Trading can't be taught but it can be learned
{quote} You were right to be hesitant... this is why I always try to wait for a proper TMS signal... has saved me countless times When Plan A fails, we resort to Plan B... FO formed a nice BUOB following 2 IB's for a TDI bounce setup long. However the 40 pip pullback took me out at BE{image}
Just catching up on the thread and thought I'd ask if you take any notice of the fact that FO had upper and lower wicks. They made me sit on my hands
Never argue with a fool; onlookers may not be able to tell the difference.
I was pretty convinced by this trade. Unfortunatly it turned out different.
FO Pullback candle off 1.545. We were getting very close to a long standing trendline and also 1.5420 I consider an important level.
LO bullish (long wick tho) close above EMA5 with TDI cross good angle.
Went back down to take out 2xATR(10).
I guess my S/L was not at a logical level. It should be atleast a few pips below 1.5450 but that's the drawback of 2xATR(10) I guess. (I'm gonne be gutted if it turns and shoots up
)
Is there anything I missed in this trade? Diden't see any 4H MC/WRB's of any sorts...
Best,
FO Pullback candle off 1.545. We were getting very close to a long standing trendline and also 1.5420 I consider an important level.
LO bullish (long wick tho) close above EMA5 with TDI cross good angle.
Went back down to take out 2xATR(10).
I guess my S/L was not at a logical level. It should be atleast a few pips below 1.5450 but that's the drawback of 2xATR(10) I guess. (I'm gonne be gutted if it turns and shoots up
)Is there anything I missed in this trade? Diden't see any 4H MC/WRB's of any sorts...
Best,
- #61,307
- Oct 9, 2015 5:52am Oct 9, 2015 5:52am
- Joined Dec 2013 | Status: Trader | 1,680 Posts
GA H4 trade, still on.... {image}
Sad i'm not trying to understand PA
{quote} Hi Ballistical Just catching up on the thread and thought I'd ask if you take any notice of the fact that FO had upper and lower wicks. They made me sit on my hands
IMHO the lower wick was simply caused by the negative EUR release at the start of FO. For FO to pullback and close bullish despite this negative news release shows more strength than without it. This is what I interpreted from watching the candle play out in real time anyway
Despite this, I still wanted to see a break of FO before entering which cost me the 50 pip result in this case
Focus on the process and the profits will follow
I was pretty convinced by this trade. Unfortunatly it turned out different. FO Pullback candle off 1.545. We were getting very close to a long standing trendline and also 1.5420 I consider an important level. LO bullish (long wick tho) close above EMA5 with TDI cross good angle. Went back down to take out 2xATR(10). I guess my S/L was not at a logical level. It should be atleast a few pips below 1.5450 but that's the drawback of 2xATR(10) I guess. (I'm gonne be gutted if it turns and shoots up
I'm a little unclear on your entry but EA has been horrible today... typical for a Friday.
I entered immediately at LO+1 with LO forming the bullish setup candle. Got out at BE after the double top formed. Price has since formed a double bottom around FO low... Unless the US news presents any really strong setups I'm done for the week
Focus on the process and the profits will follow
{quote} Hi LL, IMHO the lower wick was simply caused by the negative EUR release at the start of FO. For FO to pullback and close bullish despite this negative news release shows more strength than without it. This is what I interpreted from watching the candle play out in real time anyway
Never argue with a fool; onlookers may not be able to tell the difference.
- #61,312
- Oct 9, 2015 7:24am Oct 9, 2015 7:24am
- Joined Nov 2008 | Status: Trader | 50,190 Posts | Online Now
Closing H4 ME/ME trades for EJ, AY and AU but they all ran higher after I closed. 
EY 424 pips
AJ 337 pips
AU 313 pips
EY 424 pips
AJ 337 pips
AU 313 pips
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
{quote} Makes sense, thanks. I'm still trying to work out FO after all these years
- It rarely makes a large move in one direction without retracing to retest it's open price part way through. For that reason, if I consider entry at FO its usually immediately upon open and I'm also hesitant to move SL to BE straight away since many times the retrace will take you out only to watch price go off in your original direction.
- Sometimes (not today) the FO retracement can follow into the LO candle. This effectively closes FO as a pin bar but means that LO goes off in the same direction as the FO pin bar wick... I am very wary about acting upon an FO pin-bar as a trader normally would read a pin bar, especially if there is no obvious S&R nearby (I hope that made sense)
- Lastly, and again not always the case, if FO-1 makes a move towards the 200EMA and closes to leave a gap of approx. 30 - 50 pips, often FO will bridge this gap. The MA acts like a magnet during FO. This can be a pain if you're looking for an opportunity at LO since the MA adds to the indecision at the start of the session. On the occasions when the MA rejects FO to leave a large pin, then this is the S/R that means we can read the pin normally and sometimes this can give an explosive LO!
Anyway, just some observations but as I said, I'm usually looking for LO-direction during FO as oppose to actually trading it.
Hope that helps
Ballistical
Focus on the process and the profits will follow
- #61,317
- Oct 9, 2015 10:07am Oct 9, 2015 10:07am
- Joined Nov 2012 | Status: Trader | 2,339 Posts
I Have Learned to Take Some Losses to Make Profits
EJ _ H1 long at LO on the break of FO H1 candle after breaking major triangle, rode it for 150+ pips combined {image}
Focus on the process and the profits will follow
- #61,319
- Oct 9, 2015 10:26am Oct 9, 2015 10:26am
- Joined Dec 2013 | Status: Trader | 1,680 Posts
EJ _ H1 long at LO on the break of FO H1 candle after breaking major triangle, rode it for 150+ pips combined {image}
Sad i'm not trying to understand PA
