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BIG "3" MOVED!
http://i36.tinypic.com/22zw1y.gif Yes, the dreaded "repaint". But, that's what it's supposed to do!! |
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So
what do you do when you see everything looking good and jump right in
only to realize your chart was on the H1 instead of the M5? Last night
I gained quite a bit, but it is all gone in less than 5 minutes this
morning. I keep lowering my stop loss hoping it will turn around, but
it's getting ridiculous now. I just opened a sell on the EUR/USD not 10
minutes ago. If I lose double digits, I quit. It takes me days to
barely make $10 and I manage to lose it all in a few minutes time, over
and over again.
***EDIT Yep, it's all gone. I couldn't even lower my stop fast enough. Took me all week to creep in almost $10, and I lost $14 in less than 15 minutes. I'm going to go poke my eye out with a bamboo chopstick right now, or maybe slice my gums open with a dull dirty knife. I am so angry... |
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Edacsac,
I share your pains and frustrations. My setups look good in hindsight I dont understand how I lose a few pips here and there. When the chart is "still" it is clear what to do, but when you have price action making long tails and whipsawing around, it is a whole different story. |
I have a genius idea,
does anyone live in the Central Florida area?? If I place trades with my mini lots, and someone else simultaniously trades full size lots in the opposite direction, we'd be rich in 3 days :rolleyes: |
If
I had been paying attention I would have never entered the trade. I'm
doing this on my phone at work, half a$$ paying attention, and seen
what looked like a great opportunity if it had been on the 5M. It's a
lot easier to do things right when you can focus. I pretty much fired
up my mobile platform, seen what TRO has been showing us on the EUR/USD
chart and jumped. Then noticed I was on the wrong chart. It's kinda
scary. You have a good round, then a bad round that goes well past the
good round. It turns out to be a slow death with some happy moments
here and there.
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Live trading is definatly "hairy" so-to-speak.
I just ordered Trading in the Zone, cant wait for it. "You gotta get your mind right luke!" |
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I'm
still confused on how the go long line is calculated... is it the pivot
of the candle that makes the low or the previous candle to that?
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So:
190.67 is a 23% fib retrace from the 189.94 support line and 191.02 is a 38% fib retrace from the 189.94 support line. What if the action was reversed and where watching for a fib retrace to come down? Would you look to see price action touch the 61.8 line or would you draw your bib lines in reverse? |
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Sounds like you need a PRE-TRADE CHECKLIST. Remember my earlier posts? |
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You need to READ THE PRICE ACTION. BUY LOW, SELL HIGH. Don't chase the price. WAIT for it to come to you. Better to miss an entry than to chase price. |
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Yes, it's the pivot of the candle that makes the low. |
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Support Is Always 0% Resistance Is Always 100% That's How I Do It. I Don't Care What The Books Say. It Works For Me :d Doesn't Matter How You Label Them, The Lines Are Still In The Same Place. You Expect Price To Make A 23% Retrace Off Sup Or Res And Price Usually Hits That First Line. |
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Sorry to muck up your thread. I just had an anger/failure moment and had to open my mouth. |
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And just to add to this: I put in a buy limit at 61.8% hoping for the retrace. The retrace did happen, but it didn't quite hit the 61.8, so now I must wait again. |
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Regarding the low candle, is it the pivot of candle on the current timeframe, or the H1? or .... Still trying to see since one of your prior posts said you looked up while posting and took the trade off the H1 when you normally watch the M5... Thanks :) |
Oh boy, questions questions....
So back to the fib stuff... you use 23.6 below and above the 0/100% retracements only? My "unmodified" settings are 23.6 and 78.6 (which is only 21.4 from 100), should I change the 78.6 to 76.4? Also, I asked earlier about the time frame used... do you use current day, 2 day, etc? There have been alot of posts today so they go by fast, plus you have been trading :) Thanks |
Sweet Pip,
TRO explained what he did in another post. Basically there was a series of red candles and two green candles on 5m chart, and the 15m and 1h charts where green too. He saw everything lined up and went for the buy. Quote:
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I just removed every stinkin indicator from mym chart except the fib retracement lines o, 23.6, 78.6, 100.
Kinda like swimming nakked!! Lol. The "other" way sure as hell isnt working so I will stare at price action this way. |
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1 Attachment(s)
I'll
post a picture of my confusion. Here is my chart. I have fib lines
only. Retraces to 78.6 level, then drops back towards 100 line. Where
the hell is it going?! Looks down, but retraces up. So I guess the
answer is "wait" for next candle?
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Oooops, I'm Confused
Hi TRO:
I am really enjoying this thread. I do like your price action, but sometimes have trouble seeing what you do. But I am confused: In the series of trades that you posted, starting with post 359 of this thread, you bought, and held on, adding more in posts 360 and 361. You seemed to be adding to a losing position, and since you didn't mention stops, it seems that you were using what Jacko (House of Pain & Pleasure Thread) calls the "Anti Hedging" strategy. (Jack's AH strategy is done once per trade only if the trade gets stopped out for a loss.) This strategy relies on the overall up trend being strong, and the short-term movement will eventually follow it. It seems that when your buy limit was hit in post 359, when that bar closed, and turned out to be red, wouldn't it have been better to close for a small loss? Somewhere, in some forum, someone said that if a trade does not prove you RIGHT (as opposed to proving you wrong), then get out of that trade? I'm just a newbie trying to end my confusion. Barry :confused: |
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Vent your anger and frustration. Others can learn from it. |
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The fib lines are plotted BETWEEN Support (0%) and Resistance(100%) at 23%, 38%, 50%, 62% and 77%. Those levels are INPUTS so you can change them. |
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That is where my question is, how far back on the chart do you go to use the "high" point for the Fib lines, 1 day? 1 week?
It is subjective so I am trying not to make things fit the chart "to look good" to me. |
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You are correct. You can STOP OUT and wait for the price to return to your stop position and then reenter in the same direction... this time the trend should be going your way. There is no RIGHT/WRONG. There is PROFITABLE and UNPROFITABLE. |
Tro,
Well my first week was a dismal one, mostly of my own doing, kind of like a kid a Christmas who cant leave a new toy alone. So that makes one think, "Self, what can we do to make this better?" That aside, I started doing a little snooping on my bid/ask spread w/ my current broker. I have a little level II experience - I understand the basics of its functionality and seeing the "true" price action - so I decided to d/l the EFX demo and compair the two quote windows side by side. BIG difference when you see the two quote boards in action (not that I doubted you). Lots of trades going off with less than a pip spread. I guess I cant ever trade like a professional if I am not set up like a professional. So that is step #1. I need to use what the other top traders are using. There is a reason they use it. Thanks |
hi guys i missed all the action since wednsday :( i had eye surgery. I hope all is doing well.
TRO i just wanted to support you and let you know even it is like sharp needles in my eyes to read the computer screen the only thing im reading is your thread :) I look foward to next weeks trading. have a good weekend all. |
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