Never Lose Again

[Fxtraveller]

aaah, have to admit im becoming more mechanical =]

Rule of thumb: Enter at Zline + 3pips, or Start of MZ + 3pips.

Since quite often price does not reach the desired Zline by 1,2 or 3 pips.

probably because the BO traders put their orders 3 pips below/above the Lows/highs.

Need to make sure this does not become Zline + 5pips, +8 , +11.
Price chasing, been there done that....

Like MO said waaaay back in this forum: get in at the price you want, and NO less.

[Fxtraveller]

Ahhh !

I watch solely 2 pairs, EJ and GU.

I always start by EJ, and then forget the GU.

But GU keeps giving better trades with more pips, and quicker.

50+ pips in an hour missed, opposed to 4-5 pips on EJ, where hesitation is dominant at the mo.

Thoughts for consideration.

[Fxtraveller]

I simply could not go and study until I feel satisfied with trading.
there was perhaps a good share of luck here.

nevertheless:

D1 bias short

H1 wicked the Zline. --> short

M5 making lower highs--> look for short

Entered on M5 BO at 130.72, with double lot size in red MZ at 130.86 in case of retracement.

Retraced, triggered second trade. Instatnt MOMO down, exit.

Exited at 130.77 --> -5 + (9x2)= 13 pips

"Grand" total for today: 17 pips. And im done!! I still entere BO's , when I should only trade Zlines, but at least I beared in mind the Zline just above the BO.

Good Luck to all.
Patience is the greatest virtue of them all.

[spa]

one thing and so far the only tangible one i've learned from this thread is to cut the losses..
traded a short on eurusd (entry marked at 1.4632) .. price moved higher to the 1.4640 15 min ZL after forming the exact same pattern es/pip mentioned on friday(LL-bounce-LL-HH-HL)
i waited for the PA to show increased down momentum on the 15 and 5 min chart and got on board... small loss -5 pips

[es/pip]

one thing and so far the only tangible one i've learned from this thread is to cut the losses..
traded a short on eurusd (entry marked at 1.4632) .. price moved higher to the 1.4640 15 min ZL after forming the exact same pattern es/pip mentioned on friday(LL-bounce-LL-HH-HL)
i waited for the PA to show increased down momentum on the 15 and 5 min chart and got on board... small loss -5 pips

i hope that is not all you learned

i dont see anything wrong with taking that trade( it ws back into an h4 mz for a short)--- you did what you were supposed to do ---out with a small loss

you point out one trade that you took that didn't work what about all the other ones

[flossnhoss]

I'm sure some of you caught this today, but I missed it waiting for an 'entry' point.

This was a great 'setup' coming back down into a GU 1HR zone, and showed a M5 double bottom reversal into a up momentum.

I was left waiting for a retrace back in to the 5 minute zone that never happened... poor discretion on my part I suppose

What would you all (es/pip and others) have done in this situation? Sit it out, or jump in at some point to go long.

Thanks for any pointers.

[es/pip]

one thing and so far the only tangible one i've learned from this thread is to cut the losses..
traded a short on eurusd (entry marked at 1.4632) .. price moved higher to the 1.4640 15 min ZL after forming the exact same pattern es/pip mentioned on friday(LL-bounce-LL-HH-HL)
i waited for the PA to show increased down momentum on the 15 and 5 min chart and got on board... small loss -5 pips

i hope that is not all you learned

i dont see anything wrong with taking that trade( it ws back into an h4 mz for a short)--- you did what you were supposed to do ---out with a small loss

you point out one trade that you took that didn't work what about all the other ones

ZL MZ's are lines and areas that provide one with a good idea of "areas" that price may find s/r with a small drawdown

the key to the whole thing is cutting losses short or at be and having larger winners

the zl/MZ cuts the odds in your favor-------- you are not going to go short back into a long zl--- so you know you are only trading long if it doesn't work you get out with a small loss if it does then you make a large gain

[es/pip]

I'm sure some of you caught this today, but I missed it waiting for an 'entry' point.

This was a great 'setup' coming back down into a GU 1HR zone, and showed a M5 double bottom reversal into a up momentum.

I was left waiting for a retrace back in to the 5 minute zone that never happened... poor discretion on my part I suppose

What would you all (es/pip and others) have done in this situation? Sit it out, or jump in at some point to go long.

Thanks for any pointers.

i felt pretty strong about that trade based on the h4, daily dbl bottom and right back into h1 zl

i missed it at the bottom and flipped to a m1 and got in it

i will do that sometimes when i miss the bottom and it doesn't pull back----- and i feel really good about it

i am also up a decent amount of pips so i get more aggressive

[cfabian]

Let me give you my take on this as a learner....

I was sitting right next to you waiting for that retrace, which you mentioned didn't happen. Well, for me at this stage prefer to pass on a trade that doesn't spot a clear entry, than playing to be an experienced trader. Yes we would have been profitable if jumped in..... But just remember the times when used to do that, at the very next second the retrace came and bit my ass.

So, I prefer to stay out and enter only on safer ones.

Let's see what the pros answer to this.

I'm sure some of you caught this today, but I missed it waiting for an 'entry' point.

This was a great 'setup' coming back down into a GU 1HR zone, and showed a M5 double bottom reversal into a up momentum.

I was left waiting for a retrace back in to the 5 minute zone that never happened... poor discretion on my part I suppose

What would you all (es/pip and others) have done in this situation? Sit it out, or jump in at some point to go long.

Thanks for any pointers.

[spa]

one thing and so far the only tangible one i've learned from this thread is to cut the losses..
traded a short on eurusd (entry marked at 1.4632) .. price moved higher to the 1.4640 15 min ZL after forming the exact same pattern es/pip mentioned on friday(LL-bounce-LL-HH-HL)
i waited for the PA to show increased down momentum on the 15 and 5 min chart and got on board... small loss -5 pips

i hope that is not all you learned

i dont see anything wrong with taking that trade( it ws back into an h4 mz for a short)--- you did what you were supposed to do ---out with a small loss

you point out one trade that you took that didn't work what about all the other ones

ZL MZ's are lines and areas that provide one with a good idea of "areas" that price may find s/r with a small drawdown

the key to the whole thing is cutting losses short or at be and having larger winners

the zl/MZ cuts the odds in your favor-------- you are not going to go short back into a long zl--- so you know you are only trading long if it doesn't work you get out with a small loss if it does then you make a large gain

think i got that ..trying to put it to work
excellent charts above, liked how you showed the movement from the higher tf's to the 5 min...