Be bullish on you.
- #381
- Oct 10, 2016 4:49am Oct 10, 2016 4:49am
- Joined Jan 2011 | Status: Trader | 3,411 Posts
Be bullish on you.
- #384
- Oct 11, 2016 8:16pm Oct 11, 2016 8:16pm
- Joined Jan 2011 | Status: Trader | 3,411 Posts
Be bullish on you.
- #387
- Oct 12, 2016 4:45am Oct 12, 2016 4:45am
- Joined Jan 2011 | Status: Trader | 3,411 Posts
Be bullish on you.
- #390
- Oct 13, 2016 5:57am Oct 13, 2016 5:57am
- Joined Jan 2011 | Status: Trader | 3,411 Posts
Bad day for me. {image} {image} {image}
1. Do the simplest things first from the best places - if simplest things are not coming available, can do some advanced things:
EJ - Compare entry 1 with entry two. I am not sure you were on with us when I had the conversation with Mike about entering a range, but the picture basically tells the story.
GJ - do the same on your chart with GJ - find the long and the shorts.
2. EU - I thought we talked about entering higher toward the US session if they brought it back up? Seems not to have followed plan. You and I missed the breakdown and to risky to try what you did from where you did based on the reasons we discussed.
I know you are seeing the chart, so keep sentence #1 in mind tomorrow and next week.
Be bullish on you.
- #392
- Oct 14, 2016 4:06pm Oct 14, 2016 4:06pm
- Joined Jan 2011 | Status: Trader | 3,411 Posts
Good week this week. The gents are still working on "seeing the chart". This week we talked about 'speeding up' the analysis. This simply means that after they do their initial analysis, they start viewing where they might want to take their next trade. Then, with each candle, specifically price actions, they quickly ask themselves, does this change my plan or not. By doing this, they stay fully engaged during the session and they are ready to take trades when the trades appear. What I was noticing is that their decision making on whether they wanted to trade was getting too slow. By the time they decided, they had taken long enough that they were putting themselves in a place to miss something on another pair.
Today we also covered ranges again. Specifically, what do you do when a pair has made a big move and you want to try and get in? Well, let's look at GU today. It opened the day, then moved down and then up. At this point, we have a range. It then breaks down and at the end of the picture, Mikepip, starts his day. The range has become an expanding range, it expanded downward and we'll see as the day goes if it will break down or move back to the top. We don't care which one, we just trade what it gives us. So, there is a big down move during the overnight. So, how do you get involved and manage risk? You look for a range to develop.
As you can see below, the range develops and I put the same boundary markers I did yesterday. Price action, retrace, low risk, and you can see the TP1 on the chart. Ultimately, it held the bottom, retraced into the boundary lines and made the move long back to the top.
Today we also covered ranges again. Specifically, what do you do when a pair has made a big move and you want to try and get in? Well, let's look at GU today. It opened the day, then moved down and then up. At this point, we have a range. It then breaks down and at the end of the picture, Mikepip, starts his day. The range has become an expanding range, it expanded downward and we'll see as the day goes if it will break down or move back to the top. We don't care which one, we just trade what it gives us. So, there is a big down move during the overnight. So, how do you get involved and manage risk? You look for a range to develop.
As you can see below, the range develops and I put the same boundary markers I did yesterday. Price action, retrace, low risk, and you can see the TP1 on the chart. Ultimately, it held the bottom, retraced into the boundary lines and made the move long back to the top.
Be bullish on you.
Good week this week. The gents are still working on "seeing the chart". This week we talked about 'speeding up' the analysis. This simply means that after they do their initial analysis, they start viewing where they might want to take their next trade. Then, with each candle, specifically price actions, they quickly ask themselves, does this change my plan or not. By doing this, they stay fully engaged during the session and they are ready to take trades when the trades appear. What I was noticing is that their decision making on whether they wanted...
So, just for my own (and perhaps others') clarification, I combined these 2 charts with come comment to make sure I understand clearly.
1. price goes up to form top of first range.
2. price goes down to form bottom of first range.
3. price goes down to form bottom of second range.
So at this point, you are "considering" 2 as a possible new top to a new range.
You then get action, knowing your risk is up into the wicks to the left, and take the short...looking for it to go back to the bottom and possibly further.
- #394
- Oct 14, 2016 4:32pm Oct 14, 2016 4:32pm
- Joined Jan 2011 | Status: Trader | 3,411 Posts
Be bullish on you.
- #396
- Oct 14, 2016 4:46pm Oct 14, 2016 4:46pm
- Joined Jan 2011 | Status: Trader | 3,411 Posts
{quote} Yes that make sense. New range, trade the edge.
Obviously, you won't make money on every one of these, but this keeps risk low and avoids the trap Tadeusz fell into with EJ yesterday. No reason for him to close that second trade and as we can visually see, the second trade much better than the first, but the first takes you mentally out of the game and you make bad decisions on the second. We've all been there. Posting these to try and help everyone reading have less of those moments.
Be bullish on you.
- #399
- Oct 17, 2016 12:15pm Oct 17, 2016 12:15pm
- Joined Jan 2011 | Status: Trader | 3,411 Posts
Continuing on the theme, different usage, but same idea. As you can see I missed the best entry (bottom arrow), but I went ahead and took it to illustrate some points. I know where the best area is (between solid lines), I see that action is holding the lows (dotted line), I know where I want to enter. Now, I was hit and miss today at being around the computer, but I caught this right after it happened. compare this to Tadeusz from the other day. I know where I want price to go.. up (first arrow). I know I entered late. So I can't close it down when it returns to where it could be expected to return (farthest right arrow). I have to wait it out. Best thing is to take the best entry, so you don't have to wait it out... but you have to know where that is to know when to hold it and when to cut it. Does this make sense?
Be bullish on you.
- #400
- Oct 17, 2016 12:22pm Oct 17, 2016 12:22pm
- Joined Jan 2011 | Status: Trader | 3,411 Posts
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Tadeusz wants to go short. should we shut this down? Maybe, maybe not. If you get the gut feeling to shut it down, that's step 1... step 2, ask is that gut feeling driven from a clear head or frustration or fear. if it's from a clear head... why aren't we right back in it 30 or so minutes later?
Be bullish on you.