tommor: every resource you find about double top and double bottom patterns will say that double top is announcing downtrend and double bottom is announcing uptrend. I was even waiting for confirmation candle to be fully formed. This is not a lottery where you bet on luck only. If the trading education, at least theoretical one, is including particular facts then those facts need to be respected by the trends in practice (real trading) too. I cannot look into the future to see what will happen. So there are rules that need to be respected. How could i had known that there will be uptrend after double top plus confirmation candle? I am sure the broker scammed me here. After double top has to be downtrend as all education resources are saying. I cannot just bet and hope that something will happen. Education needs to be realized in real trading too.
peterma, most of my recent giant losses occurred on poor CAD and poor RUB because of oil. I had no way to know that bad news for oil means bad news for CAD and RUB but i knew that bad news, since both cad (usdcad) and rub (usdrub) where on the right side of trading symbol, meant uptrend. I was in downtrend positions. On usdcad around 2 months. On usdrub around 5 days. Why did i open downtrend positions? Because i didn’t know there is anything bad about oil going on. Even if i did, i wouldn’t know this means bad for CAD and RUB so the direction of downtrend would most likely be still taken. This is big failure by me for sure. On friday i saw good news for EUR so i opened uptrend position but then got scammed again because trend went down. No idea how this is possible. News where clearly saying that EUR is going good and it was far away from resistance line. Peterma, I am sure that we are talking about the same situation on EURUSD but happening at different time. My was opened (uptrend) on 21th Dec because i saw good news about EUR and even uptrend announcement on EURUSD. However, i didn’t understand your suggestion ‘‘seek value’’. I would appreciate if you could please explain what kind of work would i had to do to predict that EURUSD is going down and give ‘‘decision priority’’ to this prediction rather than news event. I don’t understand what where you saying (btw, are you using for this any custom MT4 tool?) in your message containing screenshot. Surely there had been resistance line before i opened EURUSD uptrend position on 21th Dec and the main rule of trading is to give priority for retracement from resistance (or support) line and not upward or downward cross. But still based on the news event i saw 21th Dec, it should be uptrend.
I don’t understand those correlations unless they are in table such as:
So my answer to your question is no, i don’t see anything what would cause EUR (downtrend on eurusd on 21th Dec) to be affected because of USD or Gold.
All those problems with evaluating the event can be (partially) solved with two opposite pending stop orders but here problems occur - i already described them but haven’t received any solution on this yet. Hopefully someone could please reply on this.
The oil, cad, rub was lecture forever. Now i will for sure know it but i hope i will be able to see good or bad news about oil fast enough.
My main worry remains the same: pending stop order to be executed by something else instead of news event which was (referring to event) the reason for me to open two opposite stop pending orders on the same trading symbol. Then when news gets effect on chart, it would go to the opposite direction. How could i protect myself from this?
Another sample is in attached file. This sample is about the problem of figuring out whether the event will cause trend movement or not. Kindly see attached file please. Fortunately in this sample the title of the event is saying to which symbol is event related to: Since two countries are mentioned already in the title, the answer is obvious: symbol USDCNY. It would be very hard if country/ies name(s) was/were missing. Or if individual’s name weren’t available. Based on individual person’s name, it is easy to google it for info where he or she is coming from and lookup for this country’s local currency. But it is beyond my understanding how can i know whether or not this attached event will move the trend on USDCNY? Even more complicated: If USDCNY moves, how could i know that pending stop order (either buy or sell) will be executed because of this EXACT event?