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forex live trades, setups, charts

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cizagui
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Postby cizagui » Wed Oct 21, 2009 7:04 pm

Let's see:
1) From about 10:00 am to about 1:00pm EST: Extended period of consolidation. It negates the setup. It is no longer a semafore. Exit as close to breakeven as possible.
2) The game changed to a breakout play. A different setup.
3) The picture is clearer at lower time frames or with the range chart.
4) I would have exit the setup after 1 hour at the most.

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monolisa
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Postby monolisa » Thu Oct 22, 2009 2:06 am

lukx,

Here's my M15 chart.

Image

I think your entry and exit were both valid. The issue was that the upward momentum hasn't been exhausted yet (small red HA body and the LSMA was still going up).

The Regression Channel (or Lines) is your "semafor". Personally I don't use 3zzSemafor (a modified zigzag indicator).

Liz
"Know your enemy and know yourself, find naught in fear for 100 battles. Know yourself but not your enemy, find level of loss and victory. Know neither your enemy or yourself, wallow in defeat every time." - Sun Tzu

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lukx
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Postby lukx » Thu Oct 22, 2009 6:07 am

hmm, what am I doing wrong?

Image

entry based on candels was quite high
Image

and bam
Image

65 $ left to burn from 800$ :(

Am I the only one loosing with this system or the rest of you also is loosing and just don;t want to admit it in public :)

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monolisa
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Postby monolisa » Thu Oct 22, 2009 9:10 am

lukx,

What's your money management plan?

Lis
"Know your enemy and know yourself, find naught in fear for 100 battles. Know yourself but not your enemy, find level of loss and victory. Know neither your enemy or yourself, wallow in defeat every time." - Sun Tzu

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lukx
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Postby lukx » Thu Oct 22, 2009 9:15 am

I'll be honest, I don't have one.

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dchappy
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Postby dchappy » Thu Oct 22, 2009 9:47 am

Please ......., don"t put real $ on the line when learning a new set-up !!

Demo for a couple months and keep a log book .

Document every trade with the results , market conditions , and the reason for entering ! Yes , it is WORK . ( I have logs going back 11 yrs .)

Seeing a signal is a small part of trading . Deciding if it should be taken requires screen-time & practice .

Ask .."Why should I take this trade ,& How will I manage it if it works or if it fails " .

If we don't have those answers BEFORE placing the trade we are not trading , but only playing a video game ( with hard earned $ !! )

It's a business , the markets will still be here in 2 months ,
Trading can be simple , but it's never easy .

( Lukz , ,,Why am I going to exit this trade @ 10 pips ? )

Hang tuff......Chappy
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lukx
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Postby lukx » Thu Oct 22, 2009 10:11 am

dchappy wrote:Please ......., don"t put real $ on the line when learning a new set-up !!

Demo for a couple months and keep a log book .

Document every trade with the results , market conditions , and the reason for entering ! Yes , it is WORK . ( I have logs going back 11 yrs .)

Seeing a signal is a small part of trading . Deciding if it should be taken requires screen-time & practice .

Ask .."Why should I take this trade ,& How will I manage it if it works or if it fails " .

If we don't have those answers BEFORE placing the trade we are not trading , but only playing a video game ( with hard earned $ !! )

It's a business , the markets will still be here in 2 months ,
Trading can be simple , but it's never easy .

( Lukz , ,,Why am I going to exit this trade @ 10 pips ? )

Hang tuff......Chappy


Thanks Chappy,

I exit this one at 14 pips :) , regarding your question why... because channel was narrow, declining and we're at the top of it . Am I right?

cizagui
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Postby cizagui » Thu Oct 22, 2009 10:31 am

I did not see this trade (sleeping) but here are my 2 cents:
1) The signal was a bar earlier (the second HA bar after the color change)
2) The CCI was still red but if you wait for confirmation, the entry would still have been determined by the earlier bar.
3) Risk management:
a) Never enter a trade near the middle of the channe
b) Your entry was about 20 pips from the pivot low. A much higher risk.
c) My risk is 10 pips (from the pivot low) which determines my entry. The entry is preferably outside the channel and I let the price come to my entry (limit order).
4) Bad luck also played a role since this particular pivot marked the beginning of a narrowing of a established down trend. Not good for scalping.
6) The trend was down. Thus counter trend (long) trades do have an inherent higher risk.

Carlos

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monolisa
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Postby monolisa » Thu Oct 22, 2009 11:45 am

lukx,

I would suggest you develop a trading plan including the entry/exit criteria and money management method (eg. fixed fractional). Think carefully about each steps. After you have the plan on paper you start practicing until you can execute the plan without even thinking about it :)

Using real or demo money is really up to your risk tolerance.

Regarding the setup, I would not exit just yet (possibly half position exit). There are indications that the price is going up.

Lis
"Know your enemy and know yourself, find naught in fear for 100 battles. Know yourself but not your enemy, find level of loss and victory. Know neither your enemy or yourself, wallow in defeat every time." - Sun Tzu

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Patch
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Postby Patch » Thu Oct 22, 2009 1:31 pm

monolisa

Great to see you and your icon pic again !!! Towards the top of this page, at 10:06am you posted a red and white chart. What is the indi and its settings you are using for the channel? Why did you switch from the parallel lines?

Why are you using the two new indi's at the bottom? I like the diamonds. Why do you use two different settings with the 2 indi's?

If you are able could you post these two indi's here on Kreslik?

I hope you had a great vacation. I've been working on a project for the last few months and almost near the end, I think.

Patch
The Rat Pirate
ENOUGH being a Yalie for me Back to the Sea. "What i can lose, i can win" "YES YOU CAN" - dragon33 -"Pick one method and one pair and stick with them until you master it. "The choice is yours - success or failure." TRO

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