Did you take the trade ? What was your confirmation on M5 ?
- #9,602
- Sep 19, 2013 12:59pm Sep 19, 2013 12:59pm
- Joined Mar 2009 | Status: I know that I know nothing | 2,780 Posts
{quote} No trade. Just put the EMA 480 (which is the equivalent of H4 10) on your M5 chart and wait for some convincing bounce from it. If you look at GU at GMT 15:40, it went through the EMA 480 like butter, so no bounce and no trade....
- #9,604
- Sep 19, 2013 11:54pm Sep 19, 2013 11:54pm
- | Joined Jun 2012 | Status: trade forex like a sniper | 2,419 Posts
On my way to financial independence - if others can do it - I can do it
- #9,605
- Edited 1:06am Sep 20, 2013 12:56am | Edited 1:06am
- Joined Mar 2009 | Status: I know that I know nothing | 2,780 Posts
{quote} you were right kostas, it was a strong support, the point is that you can't expect that 10-15 pips of sl on 4h chart will be enough. support area on higher frame can be a range of even 30 pips. the way I see it now the price did obey 200 ema on m15 which was pretty close to 10 ema on 4h chart, so you were right about the bounce
.EDIT: For the SL you are right, that's why I only scalp the bounces from H4 10 for 10-15p. Using larger SL you can play at higher TF and expect more pips if it turns to a good H4 10 bounce. My concern is that there is still a gap down at 1.5880 area (from the weekend gap that was never properly covered), so I will not feel confident playing higher TFs in GU. Same for EU (gap at around 1.3300).
- #9,606
- Sep 20, 2013 1:53am Sep 20, 2013 1:53am
- | Joined Jun 2012 | Status: trade forex like a sniper | 2,419 Posts
{quote} I was in since 5:50 GMT (closed at 15p+:nerd:blush:. This could behave like ping-pong between H1 50 and H1 35..... If it turns down at around 1.6075-80 then it could go down to 1.6030
I find it hard recently, due to discipline. how do you think of your experience - with 250 Pounds account at the moment, with risk at 15pips=1% and about 100 days of trading a year - how long do you think it will take to get to reasonable amounts? greed loses me all the time
On my way to financial independence - if others can do it - I can do it
- #9,607
- Sep 20, 2013 3:07am Sep 20, 2013 3:07am
- Joined Mar 2009 | Status: I know that I know nothing | 2,780 Posts
{quote} kostas, I know you were doing bad in the past before you found choros - was it hard for you with choros on the beginning? I find it hard recently, due to discipline. how do you think of your experience - with 250 Pounds account at the moment, with risk at 15pips=1% and about 100 days of trading a year - how long do you think it will take to get to reasonable amounts? greed loses me all the time
So if you are still in the learning curve, just stay in the game with a small account and accumulate experience. Don't try to project future profits, learn to be disciplined with your trading plan. For me, minimizing greed
was a major factor in succcess.Sometimes I had hard time accepting the fact that I was out at 10 pips and the trade moved another 100 pips in my direction
. But most times that I tried to wait longer the trade would turn and take my SL, so I learned to ignore what happens after I am out. Get in, grab a few, get out is the name of the game for me.
That doens't mean that this is the right way to trade for you. Learn if you are comfortable with my targets (15pips per day), or if you are a more long term trader which means you need to focus in longer TFs and bigger pip targets (and bigger SL of course).
- #9,608
- Sep 20, 2013 3:32am Sep 20, 2013 3:32am
- | Joined Jun 2012 | Status: trade forex like a sniper | 2,419 Posts
{quote} Well, it was bad but now I understand that it was also necessary. CHOROS was just the method that clicked with my experience and helped me cross to profitability. But I still believe that the previous trading exprerience helped me understand what I was doing. So if you are still in the learning curve, just stay in the game with a small account and accumulate experience. Don't try to project future profits, learn to be disciplined with your trading plan. For me, minimizing greed
greed is my problem as well. there are days when I stick to rules and there are days when something tempts me for fast profits and I blew. I loose a lot I stop trade manually just to see few hours later that If I stayed in the trade I would gain. and then it pushes me to revenge. I counted in excel that even if I will be getting 1% of market each day I can trade then after 10 years I will have few millions, but what I have problem with are figures. If after a day of trading I have 1/5 of my daily wage in full time job I feel disappointed. I know that every profit counts and I won't get rich i a year but something still tempts me and it wins with disciplined attitude. I've been thinking a lot and got to point where I realised money are not everything and I should enjoy my life and my son's early years. my plan which I want to stick to is to carry on with my life. I am healthy, pretty fit as I go to gym 3x a week. the plan is to take mortgage for a house, to work full time plus to get another full time for about a year just to get some cash to pay off some of the mortgage and get back my emergency fund (3-4k is enough) and to carry on with forex/choros on get rich slow basis. to do it slowly, but to stick to discipline day by day, week by week, month by month, year by year, and If I do it right I will retire in 10-15 years. but for some reason greed does kick my ass
On my way to financial independence - if others can do it - I can do it
- #9,612
- Sep 21, 2013 12:59am Sep 21, 2013 12:59am
- Joined Mar 2009 | Status: I know that I know nothing | 2,780 Posts
{quote} h4/10: 4hours = 4*(1hour)=4*(4*15min)=4*4*(3*5min)=4*4*3*(5min)=48*(5min) h4/10=5m/480
- #9,613
- Sep 21, 2013 5:40am Sep 21, 2013 5:40am
- | Joined Jun 2012 | Status: trade forex like a sniper | 2,419 Posts
On my way to financial independence - if others can do it - I can do it
- #9,615
- Sep 23, 2013 12:30am Sep 23, 2013 12:30am
- | Joined Jun 2012 | Status: trade forex like a sniper | 2,419 Posts
On my way to financial independence - if others can do it - I can do it
- #9,616
- Sep 23, 2013 1:10am Sep 23, 2013 1:10am
- | Joined Jun 2012 | Status: trade forex like a sniper | 2,419 Posts
On my way to financial independence - if others can do it - I can do it
- #9,617
- Sep 23, 2013 1:19am Sep 23, 2013 1:19am
- | Joined Jun 2012 | Status: trade forex like a sniper | 2,419 Posts
and another trade, price constrainment on 10 ema, got only 19 pips out of it, got out as price hesitated around 1.6050 area.
also got out as I don't feel like I want to trade today anymore ;-) or maybe I just need to rest for a while (I play GTA Lost and Damn). anyway 5.9% of profit today @84 pips
also got out as I don't feel like I want to trade today anymore ;-) or maybe I just need to rest for a while (I play GTA Lost and Damn
). anyway 5.9% of profit today @84 pips
On my way to financial independence - if others can do it - I can do it
- #9,618
- Sep 23, 2013 1:22am Sep 23, 2013 1:22am
- | Joined Jun 2012 | Status: trade forex like a sniper | 2,419 Posts
On my way to financial independence - if others can do it - I can do it
- #9,619
- Sep 23, 2013 2:58am Sep 23, 2013 2:58am
- | Joined Jun 2012 | Status: trade forex like a sniper | 2,419 Posts
On my way to financial independence - if others can do it - I can do it
- #9,620
- Sep 23, 2013 4:00am Sep 23, 2013 4:00am
- | Joined Jun 2012 | Status: trade forex like a sniper | 2,419 Posts
On my way to financial independence - if others can do it - I can do it