gbp/usd
this is my last trade taken yesterday out of the h1 BUOB
what was wrong with it?
this is my last trade taken yesterday out of the h1 BUOB
what was wrong with it?
Attached Image(s) (click to enlarge)
Don't give up
james16 Chart Thread
- #122,761
- Jan 24, 2013 5:25am Jan 24, 2013 5:25am
- | Joined Apr 2009 | Status: Trader | 1,507 Posts
Don't give up
- #122,764
- Jan 24, 2013 6:19am Jan 24, 2013 6:19am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
gbp/usd
this is my last trade taken yesterday out of the h1 BUOB
what was wrong with it?
I think you're a little disappointed that it didn't shoot off to the moon straight up, but well trading isn't always as rosy as picking 5R moves on trades. You've got to operate within your rational boundaries, add logic and reasoning to your trading and leave the rest to the market. If you have a valid edge you will still make money regardless of the losing instances and the break even instances and the not-as-profitable-as-expected instances.
Where we are at on the GU (looking at the daily) is a major daily swing low. Even though price will almost always attract a "knee jerk" reaction at such lows and highs, not always will these moves sustain themselves specially if the market decides to enter into a distribution phase (identified by sideways / boxing action at major swing points). This is precisely why your first (and subsequent) trouble areas are always crucial. Its perfectly rational to want to expect big moves off bigger authoritative bars at decent locations but on the flip side a full bar loss on a setup that makes it to the FTA is a crime! (not saying you did it, just making a general comment)
Expect all you want from a setup, but be prepared to take relevant action should the market unfold a little differently than your expectations.
g.
I believe . . .
- #122,765
- Jan 24, 2013 6:54am Jan 24, 2013 6:54am
- Joined May 2010 | Status: HCR-LCS SFP | 6,026 Posts
Hey, about the indi, im using it now, but I use this latest version (has some fixes with 5 digit broker etc):
http://www.forexfactory.com/showthre...22#post4518122
I dont use it to spot pa but to directly check the pairs with possible PA since I have open around 38 pairs to try to trade/practice as much as I can.
About the head and shoulders, thx for the answer Pinbar, Is that signal strong enough not to get in a trade pointing the opposite way? I know its subjective, but I would like to know your oppinion, noobie here...
- #122,766
- Jan 24, 2013 7:44am Jan 24, 2013 7:44am
- Joined May 2010 | Status: HCR-LCS SFP | 6,026 Posts
- #122,768
- Jan 24, 2013 8:08am Jan 24, 2013 8:08am
- Joined May 2010 | Status: HCR-LCS SFP | 6,026 Posts
Hey, about the indi, im using it now, but I use this latest version (has some fixes with 5 digit broker etc):
http://www.forexfactory.com/showthre...22#post4518122
I dont use it to spot pa but to directly check the pairs with possible PA since I have open around 38 pairs to try to trade/practice as much as I can.
About the head and shoulders, thx for the answer Pinbar, Is that signal strong enough not to get in a trade pointing the opposite way? I know its subjective, but I would like to know your oppinion, noobie here
Actually there is a similar situation on EU right now.
I was thinking this level may show us some serious bearish pa but it appears that the RH&S is trumping this level.
Or at least, trying to.
- #122,770
- Jan 24, 2013 8:55am Jan 24, 2013 8:55am
- | Joined Apr 2009 | Status: Trader | 1,507 Posts
Don't give up
- #122,773
- Edited 10:23am Jan 24, 2013 10:00am | Edited 10:23am
- Joined May 2010 | Status: HCR-LCS SFP | 6,026 Posts
I suppose now 1.5800 will act as resistance;
Just a good place to go short?
That is why, I took the breakout because, I already took two thirds profit and even if it stops me out for a 10 pip loss on the last third, I have already more than covered that.
I wanted to get in on the weekly swing point but, missed it due to shopping for a new car.
So, while I took the trade on the H1 TF, the direction was based on the weekly.
You should stick to the weekly and Daily tfs when you first start out, I know as, I did not take that advice from Mike originally and paid dearly for it in time later. We all know how you wait days and days looking for PA not to find any, it tempts us to go to H4 or lower and, it is a big mistake.
Edit.
Hmm, this car has caught my fancy, what do you think guys?
After living in Japan for so long and driving on the right as we do in the UK, I am not looking forward to learning to drive on the wrong side of the road like you guys do in the US. I did it once in Hawaii and was not keen.
- #122,775
- Jan 24, 2013 10:33am Jan 24, 2013 10:33am
- | Commercial User | Joined Aug 2006 | 12,004 Posts
- #122,776
- Jan 24, 2013 11:00am Jan 24, 2013 11:00am
- Joined May 2010 | Status: HCR-LCS SFP | 6,026 Posts
You have got yourself a flag and pole.
From Mike's pole projections, looks like it could go to the 1.4000 area if it breaks out.
- #122,777
- Jan 24, 2013 11:49am Jan 24, 2013 11:49am
As Mike said, good chart.
You have got yourself a flag and pole.
From Mike's pole projections, looks like it could go to the 1.4000 area if it breaks out.
How about this one? GBPCHF. The daily hasnt closed yet but these are the levels Im watching. The daily support is/was at the RN of 1.47.
Rolo
The Eyes Believe What They See And The Ears Believe What Others Say.
- #122,778
- Jan 24, 2013 12:08pm Jan 24, 2013 12:08pm
AUDUSD
I guess Ill post another one. Hehe.
Been watching this one for like a month now. I like the wedge its forming. I would prefer a PBT&CA that weekly and daily HCR. Might be awhile. We will see. This recent swing, I just didnt see and solid bearish PA bars on lower TF to go short. Now if it would have PBT&CA, i would be more comfortable with a TT.
Rolo
I guess Ill post another one. Hehe.
Been watching this one for like a month now. I like the wedge its forming. I would prefer a PBT&CA that weekly and daily HCR. Might be awhile. We will see. This recent swing, I just didnt see and solid bearish PA bars on lower TF to go short. Now if it would have PBT&CA, i would be more comfortable with a TT.
Rolo
The Eyes Believe What They See And The Ears Believe What Others Say.
- #122,779
- Jan 24, 2013 12:39pm Jan 24, 2013 12:39pm
Was watching Eur/Cad but i still missed the trade 
I think its a text book trade and damn i get mad when miss trades like that .
R/S , 50 Ema , TL , BUOB and the price was close to BRN 1.3200 what more can you ask lol
I think its a text book trade and damn i get mad when miss trades like that .
R/S , 50 Ema , TL , BUOB and the price was close to BRN 1.3200 what more can you ask lol
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