Trying to figure it out. Ovals were drawn @ the Yellow line.
Note the "BO lower", right off of major support, wick of the previous D low in the oval and up we go. Need to see this stuff just a tick sooner and look out.
Libertarians take on trading
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- Libertarian
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- Libertarian
- rank: 150+ posts
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- Location: MN
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- Libertarian
- rank: 150+ posts
- Posts: 267
- Joined: Tue Nov 30, 2010 6:32 am
- Reputation: 178
- Location: MN
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Re: Libertarians take on trading
So Like I have shown, I was feeling great, got a nice big move up, and then was able to grab a little scalp that just stood out like "take it" and the thing wicked me in and zoomed down to my target (if only all trades were like this).
Here is what I was thinking/looking as the sequence happened.
Nice weekly chart and price was above this obvious line and I had reason to think it was going higher. Great start.
Took the trade, awesome
Now i had a bunch of space and where do my eyes go on the SMALL chart? We just start working higher, no retest of the low, just a bounce off the long term support low, making it likely we close over the major support (that lowest blue line).
Price gets there (I had already taken a small loss at the ZL because my dumb ass decided to get cute with angled lines but I'll spare you with that) It gives me a MOMO, I'm thinking perfect, I put my sell stop at the low, price comes near to it, ZLs and bounces a little bit and comes back down, I get filled on the BO (2nd arrow) failed Z (or so I hoped), it turns into a wick on the hrly chart, s**t, I knew I was wrong, Immediate close.
So if price isn't closing lower, I start to think we're going higher. I started to look long and to the larger charts. This is the two daily candles i got to look at. After that last one i felt pretty confident we were going higher, probably to that wick or at least to a BO of this previous high.
Price started out great, got a 1hr true MOMO close outside of the range. Price went up and make an exact equal high to the previous high that started the move. Then you can see what happened price shot back down. I should say that the red was caused by a WASDE report (news) effecting the oilseed complex, so I guess TA goes out the window at that point I was just on the wrong side of it. I closed for a loss at my position, I should have probably flipped it, but I was still stung from my previous attempt at selling at the BO at the ZL and price never came back to give an entry anyway. I guess i have to chalk it up to news got me.
Bonus chart, here is what my angled lines looked like. FAIL
Where we going next? I have also come to the realization I need to stop forcasting and just let price take me where it wants to go. At least until I feel like I got an HTF extreme I want to give a go.
Whew! That was my day but how are you
PS, Im really just trying to learn MM (eights) but that isn't sexy to show and i don't have the indicators on the futures charts. I miss FX (except the 24hr/5.5 thing)
Here is what I was thinking/looking as the sequence happened.
Nice weekly chart and price was above this obvious line and I had reason to think it was going higher. Great start.
Took the trade, awesome
Now i had a bunch of space and where do my eyes go on the SMALL chart? We just start working higher, no retest of the low, just a bounce off the long term support low, making it likely we close over the major support (that lowest blue line).
Price gets there (I had already taken a small loss at the ZL because my dumb ass decided to get cute with angled lines but I'll spare you with that) It gives me a MOMO, I'm thinking perfect, I put my sell stop at the low, price comes near to it, ZLs and bounces a little bit and comes back down, I get filled on the BO (2nd arrow) failed Z (or so I hoped), it turns into a wick on the hrly chart, s**t, I knew I was wrong, Immediate close.
So if price isn't closing lower, I start to think we're going higher. I started to look long and to the larger charts. This is the two daily candles i got to look at. After that last one i felt pretty confident we were going higher, probably to that wick or at least to a BO of this previous high.
Price started out great, got a 1hr true MOMO close outside of the range. Price went up and make an exact equal high to the previous high that started the move. Then you can see what happened price shot back down. I should say that the red was caused by a WASDE report (news) effecting the oilseed complex, so I guess TA goes out the window at that point I was just on the wrong side of it. I closed for a loss at my position, I should have probably flipped it, but I was still stung from my previous attempt at selling at the BO at the ZL and price never came back to give an entry anyway. I guess i have to chalk it up to news got me.
Bonus chart, here is what my angled lines looked like. FAIL
Where we going next? I have also come to the realization I need to stop forcasting and just let price take me where it wants to go. At least until I feel like I got an HTF extreme I want to give a go.
