Never Lose Again

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spa
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Postby spa » Tue Oct 20, 2009 10:49 am

double
Last edited by spa on Tue Oct 20, 2009 10:53 am, edited 1 time in total.

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spa
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Postby spa » Tue Oct 20, 2009 10:49 am

how do you look at this scenario..
1 h bearish mom already ZL'd as it formed 15 min momo after that i see bearish momo on the 5min chart that ZL'ed the 15 min.. i'm going with SHORT but what does everyone else think?
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bakaender
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Postby bakaender » Tue Oct 20, 2009 10:51 am

lukx wrote:took short based on 1h momo, doesn't look like it will end up good:

Image



I'm not the best at this yet, so I'm not sure if my suggestions are worth anything, but I have been making money trading this live for a few weeks now.

And I can see your making the same mistakes I made when I first started. In my opinion you are trying to rush things, instead of having patience and waiting for the perfect setups. I'll tell you how I managed to start making money with it and maybe you will get something from it.

Its kinda hard to explain, es/pip is right in that it just kinda hits you, but I do know a few of the biggest things that I did change to go from losing to profit.

First thing you have to do is determine the overall direction based on the H4 and the CLOSED candles, as MightyOne said the current candle is illusion, and only look for trades that direction. So there was basically no reason for you to try and go short when the GBP is clearly going up. And I'm not saying you can't, but just saying as a starting point, until your actually making money and seeing it, you shouldn't be trying to short on an uptrend. I think this is what dragon is always getting at in his posts as well.

Second is to forget that the M5 chart even exists, at least to start with. The first few weeks trading this I would try and enter off the M5 and had tons of losses. Once I stopped and started only trading M15, M30, H1, or H4, not only did I start making money, but I also just started to see it, and can now even trade the M5 with success. Just have to have patience with it, there are tons of entries all day long even without the M5.

It really is as simple as it looks, there is no secret, just have some patience. Don't take any trade your unsure of, even if that means you get 1 trade a week, start by only taking the ones you see, before you know it you will see them everywhere.

That is just my experience with it, I don't know if its right, I just know it worked for me.

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lukx
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Postby lukx » Tue Oct 20, 2009 11:22 am

but the problem is that we need to enter on pullback to 50% of momo right? so if I would wait for candle to close before entering I would almost never get on this pullback.

Image

Azuremaster
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Postby Azuremaster » Tue Oct 20, 2009 11:31 am

pablo101 wrote:
Azuremaster wrote:
pablo101 wrote:
Azuremaster wrote:Price hit H1 ZL, I get an entry on 5m. Sl got hit-again...

You will probably say that I entered too late again...

Image


I took this one not just because of h1 zline and h1 momo but 4 hr closed red, out with small gain as I see price push higher. Now in long GU again.


You were able to close it with a gain? Wow...nothing to add.


Calling me out sir??? :shock: not scared about closing out if I see a loss on the horizon


Well, looking at your pic, you were not in the same trade that I was in. I have entered 30-40 min later. I have been surprised how it was possible to exit with a gain in my situation.
Sorry if I am wrong.

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lukx
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Postby lukx » Tue Oct 20, 2009 11:32 am

Image

bakaender
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Postby bakaender » Tue Oct 20, 2009 11:33 am

lukx wrote:but the problem is that we need to enter on pullback to 50% of momo right? so if I would wait for candle to close before entering I would almost never get on this pullback.

Image


No, I was saying only on the H4 chart look at the closed candles only to determine direction to start looking for trades, only for analysis not entries. Once you know your direction then enter right on the ZL or 50% pullback, don't wait for candle to close to enter.

Azuremaster
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Postby Azuremaster » Tue Oct 20, 2009 11:36 am

pablo101 wrote:
Azuremaster wrote:
pablo101 wrote:
Azuremaster wrote:Price hit H1 ZL, I get an entry on 5m. Sl got hit-again...

You will probably say that I entered too late again...

Image


I took this one not just because of h1 zline and h1 momo but 4 hr closed red, out with small gain as I see price push higher. Now in long GU again.


You were able to close it with a gain? Wow...nothing to add.


Calling me out sir??? :shock: not scared about closing out if I see a loss on the horizon


double

bakaender
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Postby bakaender » Tue Oct 20, 2009 11:43 am

lukx wrote:Image


This is how I did it, I only took 10-15 pips per trade, but there were plenty more available, but even 5 a day is enough.
Image

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lukx
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Postby lukx » Tue Oct 20, 2009 11:45 am

Image

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