I am watching this one too...
james16 Chart Thread
- #122,883
- Jan 30, 2013 6:06am Jan 30, 2013 6:06am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
Pinbar on EURUSD 30min, retests BRN+former resistance. It could have been a nice trade but I was not at my computer :/Attachment
Nice to see you spot that nice little confluence on the trade.
Price has this tendency of returning back to round numbers and important PPZs after breaking them, and this was right out of that league. However there is a fine line between understanding what's going out there and having all the confirmations for a sure trade. The idea was right here, but I wouldn't agree with that pin bar. Its really tiny and given that you're on the M30 you're in for a rude awakening if you start getting excited by such PA bars.
I know it has shot off, and the confluence you spotted, was probably the biggest reason for it, but as a start at least you need to be weighing your trades not just for location but also for the strength of the bar as well as the space a potential trade has to move through.
Its very easy to get carried away by such bars looking at these moves they sometimes generate, when really the bulk of these moves are part of a bigger story naively overlooked by the inexperienced eye ball. Hence as passionately taught at this thread it is best to start looking for the real high quality setups that come with great bars at great PPZs with decent space leaving the more advanced (trading the location more than the bar for instance) stuff for later.
g.
I believe . . .
Hey Stephen,
Nice to see you spot that nice little confluence on the trade.
Price has this tendency of returning back to round numbers and important PPZs after breaking them, and this was right out of that league. However there is a fine line between understanding what's going out there and having all the confirmations for a sure trade. The idea was right here, but I wouldn't agree with that pin bar. Its really tiny and given that you're on the M30 you're in for a rude awakening if you start getting excited by such PA bars.
I know it has...
I'll try to do it better It's all psychology...
- #122,886
- Jan 30, 2013 6:33am Jan 30, 2013 6:33am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
The wrath of a ranging market . . . or is it?
Its always wicked cool, to take a trade and see it turn in to a runner. Its not much fun when that doesn't happen. Its also ok to be sad or happy about the result of a trade provided your emotional state wasn't responsible for your exit.
What gets people in a sideways market is the persistence to a rigid trading plan that requires taking and holding running trades. In a nicely swinging or trending market that's a fair deal, but such plans are incompatible when price is vulnerable to even the minor PPZs in a choppy side ways market.
Nothing to worry about for a trader who understood the current market action and the small size of the Pin bar on Au, hence either taking profit at the blue PPZ or using some risk eradication measures when price hit it.
Ideally we would all like to dictate our terms to the market, but in the real world we get what the market throws at us. To unnecessarily blur this blatant truth with our expectations and wants leaves a trader ill-equipped to handle the troughs and peaks of the market in the longer haul.
g.
Its always wicked cool, to take a trade and see it turn in to a runner. Its not much fun when that doesn't happen. Its also ok to be sad or happy about the result of a trade provided your emotional state wasn't responsible for your exit.
What gets people in a sideways market is the persistence to a rigid trading plan that requires taking and holding running trades. In a nicely swinging or trending market that's a fair deal, but such plans are incompatible when price is vulnerable to even the minor PPZs in a choppy side ways market.
Nothing to worry about for a trader who understood the current market action and the small size of the Pin bar on Au, hence either taking profit at the blue PPZ or using some risk eradication measures when price hit it.
Ideally we would all like to dictate our terms to the market, but in the real world we get what the market throws at us. To unnecessarily blur this blatant truth with our expectations and wants leaves a trader ill-equipped to handle the troughs and peaks of the market in the longer haul.
g.
I believe . . .
- #122,887
- Jan 30, 2013 6:41am Jan 30, 2013 6:41am
The Eyes Believe What They See And The Ears Believe What Others Say.
- #122,889
- Jan 30, 2013 7:55am Jan 30, 2013 7:55am
haha she loved you for a short time, but then really just wanted to vampire all your money buddy
You closed NZDUSD position? why? ... I am standing long ... but this is horrible
my name is tom and i like crayons
- #122,890
- Jan 30, 2013 8:13am Jan 30, 2013 8:13am
Hi guys what do you think of this one ?
PBT&CB, MA 365 Ma 150
My view on GBPCAD, Its a little too choppy for me right now. Nothing really solid on the daily. Im looking more at these monthly HCR and LCS levels for some PA. Could be a long time till that happens.
Rolo
The Eyes Believe What They See And The Ears Believe What Others Say.
- #122,893
- Jan 30, 2013 9:37am Jan 30, 2013 9:37am
- | Commercial User | Joined Nov 2010 | 1,178 Posts
Nothing personal,just business
![Click to Enlarge
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- #122,899
- Jan 30, 2013 2:50pm Jan 30, 2013 2:50pm
Well there was a nice long opportunity on NZDUSD today. Got in at 0.83000 with a 12 pip stop. Price stalled for hours waiting for US and NZD interest rate data. Retraced back to 0.83000 and blasted off. Screwed this one up on my live account getting stopped out at BE right before the NZD data 
(spread increased from 2 to 11 pips during USD interest rate decision propelling price down and got me uneasy.) I was so sure it would bounce off the BRN since that 1 hr pin was so pretty with the trendline right there aswell, but just didn't want the risk on the table.
USDCAD also had a nice short opportunity that I did not take cause it wasn't the best trade, still had a high probability though.
(spread increased from 2 to 11 pips during USD interest rate decision propelling price down and got me uneasy.) I was so sure it would bounce off the BRN since that 1 hr pin was so pretty with the trendline right there aswell, but just didn't want the risk on the table.USDCAD also had a nice short opportunity that I did not take cause it wasn't the best trade, still had a high probability though.
