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cfabian
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Re: Thoughts, please

Postby cfabian » Wed Oct 14, 2009 5:53 pm

I know the feeling... it took me a while and good chunk of money to understand things.

Now thanks to MO, Dragon and es/pip I consider myself on the other side of the battlefield. Not that I'm really profitable, but at least I'm not losing as I did before. My big enemy now is still me.... I get correct entries, but most of the time I'm scared to let it run. So instead of grabbing 60 - 100 pips with an entry, I get out with 15 or so. Not enough to outweigh losses, but for sure when getting to the point of letting it run, I'll be much more comfortable if a trade doesn't work in my way. What would mean 10 pip loss when you get strokes of 60+?????




es/pip wrote:
jcelano wrote:Here's another EU ZLine trade from this morning. This one also went in my favor and I SAW what price was doing so I took the trade for 11 pips

Here's what I observed and I'd like your thoughts on if you interpret it the same way:

1) Volatile price with huge swings up and down
2) Profit getting ZEROED OUT nearly immediately (one - three candels)
3) Candle 1 (Body Direction of profit)
4) Candle 2 (Wick Direction of Loss)

I entered LONG at the yellow line through an Entry Order (bit near a 5 min ZLine...as I saw it)

Exited at another 5 min ZLine (obviously profit ran beyond but I'm playing conservative for now)

QUESTION:

Do my points 1-4 make sense from a ZLine point of view; again, it worked, I simply want to make sure I'm not manufacturing what it is I'm seeing and that the old-timers :shock: :wink: see it too.

I sincerely appreciate your critiques...

Thank you once again for your time!

James
:wink:


i dont see anything wrong with that

nice

just curious

when we were talking by pm and you said--- i dont understand it, something, something else and something else--

and i said----- its all there in the thread, you are going to have to see it for yourself by marking charts and spending the time on it or you will never see it. I can not just explain it to you.

now that you SEE it, i am just curious to your answer on this

Is there any hidden tip or secret to SEEING this or does one just have to spend the time on it and see it for themselves?---in your opinion
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Postby cfabian » Wed Oct 14, 2009 5:57 pm

Yesss!!!!!!!!!

Please distract the guy so he leaves pips for the rest of us!!!!!!!!



jcelano wrote:
es/pip wrote:
jcelano wrote:Here's another EU ZLine trade from this morning. This one also went in my favor and I SAW what price was doing so I took the trade for 11 pips

Here's what I observed and I'd like your thoughts on if you interpret it the same way:

1) Volatile price with huge swings up and down
2) Profit getting ZEROED OUT nearly immediately (one - three candels)
3) Candle 1 (Body Direction of profit)
4) Candle 2 (Wick Direction of Loss)

I entered LONG at the yellow line through an Entry Order (bit near a 5 min ZLine...as I saw it)

Exited at another 5 min ZLine (obviously profit ran beyond but I'm playing conservative for now)

QUESTION:

Do my points 1-4 make sense from a ZLine point of view; again, it worked, I simply want to make sure I'm not manufacturing what it is I'm seeing and that the old-timers :shock: :wink: see it too.

I sincerely appreciate your critiques...

Thank you once again for your time!

James
:wink:


i dont see anything wrong with that

nice

just curious

when we were talking by pm and you said--- i dont understand it, something, something else and something else--

and i said----- its all there in the thread, you are going to have to see it for yourself by marking charts and spending the time on it or you will never see it. I can not just explain it to you.

now that you SEE it, i am just curious to your answer on this

Is there any hidden tip or secret to SEEING this or does one just have to spend the time on it and see it for themselves?---in your opinion
Hi ES/PIP,

Thanks for your comments... That NUMBER 2 candle looked a bit iffy to me but I didn't second guess and the trade made sense so I took it...

With regards to the ZLine -
No offense to anyone here, but I think the ZLine was not clearly articulated in the early stages; it's gotten better in the past few dozen pages or so, though....

Spending time with the charts is a MUST, however the process can be better understood - my goal (as I mentioned in PM) is to put something together in such a way that a 5yr old could understand it. In order to do so, however, I need to make sure I really, really get it as well.

I'll run this by you via PM when I have something, if that's ok...

Thanks again for your thoughts on my charts...

James
:D :D :D :D
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Postby cfabian » Wed Oct 14, 2009 6:03 pm

My 2 cents is don't over trade demo. I've been there and could be hard to get live again. Try to trade live with the minimum, the feeling is totally different. Also, just stick to your own rules, no matter you just grab 1 trade, or none a day. This procedure has helped me tons.

Fxtraveller wrote:Well, after a few fails on GU live, I thought Id go back to demo, cause I stick to the screen and dont go anywhere near my studies....
checked my live today for carrys, and realized that I left EURJPY limits, and they were profitable, yupeee, got my losses back + some profit.

I still enter at x- BO point and and the Open of MOMO cnadle that made the BO.

SELL at 133.56 and 133.70 (double lot)- TP 40 pips each.

