Main Chart
Main Chart
Too many things happened almost at the same. This one was a doubtful starter for reasons as follows : Grey area trade as coming from a very strong downtrend, the bbs were still pointing down (Mid bb). Star is Green while text book says it has to be Red. Lets have a look at how the trade unfolded.
It is unusual to spot handful of patterns at the same time approaching the end of USA open. However, today looks different as you can see.
Main Chart - After Exit
Regards,
Muthu.
Chennai.
India.
Main Chart
A quick trade here off patterns that formed on two different time frames for this pair. Let look at 25m first. It could have been better if we had a longer lower wick off the bull candle.
Main Chart
This is the pattern that formed off the same pair at the same time except it formed off 30m. Lets have a look at this pattern.
Ok, now lets look at another trade example of going both short and long off the same pair and same time frame; with in short interval of each other.
I would like to refer to post 341 page 35 where we had UJPY 35 M Dark Cloud Short at 1730 GMT. At the same time a similar shorting pattern formed off UJPY 30 M and after few minutes off the same chart a long pattern formed off the lower bollinger band. Since we were trading 35m, not too much attention was placed on 30m short pattern. However, we could have traded the long that formed off the lower bb at 2000 GMT
Regards,
Muthu.
Chennai.
India.
Be careful with trades like this, I got killed on my live account a while back on a similar pattern. Tymen says a main chart pattern applies for up to 7 candlesticks. Sometimes the first pattern is the real one (the one understanding the real move), where the second pattern is simply some people from the first pattern taking profits…
I don’t think enough bad trades are being posted here. Here’s my 2 pattern failed trade going [B]LONG[/B] on the second pattern:
How much can you learn by viewing perfect trade after perfect trade after perfect trade? Once you know the system (it isn’t that difficult), seeing perfect trades adds 0 additional value to your knowledge of the system.
Let’s see everyone’s failed trades!
Hi Dodge
Dgodd to see you still here, I fully agree bad trdes should be posted as well. If Novice traders only see the good ones it gives a false reality
" Dodge" sorry fingers are frozen LOL
Agreed on learning out of trades that were bad or went bad. I will appreciate all those people asking for bad trades to also start contributing here by posting charts and then it will be better to ask and debate on a bad trade. We get a bad trade only when we trade the system continuously and get to learn by debating on each other’s charts. First ten days of november were very bad and almost all trades went wrong. Some days in that period were strongly trending days a lesson learnt. 3 weeks after that my laptop crashed and i was out of action for this period. With work and other commitments i hardly got a chance to trade full time and i started about may be ten days back again with limited trade timings. I have posted bad trades too if you had followed JoCT part 2 and i will do so moving forward as i fully realize the lesson we learn out of bad trades . I am not saying this method is 100 % perfect neither am I. I will fail and in every failure i want to learn.
Regards,
Muthu.
Really appreiciate your dedication here Muthu
best regards
Dave