Psychology...
Your first thought is usually your best thought & you shouldn't abandon it simply because price didn't do exactly what you wanted it to.
The weekly color was green, it turned red, price continued down, & that is all there is to it.
We had a long red daily candle, we are getting a rebounding green candle, if it is a 'trend' then we'll get a 2nd green daily candle, or if not then we can aim for the low of the prev. red bar.
As TRO always says, it's simple and you are making it difficult.
How to be a MOnster
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Re: How to be a MOnster
"Everything Should Be Made As Simple As Possible, But Not Simpler!"
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Re: Nuggets from the past
Mira wrote:Quote from the Blind Mouse thread:PTG wrote:Apparently there is some confusion, where this really need not be the case. In fact, it is so simple that it becomes hard to explain. Let me try anyway.
--snip--
Well that was a shocker
That was years ago, totally forgot about it. Thanks for posting Mira !
Not much to add to it; some spelling mistakes in there but not much has changed as per MO's postings re. 8's from CLICK CLICK. One thing that may be of help to you is to take your 2-3 lines of profit if and when they present themselves OR aim for more and take profit at the 2-3 lines distance when prices turns around so as to avoid giving back too much. The idea is to build size and by taking 2-3 lines profit you have at least something (if it gets there in the first place of course). I think MO calls that macro-scalping and it makes sense because there is a mechanical bottom line to profit taking and one avoids what is said to be a frequent mistake: giving it all back.
The rest of that post was related to the 3 custom candle indicator, which, as I see it, is another way of averaging- and visualising price, which is all well and good but the money is at stake at the hard right edge and price history is just that, price history. We trade our own beliefs and I believe it's a worthwhile belief to believe that I should trade other people's beliefs without mixing up my own belief with theirs, which is to say that I believe that people believe that price history is important because it says something about the future which I believe to be utter bollocks
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Re: Nuggets from the past
PTG wrote:... which is to say that I believe that people believe that price history is important because it says something about the future which I believe to be utter bollocks
Maybe not the entire history but people do have a price in mind when it comes to buying and selling and if you know what they are thinking then that is like looking through a dirty glass into the future
"Everything Should Be Made As Simple As Possible, But Not Simpler!"
Re: Nuggets from the past
IgazI wrote:PTG wrote:... which is to say that I believe that people believe that price history is important because it says something about the future which I believe to be utter bollocks
Maybe not the entire history but people do have a price in mind when it comes to buying and selling and if you know what they are thinking then that is like looking through a dirty glass into the future
whatchuSEE.png
Yes. Humans are used to use references and make decisions based on comparisons. It is built in. We use a reference to decide when it is time to act to hopefully gain an advantage for ourselves, based on our visions of the future on what is likely to happen next. Likely, because we don't know. We can't be sure. That's why markets exist: trade certainty now for uncertainty in the future. Certain points (references) attract more attention than others, like the extremes in your example appear to be "forming support" or "demand" (in hindsight). Problem is, you still need to make a decision at some point in and it can go either way after. You can even go as far as trading futures using order flow on a DOM only, but the uncertainty about the outcome is not going anywhere. And that is where consciously going against the loss aversion bias ("let your losers run and cut your winners short") becomes important. Here's a list of 50 cognitive biases relative to trading CLICK CLICK.
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Re: Nuggets from the past
PTG wrote:IgazI wrote:PTG wrote:... which is to say that I believe that people believe that price history is important because it says something about the future which I believe to be utter bollocks
Maybe not the entire history but people do have a price in mind when it comes to buying and selling and if you know what they are thinking then that is like looking through a dirty glass into the future
whatchuSEE.png
Yes. Humans are used to use references and make decisions based on comparisons. It is built in. We use a reference to decide when it is time to act to hopefully gain an advantage for ourselves, based on our visions of the future on what is likely to happen next. Likely, because we don't know. We can't be sure. That's why markets exist: trade certainty now for uncertainty in the future. Certain points (references) attract more attention than others, like the extremes in your example appear to be "forming support" or "demand" (in hindsight). Problem is, you still need to make a decision at some point in and it can go either way after. You can even go as far as trading futures using order flow on a DOM only, but the uncertainty about the outcome is not going anywhere. And that is where consciously going against the loss aversion bias ("let your losers run and cut your winners short") becomes important. Here's a list of 50 cognitive biases relative to trading CLICK CLICK.
Good stuff, as always! Thank you PTG!
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Re: How to be a MOnster
Took a loss on the long setup because the zone was weak and my target was too far, I’m trying to recover with the reversal.
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Re: How to be a MOnster
Mira wrote:Took a loss on the long setup because the zone was weak and my target was too far, I’m trying to recover with the reversal.
F4DCF0D9-485D-444D-8715-1D54E840FD76.png
was the long based on H1?
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Re: How to be a MOnster
nat wrote:Mira wrote:Took a loss on the long setup because the zone was weak and my target was too far, I’m trying to recover with the reversal.
F4DCF0D9-485D-444D-8715-1D54E840FD76.png
was the long based on H1?
Nat! It was based on M30, the zone in the chart is the same that I used to take my long position.
The real target was the top of the bullish breakout but i was aiming at a higher one and I failed
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Re: How to be a MOnster
NOT asking any financial advice since I already am in this trade, what worries me most is that I’m holding for the weekend and a gap could kill me
Guys, if you CAN and if it DOESN'T offend you, could you tell me if you think that I made a mistake trying to reverse the failed long as in the picture? (Don’t worry if you can’t, I can accept a “NO” , this is just for a learning purpose). Trading reversals is still a for me..
Thanks
Guys, if you CAN and if it DOESN'T offend you, could you tell me if you think that I made a mistake trying to reverse the failed long as in the picture? (Don’t worry if you can’t, I can accept a “NO” , this is just for a learning purpose). Trading reversals is still a for me..
Thanks
__________ THE IS A LIE__________
Re: How to be a MOnster
Mira wrote:NOT asking any financial advice since I already am in this trade, what worries me most is that I’m holding for the weekend and a gap could kill me
Guys, if you CAN and if it DOESN'T offend you, could you tell me if you think that I made a mistake trying to reverse the failed long as in the picture? (Don’t worry if you can’t, I can accept a “NO” , this is just for a learning purpose). Trading reversals is still a for me..
Thanks
FA9236FF-CD6B-422A-BD2F-5D263637F6D6.png
NO.
.... No access to any other chart now , going off of https://www.dailyfx.com/charts.
If I were the market, when I open I would travel up from your entry point. Look at the wick below your entry point. Look at the last 3 daily candles, How did they close?
Mira, no offense in the timeframe you are trading - why are you reversing at the worst place possible? Reverse off of extremes, Reversals 101. Only focus on the last 5 to 6 candles to make your decisions. Get rid all those lines. The $hit is not working for you. I think your head is filled with you so much information your just pulling trades out of your a$$.
Discretionary trading works for some folks, and system trading for others. Have you tried a system setup? Look at some of PTG recent posts with the 3zzs. You said one of his post was epic. Have you tried that entry method. Looks like a solid setup, and real reversal.
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