Your account has come back from the brink of death, you obviously have a setup that works fairly consistently, and your patience, and discipline are improving daily.
If you start jarring that around, thinking you are “increasing your knowledge”, you may just start overthinking trades.
I know that happened to me.
Simple is better, no need to know WHY, just react when appropriate.
A famous line from the movie “Bull Durham” comes to mind.
Maybe that is a good point you raise Tang. Maybe people DO make things more complicated than they reaaly need to. But I guess it is human nature to chase the more complicated, fancier looking chart. Maybe we all want a chart that looks like Buckscoder’s ( no offense meant Buckscoder ) I dunno, it’s a strange feeling that I can’t really explain.
You take a look at the conversation Buckscoder and yunny1 just had regarding different indis. I have no idea what they are speaking about for the most part. But because of the things they know, they have spotted a turn in EU which I didn’t. And now EU is in fact turning.
I, on the other hand, with my limited knowledge, can’t see a reason why EU would turn, when there is so much bad news surrounding it. The only reason I can see for a bounce is the lack of activity from USA tomorrow, maybe giving it a break. I think it will head down to 1-3150 area, maybe not all in one move, little speed bumps aside, However, not in any trade so happy to watch.
But I do believe my basic knowledge will not be enough to eventually sustain a career at this. However I do appreciate your point about over complicating things. As I said at the start, I think it is a good point you raise and worth some thought.
HoG, don’t worry to much about what we talk here with Buckscoder… just look your account…it is growing WITH YOUR SYSTEM, so is a good system…
This is a process with more tools you may be able to extract more pips from the market, but if you are good with PA and S/R that is enough to be successful
we don’t have…We [B]“MAY”[/B] have spotted a reversal… that is a big [B]MAY[/B]
Well, like I said yunny, not in any trade now so happy to sit and watch to see how it all plays out. Bedtime soon anyway so talk to you all later. Best of luck !!
Morning all! Just got back from an all night drive… so heading up the wooden hill. But before doing, I placed a long at 3305 off the 8h. Low off the daily and weekly… so room for a retrace. Catch up with you around 2pm (GMT).
Looking at the charts just now and to be honest I’m not convinced by anything. Overall I can see EU re-testing 1-3150 at soome point soon, just not sure when.
So as it is Friday, when I don’t usually get to trade anyway, I’m going to sit out for today. Couple of good winnerrs this week, couple of little losers. I think overall my balance is up around just under +300 pips this week, which I’m pleased about.
Balance sitting at $225.08 right now, don’t want to waste any of that by making a decision I’m not totally committed to. So if it’s ok with you guys, 'll just watch and read along with you lot today.
An all night drive?! Mid-week?! All okay, or was it just a bit of crazy recreation?
That’s exactly the sort of approach that will make you serious pips over the long haul. It is, after all, the Friday between Thanksgiving and a weekend, the markets could be a little uncertain today, you are well up on the week, so it is exactly the right moment to take a step back, safe in the knowledge that if you don’t trade today you are guaranteed to head into the weekend with a great set of weekly results under your belt. That does wonders for your psychology, and sees your account grow. Win-win! Capital preservation is important to successful, career-long trading.
But more importantly than all that waffle: well done on the account balance. $225 is a mega result, nicely played!
Well, I am looking for a new ground of the fiber. At least for a retrace of some pips. Who would go short here? We are within a heavy demand zone from October. Plus a weekly tl at ~ 132. I hope it’s no weakly tl, lol.
That’s my credo as well, HoG. If I don’t know what to do, I stay out.
I thought E/U might be due a bounce but plumped for long gold from ~1675 instead. Seemed to be a clear demand zone at that level. Out now at ~1695 at the 78.6 Fib. Was ready to bail out if it dropped below 1671 but added a nice 5% instead. Had a pretty mixed week overall though. Couple of lessons I thought I had absorbed seem to be need to be re-absorbed again.
ST… thanks for the concern. Just a long weekend in Perpignan… Catalan Dragons are playing (my home team). Eurotunnel is best avoided Friday - Sunday. Had a nice quite run all the way! Still think a weekly long off todays close is in order. Looking decidedly oversold?
