Some support was around there, volume was getting higher. I closed that trade before that candle was finished. I like to do that when I see high volume. I never entry in high volume, but I do like to exit in those for some reason. (And I think I noticed some volume in 1M TF, that made me do it… If I remember correctly…)
But, it wasn’t so huge volume, so I just closed half, and locked BE. And it made some effort to go lower, but then, it went back up. I shoulda close it when it was 30 pips profit. But I missed one very important data (my own fault), so I didn’t close it. Later on, I totally saw why I shoulda exited. ^^’
2NeroKoso: Thanks for explaining… I just started reading “Master the markets”… It’s very interesting. I think I need to fully understand all those prinicplese they are talking about in the book before I can start with volume trading.
But I don’t really care. I like to read and I like to learn new things
Absolutely, you still need to understand what is going on and also look at your fibs, if you did the same thing that worked yesterday today - two words - Stopped Out
There is no need for volume if you fish for stops.
A S/L is a SELL Order if you are LONG. They get tripped and voila…down she goes.
Those weak longs up there just got flushed.
and still going!! vindicating your statement about not needing volumes, I still would have gone for that trade though, but I knew it was within the grasp of that 38.2
and still she goes, but that’s the trading game, NeroKoso will get in and out, I tend to plant them and leave depending on what the Fibs tell me, on the whole it works out well - which is what we all want, means to an end as it were, as long as you’re in profit it’s a goer.
Yes, my style is fast in and fast out. I was sleeping when price went to 1.3560 area. Nice double top there, I woulda totally went short there. Now using Mad Scalper to trade in trend.
Edit… Shorted and took 20 pips. Now that’s alot volume. In few minutes I might be looking for longs, or just step back 'till I see reason to go in.
Here is screenie:
Purple stuff there means that I missed that short.
And first entry with Mad Scalper also missed. But, then finally I was here looking and took fast trade (as usual, very fast in and out).
And now I’m watching what will happen next. That was alot volume. Maybe stopping volume? Or it took alot force to push thru that lvl. Either way, I’m watching what happens and not in any trades.
I took the long you were looking at Nero. Was more of a 1-2-3 entry though triggered once price broke above 1.3490. Didn’t see much selling pressure in the volume at the 23% Fib and there was a series of HLs on the 5 min chart which gave me some further validation to enter. Jumped out at the 62% which is looking a little premature now. Should have left some open in retrospect.
Heh yeah I had a little go at a short too but chickened out almost immediately for a few pips profit. Was getting late in the day, FOMC minutes are on their way in a bit and I’d made +1.2% so figured no point risking it. Tomorrow’s another day! I think I’ll be looking for a long trade tomorrow to try and run up to 1.3620 or so but we’ll see what’s on offer.
I got 20+ PIPS on the short, and I got out earlier than what I would have stayed during the day, but I like your comments about chickening out, some idiots would jump on that and say it’s poor psychology blah blah blah, it’s these people that just pretend they know what they are doing, I know you can be profitable with the odd - mmm, just not sure about this trade, Nerokoso said earlier that he just didn’t feel a trade might be right, a typical pouncing point for the pretenders, but that’s the way it is, and show me a trader that says he really does treat winning and losing trades the same and he’s a liar.
In my opinion, [B]emotions have no place in trading[/B]. If the initial analysis holds true, and these conditions have not changed, exiting a trade early for a small profit, [B]out of fear[/B], will do nothing more than ruin your Risk/Reward ratio. I’ve seen many traders go under with a trade history which looks like:
+1 +3 +2 -25 +5 -50
If the conditions change such that your initial analysis is no longer valid, that’s different, but unfortunately this is rarely the case with such trades.
Instead of calling people names, why not make a valid argument in support of this behavior? At least then the newbies will be able to see both sides for themselves and make their own decision.
Hey - I’m not calling anyone names, I may have put my point over poorly so I will explain.
The angle I was coming from was that sometimes it’s OK to have a gut feeling, sometimes you can look at a setup and stay out of a trade, because you just know it’s not going to do what it ‘should’ kind of thing, maybe that’s experience though and not psychology.
But with trading psychology, I’m saying that once in a while it’s OK to ‘chicken out’, and no matter what, I believe that most traders have a more positive reaction to a winning trade rather than a losing one, and that is not a problem as long as you don’t react to it.
Well, as long as I make profit, I’m happy. If I make mistakes, I totally will find out why I made that mistake. What I need to improve. I hate loosing. I hate loosing in games, in trades, in everything. I don’t wanna lose, never. BUT, I know, that I can’t win every time. I need to loose sometimes. Like today, I went short way too early, and stop got hit. Last week I had stop way too close, now that is somewhat fixed.
I have my reasons to jump out from trade if I see high volume. In that high volume I see if it’s important support/resistance area. If it is, if volume is something that I want to see, then I close whole trade and open other position in opposite direction. Rare, but can happen.
My style is to get fast pips from trades. I take some pips from movement. I’m just too noob to catch bigger moves. I try and try, but I seem to miss those. And if I try to force myself in those, it’s just bad. I’m not as pro as you are in those, but I’m sure trying to improve. So I do listen very carefully, what you have to say my friend.
I too missed that first short, but I grabbed the second opportunity the minute it failed to break the previous high. And I rode it down to score 77 pips.
I was asleep when it rode back up again.
Technically, I think the short I grabbed had some luck in it, I can’t say I with any confidence that I could repeat the process on the signs I saw. (In hindsight the signals don’t seems as stong when compared to the surge upwards)
Was sleeping again and missed so many good trades. But… This is what I caught.
That 15M TF doesn’t show much? Volume here and there, not so clear… Right? From that time frame, I marked support and resistance from old tops and bottoms. Daily Pivot was support, so no need to mark. Red line resistance.
For me those makes sense. But, where did I jump in long and where I jumped out?
Even 5M TF didn’t give anything. But, 1M TF…
So, I marked those volume spikes in there. First I saw that spike at bottom, next candle closed higher, insta long. Then at top, I saw that spike… Next candle down, insta close.
This is how I sometimes go in and out. Looking 1M TF… RARELY, but sometimes.
Stop got hit fairly fast. Stupid move lol.
