PA, S/R, ZL, EXTREMES & MOMO

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ajaymein
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Postby ajaymein » Tue Feb 22, 2011 8:13 am

FXfreak wrote:ajaymein, i know but the risk increases when i have an entry which is farer away from a possible turning point. but i will look at both possibilities this week.

btw why are you awake? you should sleep now in the us ;-)


The way I see it, I am willing to risk 5, 10, 20 pips less profit if my trade has some sort of a confirmation at a possible turning point which makes it a higher probability trade instead of trying to catch a falling knife. I used to just to do the same and just buy/sell when price reached my S/R and ZL zones...but I started using small time frame candles to tell me exactly when price is going to start reversing...you would be surprised at how deadly accurate you can get when the 1m, 5m, and 15m agree with your 1hr, 4hr, and daily.

Yea...i should definitely be asleep lol...but I have started sleeping 4-5 hours during the weekdays and 10 - 12 on weekends since I started trading for a living! The money compensates for the sleep :D

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ajaymein
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Postby ajaymein » Tue Feb 22, 2011 8:14 am

ajaymein wrote:Short right at 50

Image


Out +17

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ajaymein
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Postby ajaymein » Tue Feb 22, 2011 8:17 am

ajaymein wrote:
FXfreak wrote:ajaymein, i know but the risk increases when i have an entry which is farer away from a possible turning point. but i will look at both possibilities this week.

btw why are you awake? you should sleep now in the us ;-)


The way I see it, I am willing to risk 5, 10, 20 pips less profit if my trade has some sort of a confirmation at a possible turning point which makes it a higher probability trade instead of trying to catch a falling knife. I used to just to do the same and just buy/sell when price reached my S/R and ZL zones...but I started using small time frame candles to tell me exactly when price is going to start reversing...you would be surprised at how deadly accurate you can get when the 1m, 5m, and 15m agree with your 1hr, 4hr, and daily.

Yea...i should definitely be asleep lol...but I have started sleeping 4-5 hours during the weekdays and 10 - 12 on weekends since I started trading for a living! The money compensates for the sleep :D


For example, here is precisely what I was looking at when I entered and exited off the minute chart

Image

Humble
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Postby Humble » Tue Feb 22, 2011 8:20 am

WOW

Image


You guys will be awaking to terrible news from New Zealand, Christchurch hit by a major earthquake during the middle of their day. (Anyone know where Bredin lives?)
Last edited by Humble on Tue Feb 22, 2011 8:44 am, edited 1 time in total.
Is price closing higher or lower than something? Simple yet powerful question. ..MO

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Postby FXfreak » Tue Feb 22, 2011 8:23 am

i'm long again.

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Postby FXfreak » Tue Feb 22, 2011 8:32 am

aj, i left pips on the table and i got also the losses when i tried to get entries with confirmation. but i will look at both. the entry based on confirmation also includes a lot of emotions for me which isn't easy to handle...just a limit-order with sl and tp doesn't involve my personal emotional rollercoaster.

what was your trigger on the m1-chart? the close of that bear-candle left to the arrow which was lower?

Humble
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Postby Humble » Tue Feb 22, 2011 8:32 am

Hope it works for you. I prefer to have a higher low bar before going long. Then looking for a rat entry or a close above the (2nd) low bars open.
Which T/F you entering off?
Is price closing higher or lower than something? Simple yet powerful question. ..MO

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Postby FXfreak » Tue Feb 22, 2011 8:33 am

sl at be. i don't have the best feeling with this long ;-) aj is trading against me :D

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ajaymein
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Postby ajaymein » Tue Feb 22, 2011 8:40 am

FXfreak wrote:sl at be. i don't have the best feeling with this long ;-) aj is trading against me :D


Lol...I was about to go long off the 5m momo bc it was in a 4hr MZ but I missed my entry by 2 pips.

My entry on the previous trade was triggered from the bearish candle that made a 2 bar pin right after the previous 2 PBs. I entered on a retrace of 50% of the 2 bar pin which was right at the 50 mark

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Postby ajaymein » Tue Feb 22, 2011 8:42 am

Humble wrote:Hope it works for you. I prefer to have a higher low bar before going long. Then looking for a rat entry or a close above the (2nd) low bars open.
Which T/F you entering off?


I trigger my entry from either the 5m or the 1m...but the entry is based off 15m, 1hr, 4hr, and/or daily.

EDIT: Sl at BE
Last edited by ajaymein on Tue Feb 22, 2011 8:53 am, edited 1 time in total.

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