If not up, then down, otherwise sideways :-)
- Joined Jul 2012 | Status: Ninja | 537 Posts
Now this is what I call a bearish outside bar - go baby go... {image}
Those bars are so tiny that they were 2 pixels on my screen. LOL
Okay - joke aside
1) I dont have my MT4 in front of me, but here it seems like a DBHLC rather than a BEOB... Whatever...
The position of the "setup is great. we got some space, so at least the FTA is not right under us... EMAs, however as far as I know james doesnt trade BASE on 15m... And last but not least - at a tiny high - no, we are not at swing high...
However as i see it was nothing more then a pullback + retest with some confluence of the EMAs... The SIZE of these bars tell me nothing... Look at the bars on the high - i want to see BEOBs which are that size... Honestly I think this trade didnt have much to do with your "beob" ... i think price simply pulled back tested the res. and fall...
What's my point here? While learning it's crucial that you look for A+ setups. These setups can be misleading. You see the nice fall, and you think "woow that was a good setup, I gotta look for more like that" - and you do and you find more like that. (Been there done that
) But then when you get to the next level - like demoing, backtesting you realize that most of these trades are unmanageable. Your R/R would be 0,45 or the FTA is too close, and then you have to HOPE that price breaks it through so that you can move to BE at least.Tip: When you see a setup, and you think it's good scroll back on your chart. And play it out as if it were live. What would you have done when you see that price came back to your entry level. Were you already BE? Would you have closed your trade at +0%? And when you see a nice setup, which was easy to manage - well then most probably it was an A+...
Good luck in the pip hunting.
Stephen
It's all psychology...
- Joined Jul 2012 | Status: Ninja | 537 Posts
Tip of the DAY:
NEVER EVER TRUST LOT CALCULATORS THAT WERE NOT WRITTEN BY YOU!
I said 1% I made a trade of 0.56 Lot on an exotic, and i got 10% DD... Thank GOD its only Demo...
However I think this could be useful for all if you if you go live on one day...
Cheers,
Stephen
PS: I will stop my post spamming now
NEVER EVER TRUST LOT CALCULATORS THAT WERE NOT WRITTEN BY YOU!
I said 1% I made a trade of 0.56 Lot on an exotic, and i got 10% DD... Thank GOD its only Demo...
However I think this could be useful for all if you if you go live on one day...
Cheers,
Stephen
PS: I will stop my post spamming now
It's all psychology...
![Click to Enlarge
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Today's close formed some interesting bars, some better than the others in terms of the whole story, but nonetheless...
What do you make of these?
EURUSD BEOB (at swing low - possible continuation)
EURGBP PIN (at swing high - possible reversal)
EURJPY BEOB (at no particular swing - ... )
GBPUSD BEOB (at swing low - possible continuation)
GBPJPY BEOB (at no particular swing - ...)
What do you make of these?
EURUSD BEOB (at swing low - possible continuation)
EURGBP PIN (at swing high - possible reversal)
EURJPY BEOB (at no particular swing - ... )
GBPUSD BEOB (at swing low - possible continuation)
GBPJPY BEOB (at no particular swing - ...)
{quote} Hey Ken Looks good as a continuation. If it engulfed more bars it would be even better I have my TL drawn different which is better for trade mgmt Just a reminder with the continuation bars that they are not the traditional spot to learn these bars first. And that we still always want a proper confluence story to support and manage such a trade. I will post my eur/aud later when I get back I am already short eur/aud from earlier today so I will be passing on the eur/usd in order to not over expose to the euro which both will be dragged down...
It's actually eur/hkd. Lol. I didn't notice that they have similar pattern.
Which trendline do you think is better? I would prefer eur/hkd as it has a BRN behind it.
Thanks for the reminder on continuation bars
Ken
- | Commercial User | Joined Aug 2006 | 12,004 Posts
{quote} Thanks Mike, It's actually eur/hkd. Lol. I didn't notice that they have similar pattern. Which trendline do you think is better? I would prefer eur/hkd as it has a BRN behind it. Thanks for the reminder on continuation bars
The HKD is pegged to the USD so it's literally pretty much the same. I still like the euro better because of the placement of the TL to make trade mgmt easier
Best
Mike
- Joined Jul 2012 | Status: Ninja | 537 Posts
{quote} my entry was missed by 2 pips or so.... had a pending entry @ 1.6278 to sell it. now train is gone for me. shorted cable @ 1.4900 instead.
Where was your SL if I may ask?
BTW its good to see you back Meshka! Check out pinbars SFP-HCR thread you might like it
Cheers,
Stephen
It's all psychology...
hey guys
interested to see how this aussie dollar trade develops on the daily. on the lookout for some bearish pa to push it down round the 90 mark.
then i wonder if we might see a double bottom and maybe a bit of a reversal given where price has originally fallen from.
cheers
steve
interested to see how this aussie dollar trade develops on the daily. on the lookout for some bearish pa to push it down round the 90 mark.
then i wonder if we might see a double bottom and maybe a bit of a reversal given where price has originally fallen from.
cheers
steve
Learning for Earning and Trading for Freedom
{quote} good stuff mate...
Learning for Earning and Trading for Freedom
- | Joined Jul 2013 | Status: Trader | 8 Posts
Tip of the DAY: NEVER EVER TRUST LOT CALCULATORS THAT WERE NOT WRITTEN BY YOU! I said 1% I made a trade of 0.56 Lot on an exotic, and i got 10% DD... Thank GOD its only Demo...
http://www.earnforex.com/position-size-calculator
- Joined Jul 2012 | Status: Ninja | 537 Posts
{quote} Been there - done that! Try this one - it's very helpful... http://www.earnforex.com/position-size-calculator
I think I will write my own too in excel
It's all psychology...
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
Wishing all Muslims a great month of Ramadan.
Fast well
g.
Fast well
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I believe . . .
