Been in this situation, lost a lot. If your posting about it I wouldve cut my losses already and then work out why this happened
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I was with you until you suggest buying on signs the impending uptrend is beginning. This is chasing reversals. Which I think is pretty much where insane19 started.
I prefer to buy after price has formed an uptrend. I can’t trade what I can’t see.
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No, you at first said “has begun”, not “is beginning”. This shows you to be a reversal trader at heart, and this is not against the law, its just a leading reason why three-quarters of traders are losing money. Wrong attitude. Though for all I know, you could be in the profitable one-quarter.
In addition, I said “has formed”, meaning its already in place and obvious. I’m not even looking to join a trend until many many traders are saying, this trend is so mature, its gone too far, it must turn back soon, it can’t go any higher/lower, I’m going to get in now before its too late.
Not really. We are not alike in our thinking on TA. You and insane19 were and still are champing at the bit to get long on this pair. He managed to get long before you did, and not using your TA evidence: you’d have reckoned him a hero if he’d been right and been seeking out the sources of his learning on TA and these dumb waves. I would not.
This AUD pair was a short since the first few days of January. Watching this for a possible buy completely reflects where your thinking is.
Look, for your own good, do get away from any thoughts to do with reversals and reversal patterns and waves and Fibonacci and new trends.
Honestly, glad my life does not depends on this move. It’s not like I go into debt, lose my appartment (don’t have one haha) go down with -30000$, or get chased by banks. Or even go to prison. It will be a big loss, and I will continue my life. Honestly I’m happy my life doesn’t rely on this s. hit. It only do what it wants that pair.
It’s this mentality that’ll mean you’ll always lose money in trading. No matter how much you trade with, it should always matter. Take it more seriously.
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Seriously or not this is killing me. Glad I’ll be done with it. Wiped out or not. Next time this will not happen again.
be patient, the market doesn t turn on a dime. watch it closely, it will give some sort of pullback atleast, when… no1 knows. maybe u get lucky. meantime, learn some basic stuff, how to draw support and resist, trendlines, how to determine an uptrend, downtrend. there are better ways to trade and easier on the mind rather then trying to catch reversals. and that s comin from me that i m trading also vsa and i often buy on down moves after climactic volume. anyways, good luck bud
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just watch it, if it makes a new low ur out. or let s say closes lower then the gap already established on low volume. ussually gaps act also as support or resistance.
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I know China PMI is out later maybe it jumped up or maybe not. If it’s better than estimates AUD might shoot up a little bit but it’s all speculation. More importantly how much margin have you used to let these trades run?
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are u still in those trades? if yes, don t get out just yet, some buyers came in.
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@1odi I’m still in. Wondered if this is all the correction?
I want to let it to hit the TP or 10-20 pips under it and I’m out.
Do you see any chart evidence the correction is finished or still running?
Is there any evidence the downtrend has started to reverse into an uptrend?
What would the chart need to look like for you to go short when the correction fails?
Not that I can answer all of these…
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stay in… if it drops below the low and closes on low volume, then u get out… if it doesn t do that stay in for the moment, it s monday, most likely will range a while… and to go up has to gather some buyers, so still to be seen if it s gonna be accumulation(move up after) or redistribution(and mark down). u can do what u want, i don t want u to blame me lol. let s just say that s what i d do if i were u…
if it s gonna break that trendline, u have a shot of going to the 200 ema… also price ussually likes to fake a break down before moves upwards and viceversa
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@1odi What do you mean by break down? Going under the support and suddenly rising again? I don’t blame you, lol. If I lose money, I lose based on that s. hit (that is moving like pound recently). It worries me though the last 4H candles are really bearish, and powerful rejections. It’s losing steam as far as I see.