Whew! That was my day but how are you
PS, Im really just trying to learn MM (eights) but that isn't sexy to show and i don't have the indicators on the futures charts. I miss FX (except the 24hr/5.5 thing)
- Libertarian
- rank: 150+ posts
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Re: Libertarians take on trading
At some point after you've done enough livin', you've got to start learnin'.
- Jalarupa
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Re: Libertarians take on trading
Libertarian wrote:At some point after you've done enough livin', you've got to start learnin'.
Live and learn.PNG
Learning to fly!
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- Mira
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Re: Libertarians take on trading
Jalarupa wrote:Libertarian wrote:At some point after you've done enough livin', you've got to start learnin'.
Live and learn.PNG
Learning to fly!
Love that angles, thanks Jala!
I can’t wait to see them on my charts.
__________ THE IS A LIE__________
- Libertarian
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Re: Libertarians take on trading
I wanted to put this down. I learned so much on this trade. I built my lot size before the LT range expansion. I finally just held, with the worst thing being that I take a loss. I've spent 9+ years trying to deal with that emotion, and i'm better, but I'm not 100% yet. Risk lines, make lines. I know where I want to be positioned from (it aint the middle). Then you just follow the roadmap to next stop. Still lots of work to do, but I think I found the crack in the wall I've been searching for for years. Plus I got friends! Good things ahead.
CAD $$ futures
CAD $$ futures
- Libertarian
- rank: 150+ posts
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First week back to FX
I'm just going to document my trades or lack there of for the week. Hopefully so I can fondly look back on them when I'm sitting on my money pile like Scrooge McDuck
First was what I noticed as I was waiting for the second one. I watched it come down. It was doing just as Dragon says, ZL and MZ from multiple TF's were lining up. It wasn't a Rat trade, but from my CRUDE understanding (I will rectify that soon) of TRO, it was with Daily color and it was def a valid trade. Here it comes, there it goes. Just pure stage fright coupled with poor analysis. Part of my issue is that I always expect the big bad FOREX to do something crazy, it can never just act in a rational way. Its always going to throw that huge wick out of nowhere to put me in or its gotta make another low because everyone in the world is getting in right now. Then I end up either missing or entering when the trade is really turning against me becuase I think this odd behavior is my cue to get in, but it really should just be telling me GTFO. There is a clue in there that I should not be expecting a lower low. But I digress...
This was the real trade I wanted, I was thinking jab, jab, jab, KO, but it moved right to where the profit was zero'd then Whoosh, it was gone. Hope to still be able to get this trade but I missed it. The higher TF close higher was what threw me off. I was hoping to get a close lower before I tried short, but I got that and then some.
Risk line, make lines, one trade should mean nothing, regardless of outcome.
LONG WEEK, gotta go take care of the kiddos.
First was what I noticed as I was waiting for the second one. I watched it come down. It was doing just as Dragon says, ZL and MZ from multiple TF's were lining up. It wasn't a Rat trade, but from my CRUDE understanding (I will rectify that soon) of TRO, it was with Daily color and it was def a valid trade. Here it comes, there it goes. Just pure stage fright coupled with poor analysis. Part of my issue is that I always expect the big bad FOREX to do something crazy, it can never just act in a rational way. Its always going to throw that huge wick out of nowhere to put me in or its gotta make another low because everyone in the world is getting in right now. Then I end up either missing or entering when the trade is really turning against me becuase I think this odd behavior is my cue to get in, but it really should just be telling me GTFO. There is a clue in there that I should not be expecting a lower low. But I digress...
This was the real trade I wanted, I was thinking jab, jab, jab, KO, but it moved right to where the profit was zero'd then Whoosh, it was gone. Hope to still be able to get this trade but I missed it. The higher TF close higher was what threw me off. I was hoping to get a close lower before I tried short, but I got that and then some.
Risk line, make lines, one trade should mean nothing, regardless of outcome.
LONG WEEK, gotta go take care of the kiddos.
Re: Libertarians take on trading
Opportunity comes from above; don't forget to look up
With 70 currency pairs, opportunity is knocking more doors than a Jehovah's Witness.
With 70 currency pairs, opportunity is knocking more doors than a Jehovah's Witness.
Re: Libertarians take on trading
MightyOne wrote:Opportunity comes from above; don't forget to look up
With 70 currency pairs, opportunity is knocking more doors than a Jehovah's Witness.
USDJPYMonthly.png
Sitting in McDonald's ,,I laughed so hard I was getting looks ....Lol
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