Horizontal psych lines

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bredin
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Postby bredin » Sun Mar 07, 2010 4:44 am

Thats a tiny chart, but look what you are trading into: 1st trade was selling after a fall in price and into a demand zone, the second looks like buying after a rise and into a supply zone, I cant see far enough left to be sure but it looks like the case based on PA.

Can you see how price reacted in these areas on your chart?

As for the sessions just remember that less price movement just means you have to be a bit more patient with the trade, price will still move the distance you want it will just take longer and you will have to have good judgement as to wether price is actually stalling or if its just being slow.



eder_kb wrote: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 TheRumpledOne » Sun Mar 07, 2010 2:37 pm

eder_kb wrote: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.


You are a YALE STUDENT!

THE RAT ALWAYS TURNS LEFT.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!

Please do NOT PM me with trading or coding questions, post them in a thread.

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Postby TheRumpledOne » Sun Mar 07, 2010 2:40 pm

eder_kb wrote: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.





I look at the chart and see wins for the green rats at the line, and wins for the red rats at the line. Green rats got fatter than the red rats who only got nibbles.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



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Postby eder_kb » Sun Mar 07, 2010 4:19 pm

You are a YALE STUDENT!

THE RAT ALWAYS TURNS LEFT.


I trade the horizontal lines because doing so I cant think too much if I should trade or not. Price hits the line and I trade. The psych lines were here much before the rat way of just going one way and people were making money weren't they?


I look at the chart and see wins for the green rats at the line, and wins for the red rats at the line. Green rats got fatter than the red rats who only got nibbles.


I posted M1 chart so you can see all the ups and downs.
I got up at 5am to trade the london open, couldn't trade before. Dont know if a trader should be consistent with the time he trades. I was trying to get the most volatility I could get.

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Postby eder_kb » Sun Mar 07, 2010 4:44 pm

Thats a tiny chart, but look what you are trading into: 1st trade was selling after a fall in price and into a demand zone, the second looks like buying after a rise and into a supply zone, I cant see far enough left to be sure but it looks like the case based on PA.

Can you see how price reacted in these areas on your chart?


I actually dont even know whats supply and demand. Maybe its an obvious thing, I dont know. What I'm trying to do is just trade with the H1 when it hits a line. Just that, no thinking. And it was actually working very nice, I even got 25 pips in some trades and one got me 30 pips. The problem is that in one day I got 4 losses in a row, the next day 2 losses and one win and so on.

How do you guys manage your losses???
Did you take the loss and keep trading?
Did you take the loss and close for the day?
Do you analyze the chart before trading to know if it will be a good day? If so, how?

BTW, I dont want to be boring. Maybe I'll just take a break. I decided I would make money trading forex, I will keep trying, so I eventually would get it.

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Postby bredin » Sun Mar 07, 2010 7:19 pm

when I traded psych lines I got best results when price hit the psych line "with vigor". It needent move much only a few pips but there needs to be obvious force behind the movement. With this I could almost always grab 10 - 25 pips, sometimes more if it continued on to the next psych line "with vigor".

Usually I was only in loss while the price crossed the spread.

I managed losses by making the market prove me right immediately, if It didnt I would get out at or near be, I would not wait to take a full stop of 10 pips, even if it meant dumping what ended up an ok trade.

I stopped tradinf psych cos I didnt want to spend a long time watching PA tick by tick and was unable to watch more than a couple of pairs at a time

G.
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