Bettleboxs Journey

[bettlebox]

Thanks MO

i agree and see what your saying in trade alarms bells be ring loud and clear. Then its my stupid brain keeps butting in wish i could just distract it. Kind see like i m learning to dance with market ,letting it lead the way and i following its lead. Sometimes i look down at my feet and BAM!! i trip my self up and fall on my arse lol.

I have been trading with out target take profits to practise my price action. i want to simply trade what i see. If see demand or supply area in price forming i cover or close position. I feel if i set a take profit my mind will override what isee hold on to position thats started weaken and reverses against me.

Problem im working on at moment. Once i sort this out ill go back to setting target areas.

BB.

Hi guys

im still alive, jsut been practising my price action following with real money. Sure does help you to focus the mind whens it your hard earned cash online .

Entries are good , well 80% time. But im having difficulting trying to hold on to trade. Soon as im up 3-5 pips my minds screaming at to take it LOL.

So close 2/3 of my position at 3-5 pips that shuts my mind up, stupid damn thing.

Am i right in saying if you can pick entries well then should be able pick exits well?

3 parts to trade:-
Entry, Hold & Exit

Practise practise pracise. Been practising my Zlines and MOMO zones too.
Momo zones are great . Real good feeling when you catch your frist MOMO zone.

Got picture i played these today



PS NB nice big clean screen dumps .
BB

If you have a reason to enter then you have a reason to hold.

If you have clearly defined rules as to when you are WRONG then you have nothing to worry about.

In this picture you can see how I would have saved myself by admitting technical defeat:

(There really wasn't a reason to buy back lower that last time with all that failure overhead, but I needed a bad entry to get out of as an example )

[bettlebox]

Hi Everyone

i havent been around last week busy trading and experimenting. Went through couple days were evet 3/4 trade i put would lose had to go over all details again. But i got deeper understanding and picked up on some finer points with in the threads.

i have learnt hell lot about price action so far my confidence took bit of beating with 3/4 loses but back on track. Im looking to get some discipline now into my trading. Well i got trading done to i know how i enter and exactly how i will exit based on play with 1h candle bias.


Im looking setting a target for myself of say 12 pips a day based on a 4 hours trading aday. 2 hours in morning and 2 hours in aftermoon. If i hit my 12 pips in first trade then i stop for the day. If i havent hit my target by end of 4 hours i stop with what i have at that time. I have my spreadsheet setup ready to keep a record how i preform over coming month.I think if i can make the pips first then money will follow.

any input be much appreciated

BB

[bettlebox]

Here is a post from TheRumpledOne from old baby pips archive:--




PRICE EITHER GOES UP OR DOWN



Do you SEE that?

Look at the chart.

That last candle was GREEN and PRICE was ABOVE the BROWN dot but PRICE failed to make a NEW HIGH.

So if PRICE is NOT going UP....

DO YOU SEE IT YET?

And, YES, that does seem to CONTRADICT a rule of thumb. That rule is to keep you out of trouble. But PRICE knows no rules.


TO BE CONTINUED...

Last edited by TheRumpledOne; 09-16-2008 at 05:48 PM.
****************************************************

Well this is interesting becuase if we do bit reverse logic on this and say if the price is above the brown dot but instead of not making new highs and say it is making new highs then price must be still moving up. Now go check this on some live charts and something very interesting happens. Reverse for shorts.

lol

the dots from Tro_Pivot_points
BB

[bettlebox]

Hi

I made this trade today on E/U. As in picture i saw price failed to make a new high of resistance line and i waited for next candle to confirm direction by breaking low of previous candle. It opened and broke the bottom so i jumped in for it fake me out and took off in other direction.

I didnt lose much 8 pips as i closed it on the break of the high on the following candle.

was there anything i could done differently?

Trying to spot when markets trading side ways is tricky, any guidance on early indication that markets trading sideways would be appriecated. Just a hint will do

BB

[es/pip]

that was kind of no mans land to take a short

you have resistance at the red lines and support at the yellow

you sold right back into support

the trade was looking to get short near the red lines

but again there was hardly any room between those areas

i cant really see taking a trade there

i can see shorts at purple and longs at green

[bettlebox]

thanks es/pip thats great to honest i never saw does s/r areas but its interesting put this into practise for sure.

BB

[bettlebox]

Hi

I can see price action if i look at chart and i tell if price is going up or down and pick all price action. I still keep making duff trades its getting worse i dont know why? really depressed some on with fresh eyes look at my rules for enter see if am doing something wrong. please i dont were to goto from here.


I use 5min chart only i never look at higher time frame. I say about 90% time i wait until start of a new hour and try to catch the fresh movement of hour in accordance with my rules. The loses tend to happen on breakout plays im always , Always late to party on breakouts i just dont know how to play them really annoying me and suggestions?.

Also i lose on whipsaws at opening of the hour were price goes up 3-4 pips reverses back down to opening price of the hours and then decides to go back up.

Im losing about 60% of trades i place at moment anyone suggest any. I m doing something wrong somewere for life me icant work it out.

NB: THE GAP REFER TO IN PICUTES IS GAP BETWEEN THE PRICE AND SUPPORT/RESISTANCE DOTS PLOTTED BY DYNAMIC SR.
MY RULES.

1. Look for swing high/low and then a gap to form on following bar.


NB: there must be a run up or a run down before entering and H1 is in your favour for the trade.

2. What is H1 & D1 doing?
If H1 is green and D1 is red or visa versa then 3-5 pips max. If H1 & D1 are same colour grab more pips.

example of trade

[bettlebox]

Hi

well i resolved my issue i was having with my trades. Basically what was happening i was jumping into my trades way way to soon. Which resulted in me chasing price ,never a good thing. So i had idea of apply the TRO_BZ_Skyline and i know it sounds simple but it has taught me to wait for price to come to me.

Last 3 days done 18 trades with 1 lose. Thanks to BZ_Skyline i can SEE new details in price action during an hour as well.

Never dismiss something as simple you can still learn something from it. Thing you never knew before.

BB

[Xwing76]

Hi BB interesting reading your thread im learning Tros methods, do you have an example of the above success, I think I done something similar earlier, when after a 3 semafor appeared and price reversed from the resistance I waited for new hour candle using bz_skyline for my short trigger and was successful. How are you using it thx and keep up the strike rate

[bettlebox]

Sure heres Pics of trade i did today on E/U. I also use 15min chart with a linar regression on it to keep me safe from fake outs on the buy and sell lines.

Yes i did see it dropped over 100 pips from were i entered but i was happy with what i got. i m not in position were i can let trades run due to capitial.

NB: i dont just go short or long at line i want see movement in price as it passess the line.

This is 5min


This is 15min, note price in Linear Regression channel and Resistance dots.


BB