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pablo101
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Postby pablo101 » Sat Nov 07, 2009 2:04 am

PTG wrote:Why I didn't take this trade ? No idea. Not very smart. :-& :smt017 :smt089

Nr. 1 was the first retrace to that supply zone (see 2nd picture below) I missed out on that one.

Nr. 2 was the 2nd one. I had noticed it, but decided to not invest 10 pips for a multiple of that because I thought it might go a bit higher through the the zone, which it didn't. I'm still shaking my head in disbelief.

Image

Image

'Houston, we have a problem..' ](*,) :smt013 :smt021


Not only you :(
What line? The line that tells you which way you are trading! - MO

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TheRumpledOne
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Postby TheRumpledOne » Sat Nov 07, 2009 3:31 am

PTG wrote:Why I didn't take this trade ? No idea. Not very smart. :-& :smt017 :smt089

Nr. 1 was the first retrace to that supply zone (see 2nd picture below) I missed out on that one.

Nr. 2 was the 2nd one. I had noticed it, but decided to not invest 10 pips for a multiple of that because I thought it might go a bit higher through the the zone, which it didn't. I'm still shaking my head in disbelief.


Enter your trade.

Enter your stop loss.

You either win or lose.

THERE IS NOTHING TO THINK ABOUT unless you're a YALE STUDENT.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!

Please do NOT PM me with trading or coding questions, post them in a thread.

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PTG
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Postby PTG » Sat Nov 07, 2009 4:03 am

TheRumpledOne wrote:
PTG wrote:Why I didn't take this trade ? No idea. Not very smart. :-& :smt017 :smt089

Nr. 1 was the first retrace to that supply zone (see 2nd picture below) I missed out on that one.

Nr. 2 was the 2nd one. I had noticed it, but decided to not invest 10 pips for a multiple of that because I thought it might go a bit higher through the the zone, which it didn't. I'm still shaking my head in disbelief.


Enter your trade.

Enter your stop loss.

You either win or lose.

THERE IS NOTHING TO THINK ABOUT unless you're a YALE STUDENT.


I know. The brain protests sometimes. It's my enemy and I will have no option but to kill it out of pure self-defence :shock: :smt030 :smt076 :D
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jahjahblessed
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Postby jahjahblessed » Sat Nov 07, 2009 3:28 pm

PTG wrote:
TheRumpledOne wrote:
PTG wrote:Why I didn't take this trade ? No idea. Not very smart. :-& :smt017 :smt089

Nr. 1 was the first retrace to that supply zone (see 2nd picture below) I missed out on that one.

Nr. 2 was the 2nd one. I had noticed it, but decided to not invest 10 pips for a multiple of that because I thought it might go a bit higher through the the zone, which it didn't. I'm still shaking my head in disbelief.


Enter your trade.

Enter your stop loss.

You either win or lose.

THERE IS NOTHING TO THINK ABOUT unless you're a YALE STUDENT.


I know. The brain protests sometimes. It's my enemy and I will have no option but to kill it out of pure self-defence :shock: :smt030 :smt076 :D

LOL LOL me too thinking about doing the same thing
transform to PIP"S FARI

Whatever the mind of man can conceive and believe, it can achieve.
Napoleon Hill

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JAHJAHBLESSED

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TheRumpledOne
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Postby TheRumpledOne » Sat Nov 07, 2009 4:29 pm

I saw a video of a professional trader trading years ago.

They entered the trade.

After the fill they entered the stop loss and TP1.

Then they sat back and watched.

There is nothing you can do but watch.

The TP1 was hit first.

The trader canceled his stop loss and entered a new stop loss at break even for the remaining position.

Purely mechanical.

They didn't live and die by each tick nor did they have to babysit the trade. When an order filled, the computer sounded an alert.
IT'S NOT WHAT YOU TRADE, IT'S HOW YOU TRADE IT!



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PTG
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Postby PTG » Sat Nov 07, 2009 6:05 pm

TheRumpledOne wrote:I saw a video of a professional trader trading years ago.

They entered the trade.

After the fill they entered the stop loss and TP1.

Then they sat back and watched.

There is nothing you can do but watch.

The TP1 was hit first.

The trader canceled his stop loss and entered a new stop loss at break even for the remaining position.

Purely mechanical.

They didn't live and die by each tick nor did they have to babysit the trade. When an order filled, the computer sounded an alert.


Funny you say that.

When I actually do that (to let it run), it works out fine and when I don't by starting to actually THINK, it doesn't.
That may be coincidence though.

If you take a step back, and you would actually enter every possible trade using some condition (e.g. RAT trigger, or a retrace to supply/demand, preferably at a higher TF extreme like day or week) and then do the above and let the remainder run until B/E or a T/P that makes sense, you should do fine, especially if the TP1 covers more than the S/L for the remainder.

Anyway, the psychology behind it is very important. The risk of being discretionary about your T/P (and that includes modifying an existing one) is that you tend to start and see things in a different perspective, thereby ruining the premise that led you to take the trade in the first place.
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PTG
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Postby PTG » Sat Nov 07, 2009 11:12 pm

It all seems pretty simple. But why then do so few traders and investors enter properly into demand and supply areas? The answer is simple: human emotion. The fear of a potential break of a demand level is stronger than the benefit a low-risk entry at a demand or supply area offers. But traders need to remember that opportunity always lies where the majority is afraid to go.

- Sam Seiden.
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pablo101
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Postby pablo101 » Sun Nov 08, 2009 1:25 pm

PTG wrote:It all seems pretty simple. But why then do so few traders and investors enter properly into demand and supply areas? The answer is simple: human emotion. The fear of a potential break of a demand level is stronger than the benefit a low-risk entry at a demand or supply area offers. But traders need to remember that opportunity always lies where the majority is afraid to go.

- Sam Seiden.


Sums it all up for me. I'm always scared of a break of an area :(
What line? The line that tells you which way you are trading! - MO

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Postby noushina » Sun Nov 08, 2009 2:07 pm

pablo101 wrote:
PTG wrote:Why I didn't take this trade ? No idea. Not very smart. :-& :smt017 :smt089

Nr. 1 was the first retrace to that supply zone (see 2nd picture below) I missed out on that one.

Nr. 2 was the 2nd one. I had noticed it, but decided to not invest 10 pips for a multiple of that because I thought it might go a bit higher through the the zone, which it didn't. I'm still shaking my head in disbelief.
Image
'Houston, we have a problem..' ](*,) :smt013 :smt021

Not only you :(

Me too. I bet we get a 3rd chance today.
Seiden calls it a Novice gap if they gap in direction of last bar.
And if they do, it's right into a zone of supply/resistance. GBP is there, and so is Aussie.
I probably wait to see if it gaps high and then sell.
If it gaps low, I probably set on my hands.
ImageImage

Edit. I didnt show the eur/usd, but it appears that it is in a a zone of demand (buy), whereas gbp/usd and aud/usd - as shown above) are at supply (sell).
So Then put them together and look at the cross pairs. Both eur/gbp and eur/aud are on long term demand zones - esp eur/gbp which goes back to mid sep.
Image

frang0nve
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Postby frang0nve » Sun Nov 08, 2009 3:19 pm

Noushina,

If you plan to trade the open tonight, you can check in advance the oanda website showing preopening prices as they allow 24h/7d trading:

http://fxtrade.oanda.com/



Cheers

Francisco

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