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cfabian wrote:Humble wrote:cfabian if I may,
These guys don't leave the screen when there is money on the table, and let the S/L take them out of the trade. (ie the markets decide if it's a bad trade)
They have a "picture" of what the trade should look like if it's a good one. If the trade does not work out this way they exit. (ie the trade has to prove it's a good one)
From the memo bar you have arrowed, there is the wick in the right direction (which would have got me in) which then closed red. Ouch. Then an up bar but with no momo. Another ouch. Then a red bar. Ouch again
Remember the trade does not have to prove it's a bad one. If it doesn't prove it's a good one, get out. What I'm taking a long time to say is, if you look at it the right way, look how many chances you had to get out a B/E.
Actually, it would have been B/E for me, as I like to enter off the wick on candle colour. If you entered off the memo bar on your black line, you had a better price and the opportunity for a small profit.
Sure Humble, you can throw anything to my post. Thanks for that.
Actually yes I was about to close at little profit, but the reason not to was because I was trying to get a larger TF trade and not a scalp... the yellow line was a daily ZL, and we got all those wicks when close to the line, then the H1 momo to my direction... When I saw that red H4 with a long wick to the "direction of loss", I was pretending momo would start growing in my direction, but it didn't.
What I'd add - and I know because I've been guilty of this lately, if you're trying to capture a swing trade you need more to go on than just 1hr momo (yes, sometimes it DOES give you a trade in profit...BUT) if you're using the standard timeframes. Look at a decent 4hr chart for example. How would you trade it? Thinking of the rat and close over close under in supply/demand areas. If you were just looking at the 4hour chart you wouldn't even consider going long after a series of red bars until you see a green bar. Now you know price is going your way - is it a good sized green bar on 4hr? Yes/no. Then look inside, any 1hr momo your way? Yes/no. Any 15 momo within the 1hr momo your way? Yes/no? That's where you'll approximately get your pullback to most of the time.
Out on CAD for 26 from last night. Should have taken profit at 50 rather than being greedy and trying to trail stop.
And using 3CC
Last edited by newscalper on Wed Mar 23, 2011 10:20 am, edited 1 time in total.