Never Lose Again

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xmess7
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Postby xmess7 » Mon Sep 28, 2009 7:50 am

Bro that is what they big dudes want you to think.
"Can it go any lower?"
"Can it go any higher?"
"Wait! look I can enter cause it's a breakout!"
Those are the doubt/ideas that they implant on the retail traders. When u see a huge azz Candle with low or high volume... take head! Draw lines above and below the high and low. Then pay attention to the candles that follow. Are they wider in range? Are they climbing with shrinking range? Are they continuing down(or high) with increasing/decreasing range? What does Volume do? Is it increasing/decreasing?
Take a peak at some of the previous huge candles and observe what happens after those candles. Better yet observe EURJPY, AUDJPY, GBJPY (4H TF) and see how those stories unfold, yep as of 12:40am PDT they are unfolding from big candle ranges. Don't let anything bias u... just watch as the story unfolds then take your trade accordingly.




cfabian wrote:Just watching GU and the way it's been plummeting.
At this point, it is kind of hard to continue entering short after so much move down. As espip outlined it there's a possible continuation down until that weekly resistance at 1.5530 area.

If moves continue down, the only referenced ZL to target are from months ago. Not sure what to do... short trades are risky... shall I just wait to trade retracements to the upside and ZL down moves, or what would you do at this point?????

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Fxtraveller
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Postby Fxtraveller » Mon Sep 28, 2009 9:34 am

I was not sure whether to laugh or to sigh at the sight of THIS:

http://kreslik.com/forums/viewtopic.php ... highlight=

Apparently the forum is being inundated with beggars (as opposed to those willing to learn).

sigh.

Fxtraveller
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Postby Fxtraveller » Mon Sep 28, 2009 9:41 am

Yet again woke up again to miss beautiful zline trades...

EJ- a bit late SELL, after 3 candles on 5M exited with +4, did not like the hesitation.

A better opportunity and more pips on GU, but was too busy with EJ :(
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Fxtraveller
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Postby Fxtraveller » Mon Sep 28, 2009 9:49 am

Im starting to prefer a particular method that goes against MO's teachings.

MO says (and he is right, in order to minimise risk):

1) wait for Zline
2) wait for it to be wicked, and see a body in direction of profit.

True.....
but.... the zlines are so accurate, that now Id rather Simply put a limit order at the zline.
If it flies pat and hits my SL immideatly, so be it.... only 10-15 pips...

but since I started trading this Zline seriously, I had yet to come across this. 6 pips against me at most. And you truly get in at the best possible price and get the most out of the consequent movement.

Even the 2 trades above.... 1 moved 6 pips against, another NONE, reversed exactly as soon as (would have) entered.

comments?

Fxtraveller
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Postby Fxtraveller » Mon Sep 28, 2009 9:55 am

aaah, have to admit im becoming more mechanical =]

Rule of thumb: Enter at Zline + 3pips, or Start of MZ + 3pips.

Since quite often price does not reach the desired Zline by 1,2 or 3 pips.

probably because the BO traders put their orders 3 pips below/above the Lows/highs.

Need to make sure this does not become Zline + 5pips, +8 , +11.
Price chasing, been there done that....

Like MO said waaaay back in this forum: get in at the price you want, and NO less.

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Fxtraveller
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Postby Fxtraveller » Mon Sep 28, 2009 10:01 am

Ahhh !

I watch solely 2 pairs, EJ and GU.

I always start by EJ, and then forget the GU.

But GU keeps giving better trades with more pips, and quicker.

50+ pips in an hour missed, opposed to 4-5 pips on EJ, where hesitation is dominant at the mo.

Thoughts for consideration.
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ahh gu.gif
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Fxtraveller
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Postby Fxtraveller » Mon Sep 28, 2009 10:49 am

I simply could not go and study until I feel satisfied with trading.
there was perhaps a good share of luck here.

nevertheless:

D1 bias short

H1 wicked the Zline. --> short

M5 making lower highs--> look for short

Entered on M5 BO at 130.72, with double lot size in red MZ at 130.86 in case of retracement.

Retraced, triggered second trade. Instatnt MOMO down, exit.

Exited at 130.77 --> -5 + (9x2)= 13 pips

"Grand" total for today: 17 pips. And im done!! I still entere BO's , when I should only trade Zlines, but at least I beared in mind the Zline just above the BO.

Good Luck to all.
Patience is the greatest virtue of them all.
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spa
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Postby spa » Mon Sep 28, 2009 11:23 am

one thing and so far the only tangible one i've learned from this thread is to cut the losses..
traded a short on eurusd (entry marked at 1.4632) .. price moved higher to the 1.4640 15 min ZL after forming the exact same pattern es/pip mentioned on friday(LL-bounce-LL-HH-HL)
i waited for the PA to show increased down momentum on the 15 and 5 min chart and got on board... small loss -5 pips
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es/pip
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Postby es/pip » Mon Sep 28, 2009 1:51 pm

spa wrote:one thing and so far the only tangible one i've learned from this thread is to cut the losses..
traded a short on eurusd (entry marked at 1.4632) .. price moved higher to the 1.4640 15 min ZL after forming the exact same pattern es/pip mentioned on friday(LL-bounce-LL-HH-HL)
i waited for the PA to show increased down momentum on the 15 and 5 min chart and got on board... small loss -5 pips



i hope that is not all you learned :roll:

i dont see anything wrong with taking that trade( it ws back into an h4 mz for a short)--- you did what you were supposed to do ---out with a small loss

you point out one trade that you took that didn't work what about all the other ones

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Bend over and assume the position for another 4 years of hope and change.

flossnhoss
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runaway trade?

Postby flossnhoss » Mon Sep 28, 2009 3:27 pm

I'm sure some of you caught this today, but I missed it waiting for an 'entry' point.

This was a great 'setup' coming back down into a GU 1HR zone, and showed a M5 double bottom reversal into a up momentum.

I was left waiting for a retrace back in to the 5 minute zone that never happened... poor discretion on my part I suppose :?

What would you all (es/pip and others) have done in this situation? Sit it out, or jump in at some point to go long.

Thanks for any pointers.


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