Agreed, no rush no revenge. Risk was calculated and thus it didn’t sting from a amount perspective.
Cheers
A question that comes to my mind.
As often stated, going with the trend offers a higher probability.
Now let’s say, a pair has been in an uptrend, is now in a consolidation or ranging or whatever you want to call it.
Is there a higher probability when you go long at the low of the range instead of going short at the top of it ?
Thanks,
Yves
If you use the right stop loss you will have better chances to win thanks to RR ratio, at least in this scenario.
Hi guys. I think this is interesting. And I’m torn, because my broker doesn’t close at ny time, but in order to show what I’m looking at, I have to change brokers to post ny time, then I compare signals. Quite different, in order to know where’s price wants to go. I’ll show you.
This is my chart that I watch. Look at how current price action is mimicking what happened at the far left. Big candles up then a beeb. That has just happened yesterday, (far right). It sure looks like price will go down to the next level, today.
But…on the marketscope chart.
This looks like price will go up, pin bar. I was wanting to go short on my chart, down to the next level, for today. But, on your ny close chart, looks like will go up.
Any comments?
Now that I’m reading my post, just thought of my mistake. Today has not closed yet.
I think I’m gonna place an order. Price has retraced up around 50 %, BEEB yesterday, 20 pip stop loss, tp 40 pips down to the support level.
That’s a bit different approach from what we do here, but hey, why not ?
[QUOTE=“wm247;557524”] Very nice, Aug. I’m also coming from stock market background, but I mostly use fundamental analysis. 
Don’t worry about pips. Believe it or not, you can end up with negative pips after all, and still end up with profit at your balance. Even RRR by itself is useless. You can take like 1:0.5 RRR, but if your Win Rate is very high, you will accumulate your profit in the long run. Or, the way Krugman does it here, he aims for an extremely high RRR, say 1:10, and so his Win Rate can be so low from time to time. It doesn’t matter, he will still accumulate profit in the long run. What’s the most important here is actually your trade plan, so that you will have consistency in any trade you’ll take. Have you written one yourself?[/QUOTE]
wm247,
I do have a trading plan, and I learned the hard way when I first got into trading the importance of having one and sticking to it. I’m actually using the one posted in this thread with modifications to suit my personality, style and how much risk I will accept. I don’t plan on relying on a high win rate since I can’t control that beyond making high probability trades. I do plan on losing less pips per trade than I win, on average, since I can absolutely control my stop loss.
Talk to me. What did I do wrong?
I placed this order today. Auz/Nzd…short at 1.15159…sl at 1.15345…tp at 1.14796.
I’m playing the bearish engulfing bar, the next candle (last one there) went down and retraced up today almost 50%, then I got in thinking the BEEB will prove to be correct, plus it’s at a major level. Taking profit at the next level down. Stop loss at the next minor support level.
I hope I didn’t jack this all up.
Talk to me!
[QUOTE=“Mike Wolski;557622”]Talk to me. What did I do wrong?
I placed this order today. Auz/Nzd…short at 1.15159…sl at 1.15345…tp at 1.14796.
I’m playing the bearish engulfing bar, the next candle (last one there) went down and retraced up today almost 50%, then I got in thinking the BEEB will prove to be correct, plus it’s at a major level. Taking profit at the next level down. Stop loss at the next minor support level.
I hope I didn’t jack this all up.
Talk to me![/QUOTE]
Hey Mike
I hope your trade works out for you, the Aud pairs seem to be pretty wild at the moment and have recently cost me a few pips. But the Aud seems to be going down again now across the board after last nights announcement and so fingers crossed your luck is in.
It’s fine, no worries. The only “weird” thing is to place TP at the break of the BEEB whereas reaching this point would mean that the BEEB is valid and that it should go further down.
Thanks BA buddy.
I do need to be corrected, and am not afraid to be spanked. Just let me know when I mess up.
So I should have gone much further down. To the swing low, right?
I guess my time frames are skewed. In my mind that is. I was hoping to make some profit on a daily basis, instead of looking days down the road. I keep forgetting I’m playing on the daily TF’s.
[QUOTE=“Mike Wolski;557629”]Thanks BA buddy.
I do need to be corrected, and am not afraid to be spanked. Just let me know when I mess up.[/QUOTE]
No good asking me Mike, I’m still learning and screwing up myself 
I am not a pro neither but if you shorted this pair, you believe that it is ranging so why not target the low of the range? At least, the next major support after the break.
Oh, I see. Like at around 1.1491 area.
Hmm. Yep, I see your point.
Man,…ok.
Thanks!
Hi I took this trade on sunday night open and it failed. Can any of you guys see if I missed anything. This is my first chart post so I hope it works, If not I’ll try again in a bit.
I am interested in the answer too. I took the same trade. Apart from pinbar could have been bigger and not trading an hour before RBA speech, I don’t see any issue. Good setups fail too, but not as often as bad ones.
To me it looks more like it was ranging previously, so the higher high and lower low doesn’t matter. Otherwise your pros/cons look alright to me. I would not have taken a trade there at all personally, despite it rejecting that S/R, because there isn’t a whole lot of room for it to move in either direction before running into trouble. Can I ask why you entered at the high of the previous candle instead of waiting for the pin bar to be validated by the next candle breaking through the low of the pin bar?
I’m new at this, so I may be way off base, but that’s what I see.