I Have Learned to Take Some Losses to Make Profits
Ratios & Harmonics: a Different Way to Trade
- #5,725
- Dec 9, 2013 8:30am Dec 9, 2013 8:30am
- Joined Nov 2012 | Status: Trader | 2,339 Posts
{quote} {image} {image}
I Have Learned to Take Some Losses to Make Profits
- #5,729
- Dec 9, 2013 4:23pm Dec 9, 2013 4:23pm
{quote} I have dedicated myself to Mr. Pips teachings and this is the video about his candle reading, since you still haven't read through the thread.....
- the explanation is great
- would be nicer on a chart without the right side uncovered....
I do not mind if the trainer knows what is coming, but as for me as a student, more involving to live the actual situation...
Then comes the next question of course...can we do it live together?
- #5,730
- Dec 9, 2013 6:31pm Dec 9, 2013 6:31pm
{quote} I dunno where to link this message to, but my comment is: - the explanation is great - would be nicer on a chart without the right side uncovered.... I do not mind if the trainer knows what is coming, but as for me as a student, more involving to live the actual situation... Then comes the next question of course...can we do it live together?
also, the most important part is have an Expectation of where price should turn around, once you can accurately determine where price will reverse, the candle reading become easier because you know what to look for!
- #5,731
- Dec 9, 2013 10:07pm Dec 9, 2013 10:07pm
- Joined May 2011 | Status: Trader | 1,374 Posts
-milkeyway
{quote} the best way to go about it is to study charts for 2 hours a day at least. also, the most important part is have an Expectation of where price should turn around, once you can accurately determine where price will reverse, the candle reading become easier because you know what to look for!
HI FIneforex do you jump right away when you see a pattern like BAT in 4hr tf EURUSD or wait for 4hrtf candle price action ?
- #5,734
- Dec 10, 2013 12:53am Dec 10, 2013 12:53am
Hi Mr Pip,
Just wondering if you could give some feedback on a trade I made last week. I have now had the time to go through most of the thread again and refresh my memory and clearly was missing some things. I have started a trading log so I can analyse any mistakes further and identify any issues with my trading setups.
Okay so here is the chart I was looking at last week, the daily EURUSD. I entered the trade when the last candle was bearish and put the stop loss above structure.
Then this is now...
So the way I see it I entered too early. The candle at point A is now showing the bears tried to fight and bring the price down but the bulls were too strong and won. At that point it is still in the PRZ so still a possible trade until the next candle (B) where the bulls won again taking it out of the PRZ and therefore invalidating the patterns.
For me my mistake was going in too early and I should have waited until the candle at A had completed to see where the strength in the market was. My trade is still running as not hit the SL yet so going to leave it and if it passes the 88.6 then I will probably exit at a loss (although only on a demo account at the moment).
What are your thoughts (and anyone else s) on this?
Just wondering if you could give some feedback on a trade I made last week. I have now had the time to go through most of the thread again and refresh my memory and clearly was missing some things. I have started a trading log so I can analyse any mistakes further and identify any issues with my trading setups.
Okay so here is the chart I was looking at last week, the daily EURUSD. I entered the trade when the last candle was bearish and put the stop loss above structure.
Then this is now...
So the way I see it I entered too early. The candle at point A is now showing the bears tried to fight and bring the price down but the bulls were too strong and won. At that point it is still in the PRZ so still a possible trade until the next candle (B) where the bulls won again taking it out of the PRZ and therefore invalidating the patterns.
For me my mistake was going in too early and I should have waited until the candle at A had completed to see where the strength in the market was. My trade is still running as not hit the SL yet so going to leave it and if it passes the 88.6 then I will probably exit at a loss (although only on a demo account at the moment).
What are your thoughts (and anyone else s) on this?
