Okay I did too, didnt want to do it alone lol:
I set take profits to (I subtracted spread)
USDCHF-1.2563
EURAUD-1.6759
euraud 16755.
just round numbers lol
lets see how it works out
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Indicators show the past. Price Action "Indicates" the future.
- | Joined Jul 2006 | Status: Your friendly Daily Pip Nipper. | 399 Posts
The new bar/candle has to open below the Demand Line or open above the Supply line, not just break it.
Hope that helps, I just took the first example to highlight the importance of the opening of a new bar, perhaps it would have been clearer if I'd used the correct section relating to your trade.
Peter
But on eur/usd the next bar did open above the supply line...so how would your comment apply.
Nothing is hard, some things just take more time and discipline.
You must all the read the manual properly, other wise you'll think the system is wrong.
If you check the method it states quite clearlyIn your case it would be above the supply line. You entered too early. Your trade may yet turn into a winner (which would be a bad thing,as a winning trade that breaks the rules will lead you to make the same mistake again) or it could turn into a loser (for all the reasons that makes Forex what it is). If it is a loser, move on and check your next trade more carefully.
Peter
Love your posts. Gives very good mental support.
Excuse me but I don't see any mistake in Coobin's chart/entry. There is a candle opened above supply line. I was in that trade too... Had to close it with a loss.
Guys, do you use Mouteki indicator for TL, or you prefer to draw them yourself?
Good trades to all
- | Joined Jul 2006 | Status: Your friendly Daily Pip Nipper. | 399 Posts
Hi Peter,
Love your posts. Gives very good mental support.
Excuse me but I don't see any mistake in Coobin's chart/entry. There is a candle opened above supply line. I was in that trade too... Had to close it with a loss.
Guys, do you use Mouteki indicator for TL, or you prefer to draw them yourself?
Good trades to all
Nothing is hard, some things just take more time and discipline.
- Joined Apr 2006 | Status: Suaviter in modo, fortiter in re | 1,851 Posts
Hi JBB
Thanks, although I think I've had one bollocking for posting too much 
I'm only going by his image which shows an arrow below a candle. Without any entry prices quoted I took it that that was the candle he entered on, in which case (going strictly by Mouteki's rules) it was wrong.
Yes as a backup to my own lines. When I see a difference I go back and check mine. I'll probably switch totally to the indicator once I'm sure it's better than me
Peter
Hi Peter,
Love your posts. Gives very good mental support.
Excuse me but I don't see any mistake in Coobin's chart/entry. There is a candle opened above supply line. I was in that trade too... Had to close it with a loss.
Guys, do you use Mouteki indicator for TL, or you prefer to draw them yourself?
Peter
- | Joined Jul 2006 | Status: Your friendly Daily Pip Nipper. | 399 Posts
Hi JBB Thanks, although I think I've had one bollocking for posting too much
I'm only going by his image which shows an arrow below a candle. Without any entry prices quoted I took it that that was the candle he entered on, in which case (going strictly by Mouteki's rules) it was wrong.Yes as a backup to my own lines. When I see a difference I go back and check mine. I'll probably switch totally to the indicator once I'm sure it's better than me
Peter
Nothing is hard, some things just take more time and discipline.
- Joined Apr 2006 | Status: Suaviter in modo, fortiter in re | 1,851 Posts
The indicator that he was using automatically places an arrorw once the trend line is broken...he did not place it there. It is just important to realize that the indicators signal trend line breaks, and not new candles opening over the trendline
hope I'm forgiven!!Peter
- | Joined Jul 2006 | Status: Your friendly Daily Pip Nipper. | 399 Posts
OK I see that now, we're using different indicators. Misunderstanding
Peter
LOL its coo...sorry if I come off to mean or offensive. I dont tend to, unfortunately text does not allow you to express emotion or tone so things i might say may seem offensive when in all actuality it was in fun.
Nothing is hard, some things just take more time and discipline.
- Joined Jan 2006 | Status: gamblin wit style | 740 Posts
whats everybodys positions ?
imm long usdchf at 2481
long nzdusd at 0.6412
short euraud 6860. not liking this one very much.
also chfjpy just opened below the trendline i might short and aim for 93.80
?imm long usdchf at 2481
long nzdusd at 0.6412
short euraud 6860. not liking this one very much.
also chfjpy just opened below the trendline i might short and aim for 93.80
- | Joined Jul 2006 | Status: Your friendly Daily Pip Nipper. | 399 Posts
whats everybodys positions
imm long usdchf at 2481
long nzdusd at 0.6412
short euraud 6860. not liking this one very much.
also chfjpy just opened below the trendline i might short and aim for 93.80
Don't worry....be patient. These are swing trade type posistions...it might be the end of the week before it reaches target
Nothing is hard, some things just take more time and discipline.
- Joined Apr 2006 | Status: Suaviter in modo, fortiter in re | 1,851 Posts
Another question to all contributors in this thread. Do you open positions at any time? I mean even when market is almost closed, like right now. There could be some retracements after session, but not significant moves, I guess. Good trades!
This trader never opens new positions during the Asian sessions, although he will leave existing trades running. I would suggest that if you're on a demo account you trade if you feel a good set-up is arising, but keep a record of how the trade went. Remember there are very low volumes during these early sessions and may not reflect the true strength of interest in the pair you are looking at.
There is a lot of positioning by organisations, in order to take advantage of the European & US sessions, so these movements can be deceptive.
I forget the actual percentages, but the European session has the largest volume of trade, far ahead of even the US session, so if it suits your time zone, it may be better to wait for the main markets to open.
Another consideration is that these low volumes add additional time when your money is tied up and if a better trading opportunity appears, you may have to close a losing position to release funds, or add to your existing risk.
At the end of the day, it's up to you. But be selective and maybe look at some of the JPY crosses to test on demo during these hours.
Peter