Disliked{quote} Hi Ghous, what if you don't take the January high with your trend line, will you still consider it as a big fakey? aly365 {image}Ignored
g.
I believe . . .
james16 Chart Thread
- #128,561
- Nov 4, 2013 8:27am Nov 4, 2013 8:27am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
I believe . . .
- #128,562
- Nov 4, 2013 8:30am Nov 4, 2013 8:30am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
i think we will have a further move down but I am not willing to give up more profit than this. That's the balancing act when you try to extend certain trades {image}
I followed how you drew that support trend line and pointed out a wedge breakout off of that BEOB too which was a superb addition to the story on this one.
g.
I believe . . .
Oh yeah and EUR/USD is finding support on trendline and previous swing/support level. I'm not live trading but would be nice to know if i am on the rgiht track. Any comments from the experienced members would be really helpful. Thanx
- #128,568
- Nov 4, 2013 10:15am Nov 4, 2013 10:15am
Giovanni that really helps! thanx very much. So zooming out to larger time frame is important when looking for fake outs?
Not mine, but always applicable. Always always. Even when not in doubt..
When the going gets weird, the weird turn pro.
- #128,573
- Nov 4, 2013 5:17pm Nov 4, 2013 5:17pm
{quote} Hey Stark Yep that nervousness would be there for me too. Massive move down. It's not surprising to see a bounce but that small pin isn't very convincing. Upon a break I would watch out for the midpoint of the box. Easy pass on my end Best Mike {image}
Hey man, thanks for that, glad I'm not alone. You and I had an exhange about a small pin a while back and I must say I was remembering that when I posted. I disagreed with you about it at the time (ahem), and...you were right. Hinsight's a wonderful thing. So that's two I owe you
Cheers
Simon
When the going gets weird, the weird turn pro.
- #128,579
- Nov 4, 2013 10:16pm Nov 4, 2013 10:16pm
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
Evening folks EURUSD daily chart. Nothing if not eye-catching.. but does the thought of a trade on this make anyone else nervous? {image}
Despite of all the merits to this one, which gives me a strong bias to the upside here, the fact that at the end of the day we do have a small pin bar headed back into a strong down move has kept me from pulling the trigger on this one. Will still be watching this closely.
g.
I believe . . .
- #128,580
- Nov 5, 2013 12:23am Nov 5, 2013 12:23am
i think we will have a further move down but I am not willing to give up more profit than this. That's the balancing act when you try to extend certain trades {image}
I know you usually do not scale out of trades. I do. No idea how it affects my equity curve, but so far I pretty well know how it helps me gaining confidence.
I entered 3 x 0.5% equity. 1st TP at the FTA, SL strongly reduced (blue box below 0.965 RN + previous bar high). 2nd TP when a doji was printed (SL moved at BE).
These 2 TP at 0.5R and 1R covered my 1.5% position. Now it's a real free trade and I can eventually earn some profit.
So I decided to keep my 3rd position open, with its SL currently hidden above the most recent PPZ (FTA + 150EMA). Worst case, I end up 2R. That's fine for me, my monthly goal is 0.5%+ ie 1R...
Just to keep things in perspective:
I am pretty aware that people here do not recommend managing their trades according to Rs. And I totally agree with that. Yet, I personally need to know where my money is going, so I always consider the risk of the trade as well as its potential returns (ie where are trouble areas located in terms of risk engaged - don't know if I make myself clear...)
I'm also aware that a daily / monthly / hourly return goal is ridiculous. I even felt in the trap of the "100pips a month" exercise J16 once advised (Jibson made mention of it in one of its previous post). Nevertheless, I guess a 1R / 0.5% return a month is achievable, it helps me being picky as I don't have unrealistic dreams, and it is better than many "classical" investment return since it's 5%+ over a year (10 months work).
{quote} Good trade buddy. The real edge with throwing in the breakout pie into the mix, is that you can expect price to deliver momentum. When it doesn't do that, that in itself is HUGE information. I followed how you drew that support trend line and pointed out a wedge breakout off of that BEOB too which was a superb addition to the story on this one.
I'll keep that one in mind, thanks Ghous
take care
Slow & steady