How to be a MOnster

[LeMercenaire]

NOT asking any financial advice since I already am in this trade, what worries me most is that I’m holding for the weekend and a gap could kill me

Guys, if you CAN and if it DOESN'T offend you, could you tell me if you think that I made a mistake trying to reverse the failed long as in the picture? (Don’t worry if you can’t, I can accept a “NO” , this is just for a learning purpose). Trading reversals is still a for me..

Thanks

FA9236FF-CD6B-422A-BD2F-5D263637F6D6.png

Hi Mira. I can see why you would do that (it's at what I call an interesting level) - but for me, the level you're at wouldn't have been strong enough for me personally to consider taking a reversal there (yet).

I would have been Long from 6.0195 (18:30 23rd Mar) and wouldn't be looking at getting out (or reversing) till the zone between 6.0324 and 6.0372...

However, that's still a long way to go in one push, so it's possible - entirely probable in fact - that unless it's news driven, there could be a small reversal back to between 6.0257 and 6.0246 or so.

[LeMercenaire]

NOT asking any financial advice since I already am in this trade, what worries me most is that I’m holding for the weekend and a gap could kill me

Guys, if you CAN and if it DOESN'T offend you, could you tell me if you think that I made a mistake trying to reverse the failed long as in the picture? (Don’t worry if you can’t, I can accept a “NO” , this is just for a learning purpose). Trading reversals is still a for me..

Thanks

FA9236FF-CD6B-422A-BD2F-5D263637F6D6.png

Hi Mira. I can see why you would do that (it's at what I call an interesting level) - but for me, the level you're at wouldn't have been strong enough for me personally to consider taking a reversal there (yet).

I would have been Long from 6.0195 (18:30 23rd Mar) and wouldn't be looking at getting out (or reversing) till the zone between 6.0324 and 6.0372...

However, that's still a long way to go in one push, so it's possible - entirely probable in fact - that unless it's news driven, there could be a small reversal back to between 6.0257 and 6.0246 or so.

As a picture is worth 1000 words...

USDDKKH1asinfoforMira24thMar18.png (35.94 KiB) Viewed 3161 times

[LeMercenaire]

NOT asking any financial advice since I already am in this trade, what worries me most is that I’m holding for the weekend and a gap could kill me

Guys, if you CAN and if it DOESN'T offend you, could you tell me if you think that I made a mistake trying to reverse the failed long as in the picture? (Don’t worry if you can’t, I can accept a “NO” , this is just for a learning purpose). Trading reversals is still a for me..

Thanks

FA9236FF-CD6B-422A-BD2F-5D263637F6D6.png

NO.

.... No access to any other chart now , going off of https://www.dailyfx.com/charts.

If I were the market, when I open I would travel up from your entry point. Look at the wick below your entry point. Look at the last 3 daily candles, How did they close?

Mira, no offense in the timeframe you are trading - why are you reversing at the worst place possible? Reverse off of extremes, Reversals 101. Only focus on the last 5 to 6 candles to make your decisions. Get rid all those lines. The $hit is not working for you. I think your head is filled with you so much information your just pulling trades out of your a$$.

Discretionary trading works for some folks, and system trading for others. Have you tried a system setup? Look at some of PTG recent posts with the 3zzs. You said one of his post was epic. Have you tried that entry method. Looks like a solid setup, and real reversal.

''
why are you reversing at the worst place possible? Reverse off of extremes,''

Yep, wot he sed.

[John S.]

NOT asking any financial advice since I already am in this trade, what worries me most is that I’m holding for the weekend and a gap could kill me

Guys, if you CAN and if it DOESN'T offend you, could you tell me if you think that I made a mistake trying to reverse the failed long as in the picture? (Don’t worry if you can’t, I can accept a “NO” , this is just for a learning purpose). Trading reversals is still a for me..

Thanks

FA9236FF-CD6B-422A-BD2F-5D263637F6D6.png

It really doesn't matter what any trader on this board thinks. The market is in complete control and will let you know within the next day or two whether or not you made a mistake.

[Leoheart]

NOT asking any financial advice since I already am in this trade, what worries me most is that I’m holding for the weekend and a gap could kill me

Guys, if you CAN and if it DOESN'T offend you, could you tell me if you think that I made a mistake trying to reverse the failed long as in the picture? (Don’t worry if you can’t, I can accept a “NO” , this is just for a learning purpose). Trading reversals is still a for me..

Thanks

FA9236FF-CD6B-422A-BD2F-5D263637F6D6.png

It really doesn't matter what any trader on this board thinks. The market is in complete control and will let you know within the next day or two whether or not you made a mistake.

