PA, S/R, ZL, EXTREMES & MOMO

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MightyOne
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Postby MightyOne » Mon Jul 18, 2011 2:29 pm

To much is given much is accepted; liquidate err something like that. ;)

S&R has its role in trading, mainly to assist you in entering into your initial trade and holding that trade until your plan is completed.

S&R can be seen everywhere that you imagine it & you can have quite the imagination =]
To focus on S&R while a trade is in progress is to go nowhere, but if you call yourself a scalper then no one will look at you funny.

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Postby inprogress » Mon Jul 18, 2011 3:58 pm

MightyOne wrote:To much is given much is accepted; liquidate err something like that. ;)

S&R has its role in trading, mainly to assist you in entering into your initial trade and holding that trade until your plan is completed.

S&R can be seen everywhere that you imagine it & you can have quite the imagination =]
To focus on S&R while a trade is in progress is to go nowhere, but if you call yourself a scalper then no one will look at you funny.


True.

I often find myself in the situation where I can go long and after 20sek. I can go short according to actual sup/res. Therefore I'm more concerned about where the held profit is and where the momentum lays. Although I got moments where it gets little bit crazy :wink:

Meanwhile I'm trying to become long-term trader which I find difficult because of my lack of patience.

My best attempt at long-term trading was this one:
Image

Price failed to close lower than the lower white line so I waited for momentum on H1, entered on a pullback and trade went immidietely my way. Two days later it closed over higher white line so I was safe at that point. I only regret not hitting BUY button anymore on my way up :roll:

Target was this weekly ZLine:
Image

I also just noticed that momentum was unfolding in XY pattern on that whole move.

SL was something about 40pips so RR was great also it was a lot less stressful than scalping but still I was going through hard times holding it that long. Especially during those 4 pullback days.

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MightyOne
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Postby MightyOne » Mon Jul 18, 2011 4:34 pm

During quiet days ("stalls") I inch up by adding 1 or 2 lots at a time like a mindless zombie. As price closes higher I might add 3-5 lots then 1 or 2, but if it makes a really strong move then I would cut my space by as much as 60% then 1 or 2 lots following the trend with position.

I don't focus on making trades, I focus on making trades pay.

inprogress
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Postby inprogress » Mon Jul 18, 2011 5:19 pm

MightyOne wrote:During quiet days ("stalls") I inch up by adding 1 or 2 lots at a time like a mindless zombie. As price closes higher I might add 3-5 lots then 1 or 2, but if it makes a really strong move then I would cut my space by as much as 60% then 1 or 2 lots following the trend with position.

I don't focus on making trades, I focus on making trades pay.


I never thought about it that way.

Shifting focus to building up a trade might feed my lack of patience. Thank You for something new to test.

By the way. I'll be following closely this one:

MONTHLY:
Image

WEEKLY:
Image

DAILY:
Image

Looks nice and sweet :shock:

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Postby inprogress » Mon Jul 18, 2011 7:55 pm

Using the knowledge stated above:

M5:
Image

Im trading for 12h straight now. Gotta sleep.

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Postby MightyOne » Mon Jul 18, 2011 8:02 pm

There is no such thing as break even...

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Postby inprogress » Mon Jul 18, 2011 8:16 pm

Why not?

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adaseb
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Postby adaseb » Mon Jul 18, 2011 8:19 pm

inprogress,

let me ask you something


did you actually take any of those trades live or did you just mark that chart in hindsight?

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Postby inprogress » Mon Jul 18, 2011 8:27 pm

adaseb wrote:inprogress,

let me ask you something


did you actually take any of those trades live or did you just mark that chart in hindsight?


adaseb,

let me ask you something

did you actually think before asking that question?

:wink: j.k.

But seriously what's the point of that question?

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Postby inprogress » Mon Jul 18, 2011 9:42 pm

We just hit ZLs from H4 to M5 so it was more than granted

Image

OANDA is a great broker except it loses connection from time to time for a couple of minutes and sometimes it takes more than a minute to place your order.

Defenitely more fun than trading itself.

Hope adaseb wont get mad at me for posting charts.




Now let's relax, shall we?

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