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mook - LOG
Posted: Wed Oct 20, 2010 7:26 am
Posted: Wed Oct 20, 2010 8:03 am
Posted: Wed Oct 20, 2010 8:16 am
Posted: Wed Oct 20, 2010 10:32 am
mayb i ask what u based ur line on?
Posted: Wed Oct 20, 2010 10:41 am
Looks like a sit-down price to me
I was wondering what he based the trade on
Posted: Wed Oct 20, 2010 10:49 am
the CC closed over his black line.. so he went long..
only problem is.. the prev extreme is the take profit..
and price had yet to close consecutive candles above anything on a higher TF.. so basicly.. he fueled someones sell order
Posted: Wed Oct 20, 2010 11:40 am
lukx, I DARE you to try this on a 4H chart. Daily even. Do it for a month.
Higher TFs will make this so much easier, because they will remove a lot of bad signals.
Posted: Wed Oct 20, 2010 12:05 pm
Start on higher tmf like H1 at least.
The first candle that really closed much higher then previous other colored candle is your initial candle to start with.
http://s906.photobucket.com/albums/ac26 ... trade4.gif
If you use limitorders to enter with a SL of just 10 ticks you will get nailed over and over again.
Mighty uses a big SL for his first entry. If you will not use such a sl then you need to wait for candle closes and use other candles to enter.
Lets say if you had waited for the close of the M5 and buy on high you would never be filled so no loss at all. Maybe if you had reacted fast you could have shorted because of a close below your line.
The rules are still the same.
Did CC close over a line or not? Yes it was but you didn't wait for the next close. If that close was above your line then you could have go long with entry with right cc color.
Posted: Wed Oct 20, 2010 12:23 pm
Lukx, I actually don't know what method/system you are trading.
I can see why you may find it confusing with all of us jumping in with their own version of answers.
Guys, maybe let Lukx do the hard work first, tell us why you entered there and 'failed' in detail.
A top down would be good.
Posted: Wed Oct 20, 2010 1:57 pm
I think the reason he entered was b/c someone suggested he draw a single line, and only either trade long or short from that line.
So, he drew a line and decided to trade long from it, and lost. Now, he is going to try and figure out why he lost and make sure he doesn't do that next time. I think.