Focused Thought & Strong Desire Manifest Reality 
- #74,025
- Edited 8:33am Dec 20, 2016 8:13am | Edited 8:33am
- | Joined Oct 2016 | Status: Member of the TMS Community | 161 Posts
Just opened USDCAD Sell on 4 HR (NY session after first hour) Curious about how it will develop.
EDIT: Right after my post I realised this may be not the best setup. Took some pips profit and closed it.
However, let's see what would have happened if I would have remained in open possition.
I took that trade in the first place because the requirements were met: Green crossing red downward and below yellow 5 MA.
Theoreticly that would be correct if not there would be that broken resistance line, now being support.
And last but not least, we are in december near christmass.... so nothing huge to expect I think
EDIT 2:
Besides the above I made another reasoning mistake. You see my support and resistance lines?
Those were based on a "master" candle. Howver, taking into account that price broke to the upside it was not a good idea to consider a short trade anyway.
I am writing this so you can follow my thinking and maybe correct me ( or confirm
)... It is all part of the ever ongoing learning curve.
EDIT: Right after my post I realised this may be not the best setup. Took some pips profit and closed it.
However, let's see what would have happened if I would have remained in open possition.
I took that trade in the first place because the requirements were met: Green crossing red downward and below yellow 5 MA.
Theoreticly that would be correct if not there would be that broken resistance line, now being support.
And last but not least, we are in december near christmass.... so nothing huge to expect I think
EDIT 2:
Besides the above I made another reasoning mistake. You see my support and resistance lines?
Those were based on a "master" candle. Howver, taking into account that price broke to the upside it was not a good idea to consider a short trade anyway.
I am writing this so you can follow my thinking and maybe correct me ( or confirm
)... It is all part of the ever ongoing learning curve.
First comes knowledge about yourself, then comes a system...
- #74,027
- Dec 20, 2016 11:47am Dec 20, 2016 11:47am
- Joined Nov 2015 | Status: Member's sanity currently on AWOL | 8,930 Posts
- #74,028
- Dec 20, 2016 12:33pm Dec 20, 2016 12:33pm
- Joined Nov 2013 | Status: Trader | 2,780 Posts
I watched this today..
Story of nick leeson who brought down his bank with rogue trading.
Why you must never do this with any trading or ME.ME so you don't bring down your own bank
.
Don't end up with 50 multiple positions.
Inserted Video
Story of nick leeson who brought down his bank with rogue trading.
Why you must never do this with any trading or ME.ME so you don't bring down your own bank
.Don't end up with 50 multiple positions.
It's in fear when people show what they truly value.
Last update about this one.... in the end it turned out to work out nicely. So, TMS was right once again{image}
The IB break was a fake 1 though.
it went into a loss.
- #74,037
- Dec 21, 2016 2:48am Dec 21, 2016 2:48am
- | Joined Oct 2016 | Status: Member of the TMS Community | 161 Posts
Morning... Just shorted GU based on H1 looking for a few pips...{image}
Good. I think it may be a good idea to take the profit as soon as you can/want.On the 4 hour chart we see a clear ranging scenario and under these conditions I believe the system does not recommend trading.
However, I can be wrong of course....
First comes knowledge about yourself, then comes a system...
- #74,038
- Dec 21, 2016 2:49am Dec 21, 2016 2:49am
Also shorted AU on H1 but not quite so comfortable with this hence the tight stop. Pushing the TMS entry rules envelope a bit too ... green line = sort of a -ve bounce and not the best confirmation from the stoc but like the angle of the green (and red) lines ... also there is some dollar strength out there vs the majors ... watching closely (probably a scalp rather than a trade) 
All for one and one for all
- #74,039
- Dec 21, 2016 2:55am Dec 21, 2016 2:55am
- | Joined Oct 2016 | Status: Member of the TMS Community | 161 Posts
I myself am facing another challenge.
You see, on USDJPY 1 hour we see a nice crossover to buy.
However, if I compare it to the 4H chart we se the oposit. So, what would you guys do? I think better to stay out of the 1H trade, no?
You see, on USDJPY 1 hour we see a nice crossover to buy.
However, if I compare it to the 4H chart we se the oposit. So, what would you guys do? I think better to stay out of the 1H trade, no?
First comes knowledge about yourself, then comes a system...