AlpariUK:
High of the yesterday’s candle was 0.90135.
Close of today’s candle 0.90134.
Pepperstone:
High of the yesterday’s candle was 0.90165.
Close of today’s candle 0.90191.
For anyone wondering: both are NY close charts, but the feeds are clearly slightly different due to the difference in spread. The pin is still valid on Alpari haha! :60:
lol mysterious world of Forex:48: Still a No for me… Did you take it?
But the pinbar is smaller than the bullish candle, so in that case you can’t say that it jumps out which is one of the rules. To each his own though.
Same here. A no for me too. that pin bar closed outside the body of previous candle. short tail . lol
No matter how much i wanna go down to 4HR to trade, i cant. I must be profitable in Daily consistently for a few months bfr i go down to 4HR. I dont care.
ok i kinda talking to myself lol
Yes hate it so much when it does that…how many in row have we seen the trade being like that… the previous one as welll…=.=
Exactly man.
Looks gd to me, but is a 4HR which i will not take…
What experience have you had trading the 4HR that has led you to this conclusion?
Umm,first i overtrades at 4HR coz it give more signal than Daily and i think i cant handle it well. Also daily give more reliable signals because its 6times more reliable than a 4 Hr chart with 6 times more information in it. And someone told me that try to start at daily and if its profitable for a few months, maybe 3-4, then go to lower time frame. Slowly work your way down. One more thing is that, it practice your patience at Higher time frame which means you have to wait for the Best signal. I think its a good way to start.
I have been in forex for about 6 months and blow one account. Now i am regrouping and restart after reading the articles about trading quality not quantity. lol
anw how long have you been trading?
I agree that the signals are more reliable on the higher timeframes, and if you think you’re overtrading, the answer might be to trade less. Overtrading suggests that you’re trading “too much”. However, as you say, I think the problem is one of quality not quantity. The problem is taking trades that don’t meet your edge’s critera, or [I]almost[/I] do. For example, when a trader says to themselves, “My edge isn’t present, but I don’t want to miss out”, or “My edge is present but I’m afraid I’ll lose again, so I won’t take it”, or “My edge isn’t present, but I’m SURE it’s going to go this way”.
We can never be certain what the market is going to do, but we can be certain about the conditions of our edge. This way, if our edge is present in the market, we take the trade without hesitation. If it’s not present, we don’t trade.
Yup this is exactly right. When i go live i think i will have a huge problem with that. U live?
You WILL have losing trades. You have to ask yourself what motivates each trade that you take. Is it wanting to win, wanting to be right, not wanting to miss out, or do you just want to make money consistently?
I suspect on a fundamental level, you want to make money consistently. But it is your desire to win each trade, to be right, that is likely to prevent you from ever achieving that.
Making money consistently, which is the only reason we are all here, is not about being right or winning per trade. If you have an edge, you can be confident that over 10 trades, you will win the majority. You simply won’t care if you lose the first 4. But I have a feeling you’re aware of this.
Anyway, demo trading is great for developing discipline. So that when you decide to start trading live, you won’t need to “try” to stick to your plan, you just will. There won’t be an alternative, and there won’t be a problem like you’ve described.
I am also relatively new to this, but I have been trading long enough that I understand what needs to happen for me to be consistently profitable.
Cheers!
Well said, well yes i understand those concepts and things you mentioned above but you have to overcome the feeling of losing trade to be insignificant slowly while live trading when you have a edge on your side, which means you are the owner of the casino. When i think back why i was live awhile ago, i totally do not understand why i did that. I guess all beginners go through that when they just started because they feel that they
ve learnt something and WILL start earning consistently. Thats TOTALLY wrong. So now Ive realized the importance of demo trade and to check if i have an edge over the market as well as practicing my discipline, patience and execution.
Hopefully what you said will happen to me about sticking to my plan when live lol which i will not be for at least 3 more months. its been a week and i did not find any nice trade setup on daily which makes me quite sad lol, i guess ill just have to wait =o=
There have been setups this week on the daily according to my criteria, perhaps not yours. Do you ever check this page? Forex Price Action Trading Signals | Forex Commentary � Forex School Online
Eyes peeled:
I agree that it may take time to change your relationship to losing. Confidence is certainly born of success, and you may find that it improves incrementally with each trade. There are two types of confidence though:-
-Confidence that you can outsmart the market, because you’ve won the last 10 consecutive trades, which will crumble as soon as you lose a trade.
-Confidence in your edge and your ability to stick to your plan.
How long it takes though is up to you and not the market, and if you can figure out exactly why you’re afraid of losing, that will help you to “overcome” any feelings you may have about losing the next trade.
Sounds like you’re on the right track anyway Jackson!
Wow thanks man, good to hear that im on the right track! Haha! Yup i do check that occasionally, good stuff!
Btw which setup up were you talking about? Mind put up the screenshot?
EDIT:
Oh just saw the SS, missed that one coz i didnt marked my area there i think 
