Momentary consolidation on the EURUSD. The pair may find resistance on the 1.0800 level and support at the 1.0700 level.
- #1,034,882
- Nov 9, 2015 7:22pm Nov 9, 2015 7:22pm
- Joined Jun 2013 | Status: enjoying life | 23,933 Posts
waiting is such a nice word 
- #1,034,883
- Edited 9:18pm Nov 9, 2015 7:31pm | Edited 9:18pm
- Joined Sep 2011 | Status: Trader | 6,363 Posts
A good trader follows his rules, but great trader knows when to break them
- #1,034,885
- Nov 9, 2015 7:47pm Nov 9, 2015 7:47pm
- Joined Sep 2011 | Status: Trader | 6,363 Posts
A good trader follows his rules, but great trader knows when to break them
- #1,034,886
- Nov 9, 2015 8:05pm Nov 9, 2015 8:05pm
- Joined Oct 2008 | Status: sideline is a position | 105,202 Posts
those who can, do. those who cant, talk about those who can
- #1,034,887
- Nov 9, 2015 8:11pm Nov 9, 2015 8:11pm
- Joined Sep 2011 | Status: Trader | 6,363 Posts
A good trader follows his rules, but great trader knows when to break them
- #1,034,888
- Nov 9, 2015 8:39pm Nov 9, 2015 8:39pm
- Joined Jul 2011 | Status: Winning | 1,859 Posts
Please check out my blog at https://from-zero-to-hero . net
- #1,034,889
- Nov 9, 2015 10:00pm Nov 9, 2015 10:00pm
- Joined Nov 2012 | Status: I adapt to the unknown | 599 Posts
- #1,034,890
- Nov 9, 2015 10:27pm Nov 9, 2015 10:27pm
- | Commercial User | Joined Feb 2010 | 13,260 Posts
- #1,034,891
- Nov 9, 2015 10:29pm Nov 9, 2015 10:29pm
- Joined Jul 2012 | Status: CME seat owner | 6,134 Posts
{quote} but if the price had gone up would you be calling their comments nonsense? nobody can tell you where the price WILL go, some will offer their opinion with reasoning which is what I try to do, but this still can be wrong, others will give you predictions and this is the tricky area because they have a 50% chance of being right and if they are they get praise if not they get scorn and called nonsense. learn from it and look forward not back
when i buy after price falls and sell after price rises, odds appear to be 60-70% to get some pips out of it
but when i buy after price rises and sell after price falls, odds to get profit out of the trade seem to fall to 30-40% (chasing momentum)
perhaps this is where "buy low, sell high" comes from.
example: yesterday price rose to daily pivot 0777 (just slightly above), then collapsed by 60 pips 0725. then price rallied 60 pips back to the daily pivot. then price fell again and rose again in a down trending fashion until we reached where we are right now 0745
now was it possible that price kept going with no correction after these strong moves? sure it was. but it was not probable.
something I've learned recently is to not chase momentum and trade near S/R with relatively wide stop loss. 30 pips is typically good.
(and only after a strong move has happened without a correction)
i have been over complicating it. good trading to you, MaxDoom
Be hopeful in a winning position, and fearful in a losing position.
- #1,034,892
- Nov 9, 2015 10:38pm Nov 9, 2015 10:38pm
i have tried to start trades with a trend, now i prefer to follow the trend
- #1,034,893
- Nov 9, 2015 10:51pm Nov 9, 2015 10:51pm
- Joined Nov 2008 | Status: fx indices commodities | 4,145 Posts
rat
- #1,034,894
- Nov 9, 2015 10:54pm Nov 9, 2015 10:54pm
- | Commercial User | Joined Feb 2010 | 13,260 Posts
{quote} forgive me if i misunderstand what you are saying when i buy after price falls and sell after price rises, odds appear to be 60-70% to get some pips out of it but when i buy after price rises and sell after price falls, odds to get profit out of the trade seem to fall to 30-40% (chasing momentum) perhaps this is where "buy low, sell high" comes from. example: yesterday price rose to daily pivot 0777 (just slightly above), then collapsed by 60 pips 0725. then price rallied 60 pips back to the daily pivot. then price fell again and rose again...
therefore in line with my post this puts you in the group that has an opinion with reasoning on potential price movement and this can provide the skew or edge that a trader needs, and for sure you can see the link to buy low sell high from your observation.
the 50% probability for the predictors is a reflection of the fact that they make a statement saying price WILL be XXX this can only have one of two outcomes right or wrong. whereas in the first scenario nobody stated it WILL be. the dangers of this for somebody that trades this is the emotional attachment and unwillingness to exit at a loss, look at how many times people come on here with trades open where they bought the top/sold the bottom or are simply many many pips down yet still they justify it saying it will correct etc... they have no edge, only hope. So those that follow these statements risk getting sucked into the same situation.
I think that covers your point
- #1,034,895
- Nov 9, 2015 10:58pm Nov 9, 2015 10:58pm
- Joined Jul 2012 | Status: CME seat owner | 6,134 Posts
Be hopeful in a winning position, and fearful in a losing position.
- #1,034,896
- Nov 9, 2015 11:08pm Nov 9, 2015 11:08pm
- Joined Jun 2011 | Status: Trader | 1,731 Posts
Keep the Lights on then you can catch the rise from the dark.
- #1,034,897
- Nov 9, 2015 11:53pm Nov 9, 2015 11:53pm
- Joined Jul 2012 | Status: CME seat owner | 6,134 Posts
Be hopeful in a winning position, and fearful in a losing position.
- #1,034,898
- Nov 9, 2015 11:54pm Nov 9, 2015 11:54pm
i have tried to start trades with a trend, now i prefer to follow the trend
- #1,034,899
- Nov 10, 2015 12:00am Nov 10, 2015 12:00am
do not stand out in the open with gun ;stand in the bushes with knife..
