Following the UJ Long trade:
M15_M3_M1 focus after shedding lots, for future planning:
Closed out:
M15_M3_M1 re-entry:
Additional chart considerations of PA for future decisions:
H2_M15_M3 view MUCH later on:
M15_M3_M1 view of the above:
Closed trade, M15_M3_M1:
Closed trade, H2_M15_M3 perspective:
TygerKrane's Pip-Pickpocketing
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- TygerKrane
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- TygerKrane
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- TygerKrane
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- TygerKrane
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- TygerKrane
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Looks like I might need to start posting my weekly balance again, to get the overleveraging, megalomaniac demon back in check again
What's the worse that could happen, you guys watch me add a zero to my account in under a year?
What's the worse that could happen, you guys watch me add a zero to my account in under a year?
**Krane catches Tyger** !>I'm here to chew bubble gum and make major pips...and I'm all out of bubble gum.<!
Break even is not a target.
You either win or you lose, you either push forward to a goal or take profit right then and there.
Previously I talked about 'shedding' lots but I found that others still had difficulty working long term positions.
Since everyone is used to trading small charts I thought I'd break it down into steps to achieve the same end result.
1. initial position, double, [+50%], look to exit at a small profit; the last addition of 50% is optional.
2. since your position moved from the extreme, re-strengthen your stop.
3. click through the chart periods before re-entry with your last lot size.
4. repeat: enter, double, [+50%], exit.
We don't use 2+ day extremes simply because they are strong positions, we use them because WE [WILL BE] [s]are[/s] TRADING A LARGE CHART.
Many people get confused thinking that short term momo should lead to long term trends
-----------------------------------------------------------
Short term momo = short term trends
Long term momo = long term trends
-----------------------------------------------------------
Short term close over = temporarily meaningful
Long term close over = long-lasting meaning.
-----------------------------------------------------------
If you take a short term entry then the LARGE CHARTS
MUST FALL IN LINE or you are holding nothing but sand;
nothing will materialize.
Focus on the large charts first & then add to them with short
term perspective.
If you take a trade against a long term chart then what are you hoping to achieve?
That price broke higher & may now close lower than the extreme & in the future might follow through by closing lower than something?
It could very well make sense to try such a thing according to the small charts and long term stops but the key here is that YOU KNOW WHAT YOU NEED to continue with such an idea; you are not just flailing aimlessly as someone in a mosh-pit.
The next time that your mind is in chaos simply go down the list:
1. where are the 2+ day extremes?
2. what is the long term perspective?
3. short term price is higher or lower than what?
4. enter, double, [+50%], exit.
repeat:
1. ...
Here we see strong counter-momo on an M1 chart.
What does it mean?
It means very little without long(er) term context:
- TygerKrane
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- TygerKrane
- rank: 1000+ posts
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MightyOne wrote:Break even is not a target.
You either win or you lose, you either push forward to a goal or take profit right then and there.
Previously I talked about 'shedding' lots but I found that others still had difficulty working long term positions.
Since everyone is used to trading small charts I thought I'd break it down into steps to achieve the same end result.
1. initial position, double, [+50%], look to exit at a small profit; the last addition of 50% is optional.
2. since your position moved from the extreme, re-strengthen your stop.
3. click through the chart periods before re-entry with your last lot size.
4. repeat: enter, double, [+50%], exit.
We don't use 2+ day extremes simply because they are strong positions, we use them because WE [WILL BE] [s]are[/s] TRADING A LARGE CHART.
Many people get confused thinking that short term momo should lead to long term trends
-----------------------------------------------------------
Short term momo = short term trends
Long term momo = long term trends
-----------------------------------------------------------
Short term close over = temporarily meaningful
Long term close over = long-lasting meaning.
-----------------------------------------------------------
If you take a short term entry then the LARGE CHARTS
MUST FALL IN LINE or you are holding nothing but sand;
nothing will materialize.
Focus on the large charts first & then add to them with short
term perspective.
If you take a trade against a long term chart then what are you hoping to achieve?
That price broke higher & may now close lower than the extreme & in the future might follow through by closing lower than something?
It could very well make sense to try such a thing according to the small charts and long term stops but the key here is that YOU KNOW WHAT YOU NEED to continue with such an idea; you are not just flailing aimlessly as someone in a mosh-pit.
The next time that your mind is in chaos simply go down the list:
1. where are the 2+ day extremes?
2. what is the long term perspective?
3. short term price is higher or lower than what?
4. enter, double, [+50%], exit.
repeat:
1. ...
Here we see strong counter-momo on an M1 chart.
What does it mean?
It means very little without long(er) term context:
Thanks MightyOne, that is quite the blueprint!!!
Too bad that I would still need one after all this time.
The interesting thing is that I was never trying to be a small timeframe trader...it's just that I spent a lot of time asking myself, " 'How do I know' / 'When is it reasonable to guess' that a Pullback ((from a higher timeframe)) is over?
And that led me to go lower and lower...
I just need to figure out which pairs (2 to 3) that I want to follow for the next few weeks going forward. I've been hooked on UJ for the past weeks, but I recognize that the pair is at the point where
The PA I see
clashes with
The idea that 'this type of strong trend surely must be at its end (even if it is just a 1-2 week breather/'reversal period' before continuing);
And then I start second-guessing myself and things get messy.
IF I can cool my head off, I will gladly continue hitting up UJ, otherwise...
I also need to chill out and understand that even though there WILL BE enough Forex PA to double my account by the end of the year, I am not at the point yet where *I* could DEFINITELY make that happen.
But then again, ANYTHING IS POSSIBLE if I keep my weekly losses below 5% and trade with higher timeframe bodies in the direction profit
**Krane catches Tyger** !>I'm here to chew bubble gum and make major pips...and I'm all out of bubble gum.<!
- TygerKrane
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