I would like ta say that I appreciate everyone who is responding ta this thread. It’s nice ta know that even us noobs can be acknowledged every once in a while. It’s really helping me with my overall chart analysis as well. Since we’re lookin’ at live charts, I’ve been lookin’ at AU for tha past little while also. It seems ta be ranging right now and is very near it’s ranging high imo. What do u guys think? Disregard tha writing, those are my notes from a lower time frame.
Edit: Just made a loss… PA broke my trendline :(… thought it was a strong one too… oh well, on to tha next 1…
Here’s another I’m watching; NU. On my hourly I see a double top/ hnS formation nearing completion. There is also a support line near. I think I see an evening star setup and a few engulfing candles near tha top also. I’ve got a sell stop under tha support at about .708. Waitin’ ta see if it bounces tho… lemme kno what u guys think…
dont go all out on my 1.3550 forcast that was just a guess based on previous support levels
Edit: Well there wasnt much in the way of support right there, just about enough to take a breather sorry about that guys.
I’m not sure where the next level of support would be I’m not very good at fib lines but I pulled one where I think it should be it gives the next level of support at 1.3440 and I had a previous support level line at 1.3432 so I put in another sell at 1,3540 looking for a TP at 1.3510 in casethere is support at the 1.3500 psychological level
Edit again: OK we got that one look for a good break of 1.3500 before another sell order, anyway where are you guys when this is going on I need some help with the support levels lol
lol, I wish I could help more! I actually don’t use fib lines. Maybe I should, but I’m mainly trying on my own with trendlines and s/r lines drawn from tha daily and 4h frames. My support line at 1.3538 was broken so I’m watching for signals near my 1.3495 trendline and my 1.341 support line (historic low for past few months I believe) Looks like it’s turning now tho… I see divergence on tha 2 previous peaks on hourly tf… Just placed a buy limit at 1.3514… we’ll see…
There was very little buying pressure when the price touched down at 1.3501 except for just a slight 25 pip rise so far.
I wouldnt be suprised to see a break of 1.3500
Edit: actually I take that back, macd signal line just emerged from the bottom side of the histogram and price broke a small trendline I had following the last down swing, so could be either a rise or some sideways movement for a while I’m going to refrain from placing any more orders until something more decisive happens
subjectivity is a crazy thing… ‘cuz now that u mention it, it def looks that way. But seein’ as how my limit just got hit, here’s ta hopin’ ur at least a lil wrong… then maybe I can grab a couple pips on tha retracement.
Got my halfway on that last EU buy so now I’m ridin’ for free. I’ve gotta ask tho; what’s ur MM look like SDC? I’m currently pickin’ more winners than losers but my losers are weighin’ in a lil heavier. I read one of ur posts on another thread that said that u’ve doubled ur account. Any tips for a student eager ta learn? I’m sure ur MM plan had a lot ta do with it.
I have stopped for the day too. Somehow, I feel extremely uncertain when a trend moves TOO strongly in one direction. You would think of all the supports/resistance but you wouldn’t know if they would hold or not. And with pivot points out of range, there is no double justification (my method of deciding to enter a trade) for sell or buy orders.
Wow, I kno even less about pivot points. How do u use them in ur personal strategy Medic? Like I said, I’m completely green n I’m just tryna learn as much as I can from everyone that I can. Still refining my personal strategy but I must say my chart looks sooo good naked…
Yes I have more than doubled it but the thing is my MM method goes against everything they teach you and would not be considered recommended practice because I would have to say the main reason I have had more winners than losers is because I set high stop losses and let loss trades ride the wave when they start going negative to well over the recommended 2% of the account balance.
I’m not recommending anyone follow my example but an interesting experiment is to go over your loss trades from the previous month and plot them on a chart and see how many of your stopped out and loss trades would have run into a profit later had you let them ride, first on a 100 pip stop loss, then a 150 and then a 200 then a 250 and how many would have still stopped out. When I did this I discovered there was only 1 trade in 30 stop outs that would have still lost at 200 pips stop loss.
The others would have made well over 1000 pips if I had let them run so I started doing that more often, especially if the trade was with the long term trend, like this week with the EUR/USD an obvious downtrend so if I entered a sell I would expect later returns in the event of a temporary rise.
I still don’t always do that though I still close out losing trades early too sometimes especially I try to catch them during a small retracement when the loss drops back to zero, and sometimes I enter reverse trades, so as you can see my MM is far from perfect, and I change it as I go along too lol.
Having said all that I havent had a bad loss trade for a while I think because I improved my entry position strategy somewhat.
