PA, S/R, ZL, EXTREMES & MOMO

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ajaymein
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Postby ajaymein » Tue Feb 22, 2011 8:48 am

Long right at 50 targeting the upper blue area and looking to short there

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FXfreak
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Postby FXfreak » Tue Feb 22, 2011 8:50 am

humble, my entries are not based on any rules. momo and rats didn't work for me.

but when i look at aj's and es/pips entries i have to think about m5-momos again. but i had a lot of small losers with m5-momos. you only can use them when you are "absolutely" sure that there will be a reversal or a reversal-zone. i often saw everywhere momo-candles and had loss after loss. this ended in trading with emotions and loss after loss.

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Postby Humble » Tue Feb 22, 2011 8:51 am

Hi ajaymein, I was referring to FXfreak's 2nd long.

Don't think I could ever handle the 1 min, I still find the 5 min to quick.

I recall MO saying not to exceed 8x ie enter off 15 min if based on 4 hr or off 3 hr (CC) if based off dialy.
Is price closing higher or lower than something? Simple yet powerful question. ..MO

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Postby FXfreak » Tue Feb 22, 2011 8:52 am

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ajaymein
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Postby ajaymein » Tue Feb 22, 2011 8:57 am

FXfreak wrote:humble, my entries are not based on any rules. momo and rats didn't work for me.

but when i look at aj's and es/pips entries i have to think about m5-momos again. but i had a lot of small losers with m5-momos. you only can use them when you are "absolutely" sure that there will be a reversal or a reversal-zone. i often saw everywhere momo-candles and had loss after loss. this ended in trading with emotions and loss after loss.


FX, that is absolutely right about 5m momos...if you take every one, you will lose faith in them. You MUST make sure the 5m momos line up with the higher time frame momos before taking them, otherwise its a recipe for disaster. I used to have an insane amount of trouble with emotions...you should read Trading in the Zone, it is a must read for serious traders and has a LOT of good information on trading psychology in it. That book is what gave me an AHA moment about my emotions

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Postby ajaymein » Tue Feb 22, 2011 9:09 am

ajaymein wrote:Long right at 50 targeting the upper blue area and looking to short there

Image


Out break even and flipped short around 56 off 5m bearish momo and 15m PB. Don't think it will go higher right now...stop above PB

EDIT: Out -6
Last edited by ajaymein on Tue Feb 22, 2011 9:18 am, edited 1 time in total.

FXfreak
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Postby FXfreak » Tue Feb 22, 2011 9:12 am

for instance look now at m5 eu: at the left there is a supply-zone, then we had a momo-candle down with a nice entry. d1 also down. would you take it? based on the rules perhaps but i'm pretty sure that we will move up. i made loss after loss trading that "system-way". anybody short?

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Postby FXfreak » Tue Feb 22, 2011 9:13 am

sorry aj, didn't see your posting.

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Postby FXfreak » Tue Feb 22, 2011 9:14 am

sorry aj, didn't see your posting.

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Postby FXfreak » Tue Feb 22, 2011 9:19 am

take profit at 1.36 or higher now. i'm long on gpdusd too.

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