nice PA on the ozzie dollar this morning, as usual moi missed out on the big moves
PP2 trading journal
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pp2 wrote:Thanks guys, I saw you got some pips too BB
Withnail, sorry about the pics, will try and make them clearer next time
Thank you pp2, I appreciate you taking the time to mark up your chart. I am trying to learn some PA techniques to back up my S&D analysis. Sometimes I would like confirmation from PA if S/D level is not clear. Good to see how you and BB took it. I took it based on a mark up of 4h. My standard 3:1 target was not reached so I looked at it deeper to see why. Main reason was not looking at all time frames I realise I really need to look top to bottom. I also just realised I miss marked my AUDUSD charts as I only went down as low as 4H, but on 1H I could see good demand level just where that gap down headed north from but lesson learnt. Sorry to waffle on in your log here is a mark up of how I would have taken the same trade if I had used lower time frames (in hindsight).
Cheers Withnail
withnail wrote:pp2 wrote:Thanks guys, I saw you got some pips too BB
Withnail, sorry about the pics, will try and make them clearer next time
Thank you pp2, I appreciate you taking the time to mark up your chart. I am trying to learn some PA techniques to back up my S&D analysis. Sometimes I would like confirmation from PA if S/D level is not clear. Good to see how you and BB took it. I took it based on a mark up of 4h. My standard 3:1 target was not reached so I looked at it deeper to see why. Main reason was not looking at all time frames I realise I really need to look top to bottom. I also just realised I miss marked my AUDUSD charts as I only went down as low as 4H, but on 1H I could see good demand level just where that gap down headed north from but lesson learnt. Sorry to waffle on in your log here is a mark up of how I would have taken the same trade if I had used lower time frames (in hindsight).
Cheers Withnail
I like to train my mind to see SD levels like how you marked up the charts. Thanks Withnail. It's good to see a different perspective and it's always appreciated.
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pp2 wrote:
BUT YOU KNOW WHAT? I MISSED THE MOVE BY 1 hour BC I WAS SLEEPING ... what can you do?
This is a serious problem for me. I want to be a long-term trader, but it's hard to keep the positions because the forex is open 24 hours, and anything can happen.
It is the OTC market is open 24 hours a day, and therefore it is difficult to hold long term positions.
Futures market is better because it operates at certain times and the market is regulated. Minus is such that there is sometimes too many gaps.
- RicG
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pawelklos,
The futures market is also open 24 hours a day.
And while futures are regulated more than forex, ask the MFG futures customers who had 100's of millions of dollars stolen from them, how those regulations worked out for them. They MIGHT get back all their money SOMEDAY - spending lots of money on lawsuits, but unless and until that time they are comletely screwed. And to add insult to injury, they also probably won't be compensated the money they spend on lawyers.
Just wanted to clear up your misconception about these two items.
Regards,
Ric (a futures trader who used to trade forex)
The futures market is also open 24 hours a day.
And while futures are regulated more than forex, ask the MFG futures customers who had 100's of millions of dollars stolen from them, how those regulations worked out for them. They MIGHT get back all their money SOMEDAY - spending lots of money on lawsuits, but unless and until that time they are comletely screwed. And to add insult to injury, they also probably won't be compensated the money they spend on lawyers.
Just wanted to clear up your misconception about these two items.
Regards,
Ric (a futures trader who used to trade forex)
pawelklos wrote:pp2 wrote:
BUT YOU KNOW WHAT? I MISSED THE MOVE BY 1 hour BC I WAS SLEEPING ... what can you do?
This is a serious problem for me. I want to be a long-term trader, but it's hard to keep the positions because the forex is open 24 hours, and anything can happen.
It is the OTC market is open 24 hours a day, and therefore it is difficult to hold long term positions.
Futures market is better because it operates at certain times and the market is regulated. Minus is such that there is sometimes too many gaps.
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