Hi Nsinner,
Welcome, enjoy your studies and don’t hesitate to ask.
And yeah usd/cad weekly candle on pepperstone is valid, indeed.
Cheers.
I beg to differ, Krugman. If I am to see that H8 chart first, without any further information about H4 chart in advance, I will not take that setup at all as the body of the pinbar looks too low to be valid pinbar (close to be at least 1/3 in direction of trade). More like an indecision candle for me.
In short, as we have seen the H4 chart before, that knowledge in advance tends to cloud our objective judgment. 
[QUOTE=“Kasravi;539961”] Common BC, I hope you are kidding?!?! Why did you expose yourself like that? I understand you must be frustrated now. You let yourself down,despite knowing that lower timeframe trading is much more delicate and that there is a strict rule for risk management to keep you on track. There are actually from time to time so called bet the farm trade opportunities because they are such neat setups ,but that one isn’t one and even if it is you gotta keep your exposure in check at all times. Making up for a lost trade is one of trading psychology pitfalls, that unfortunately caught you off guard. But you got taught not to do that again. All the best to you BC Cheers[/QUOTE]
Thought I could clean up with this one, get back up in the green, then reduce my exposure. Perfect example of what not to do. Thanks for the support again everyone, I’m down, but I’m just going to dust myself off, take the lesson for what it’s worth and move forward. I’m not giving up yet…all I think about is that picture of the two guys digging toward the diamond…it may still be far away from me, but I still need to stick with it and slowly learn over time… I completely went against all my principles and was motivated by greed. Lesson learned. I will never expose myself like that again.
Hi mselva,
That methodology of yours is very good.
About Eur/Cad as discussed by me and Krugman that a reversal is a possibility but not proven so be cautious on top of that have a look at your H12 chart . I thought you should be aware of that.
Cheers
[QUOTE=“wm247;539967”]I beg to differ, Krugman. If I am to see that H8 chart first, without any further information about H4 chart in advance, I will not take that setup at all as the body of the pinbar looks too low to be valid pinbar (close to be at least 1/3 in direction of trade). More like an indecision candle for me. In short, as we have seen the H4 chart before, that knowledge in advance tends to cloud our objective judgment. [/QUOTE]
I wasn’t talking about the candle quality itself. To be honest I hadn’t looked at any of the NZD charts. I was talking about the fact mselva used a higher timeframe to have a higher price buffer. I can see a lot of people here are chomping at the bit and with itchy fingers to get in the trade as early and quickly as possible, exposing themselves to extra risk. It’s nice to see someone willing to take the higher timeframe even if it means getting in at a little higher price.
After looking at the chart, I agree with you it wasn’t even a valid pinbar. If you go back to the original post I made, I commented on his ability to wait for the higher timeframe signal, nothing said about the pin.
That’s the right spirit BC!
You are a tough one, I’m sure you’ll be the one who gets to the diamonds. Just don’t light up another cigar down there and get blown away by trapped gases(metaphoric of course).
Cheers
No worries mate, you are correct about higher tfs.
Will simply wanted to let everyone know that the pin is an invalid one.
Cheers
I agree with your praise that mselva waited for the higher timeframe signal (good), but we cannot also deny that he put his order based on an invalid pinbar on that very same timeframe (bad).
I know it’s been a rough day for most of us here, but we must never lose our faith in the A+ trade setups. We may lose here and there, but we will still win in the long run statistically. That’s why we should never risk too much in one trade, so that we can still live and fight for another day. 
PS: sorry, should have read again after you edited it.
Really BC, a person looses when he quits and i can see you are not that person. You learned from this as we all do AND NOW YOUR A STRONGER TRADER.
[QUOTE=“wm247;539984”]I agree with your praise that mselva waited for the higher timeframe signal (good), but we cannot also deny that he put his order based on an invalid pinbar on that very same timeframe (bad). I know it’s been a rough day for most of us here, but we must never lose our faith in the A+ trade setups. We may lose here and there, but we will still win in the long run statistically. That’s why we should never risk too much in one trade, so that we can still live and fight for another day. PS: sorry, should have read again after you edited it. [/QUOTE]
No worries, it was a good catch. I think the reason the forum had a partial melt down from the one loss wasn’t because it was a loser but because there was a lot of over risking going on.
Personally wasn’t a big deal to me. I’m made 4 trades in the last 3 weeks; 2 BE, 1 loser and 1 active trade in the green right now. Overall nothing out of the ordinary. If my winner plays out I will end out in profit over last 3 weeks. It’s really not good to sweat over 1 trade when there will be thousands more to come.
couldn’t put it better.
Don’t worry, no offense taken.
Whether we like it or not, losing is really part of the game. I like to consider that as normal ‘[U]business expenses[/U]’, and it’s justified as long as I’m consistent with my trade plan. Mr. Market does not even give a crap if we bet the farm, it’s just business as usual. It’s never personal, it’s always strictly business.
The Business Expense idea is gd!
Hi Bigcheefer,
You always react to my posts with nice constructive comments so I feel like it’s my turn now.
I hope you are asleep and that you will wake up with a brand new fighting spirit. I also got trapped on the EUR/JPY trade and the only reason I escaped the NZD/JPY is because I was late on it. A lot as been said already but what I want to add is that in essence, human beings aren’t compatible with trading at first as it requires 2 skills that most of us are known not to be good at: Managing emotions and managing the fact that we aren’t in control of everything. What we tend to do in real life is to create a set of good habits that allow us to be less exposed to emotions and that makes us able to control what can be. Also, we learn to recognize what can’t be controlled and to better deal with it. In trading, same rules apply, you have no control over the market and your system as well as your money management are the good habits that allow you to be less exposed to emotions and to control the only things that can be and as in real life, it brings you more success than defeat overall. One reason why I really love trading is because beside of creating you a bright future, it also makes you a better man in your everyday life. Hope this helps and I wish us plenty of great setups for the remaining days of this week to make it an overall winning week !
Yves
lol yes that was what i was saying (unless you were reiterating what i said in agreement)
small pins/2bars/engulfings are not valid on any time frame
Knowing that I am no longer the last one that blew 50% of his account in a few hours is not funny
I cannot tell you how hard I fought the feeling to chase the EUR cad trade yesterday but I am glad I did
I added Daily charts only to my trading plan for now and I hope to break free from this losing strike soon
try the weeklies… less chasing and more winning
USD / CAD will be my first weekly if it gets triggered
Thank you all for your comments.
Good night/good morning,
the trades are less often but if you look at pairs eurusd/usdchf gbp/usd cad/chf eur/sgd back to feb/mar of this year you can spot a few trades. eur/usd especially, from the 2bar in feb up to today you can see 3 maybe 4 2bar reversals while the pair ranged. gbp/usd is correlated and did the same. each swing was typically one or two months if you count the candles. easy money ( still on demo ; )