dragon33 wrote:fx_disciple wrote:I have to declare my biggest loss using the ZL approach. so if any of you "see it" today and profited from where I fell please tell me what's wrong with it? and how I should have dodge it.
here was the original plot:
I entered the short position today at 06.51 broco time @129.07 because I "think" price is commencing downward. 40 pips later, I have to admit that the original "thought" was wrong. Hence, the question... what was wrong? es/pip or dragon33, can you help me figure it out please.
here's the crime scene:
You picked the wrong zerolines. I have added new lines to let you see what you where doing wrong. You where shorting a position after a drop of three hours in a row???? Why the hell are you doing that!
You shorted at a zeroline on a place where no profit is left.
dragon33, so your point is that I was way late into the profit potential when I should have entered at the beginning of that candle or the candle right?
looking at the chart you pointed out, was your added line based on H4 or H1? because I noticed that the up momo candlestick on H4 wasn't even completed at that time (9 Dec 20:00) and on the H1 the momo up appeared at 9 Dec 22:00. did you take the position on 9 Dec 23:00 or 10 Dec 00:00?
also, at the time you put that line good for buying (10 Dec 09:00), the previous candle only had a tiny body. so my next question would be did you base that entry solely on the other day's line and how the price reacted on 10 Dec 7:00, 8:00 and 9:00?
I appreciate everyone of your answers.