- #1,303
- Mar 6, 2014 11:47am Mar 6, 2014 11:47am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
{image}
I'd watch out for that PPZ we're heading into now though.
g.
I believe . . .
- #1,304
- Mar 6, 2014 12:03pm Mar 6, 2014 12:03pm
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
GBP/AUD.
RN (1.8400) + LLS + Strong former resistance.
g.
RN (1.8400) + LLS + Strong former resistance.
g.
I believe . . .
- #1,306
- Mar 6, 2014 7:18pm Mar 6, 2014 7:18pm
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
{quote} Did it hit your SL before reversing or you put mental SL?
I did get stopped out which is a pity though, as that's as A+ as it gets for me.
g.
I believe . . .
- #1,308
- Mar 6, 2014 11:57pm Mar 6, 2014 11:57pm
- Joined May 2013 | Status: Trader | 1,997 Posts
{quote} No it was a hard stop. I did get stopped out which is a pity though, as that's as A+ as it gets for me.
about the swing point level on this particular trade setup.. I am not sure how far back you have gone to plot it but to me it seems it is a really a old one dating back to 2009ish, i could be wrong, but if that's the case, going back that far and taking it off the simple 4hr fo with a rather small stop, wouldn't be a bit premature or not a valid LLS at all!!.. at least for me.. your thought plz.
Passion, Persist, Patience, Protect
- #1,310
- Mar 7, 2014 3:31am Mar 7, 2014 3:31am
- Joined May 2013 | Status: Trader | 1,997 Posts
Passion, Persist, Patience, Protect
- #1,311
- Mar 7, 2014 8:00am Mar 7, 2014 8:00am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
{quote} Dear ghous, first of all nice thread. I trade in a similar way or at least close to the same trading concept for years. If you would not mind I like to share my trades in here at times. about the swing point level on this particular trade setup.. I am not sure how far back you have gone to plot it but to me it seems it is a really a old one dating back to 2009ish, i could be wrong, but if that's the case, going back that far and taking it off the simple 4hr fo with a rather small stop, wouldn't be a bit premature or not a valid LLS at all!!.....
Glad to have you posting here,
I never look too far back at all. In fact I try to process the information captured in the current frame of my mt4. This means, that for the most part I am only concerned with the recent action. Its always a plus though to see a recent term PPZ /LLS/ HHR also form a longer term zone.
The pursuit of consistency would initially make me think, "I only need to take genuine losses" and I defined a genuine loss as a loss which is totally at the expense of the market doing something weird. Its been a long time since and I am yet to get my first "genuine loss". I have seen that its almost always possible for you to work (from a price action perspective) why price did what it did.
As I showed on the chart I posted earlier, the location looked strong because of the recent support off of it (LLS) and the former consolidation box high coming right off it. And I can't stress how super cool it is for me to have a tradable LLS / HHR line right off a RN as in this case (1.84).
Looking back in hindsight, price actually tested a subtle PPZ within the consolidation to the left, and found resistance off of it. My anticipation was that since the location is really very strong price should be able to muscle through. Not to be though. As is for the most part, every trade setup you analyze is basically weighing the pros and cons and placing a judgement on which side is heavier. Here the location was just too wicked for me to pass.
g.
I believe . . .
- #1,313
- Mar 7, 2014 11:38am Mar 7, 2014 11:38am
- Joined May 2013 | Status: Trader | 1,997 Posts
Passion, Persist, Patience, Protect
- #1,317
- Mar 10, 2014 2:21pm Mar 10, 2014 2:21pm
- Joined May 2013 | Status: Trader | 1,997 Posts
Passion, Persist, Patience, Protect
