yeah, same sentiments, it is like kicking down a door. if you kick down a door on first try, you usually have a good momentum. but if you kick down and fail, the first, the second, and the third, then the hinges move pip by pip, but by the time you’re through, you’d be too exhuasted.
I’m going to carry on trading them in the Asian session as well, and also keep trading multiple bounces.
I look at it this way… Even if they do have an increased risk of fakeouts they still work more often than not, and as long as we win 51% of them we’re still making money. 
Phil, do you have a candle timer you might share?
Phil and Orpips set me straight on this one a while back. They didn’t feel like it was a big enough move south after the high formed. I got in anyway, but for a penny/pip just to see what would happen. 
You make a valid point. It will be interesting to hear Phil’s opinion.
Here’s the one I use. Nothing fancy, it just counts down the time to the candle close off to the right of the candle.
You may need to indent your charts a bit to see it.
EJ’s CandleTime.zip (2.12 KB)
You’re right about the triangle, but I’ve found that combining scalp lines with trendlines just doesn’t work.
Triangle and trendlines are great at predicting overall price movement, but scalp lines don’t do that. They just take advantage of a short burst in momentum when a line is broken. That burst may very well die out and the price end up going the opposite way. We’re just betting on the fact that it usually goes at least 50 pips before that happens.
I don’t combine scalp lines with any other form of analysis, in my opinion it just “muddies up the water.”
Plus I still say that wasn’t a line to begin with… Scalp lines should be major reversal points… Zoom your charts out all the way and compare that line to the other major reversal points and you’ll see what I mean. 
That’s exactly what I was looking for. Thank you, sir!
So the trade I was told was a “bad” one is the only one that made me money yesterday and the “good” trade took it all back. Frustrating.
lol. That’s the way it usually works
No one can predict the future. I have a 70% historical win rate, which has probably dipped to 65% after this losing streak, so remember that whatever I say is only right 65% of the time.
At least for 2009, there have been plenty of trades that have gone 25 or more in the red before going on to be winners. But the lowest any winner has dipped this year was -40, so I am considering using an SL of -45. I am also considering a TP of 55.
I didn’t trade the reversal on GBP/JPY because I was already trading a reversal on GBP/USD. The pairs are too closely correlated to trade the same reversal on both.
If I’m trading the reversal NickB style I go for 70-100 pips (depending on how much the market is ranging), but most of the time I trade reversals with my own method, which has a varying SL and TP depending on the candles. After losing the scalp earlier I just closed my GBP/USD reversal for 160 pips profit with a 145 pip SL, so I made a slight profit today.
I certainly would never blame you. I am my own trader. It’s just frustrating to find this completely logical method, and to be learning so much, only to have all the real world application of my new knowledge produce loss after loss. I know this is just a bad run, but it often feels like it’s my karma or something. If I wasn’t such a rational person, I’d probably go crazy trying to make sense of my trading career thus far.I have an uncanny knack for finding systems and methods in the worst times that anyone can remember.:mad:
Nope, missed the reversal. I only make bad trades and that reversal looked good. LOL
Could you show us how you trade the reversal on GBPUSD?
I entered at 1.6565 (sell) SL=TP=50, and stop out by a few pips…
Sure. Details on why I did what I did can be found here…
http://forums.babypips.com/free-forex-trading-systems/25839-my-basic-chart-analysis-method.html
I certainly would never blame you. I am my own trader. It’s just frustrating to find this completely logical method, and to be learning so much, only to have all the real world application of my new knowledge produce loss after loss. I know this is just a bad run, but it often feels like it’s my karma or something. If I wasn’t such a rational person, I’d probably go crazy trying to make sense of my trading career thus far.I have an uncanny knack for finding systems and methods in the worst times that anyone can remember.
Pukey, I definitely feel your pain. I just went live 4 weeks ago and this has been a blow after 6 months of resounding success on demo. It happens. It’s frustrating to watch my account take hit after hit, but at the same time I think the one silver lining has been the experience gained, plus knowing that my money management model is solid. I know I can take an extended losing streak and not blow my account.
Cody
I stayed out because it hit in the asian session. I will take any scalp trades that happen in London/NY sessions.
I’m sure we’re in good company. I’ve been trading for about a year. I guess I’m a slow learner because it seems like alot of people figure it out in less than a year, but I’ve tried alot of methods. I’m positive that indicators are not right for me, but I wish I hadn’t wasted all that time with them. I could be alot further along with price action at this point. Instead I’m making beginner mistakes when I could already know better.
wow!! Thanks, I didn’t know you have a thread on this!