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

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PTG
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Postby PTG » Tue Oct 27, 2009 6:22 pm

lukx wrote:a bit of topic... I hope that EU will go up eventually, Christmas are coming and if it go up I will be bale to buy more Christmas presents in US for less Euro :)


Have a look at the weekly or monthly. Try and draw those areas. Then have a look again at what the picture tells you. What are the odds ?

Whatever happens, happens. Hope is a sales tool for crooked politicians (do I repeat myself there ?). And: what would you care what the exchange rate is, given a sufficient amount of another basically worthless currency acquired through drawing a couple of lines here and there and placing some orders, all according to plan of course. Make sure you buy some gold along the line, just in case the whole system implodes :shock: :roll:
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Postby adaseb » Wed Oct 28, 2009 12:07 am

lukx wrote:second trade for today:

Image


I took this trade also. Basically got out at BE.

Image
Image

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Postby PTG » Wed Oct 28, 2009 12:24 am

You cannot get away using any technique, method or whatever you name it without taking into account what happened before.

In order to recognize that, you need to LTTL (Look To The Left).

What you see there is a bunch of bull candles, 7 of them on H1. The last bull candle, on H1 as well as M15, is a suckers' rally candle (SRC) caused by people, or should I say sheeple, who think they are missing out on the action.

Well guess what. They bought into a supply zone that you'll be able to find on the left. Not that I have looked at it, but it's there. Try to find it on a timeframe, perhaps smaller (M5), and you will see.

You should look for a short in a situation like this, especially also since the trend is down (see top picture). You bought into pullback ! These always happen after a run (in this case down) as you can see in the H1 picture. It's a drop-base-drop. The pullback was part of the base.
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Postby PTG » Wed Oct 28, 2009 12:31 am

An analogy just dawned on me. The zero line stuff is your wrench. You can use your wrench for both left threaded- and right threaded bolts.

Would it not be wise to check the bolt thread first before starting to use the wrench, so that you know wether to turn it left or right ?
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lukx
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Postby lukx » Wed Oct 28, 2009 7:19 am

first trade today:


4H reverse:
Image


5m entry:
Image

TP(based on 1h Supply = bottom of MZ) green line SL(based on 5m MZ) red one
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Image

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Postby lukx » Wed Oct 28, 2009 7:22 am

SL got hit:
Image

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Postby lukx » Wed Oct 28, 2009 7:32 am

I entered again long but put SL also based on 1h MZ like TP:
Image

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Postby lukx » Wed Oct 28, 2009 7:42 am

I think my first entry was bad because I didn't wait for price to hit 50% MZ line I draw on 4H ! Stick to the rules, stick to the rules, stick to the rules!!! ](*,)

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Postby Brookmyre » Wed Oct 28, 2009 7:43 am

lukx wrote:I entered again long but put SL also based on 1h MZ like TP:
Image


Just trying to see where the stoploss was exactly 4824? and entry was at 4830?...am I reading that right? Thats pretty tight...looks like it turned at 4821 on my chart......

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Postby lukx » Wed Oct 28, 2009 7:52 am

Yes SL was very tight based on 5m MZ, it was my mistake, risk reward ratio with bigger SL liek it is now based on 1h is still good. SO in future I will set SL and TP both based on 1h.

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