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When you see 3 or more RED candles, it is time to LOAD THE CHAMBER. When you see a GREEN candle ( start to form and grow ), it is time to PULL THE TRIGGER. DO YOU UNDERSTAND? |
Rule Of Thumb: If You Are Losing Money Then You Should Not Be Trading More Than One Currency. If You Are Losing Money, You Haven't Learned How To Trade Profitably. The Way To Learn How To Trade Is To Trade The Same Currency Over And Over And Over Until You Master It. When You Learn To Juggle, You Start With One Ball Not Three Or More! |
Thanks for your enlightment TheRumpledOne
If you say that this thread is perfect for a newbie like me then I will follow the flow of this thread like a leaf :D I am looking forward to your next enlightment while I learn about Trading Psychology just like you advise me to do. :) |
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What do YOU OBSERVE? |
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http://i33.tinypic.com/1z5u4h5.gif
WHY DO YOU LOSE? They say 90% of traders FAIL! If you think about it, shouldn't it be closer to 50%? How can 90% of traders find themselves on the unprofitable side of the trade? Right now, some are buying and some are selling. Don't you think it would be about 50 - 50? For every buyer, there's a seller or for every seller, there's a buy, right? But, WAIT JUST A MINUTE!! What if there was ONE BIG SELLER and a lot of little buyers... say perhaps 9 little buyers? What if that ONE BIG SELLER kept dropping the price? What if that ONE BIG SELLER pushed the price down far enough to wipe out the 9 little sellers? Wouldn't the ONE BIG SELLER have all of the money from the 9 little sellers? THINK ABOUT IT!! DO YOU REALLY UNDERSTAND HOW THE FOREX MARKET WORKS? If you are just joining this thread, make sure you start from page 1 and read through. TO BE CONTINUED... |
TEA LEAVES
http://i34.tinypic.com/260aoo6.gif If I told you to use TEA LEAVES to trade the market, wouldn't you think I was CRAZY? How about if I said use ASTROLOGY? How about if I said use NUMEROLOGY? Would you consider those just as crazy? How about if I put a bunch of SQUIGGLY LINES and COLORED MARKINGS on the chart and told you that I used a "secret" or not so secret formula, would you think I was crazy then? Perhaps you would be INTRIGUED by this formula. Perhaps you would be led to believe this formula would generate profits and you would then want to sign up to learn more about this formula and use it. Does this sound familiar? HAVE YOU BEEN LED ASTRAY? TO BE CONTINUED... |
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If you have 3 candles going down and one starts to up, but then plummets low, what do you do then? What if you have 5 red candles then a green start? How do you place your limit orders? I use market orders, but by the time I get a market order in, I've missed the action. I can't really figure out where to put a limit order if the (for example) last red candle hasn't closed yet. Like right now I have 3 greens, then a red started and moved lower then the open of the last green. By the time I get my order together I'm looking at a new green candle. So I'm either missing the action, or I'm mis-observing. I'm not looking for hard answers because this thread is about learning to see, but may of your examples are perfect world examples. |
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This is what I see and have been using on a 15 minute chart(eur/usd) and has been working well. I shoot for 5 pips but if price is moving well I go for more.Stop loss of 5 pips. |
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HAVE YOU EVER SEEN A LINE CHART?
http://i38.tinypic.com/2hfrh8j.gif The BLUE line is PRICE drawn from close to close on a bar chart. The trick is to use a simple 1 period moving average of close ;) Does this make it any clearer for you to see? |
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Do you mean to short at the low of the candle? |
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can you really never lose?
I'm new to this site, but I've been reading the threads here for quite a time, and this one has really caught my eye.
Can you really apply these principles and never lose? Is it possible to never lose on a currency trade or ??????? |
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You'll have to be quick!! Check this out... +/- Low is the number of consecutive higher/lower lows. H1L0 is the number of pips from the previous candle high to the current candle low. LL(x) is the percentage of the time price making lower lows over the last x bars. It's nice to know the REAL TIME stats of the currency pair you are trading. |
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how about this?
Hmmm... I've read that article on trader psychology.
I'm guessing you kinda don't want to answer my question straight out. I guess I can understand that. How about this: For all of us reading this thread, would you post a series of trades at the time you make them so we can see they're live trades? It'd be great if we can see them in action and see your comments and how you actually use your principles and your enhanced indicators? The questions you ask in your posts are good, but seeing what you actually do as you do it would be great. |
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I am trading, programming, talking the chat room, reading, posting, etc... I have already posted LIVE TRADES? What do you think I am posting? Look at the white charts upper left hand corner... those are the times. |
from THE TRADING ZONE, Mark Douglas
page 121 1) Anything can happen 2) You don't need to know what is going to happen next in order to make money. 3) There is a random distribution between the wins and losses for any given set of variables that define an edge. 4) An edge is nothing more than an indication of a higher probability of one thing happining over another. 5) Every moment in the market is unique. page 185 I AM A CONSISTENT WINNER BECAUSE: 1) I objectively indentify my edges. 2) I predefine the risk of every trade. 3) I completely accept the risk or I am willing to let go of the trade. 4) I act on my edges without reservation or hesitation. 5) I pay myself as the market makes money available to me. 6) I continually monitor my susceptibility for making errors. 7) I understand the absolute necessity of these principles of consistent success and, therefore, I never violate them. |
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The triangles show the time that the CAD spent time under the green dashed line and over the dashed line
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hello,
on the 5m chart today at 23:10 gmt a second green candle started to form after a series of 3 red candles, and the 15m and 30m charts were green also. I traded 3 pips with confidence. thank you rompledone. best regards. rafa. edit: the movement's been good for 13 pips. edit 2: and more... but I took what I wanted. |
hhmmm... the histogram grows as the price retraces through fibbonacci!!!
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no, wait.... the histogram represents the time that price has been above and below the 1.0615 level.
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I see two doji and price reversing after doji. |
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May i add that each of these histogram are the cumulative one of the highest R before a blue (as S) around the same size. The red line and blue line aren't all the same size. Then TRO must have been doing something on this formula. |
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Looks like you are having fun!!
It also looks like some of you are learning how to SEE. That will come in handy. ;) |
Another nice scalp.
http://i35.tinypic.com/u9d0p.gif I am getting requests to show trades as they happen. I'll do the best that I can. |
Goodmorning TRO and all,
Question for you. The Green line - is it a fib line? I *think* it is, but I do not want to assume anything. If it is a fib line, I have a couple of more questions. Why do you think fib retracements work so well, self-fulfilling prophecy since it is used by so many traders? Also, what is the correct timeframe to use, for example, intra day would you use 21 bar, 1 day, 2 day, 1 week, etc... Or do you use a combination to help get the "big picture"? Thanks, David |
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