Guess I will keep zlines live, just very picky on trades, mostly on H4...
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Postby PTG » Wed Oct 14, 2009 6:38 pm

frang0nve wrote:PTG,

Thanks for your detailed explanation!!



No worries; just trying to give back from what I learned here myself.. and continue to learn by answering any questions, like:

In the H1 chart, you draw a horizontal line through the body center of the first H1 candle in the stop and reverse H4 candle.
I though it should be drawn through the body center of the closed H4 candle.
What's your opinion?


I see it this way. This is not a system, so there is no 'should be' here. It is a way to find potential entries in the direction of profit.

The H4 reversal identifies the overall direction of the market. Waiting for it to close gives you a fair chance that a) there is momo and b) there will be a pullback on this H4 momo bar. By looking for H1 momo inside the H4 momo you can identify any potential zero lines on that smaller timeframe, then by zooming in to M5 you can find suitable spots for entry. Note that there are several potential entries !

Compare this to when you would be staring to M5 only, without knowing the overall direction (H4) and the 50% line. It's like walking in the dark, without directional reference.

I suppose you could use the H4 as well, however the entry would be later and less precise. Once there is considerable momo (which H1 momo usually is) then you should use it because there is held profit. You want to be in that move asap ! Draw that 50% line on the H4 reversal bar, and compare it to the 50% line on that H1 bar, then go to M5 and compare the two. You will see that the H1 line gives much better information.

Hope this helps. Any comments by anyone appreciated :wink:
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Postby cfabian » Wed Oct 14, 2009 6:53 pm

Damn !!!!!!!!!!!!! You see what I'm saying???????

First trade got out at +5 and was good for 75. Had to stand up from my desk so closed it... should have placed a SL at BE while away if I was so sure about this trade.

Second one got out at +4 (as didn't like those small bodies with wicks. The sucker could be currently at +28.

I know... no should've, would've, blah blah blah... good thing as mentioned earlier is they are positive and adding up. It's a matter of tying up my you know what and let them run. Building confidence is the clue.

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Postby lukx » Wed Oct 14, 2009 7:20 pm

Guys is it possible to use 3H chart instead of 4H ?

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Postby PTG » Wed Oct 14, 2009 8:23 pm

lukx wrote:Guys is it possible to use 3H chart instead of 4H ?


Not sure what the background of your question is, but allow me to elaborate and also answer an earlier remark of yours to the effect that the future part of the future winner signature is a long way away.

I currently

1. trade GU only for the simple reason that
a) I don't want to dilute my concentation between several pairs right now
b) I can invest my money on this pair alone which gives me an insane reward for the risk taken

2. I base it on H4 right now because
a) that way I learn to pick trades that work for me
b) it works

At the end of the day, the idea is to find direction and momo on a higher timeframe, as early in the swing as possible so that your chances on megapips are maximalized. If you think you can do that by using H3, then go for it. You can try it yourself and apply the same ideas (find momo + direction on H3), however:

- if it doesn't work for you on H4, then I wonder wether it will on H3 (which is not to say that that's impossible, because I'm not you)
- you really, really should concentrate on the very simple idea of waiting (as in do nothing, no trading) until you get a stop and reverse on H4, the reverse H4 bar should be a momo bar (at least 2* the previous one), after H4 is closed, go to H1, mark the suitable H1 bar within the H4, go to M5 and rake in the pips.

You should use the search function of the board to look for the posts of dragon33, then tick the display complete posts option (or something like that) so that you can see all posts. Go study those posts from the last couple of months at least.

Whatever you do, do not overcomplicate things. Do not blind yourself by looking at too many diamonds. Just pick one, as I did. You simply cannot juggle 10 balls before you know how to keep one in the air.

It has been said many times on this board, but let me re-iterate. Do not hop from system to system because you think that you don't understand. There is nothing to understand but the fact that prices go up or down all the time, irrespective of the timeframe. It's just a matter of finding out the underlying stream on higher timeframes and trading those on the lower: top-down approach.

One last thing: if you don't understand, it simply means you have to re-read material again and work harder. Concentrate on one pair and system and forget about the rest. Write down on a piece of paper what your choice is. Whenever you get the feeling that you don't know any more, look at the damned piece of paper and kick yourself in the butt. You can do it. It is up to you and nobody else !
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Postby dragon33 » Wed Oct 14, 2009 9:21 pm

Azuremaster wrote:5 Hours of screen time, 9 trades: 8 losses and 1 BE. My stop was always below Momo candle.
All higher timeframes are pointing up. Not sure what is wrong with me, I guess I am too stupid to understand all of this.

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Enter where you place your stops and you are winning the game.
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Postby adaseb » Wed Oct 14, 2009 9:49 pm

Anyone know why this ZL trade never worked out yesterday?

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Postby cfabian » Wed Oct 14, 2009 9:57 pm

adaseb,
It's been said lots of times this is not a system. You have to be discretionary. If it were just like that there would be EA's to trade this, but just as any other EA it would fail as discretion is needed.




adaseb wrote:Anyone know why this ZL trade never worked out yesterday?

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