Without a doubt, this a true statement & probably the best post that I have read from John.

[IgazI]

NOT asking any financial advice since I already am in this trade, what worries me most is that I’m holding for the weekend and a gap could kill me

Guys, if you CAN and if it DOESN'T offend you, could you tell me if you think that I made a mistake trying to reverse the failed long as in the picture? (Don’t worry if you can’t, I can accept a “NO” , this is just for a learning purpose). Trading reversals is still a for me..

Thanks

FA9236FF-CD6B-422A-BD2F-5D263637F6D6.png

It really doesn't matter what any trader on this board thinks. The market is in complete control and will let you know within the next day or two whether or not you made a mistake.

Without a doubt, this a true statement & probably the best post that I have read from John.

And it is nonsense because you are in control of whether you are in or out of a trade and roughly how much a loss will cost you.

The word 'mistake' assumes that there was a right answer BEFORE the trade was placed and we all know that that's not true: the market can be up for the hour, down for the day, up for the week, and down for the month, so according to what are you 'wrong'?

Again, there are things that are outside of our control but there are also things that are within our control and that means that the market does not in fact have complete control.

[Leoheart]

It really doesn't matter what any trader on this board thinks. The market is in complete control and will let you know within the next day or two whether or not you made a mistake.

Without a doubt, this a true statement & probably the best post that I have read from John.

And it is nonsense because you are in control of whether you are in or out of a trade and roughly how much a loss will cost you.

The word 'mistake' assumes that there was a right answer BEFORE the trade was placed and we all know that that's not true: the market can be up for the hour, down for the day, up for the week, and down for the month, so according to what are you 'wrong'?

Again, there are things that are outside of our control but there are also things that are within our control and that means that the market does not in fact have complete control.

You have complete control over your entire internal universe until you place that buy or sell order. At this point you give you complete control as to where the milk & honey will flow.

Ever get lost in a foreign land while on the road (lets pretend GPSs do not exist..we are too spoiled). There are only two lanes divided simply by a line. We gaze at the stars , do all sort of weird hand and foot gestures just trying to get that perfect ailment with the intend direction, while the locals think we are totally insane. We are in complete control while engaging in what the locals think is a game of 'twister' (Squigglys anyone..just kidding).

When we choose a direction, at this point complete control is given up.

[IgazI]

...When we choose a direction, at this point complete control is given up.

That neither side has 'complete control' is what I was saying: if I can make any decision between point A and point B then the market does not have complete control.

The market can move where it wants but I can make the tiniest move a substantial gain and turn the largest move into the smallest of losses; it is a shared experience, not one side having complete dominance over the other.

[Leoheart]

...When we choose a direction, at this point complete control is given up.

That neither side has 'complete control' is what I was saying: if I can make any decision between point A and point B then the market does not have complete control.

The market can move where it wants but I can make the tiniest move a substantial gain and turn the largest move into the smallest of losses; it is a shared experience, not one side having complete dominance over the other.

Can we truly know if a move will be tiny or larger prior to giving up full control to experience the outcome? Its irrelevant what you do After you are in trade. Your changes only reflect your reality not the markets. You can go from A-B, B-A, A-B, B-A, and eventually drive off the road due to frustration. The Market will do what it needs to do.

Friend, like you I agree it is shared experience but only up to a particular point in time.

As Mira is already in the trade , he is now a spectator. His concerns about making a mistake in the measuring & plotting phase which he has complete control over are valid concerns.

[PTG]

NOT asking any financial advice since I already am in this trade, what worries me most is that I’m holding for the weekend and a gap could kill me

Guys, if you CAN and if it DOESN'T offend you, could you tell me if you think that I made a mistake trying to reverse the failed long as in the picture? (Don’t worry if you can’t, I can accept a “NO” , this is just for a learning purpose). Trading reversals is still a for me..

Thanks

FA9236FF-CD6B-422A-BD2F-5D263637F6D6.png

Hi Mira,

You should be able to answer your own question based on the plan you have decided upon before you entered the trade. No Plan, No Trade. As an example, have a look at Bredin's post on T2W: http://www.trade2win.com/boards/psychol ... ost2424456
You should be able to answer upfront what you are anticipating and what your actions will be in case a trade goes your way and in case it doesn't. Like it is said before here, the market does what it does, and retail traders have negligible influence (as in: none) over its direction. The only thing we control is ourselves: we can decide to stay out, get in and get out. The idea is to repeatedly get out at small costs and stay in for larger profits.