My Baby

Well I use m30 to draw my lines for intraday before the day starts

S/R - what's next?

Such a hurry, show some charts (and music) too

I traded this system and I lost everything.

count me in.

One of my fave bands! Great live show. Rachael Price can have my baby.

Things look diffeeeeerrrrrent today, I hear every Mother say, Mother needs some thing today to calm her down. So she goes running to the shelter of her little yellow 'helper'......................... Name that tune

Rolling Stones: "Mother's Little Helper"

In one Bro

Oh Doctor please, some more of these. Outside the door, she took four more.....................

The 'Through the Past Darkly', album I think. Was a long time ago now I was 14 when I first heard it. Am 60 now

They are the best

Mother's Little Helper - Rolling Stones. Good song.

why has the whole thread turned into a MTV video loading thread?

OK Guys, We should turn now towards a subject, more connected with Forex :
What are the pitfalls in a bearish market and what to lookout for ?
In other words, how to trade in a bearish market :

At 0:40 seconds you see an example of the classic bear trap.

This thread has been closed and moved to The Music Channel

Haha funny posts thank you l, my head hurts, will continue soon, cheers

there are 4 parts

1 Fuel
2 The Turn
3 Momentum reversal
4 mechanical pyramid

I hope .... we are happy, even though it is all inconsistent with what we want.

2 - The Turn

So we've found our level and opened our first position. We have zero expectations at this point.

The win rate will be less than 50% and maybe closer to 30 or 40% after 100 trades but as we are eventually waiting for 5-20:1 R:R we don't mind. But we also want to act consistently from very solid levels and not throw money away needlessly. So learn to find quality levels that you think could bounce at least 100 pips (300-1000 ideally)

"The turn" is the first sign that our level is good and we will get a confirming reaction from around our price point. It will be a very sharp reversal that counters the trend. Again there's no easy way to explain this other than it will be obvious. I guess the best way to explain would be a strong intraday trend against the current daily trend (for example). It could happen in one 4 hour bar or maybe a daily bar. You're just looking for that sharp Turn

There's no need to overthink it is simply our price level reacting as we hoped and confirming us to move to stage 3

In the chart below you can see the Turn quite clearly I have marked a blue down arrow above the Turn Bar. The daily bar turns sharply from our level with the momentum fierce against the up trend.

The turn confirms our top and we now bring our SL down to the top at 114.45 and SELL more.

Money Management

Through our entire trade we stick to our nominated risk level. In the example I have chosen .5% risk which is $25 (on a 5k account). Remember we are going to lose trades it needs to be an amount you would throw away for fun relative to your account size. (Not that we will be doing that!). But this is important for the mind set.

THE FUEL We sold at 114.42 with our Stop Loss behind the next round number at 115.05

Our first position was opened with a 63 pip Stop Loss when we divide our Risk of $25 by our 63 pip Stop loss we get a position size of .39.
$25/ 63 pips = .39. So our first position was opened at 40 cents a pip.

THE TURN On the turn the market potentially topped at 114.45 so we Sell again at 113.59 (this is the point you decide that the turn is there, it could have been lower or higher in reality) and bring our STOP down to the top at 114.45.

So... Keeping our risk at $25. We bring our Stop loss down to around our entry point (-3 pips) so our risk before we have more risk to spend as 3 pips multiplied by 40 cents is $1.20 we have $23.80 to spend on our second position.

Our second position will share the same stop loss as our first position at 114.45. We are selling 113.59 and so our Stop loss on our second position is 86 pips. We have $23.80 to spend and therefore our second position size will be 30 cents per pip ($23.80 / 86 = .27).

We now have 2 positions open fora total of 70 cents per pip. Our risk is $25 and at the time of opening our second position we are in 83 pips profit and $33 profit.

what is your broker? my max was not 114,42. My 114,37