Brick wall

[Magician]

Hi Guys, I have bought a number of books as well as a number of Seminars, I don’t think I would be allowed say which Seminars (DVD) or which Authors, 3 months pretty intensive learning,
I understand Risk & Reward as taught by thee candle man, I understand Pivots, support and resistance, not that good yet with candle recognition, but will again watch the DVD seminars, I see the trends, I know trend lines, breakouts, even some (not allot) chart patterns head and shoulders and such, I just don’t no what I am doing wrong.

Today 8th April Trading Journal 11.21am GMT GBP/USD
LCD Long, Buy Sell Long.
MacD is below the Zero Line but on the way up, Awesome is long.
Candle closed above the Pivot, although it was a bearish candle, follow by a bullish candle. Spread = 6 pips
Stop Loss 15.
Was knocked out and it went skyward.
Ok it happens you say, but guys it’s been like this all week for me; I must be doing something wrong.

Example 2
Today 8th April 11.36 GMT USD/CAD
MacD signalling false high, was also just below the pivot, and didn’t look to be breaking through/upwards
Awesome signal Short, but mainly went short reading MacD
6 pips spread, S/L 18 pips

Stopped out and the floor fell away.

I have pictures but unsure if it’s possible to post pic’s.

All week this is happened, if I go long then it’s short, or I get stopped out, very disheartend.
Anyone give me a couple of pointers, I assure you it would be appreciated.
Gary. PS it’s Demo but thats besides the point
:(:(:(

[Master_Tang]

First off, you can post the names of the seminars, you just can’t post links to them:)

Now, for the trading.

Right off the bat, your stop losses are very tight. Almost a guaranteed stop out there, just in basic price action.

A higher low on the right of the G/U would have kept me out of a sell, unless it was a scalp.

The hanging man, and upwards pin bars at the top of the US/CA is a little spooky for a buy.

Instead of total dependence on the indicators, consider studying chart reading. A good chart studying session can keep you out of a lot of problematic situations, and help you when you get inevitably get into them.

Candles and price action would be where to start:)

Cheers!

[this_barb]

Pivot point analysis is pivotal to my entry strategy (no pun intended). However, I never look at the central pivot, itself, as a potential S/R level. It’s too dangerous. The reason is that price is far more likely to achieve equilibrium at that level and directional biases are harder to determine. Considering that everyone, from the average retail trader to the smart money look at floor pivots, it makes sense that the central pivot would be an area of repeated accumulation and distribution. It’s not just today. Look back in the past.

[Magician]

First off, you can post the names of the seminars, you just can’t post links to them:)

Now, for the trading.

Right off the bat, your stop losses are very tight. Almost a guaranteed stop out there, just in basic price action.

A higher low on the right of the G/U would have kept me out of a sell, unless it was a scalp.

The hanging man, and upwards pin bars at the top of the US/CA is a little spooky for a buy.

Instead of total dependence on the indicators, consider studying chart reading. A good chart studying session can keep you out of a lot of problematic situations, and help you when you get inevitably get into them.

Candles and price action would be where to start:)

Cheers!

Thanx for the fine advice, I agree I need to greatly improve my candle knowledge, S/L I was beginning to see this as well.
Any pointers on “chart studying session” i.e a good book/seminar
Appreciated your input, thank you.

[Magician]

Pivot point analysis is pivotal to my entry strategy (no pun intended). However, I never look at the central pivot, itself, as a potential S/R level. It’s too dangerous. The reason is that price is far more likely to achieve equilibrium at that level and directional biases are harder to determine. Considering that everyone, from the average retail trader to the smart money look at floor pivots, it makes sense that the central pivot would be an area of repeated accumulation and distribution. It’s not just today. Look back in the past.

Thank You a very good point I will take this on boards
appreciated
Gary

[Magician]

My thoughts were practise a little of what you learn, kinda cement it in the grey matter, I did expect I would have a few hit’s, however, it’s a lesson I must take on board, a very good point you made regarding sole reliance on indicators.
Again Thank You
Kind Regards
Gary :)

[Master_Tang]

And read this;)

http://www.futuresemail.com/ftsch/psycho.pdf