Horizontal psych lines

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eder_kb
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Horizontal psych lines

Postby eder_kb » Thu Nov 26, 2009 10:49 pm

Is anyone still trading the psycho lines. I'm trying it but at the asian session, cause its when I get home after work.

I'm getting mixed results, do you think the asian session has enough price action for this method? London open should be better but I would have to get up in the middle of the night.

I'm using a 10pip SL and no fixed TP. I dont know what would be a good exit strategy, cause sometimes i'm like +5pips, then wait for more and got a loss, and sometimes I get few pips but then it goes my way.

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Postby jhtumblin » Fri Nov 27, 2009 9:04 am

With psyche lines, you either plan to scalp exclusively and occasionally hit the running winner, or you are trying to swing trade using a R/R ratio (3:1 is a good start) which allows sound management of your account size. I would not recommend trying to do both which would cause the confusion you are experiencing now.

Depending on which pair you're trading, there is enough movement for scalping during the asian session (eastern pairs). You will have better odds swing trading during the London and New York sessions though.

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Postby eder_kb » Fri Nov 27, 2009 11:06 pm

I'm doing best with the EUR/JPY, I got a nice trade yesterday night during the asian. Got 80 pips!!! :) I was having mixed results the whole week, but yesterday paid it all.

I think my exit will be when price starts to retrace, be it 4 pips or more, I think the best results come from when price shoots with no retracement, like yesterday. This way I'll get what I can and sometimes it will shoot for more pips.

Do you guys recomend any other pair? I tried the GBP/JPY but it seems to not move at all or move like crazy going up and down hitting the stop and going back and up again, etc

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Postby jhtumblin » Sat Nov 28, 2009 12:29 am

The beast (GBP/JPY) is not tame that's for sure. If you're wanting to stay with the tokyo trading day, try the AUD crosses, they move plenty. Yes you're correct 1 day can make or break your week, always remember that and stick with it.

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Postby TheRumpledOne » Sat Nov 28, 2009 1:07 am

JPY, AUD and NZD pairs are active during the Asian session. GBP pairs usually have wider than normal spreads.

EURJPY will give you all the price action you need to hit your daily goal.

ONE PAIR, ONE METHOD.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!

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Postby eder_kb » Mon Nov 30, 2009 1:41 am

Got out too early tonight, if I waited a little more I could have gained much more. Well, got my 9 pips!!!! Daily goal is 10pips, nor bad for sure!!! :mrgreen:



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Postby eder_kb » Thu Mar 04, 2010 9:19 am

Ok, I got lots of good trades, 5 pips, 10 pips. But last two weeks I lost a lot. I lost 4 times in a row one day.
Lost all my profit and some more just when I was almost recovering all my newbie losses.

So, I think the asian session is having too little price action, but today I woke up at 5am and lost two more trades on the london open.




Can somebody give me a light? Its been a year I started forex. I lost my inicial trades like many may have, so I traded smaller values until I got better. But everytime I move up my pip value I win some and then lose more than before. After a year I was never on green and now more negative than ever.

I dont thing this time its psychologic, cause it was just market orders at horizontal lines and exiting for 5 or more pips. No thinking. Just the market didnt go that way.

So, what do you guys say? I should try only the london session, another pair, buyzone instead of horizontal lines????

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Postby Patch » Thu Mar 04, 2010 1:18 pm

eder_kb

Such are the times that try traders heart, mind and soul. Could you post your trading plan or strategy? Are you a green or red rat?

The 3_Level_ZZ_Semafor_TRO_MODIFIED_VERSION-2010.01 caught my eye the first time I saw it. I like the 3-2-&-1 semafors and don't place any trades against them. I am playing with the idea that the placement of a semifor determines my rat color.

Yes it is a dynamic indicator, and moves or "repaints" with a stronger directional movement. So what if I miss a few pips here and there. It's movement is my friend. I have been watching the semafors for months to learn its secrets and power.

Referencing the chart below, once the 1Sema appears, I no longer place trades against the sema. If I am in a short trade for the first marked instance, I exit once a tail exceeds .5 or .7 pips, and wait to enter long with the sema.

My next entry would be long, after the three sema appeared, then you see a 1Sema, and when the wick extends to .5 or whatever, the exit is triggered. Now I am working on determining which sema is best to use.

I don't know if this helps. In order to learn about the Sema's drawing, I would sure love for someone to modify the Sema indi to simply leave each one on the chart as they draw and not erase them as they move. I think this would be a valuable tool to use to learn and better understand the Semafors.

Patch
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ENOUGH being a Yalie for me Back to the Sea. "What i can lose, i can win" "YES YOU CAN" - dragon33 -"Pick one method and one pair and stick with them until you master it. "The choice is yours - success or failure." TRO

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Postby TheRumpledOne » Sat Mar 06, 2010 11:55 pm

Patch, you are a YALE STUDENT.

RATS NEVER CHANGE COLORS.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



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Postby eder_kb » Sun Mar 07, 2010 4:01 am

I trade both, green and red. Wherever the H1 goes. My problem is not price going the other way, my problem is price going up just to hit the line than coming back, than hitting the lower line than coming back to where it started.

Well, maybe if I traded only one color I would have half my losses, but I think also half my wins.

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