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

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IN-XS
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Postby IN-XS » Mon May 17, 2010 1:31 pm

Im not looks like I still cant read direction properly, got caught out a few times, now I am just waiting for a short entry on EJ.

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IN-XS
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Postby IN-XS » Mon May 17, 2010 3:08 pm

Direction seems to be the only thing catching me out, time and time again. EJ 4H I saw a short momo candle, so caught a couple of nice trades to the top of this candle, as this point I was expecting it to go short and it did, but then it turned against me and hit my stop, is there something I am doing wrong?

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bacoazul
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Postby bacoazul » Mon May 17, 2010 3:37 pm

IN-XS wrote:Direction seems to be the only thing catching me out, time and time again. EJ 4H I saw a short momo candle, so caught a couple of nice trades to the top of this candle, as this point I was expecting it to go short and it did, but then it turned against me and hit my stop, is there something I am doing wrong?

Image


To be honest the last short i see on
H4 is this:

Image

And i will be looking for longs because of this:

Image

Remember, this is just my opinion, i think you need
a little more patience if you are thinking on trade
from the H4
These are my principles. If you don't like them, I have others.

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IN-XS
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Postby IN-XS » Mon May 17, 2010 3:50 pm

Thanks Baco,

I just cant seem to find the right direction and I dont trade the 4H I just want to use it for direction and enter on the 15M.

What made you pick that short as I see there is two momo candles below this?

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IN-XS
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Postby IN-XS » Mon May 17, 2010 4:16 pm

Price respected the momo this time, but it didn't before. How do you know which momo valid? I just cant seem to get my head around this.

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bacoazul
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Postby bacoazul » Mon May 17, 2010 4:26 pm

IN-XS wrote:Price respected the momo this time, but it didn't before. How do you know which momo valid? I just cant seem to get my head around this.

Image


Well i think you are too much focused on the
2x bar and not the move itself.
MO always say, draw 1 resistance and 1
support line at a time, so if your looking
the 4H a your big TF, you need to draw those
2 lines and see what happens there.
In the short i mentioned, i saw a support being
break it, and is break it by a MOMO, so it
becomes a point of interest for me, thats how i
see it
These are my principles. If you don't like them, I have others.

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IN-XS
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Postby IN-XS » Mon May 17, 2010 4:41 pm

Thanks Baco,

I understand better now, but when you say I think your too focused on 2x bar and not the move itself, that bit I dont understand. I thought Momo was 2x bar?

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bacoazul
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Postby bacoazul » Mon May 17, 2010 5:15 pm

IN-XS wrote:Thanks Baco,

I understand better now, but when you say I think your too focused on 2x bar and not the move itself, that bit I dont understand. I thought Momo was 2x bar?


Oh boy, your lucky that MO is not around hehe,
i really dont know how to explain this, i wish
es/pip or dragon could answer to you.
Hmm, you could try focusing more on momentum,
maybe the CC (custom candles) can help you
to see momentum better, one thing i learned here
is that you can't simply take a trade because you
see a 2x bar, thats in NOT what MO is trying to
teach us here, and again, draw your support and
resistance line on your bigger TF, then look for
momentum.
:oops: Sorry im a really really bad teacher, but i
just can't explain more, don't know how to ay it
in spanish, so trying to tell you in english is
even worst.
I just hope no to confuse you :oops:

Maybe this cn help you

Image
These are my principles. If you don't like them, I have others.

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IN-XS
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Postby IN-XS » Mon May 17, 2010 5:27 pm

Ok Baco,

Well thanks for your help anyway. And I dont mind letting people know that I dont understand, as I dont claim to be a super trader. If I am struggling I am going to ask for help, because if you dont ask, you dont receive.

FXfreak
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Postby FXfreak » Mon May 17, 2010 6:27 pm

IN-XS, you are trading short at an extreme price level. price already went 700 pips down...that means it is getting more and more dangerous to go short because direction will change and all the traders who are holding their short-profits want to get zlined ;-)

try to get entries around extremes in the opposite-direction!

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