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The similarity system

  • #6,801
  • Aug 22, 2014 2:51am Aug 22, 2014 2:51am
Quoting ephisi
closed my last trade -2
sems we are in for retrace 30mins tf and below.
  • #6,802
  • Aug 22, 2014 2:56am Aug 22, 2014 2:56am
My 1H bollinger mid is 3279. We must close above to see more moves higher.
I can see the fight happening on the 2M.
A pip is only worth it if you know how much you risked to earn it
  • #6,803
  • Aug 22, 2014 2:57am Aug 22, 2014 2:57am
reentered short at 80 better position. if we close below 80 we will go challenge pivot again
  • #6,804
  • Aug 22, 2014 2:58am Aug 22, 2014 2:58am
Quoting vlady1974
My 1H bollinger mid is 3279. We must close above to see more moves higher. I can see the fight happening on the 2M.
great stuff bro,
  • #6,805
  • Aug 22, 2014 2:59am Aug 22, 2014 2:59am
Thanks Vlady and Ephisi

I have been watching the higher time frames and been working on the fact that it is in a downtrend I like your analogy of moving back for the run up : )
I got burned today saw it had moved up and thought it should be due to move back down.
I clearly entered at the wrong level and have been keeping my stops fairly tight..... which is maybe not such a good idea I would have hit my target if my SL had been 1 pip higher but was reading this thread and it sounded as though we were in for a fairly larger correction before it continued down I've only been trading for a few weeks so don't have enough experience yet to really know how far a correction is likely to go before the trend resumes...... I have been 50 50 on winning and losing trades which has felt really dissapointing so not feeling all that confident.
Thanks for taking the time to answer
  • #6,806
  • Aug 22, 2014 3:04am Aug 22, 2014 3:04am
Quoting TessiaFx
Thanks Vlady and Ephisi I have been watching the higher time frames and been working on the fact that it is in a downtrend I like your analogy of moving back for the run up : ) I got burned today saw it had moved up and thought it should be due to move back down. I clearly entered at the wrong level and have been keeping my stops fairly tight..... which is maybe not such a good idea I would have hit my target if my SL had been 1 pip higher but was reading this thread and it sounded as though we were in for a fairly larger correction before it...
are you trading live? go read up on support and ressistance, how to draw eliot waves or you can use the zz indicator thats shared here. the best advice i will ever givve you is this before entry always wait for retracement and trade more in directon of trend if you can discipline your self to do that you will succeed
  • #6,807
  • Aug 22, 2014 3:07am Aug 22, 2014 3:07am
Quoting TessiaFx
Thanks Vlady and Ephisi I have been watching the higher time frames and been working on the fact that it is in a downtrend I like your analogy of moving back for the run up : ) I got burned today saw it had moved up and thought it should be due to move back down. I clearly entered at the wrong level and have been keeping my stops fairly tight..... which is maybe not such a good idea I would have hit my target if my SL had been 1 pip higher but was reading this thread and it sounded as though we were in for a fairly larger correction before it...
Firstly, well done.

That's for recognising it's your fault. That is the BIGGEST breakthrough you can or will get in this business.
The market is the market. I cannot begin to tell you! LOL The market is always right.

Take a read of this thread: http://www.forexfactory.com/showthread.php?t=2644 (http://www.forexfactory.com/showthread.php?t=2644)

Secondly, it may not be recommended but I actually think it's good you're trading with real money. My caveat to Ephisi's suggestion is to make sure this is money you are prepared to lose. If you go in thinking you'll turn $1000 into $10K...FORGET. IT. It's GONE. If that's okay, you can begin. If it's not, then do not trade because the emotion of trying to NOT LOSE will severely impair how you react to the market. The 2nd book in the list in the thread above is my favourite and I am re-reading this now. It's amazing each time I read it because each new experience tells me more about MYSELF. If you change your perspective from being a Money Keeper/Protector to a Probability Player, the trading game will change for you. You will then ask yourself before you trade whether the move you're expecting has a higher or lower chance of happening compared to not doing anything, and if you're wrong what is the risk?

Thirdly, yes participate in forums - but make an opinion for yourself and test it. If it works, $. If not -$ but it will be priceless.... another thing not to do.

A pip is only worth it if you know how much you risked to earn it
  • #6,808
  • Aug 22, 2014 3:08am Aug 22, 2014 3:08am
Tessia - if you've only been trading for a few weeks, please use demo account and not real money.

This is a zero sum game. Newbies get burned badly (I was one more than 20 years ago) and I'm sure others in here will have similar stories.
  • #6,809
  • Aug 22, 2014 3:08am Aug 22, 2014 3:08am
Quoting ephisi
reentered short at 80 better position. if we close below 80 we will go challenge pivot again
closed at +5 and waiting
  • #6,810
  • Aug 22, 2014 3:11am Aug 22, 2014 3:11am
vlady - excellent post to Tessia, Good to emphasize that first rule is capital preservation.
  • #6,811
  • Aug 22, 2014 3:16am Aug 22, 2014 3:16am
Hi @ all,

nothing about the System just my 2 Cents for the aims today. At the Moment we are exactly at daily Pivot Point and weekly s3!!! Weekly Pivot is 1.3384. So I think thats the direction we will go when the red News Events come in some hours.

Good luck!
  • #6,812
  • Aug 22, 2014 3:23am Aug 22, 2014 3:23am
Just going out on a limb here.... but if I am right, there will be a misprice at 3242ish.
A pip is only worth it if you know how much you risked to earn it
  • #6,813
  • Aug 22, 2014 3:31am Aug 22, 2014 3:31am
Next move on M5 will be a TZ high above 1.32699
  • #6,814
  • Aug 22, 2014 3:31am Aug 22, 2014 3:31am
It's gonna take some turnaround for Eurusdd's prediction to come true today. Still when Yellen and Draghi are speaking all things are possible.
  • #6,815
  • Aug 22, 2014 3:32am Aug 22, 2014 3:32am
reentered short at 70 closed+ 5 waiting to enter at 70 again
  • #6,816
  • Aug 22, 2014 3:35am Aug 22, 2014 3:35am
Quoting ephisi
reentered short at 70 closed+ 5 waiting to enter at 70 again
looks to me like we will close above 70 in 26minutes, im scalping long will reavaluate at candle close
  • #6,817
  • Aug 22, 2014 3:36am Aug 22, 2014 3:36am
http://www.efxnews.com/story/25764/what-will-yellen-draghi-say-jackson-hole-views-10-banks
  • #6,818
  • Aug 22, 2014 3:41am Aug 22, 2014 3:41am
Quoting ephisi
{quote} looks to me like we will close above 70 in 26minutes, im scalping long will reavaluate at candle close
closed + 1 lol waiting till close of one hour to evaluate. i tot it would spike up
  • #6,819
  • Aug 22, 2014 3:42am Aug 22, 2014 3:42am
That's the problem m8 - the market will always do what the market wants to do regardless of what we do or think.
  • #6,820
  • Aug 22, 2014 3:43am Aug 22, 2014 3:43am
see ya all later, need to focus on grabbing pips. pips
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