10, 2012 8:05am Dec 10, 2012 8:05am
[quote=daveone;6278211]
Dave, be careful where you lay responsibility for your trading decisions, don't forget you're on your own all the way in this game.
If EURUSD rallies to 3050 who you going to kick first, James16 or Mezzy?
"the guys" have at the moment talked you out of a 50pip move north to close a gap, an actual Fail Better strategy.
I know it's tough man but you've gotta grow those balls big and steely.
On friday i was like 'woah pinbar alert longlonlong!'. But after reconsidering the setup during the weekend several times i realized i was totally wrong on this one. to be honest for a beginner like me its extremely difficult to stay out of the market. but with the help of you guys ive managed to be patient and stay out of a shitty setup
If EURUSD rallies to 3050 who you going to kick first, James16 or Mezzy?
"the guys" have at the moment talked you out of a 50pip move north to close a gap, an actual Fail Better strategy.
I know it's tough man but you've gotta grow those balls big and steely.
- #4,825
- Dec 10, 2012 9:24am Dec 10, 2012 9:24am
[quote=Quidsey;6278642]
True words concerning the balls! But trading the gap has never been my intention even though i would have loved to trade the gap. But due to technical difficulties markets on Oanda opened too late last night and i had to get up early today.
In terms of PA there was no bullish setup. It is rather a bearish setup if you check out the weekly timeframe.
You could argue that friday's daily candle is a SFP which formed into resistance. But since the resistance zone was tested once already AND the setup was not valid in terms of PA AND there was a weekend in between i passed on this one.
I dont know if you have read the 'how to make money trading' thread on t2w. but i imagine that wiz aka trader_dante would not have called it a high probability setup back then.
Still you can blame my indecisiveness and my relying on somebody else's oppinion. But thats what made me stay out of the trade in the end and i dont feel bad about it at all.
Dave, be careful where you lay responsibility for your trading decisions, don't forget you're on your own all the way in this game.
If EURUSD rallies to 3050 who you going to kick first, James16 or Mezzy?
"the guys" have at the moment talked you out of a 50pip move north to close a gap, an actual Fail Better strategy.
I know it's tough man but you've gotta grow those balls big and steely.
True words concerning the balls
! But trading the gap has never been my intention even though i would have loved to trade the gap. But due to technical difficulties markets on Oanda opened too late last night and i had to get up early today. In terms of PA there was no bullish setup. It is rather a bearish setup if you check out the weekly timeframe.
You could argue that friday's daily candle is a SFP which formed into resistance. But since the resistance zone was tested once already AND the setup was not valid in terms of PA AND there was a weekend in between i passed on this one.
I dont know if you have read the 'how to make money trading' thread on t2w. but i imagine that wiz aka trader_dante would not have called it a high probability setup back then
. Still you can blame my indecisiveness and my relying on somebody else's oppinion. But thats what made me stay out of the trade in the end and i dont feel bad about it at all
.
[quote=Quidsey;6278642]
^.^ thats why I asked him what are his goals, I even said the gap should close (up) before going back down. J16 looks at longer time frames, mostly daily with weekly bias. So it really depends on what TF your looking at and what your goals are, what kind of movement are you looking for? 10pips up? you can get that in a bear market. It all depends on your plan/strategy.
I'm definitly a beginner as well. I think conceptually I understand the game pretty well, however in market execution I'm still failing. So what I say might be right, but I have trouble with the follow through.
Dave, be careful where you lay responsibility for your trading decisions, don't forget you're on your own all the way in this game.
If EURUSD rallies to 3050 who you going to kick first, James16 or Mezzy?
"the guys" have at the moment talked you out of a 50pip move north to close a gap, an actual Fail Better strategy.
I know it's tough man but you've gotta grow those balls big and steely.
^.^ thats why I asked him what are his goals, I even said the gap should close (up) before going back down. J16 looks at longer time frames, mostly daily with weekly bias. So it really depends on what TF your looking at and what your goals are, what kind of movement are you looking for? 10pips up? you can get that in a bear market. It all depends on your plan/strategy.
I'm definitly a beginner as well. I think conceptually I understand the game pretty well, however in market execution I'm still failing. So what I say might be right, but I have trouble with the follow through.
- #4,828
- Dec 10, 2012 9:43am Dec 10, 2012 9:43am
[quote=Mezzy;6278964]
In the end iam not quite sure where i set my goal. On the h1 it probably would have been a valid setup if i had got the entry down at the resistance but when i saw the setup friday night it was already too late.
Initially the daily candle was the reason i wanted to enter and ive already explained the reasons for not entering the trade on the d1 in my last post.
Imo 'Being unsure about a setup' is enough a reason to stay out of a trade.
Thanks to you mezzy and quidsey for helping me working out the mistakes in my train of thought.
^.^ thats why I asked him what are his goals, I even said the gap should close (up) before going back down. J16 looks at longer time frames, mostly daily with weekly bias. So it really depends on what TF your looking at and what your goals are, what kind of movement are you looking for? 10pips up? you can get that in a bear market. It all depends on your plan/strategy.
I'm definitly a beginner as well. I think conceptually I understand the game pretty well, however in market execution I'm still failing. So what I say...
In the end iam not quite sure where i set my goal. On the h1 it probably would have been a valid setup if i had got the entry down at the resistance but when i saw the setup friday night it was already too late.
Initially the daily candle was the reason i wanted to enter and ive already explained the reasons for not entering the trade on the d1 in my last post.
Imo 'Being unsure about a setup' is enough a reason to stay out of a trade.
Thanks to you mezzy and quidsey for helping me working out the mistakes in my train of thought
.
- #4,829
- Dec 10, 2012 9:52am Dec 10, 2012 9:52am
Just a reflection, a thought, on responsibility and awareness of unhelpful influence really guys, not having a pop at anybody's strategy... although can't remember the last time I looked at a weekly chart
All the best.
All the best.
[quote=Mezzy;6278964]
You are in the right place. Learn to Fail Better
I'm definitly a beginner as well. I think conceptually I understand the game pretty well, however in market execution I'm still failing. So what I say might be right, but I have trouble with the follow through.
I don't need easy. I just need possible.
- #4,833
- Dec 10, 2012 11:41am Dec 10, 2012 11:41am
- | Commercial User | Joined Jan 2007 | 1,442 Posts
IMO he was pointing out it misses swings, use your eyeballs. They work better.
Grizz, - working on it mate.
The question mark swings that the indicator would have highlighted presumably with the intention of getting long; we see an SFP occured which of course would give us a short setup.
- #4,836
- Dec 10, 2012 1:38pm Dec 10, 2012 1:38pm
As we're on a SFP tack, GBPJPY (one I don't trade) has recently gone range crazy on the H1.
Trade 1, nice support level that price has rejected with some nice big swings away, the mythic V.
Trade 2, back to range highs/previous swing. Possibly a 'leaver' as there is a higher swing point not that far away. This one is also a squeezer if you took it, technically you haven't got a close above that SFP candle to signal an exit, but these ones can make you sweat.
Trade 3 is a fill your puke tin trade. Stick that SFP pin bar up to the hard right hand side of your chart and tell me you wouldn't have thought xmas was coming early.... and then slowly roll it forward and feel the bile rising lol!
Look at that 'kin last candle that just closes below the pin, you are out and you are thankful.....4hrs of pain is over..... and then they f#ck ya!
Trade 4, I would need robocop balls before I had the courage to slam into that one.
Trade 5, I know I'd be thinking, man 4th time back... time to breakout no? but there's no spider here baby.... lol
(sorry, one to many Baileys)