Edit: The worst loss I had recently which cost me the full 200 pips was at the beginning of the month, it was due to a dumb mistake when I entered a sell order on GBP/JPY without realising the price was within a hair of a 2 year low because I hadn’t pulled out to the monthly chart to check out the long term scenario I won’t make that mistake again. Luckily my lot size was on that position low so damage wasnt too significant it was still about 10% of my account though.
I should also mention when I do have a loss trade now, the first thing I do now to make sure I should be safe to wait for a reversal is I run through all my favorite analysis sites to make sure most of them think its a temporary price move and that the trend is still good if I know I was counter trending at the time I close it out and take the loss early as poss.
Sorry I didn’t have a great MM plan to show you though lol
Makes sense… just a lil more aggressive than most ppl choose ta play I guess. Oh, that buy I put in on EU was in tha middle of a stall so I didn’t lose but I didn’t get tha movement I expected. Side note; an inverted HnS formation is forming on the GU as we speak. I’m personally waitin’ ta break tha 1.5033 ta consider a buy.
I’m up 100 pips on a buy I placed on GC this morning/ last night! My confidence is growing! Reading patterns instead of indicators is giving me tha best results I ever had! I don’t mean ta brag, but I’m finally seeing consistent profits. Now I just need ta refine my MM and continue to learn. Oh yeah, I took tha trade because I noticed tha pair moving in a downward channel ranging a bit plus it had just bounced of my lower trend line.
Oh, and I took that buy on GU that I mentioned earlier at 1.50640. Didn’t get in as early as I could have but I was playin’ it conservative. 30 pips so far n countin’…
If you would like ta join me in my pattern search then by all means… Right now I spy a symmetrical triangle on UJ and tha point looks ta be about a day or 2 away so I’m lookin’ for a significant move.
Double bottom forming on EU as we speak. I’m looking for confirmation around. 1.3574. Picked up a few pips on tha GU buy. My GC buy reversed but I think I netted out at app. +90 pips. Happy trading.
I have a downward channel on EJ that’s holdin’ up pretty well. Placed a sell at 122.150. A previous sell I placed on tha same TL pulled a few pips for me. I tried again and lost because there was a spike in price this mornin’ so my loss was hit. In retrospect I think my S/L was too low. The price reentered tha channel so I’m in for a 3rd go. I’m confident tho! :rolleyes:
Edit: Fixed typo
Also, I’m thinkin’ that EJ may have a short-term reversal if it breaks tha 122.590 area.
Wow, I guess some bad news came in for tha yen b/c I just got crushed in a bunch of trades. So many breakouts… I’m late on most cuz it happened during tha asian session so I’ll sit out until things settle.
I stay away from the yen for the most part, I got burned a couple of times I dont know what it is about the yen the trading patterns seem so different and I get caught out a lot more.
Talking about getting burned I had a lousy thing happen early this morning I was trying out a hedge system i was using tiny lot sizes 0.01 well i accidently typed 0.91 on one of them and I didnt realise I had done it so i was watching the price go against that one for a while I had no idea the lot size was 90 times bigger than it should have been untill I glanced at the profit loss box and saw a massive negative, arrgggg panic !! what the hell is going on !! by the time I realised and closed it out it cost me a bunch.
The even more worst thing about that is the price move that went against it included a 50 pip spike, if I had left it alone I would have run up one hell of a profit on that one when it came back down and continued down for another 75 pips after that, but I paniced and closed it out as you can imagine im not very happy with myself today.
Yes panic. I make sure that my lot sizes are correct first and foremost before setting the price. I try not to buy/sell at market, but it can be tempting.
The other day I was trying to buy on a bull candle, but accidentally sold instead, and what could have been a good 10 pips gain, was 10 pips lost. I was so upset.
It’s all about psychology. I was long on the GBPJPY this week, and it hovered under my entry price for two days and then climbed above it yesterday. I was very happy. But then I saw the price retracing, and out of worry of losing profits after two days of being in the red I closed my order. Lo and behold today three bull candles!!! Had I just stayed in, in fact had I just not looked at my charts this whole week, I would have been up a lot more than I am now. So I’ve learned:
Be patient, give your trades time. It will make you money, but perhaps not as fast as you want it.
Keep lot sizes small enough so that when there is a loss in potential profits, you don’t feel like jumping ship.
And as a expert once told me, just accept loses and move on.
I’m trying to be more of a set it and forget it person with trades. Whenever I try to micro-manage, I always lose.
