lukx zline trading log + cfabian p.35 + adaseb p.48

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***FX-JEDI***
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Postby ***FX-JEDI*** » Sat Apr 03, 2010 12:31 am

MightyOne wrote:
***FX-JEDI*** wrote:
***FX-JEDI*** wrote:Out of trade at 634 pips... 8)


Got in long again on GBP/JYP. out at 440 pips, so over a 1000 pips for the month on GBP/JYP. lot size very small so nothing to get to excited about...

These 2 trades have been my best yet in pip gains.

Just need to focus on trading like this now & start increasing my lot sizes.

Need to go over your posts MO, you have given out some much information
I've yet to take it all in & learn it. I know so little...

s**t the Jyp 5 min just fell off the earth.!!.. as I'm typing this.


I'll try and get through the other posts later as I am preparing to leave:

Image


Thanks MO for your reply

I see those levels you marked, I was thinking along the same thing at them area's, its good to know I'm on the right track. but hard to get into a trade when I'm not at the computer all the time, wife, 4 kids, work etc, make it hard to spend time trading.

The first one where you marked buy back here, that was perfect setup off Zline/breakout level, I was thinking of adding to my position there..

Anyway thanks for your help, have a good trip where ever you are going..

I shall await your return.. in the meantime I will go over ur posts & try & continue to trade like I have been.

Regards ***FX-JEDI***
Its better to be out of the market wishing you were in,
then being in the market wishing you were out.....

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bacoazul
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Postby bacoazul » Sat Apr 03, 2010 1:58 am

My last trade of the week, i have a similar trade on gu but a loser one because a candle close against me so i stop trading gu.

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bredin
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Postby bredin » Sat Apr 03, 2010 8:36 pm

Arshad,

check out the thread "never lose again". Its a monster, but this stuff starts to be discussed about page 120.
http://kreslik.com/forums/viewtopic.php?t=1373

G.
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noone22
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Postby noone22 » Mon Apr 05, 2010 6:24 am

Is it true, that horizontal line at last high price before price gap
(see red line at 1.34973 at pic below)
could be considered as zeroline?

As it is commonly known, "gap will always close",
especially if it is Friday-to-Monday morning gap.
Zeroline will also be (nearly) always close.
Always or not, but this behaviour seems to be
very similar to price returning to zeroline,
attracted as magnet to it.

Image

In other thread folks have agreed on this,
but I want to confirm with "zeroline gurus".

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MightyOne
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Postby MightyOne » Mon Apr 05, 2010 9:24 am

noone22 wrote:Is it true, that horizontal line at last high price before price gap
(see red line at 1.34973 at pic below)
could be considered as zeroline?

As it is commonly known, "gap will always close",
especially if it is Friday-to-Monday morning gap.
Zeroline will also be (nearly) always close.
Always or not, but this behaviour seems to be
very similar to price returning to zeroline,
attracted as magnet to it.

Image

In other thread folks have agreed on this,
but I want to confirm with "zeroline gurus".


I consider all candles to have opened at the previous close whether or not price gaped 1 or 150 pips.

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newark18
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Postby newark18 » Mon Apr 05, 2010 4:59 pm

I guess I am going to have to hit the books a little harder. I am almost done with NLA and some things are sinking in but I have had very little actual trading experience since I have been so busy with family and work. But I just found out that I may be getting laid off. So I might have to jump right into trading without the safety net of my job. Wish me good luck.

The only good news is that I can liquidate my 401(k) and have some money saved up so I might have a few months to get up to speed. I think it might be possible with hard work but definitely will be tough.
Failure is an opportunity to learn.

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adaseb
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Postby adaseb » Mon Apr 05, 2010 5:46 pm

newark18 wrote:I guess I am going to have to hit the books a little harder. I am almost done with NLA and some things are sinking in but I have had very little actual trading experience since I have been so busy with family and work. But I just found out that I may be getting laid off. So I might have to jump right into trading without the safety net of my job. Wish me good luck.

The only good news is that I can liquidate my 401(k) and have some money saved up so I might have a few months to get up to speed. I think it might be possible with hard work but definitely will be tough.


Don't trade with your life savings. Seriously. Especially the forex markets.

You don't need much when you start. You can make a million dollars within a few years if you start with as low as $1000 thanks to the high leverage.

Don't be one of those people that will go on forums in the future saying forex is a scam because your kept getting stopped out.

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newark18
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Postby newark18 » Mon Apr 05, 2010 5:52 pm

Don't worry, I don't plan on throwing everything into forex. I actually need to liquidate everything to manage expenses. But I appreciate the advice.
Failure is an opportunity to learn.

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newschool
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Postby newschool » Mon Apr 05, 2010 8:12 pm

noone22 wrote:
As it is commonly known, "gap will always close",
especially if it is Friday-to-Monday morning gap.


Not entirely true.

I have been checking gaps for weeks before creating my thread, and I believe the gap needs to be wide enough. Something like 30 pips, so the MMs really have a reason to go grab the SLs (at zl ?). If not, it can be seen as true fundamental move and the pair will not pullback right away.

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bredin
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Postby bredin » Mon Apr 05, 2010 8:45 pm

Ive noticed that larger gaps almost always make an initial move to close the gap, probably because of the belief that gaps always close. When I ran the stats for all weekly gaps the result was about 95% closes at some point during the week, but did no stats on when they close or how far they move away from the gap.
Sam Seiden talks in one of his videos about Novice and Pro gaps, I recall one can be expected to close and the other to continue away.

G.
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