Knowing is not enough; we must apply. Willing is not enough; we must do.
- #5,241
- Jul 3, 2013 3:39am Jul 3, 2013 3:39am
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
- #5,242
- Jul 3, 2013 3:40am Jul 3, 2013 3:40am
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
Knowing is not enough; we must apply. Willing is not enough; we must do.
- #5,245
- Jul 3, 2013 4:44am Jul 3, 2013 4:44am
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
{quote} Moved SL to 1.6750 (BE+35). {image}
Knowing is not enough; we must apply. Willing is not enough; we must do.
- #5,247
- Jul 3, 2013 5:02am Jul 3, 2013 5:02am
- Joined Mar 2010 | Status: Trader | 1,635 Posts
{quote} Hey Balhana, just curious, why are you not full time yet? With your skills, I seriously think you're definitely killing it in trading.
"The big hurdle would be the switch to depending on variable income. I will probably miss having job income coming in monthly, as it will be cut down to half (at the moment) if I quit my day job. It's a really tough decision here. I want to have a saving that can last me 3-5 years because I'm the sole bread winner and will have bad months where I might not be able to take much out of my account. I'm still juggling with this decision, but will be trading for a living when (not if) my account reaches a certain level."
- #5,249
- Jul 3, 2013 9:12am Jul 3, 2013 9:12am
- Joined Nov 2012 | Status: Be consistent, Be persistent. | 1,847 Posts
{quote} I receive the same question very often. Here is the answer I've sent to some people: "The big hurdle would be the switch to depending on variable income. I will probably miss having job income coming in monthly, as it will be cut down to half (at the moment) if I quit my day job. It's a really tough decision here. I want to have a saving that can last me 3-5 years because I'm the sole bread winner and will have bad months where I might not be able to take much out of my account. I'm still juggling with this decision, but will be trading...
All d best.
Regards,
Chao
Knowing is not enough; we must apply. Willing is not enough; we must do.
- #5,250
- Jul 3, 2013 10:18am Jul 3, 2013 10:18am
- Joined Mar 2010 | Status: Trader | 1,635 Posts
The setup I missed..... 
- #5,253
- Jul 3, 2013 12:26pm Jul 3, 2013 12:26pm
- Joined Mar 2010 | Status: Trader | 1,635 Posts
{quote} Just want to take the time to thank you or your excellent posts! One thing that seems to be a recurring theme with your trades is the avoidance of bull and bear traps. Is there a particular methodology you use in such scenarios? Thanks
When a support level such as a swing low or a trendline (including wedge and channel) is breached, the market often attracts fresh interest from buyers and sellers. The buy low crowd come in looking for value at previously cheap levels (demand), while the breakout following crowd sell the breakout looking for an extension of the decline. If the downside break fails to see follow-through selling, frustrated short sellers cover their positions bidding the market up creating a whipsaw (bear trap). The market advance is exacerbated by the 'wait and see' crowd (like myself
) who come in after most of the cards have been played. Check out my charts with the above mentioned concept. Hope this helps.
- #5,256
- Jul 3, 2013 8:17pm Jul 3, 2013 8:17pm
- Joined Mar 2010 | Status: Trader | 1,635 Posts
{quote} There was fresh lower demand so he was waiting first for clearing it and then sell. Only my view.
I waited for price (lower demand) to be compressed (consumed). Waiting for more PA confirmation sometimes makes me miss some opportunities, but it is a lot safer, and trade management gets much easier. I have no rigid rules about it and my choices are always fluid because every trade has its own character.
- #5,258
- Jul 3, 2013 10:35pm Jul 3, 2013 10:35pm
- Joined Mar 2010 | Status: Trader | 1,635 Posts
EA Analysis {image}
- #5,260
- Jul 3, 2013 11:46pm Jul 3, 2013 11:46pm
Balhana I think its great that you added a chart setup of the EURAUD where you had a plan and the market didnt come to you, you didnt chase it. You had a plan and stuck to it. Words of Wisdom everyone!
{quote} EA dropped without me.
DM if you have any questions