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Ramblings of a Forex Junkie

  • #2,981
  • May 2, 2013 5:02pm May 2, 2013 5:02pm
Quoting Seneca pilot
{quote} After nearly eleven years of trading I have dramatically improved but I still struggle every day with holding winning trades.
I can't understand that what with all the backtesting you have seen. You need to hold onto faith, believe, feel the force, the force is your ally...
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  • #2,982
  • May 3, 2013 7:57am May 3, 2013 7:57am
We're getting the inside bar. I like these easy to set a stop.
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  • #2,983
  • May 3, 2013 8:00am May 3, 2013 8:00am
Inside bar formed on 15mins TF.
  • #2,984
  • May 3, 2013 8:05am May 3, 2013 8:05am
In:
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  • #2,985
  • May 3, 2013 8:07am May 3, 2013 8:07am
Quoting Seneca pilot
In: {image}
Real good area for an IB...
  • #2,986
  • May 3, 2013 8:09am May 3, 2013 8:09am
Resistance at the closes, normal and to be expected. Targeting the area of the monthly high that has been so sticky this week.
  • #2,987
  • May 3, 2013 8:25am May 3, 2013 8:25am
Quoting TantumVerum
{quote} Real good area for an IB...
Tantum would you mind explaining what is a GOOD AREA for an IB in YOUR view means?
I know it's not exactly the way this thread trades but a good area is an interesting concept and something this thread DOES deal with.

Thanks
"Always be yourself " Batman
  • #2,988
  • May 3, 2013 8:29am May 3, 2013 8:29am
Quoting rdsl
{quote} Tantum would you mind explaining what is a GOOD AREA for an IB in YOUR view means? I know it's not exactly the way this thread trades but a good area is an interesting concept and something this thread DOES deal with. Thanks
I don't want to speak for him but I like the location at support. The bottom of the IB is right on the Thursday low.
  • #2,989
  • May 3, 2013 8:29am May 3, 2013 8:29am
Quoting rdsl
{quote} Tantum would you mind explaining what is a GOOD AREA for an IB in YOUR view means? I know it's not exactly the way this thread trades but a good area is an interesting concept and something this thread DOES deal with. Thanks

News pushed down between Prev Day Low and Last Week's Close with the IB forming above Prev Day Low with the wicks on Current Week Open (top) and Prev Day Low (bottom).
  • #2,990
  • May 3, 2013 8:30am May 3, 2013 8:30am
3054/55 area should now be support. If convincingly broken I will get out.
  • #2,991
  • May 3, 2013 8:31am May 3, 2013 8:31am
Looking for 3085.
  • #2,992
  • May 3, 2013 8:33am May 3, 2013 8:33am
Quoting Seneca pilot
Looking for 3085.
Out and done with .95%. Good luck to those of you who are going for more. Remember to protect your capital and also remember that the ECB did just cut rates yesterday. The move up could have its limits.
  • #2,993
  • May 3, 2013 8:33am May 3, 2013 8:33am
Quoting TantumVerum
{quote} News pushed down between Prev Day Low and Last Week's Close with the IB forming above Prev Day Low with the wicks on Current Week Open (top) and Prev Day Low (bottom).

Thank you
"Always be yourself " Batman
  • #2,994
  • May 3, 2013 8:40am May 3, 2013 8:40am
Quoting Seneca pilot
{quote} Out and done with .95%. Good luck to those of you who are going for more. Remember to protect your capital and also remember that the ECB did just cut rates yesterday. The move up could have its limits.
Nice trading Chris
I remember you writing something about the best entries are in the wicks but on this occasion did you have to wait until the IB had closed to see that it was in fact an IB?

Tantum did you trade this move?

Thanks gents and good trading
  • #2,995
  • May 3, 2013 8:41am May 3, 2013 8:41am
Very nice move up, I hope some of you are still in this. Sometimes I am too conservative for my own good.
  • #2,996
  • May 3, 2013 8:45am May 3, 2013 8:45am
Quoting jonnypants
{quote} Nice trading Chris I remember you writing something about the best entries are in the wicks but on this occasion did you have to wait until the IB had closed to see that it was in fact an IB? Tantum did you trade this move? Thanks gents and good trading
Yes, I am. Entry at break of IB up. Current TP is right below monthly open, but watching PA closely. ISM coming out could kill my position, or keep me in. 3100 option barrier could also be in play currently so keeping a close eye on it as well.

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  • #2,997
  • May 3, 2013 8:46am May 3, 2013 8:46am
Quoting jonnypants
{quote} Nice trading Chris I remember you writing something about the best entries are in the wicks but on this occasion did you have to wait until the IB had closed to see that it was in fact an IB? Tantum did you trade this move? Thanks gents and good trading
With news trades I do things very differently. Something like NFP or interest rate decisions render levels useless to me except for taking profits. I go to strictly price action with these big news events. I love inside bars with the NFP trades because the stop is easy to set and the move is often quicker with less retracement than the ones that break out. I am conservative with the targets on these and leave quite a bit on the table sometimes but we don't need every last pip on offer.
  • #2,998
  • Edited 8:49am May 3, 2013 8:46am | Edited 8:49am
Is it just me or are these big moves in EU recently retracing to exactly where the price was a couple of minutes before the move!!!
  • #2,999
  • May 3, 2013 8:48am May 3, 2013 8:48am
I got out too soon. Someone out there is enjoying thirty pips on me. Don't cry for me though I did just fine.
  • #3,000
  • May 3, 2013 8:50am May 3, 2013 8:50am
Quoting jonnypants
Is it just me or are these big moves in EU recently retracing to exactly where the price was a couple of hours before the move!!!
When you get a big spike out of a consolidation you often see a retracement back to the area of the spike break. If price goes above the consolidation level it can head for the moon from here.
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