lukx zline trading log + cfabian p.35 + adaseb p.48
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- newark18
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The red bar labeled 1 created a zline and a body in the direction of profit. I should have sat back in that area until the green bar labeled 2 wicked me into a short trade towards the black H1 zline. Number 2 bar is a few bars after number 1 so I wasn't sure if this entry was correct.
Number 3 green bar created a zline marked with red line. Could I have entered into the trade at bar 4? Or did I lose all momo?
Failure is an opportunity to learn.
noone22 wrote:es/pip wrote:I agree that fibs dont matter
OK, discretiaonal traders don't believe in Fibs.
The most funny definition of Fib and pivot lines,
I've ever heard is something like this:
They don't exist in reality, they are imaginery,
calculated & created by some "gurus",
exist on paper and in the books only,
but because too many traders read and heard about them,
they (traders) are watching these levels and putting
their orders (both Buy & Sell ones) in close proximity
of these lines, and that's why they (lines) are working for some
or not working for the majority of others.
It's seems to be some kind of special "zero-fib-line",
where ones are taking profit, and others are grabbing
profit from them.
I'm not discretional trader, but I'm starting to believe
in the above definition more & more.
Noone22 I know that you want to believe it is real but it is just a load of crap.
Once you understand the mind of the breakout / retracement trader and the magnitude of the chart (daily+ extremes) then you have everything.
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MightyOne wrote:It is like a book smart novice sitting down at the poker table.
You know what he is thinking so his numbers do not mean squat!
some charts I get, but some just fly by, this one being one of those..
i see the breakout and the breakout traders being zeroed out(maybe that should be enough) but the rectangles which in hindsight look like decent targets i just don't get.. not to mention the previous chart which is a complete mystery.. ..
PS usually just follow quietly but i got a feeling there are more like me who look at this stuff and just don't get it
spa wrote:MightyOne wrote:It is like a book smart novice sitting down at the poker table.
You know what he is thinking so his numbers do not mean squat!
some charts I get, but some just fly by, this one being one of those..
i see the breakout and the breakout traders being zeroed out(maybe that should be enough) but the rectangles which in hindsight look like decent targets i just don't get.. not to mention the previous chart which is a complete mystery.. ..
PS usually just follow quietly but i got a feeling there are more like me who look at this stuff and just don't get it
you have a break out
those traders get taken out at break even
you have a pivot low
they run the stops to (a place where most people have their stops) based on MO's observation of that amount
they take it up with out all the guys that got stopped out
boxes look like his target1 and target 2 based on that other thing he was showing
the other chart would take too much energy for me to explain right now
Bend over and assume the position for another 4 years of hope and change.
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