es/pip wrote:here is a loser for those that wanted to see those
bar closed against me got out on bounce up on next bar -9 pips
This was actually very poor trade selection
The ZL started up high with very strong bearish momentum and the bar even closed strong. Next you get a higher gap open and a lower close followed by a bullish bar which made the same high as the prev. bar and then closed near the gap open price.
Sound bullish yet? Didn't think so...
The next bar (marked as 1) moved to the pivot ZL, which I might have been able to live with had it not closed with a smaller body than the prev. candle. A bar closing with a smaller body than the prev. is not indicative of traders holding onto profit.
The hammer that followed gave the illusion that price was supported at the lows and offered a 2nd opportunity to short had you not shorted at the ZL pivot.
The 1st doji that followed was no big deal as doji, hammers, or even long wicks help fuel strong moves for even lower prices as traders attempt to pick the bottom. The 2nd doji or even a bullish bar after a doji is enough to wind the strongest bear into quitting the match.
Walk your self through the candles and create a story of what you believe is happening on your charts.
The more systematic you become the more you begin to lose
PS: thanks for posting
looking back at it now i agree
being bored and searching for a trade has it's downfalls
So are you looking for a "2" or wick in direction of loss, to "touch" the zline before you enter? So in the first case I have my zline in the wrong place and in the 2nd case I entered at the wrong time, I was to wait untill a "wick in dir of loss" to touch the zline then enter long right?
I think I'm slowely getting it... guess it's a matter of experience, it'll come.
sometimes i buy or sell the zline and sometimes i wait
your words above sound better to me than your previous charts
Here is a MightyOne challenge trade on e/u. Using the m1 time frame. Trade was taken at 1.2683 and closed at 1.2687. Waited for candle to close then scalped quickly. It was taken on the 2nd to last wave up as that price on the last wave was in a candle that had not yet closed.
Sorry, but the open/diff has got to be on my page for now.
Pro
Edit: Maybe I don't, just noticed that when I cranked up my new computer and loaded the indicators I hadn't re-set the times. Hmmmm?
Last edited by prochargedmopar on Thu Feb 19, 2009 6:36 pm, edited 1 time in total.
prochargedmopar wrote:Here is a MightyOne challenge trade on e/u. Using the m1 time frame. Trade was taken at 1.2683 and closed at 1.2687. Waited for candle to close then scalped quickly. It was taken on the 2nd to last wave up as that price on the last wave was in a candle that had not yet closed.
Sorry, but the open/diff has got to be on my page for now. Pro
Edit: Maybe I don't, just noticed that when I cranked up my new computer and loaded the indicators I hadn't re-set the times. Hmmmm?
The rule is that you must trade AWAY from your sit down price only taking short trades if the line is above price.
The 13th candle back closed long above the line. I took the trade long (buy) at 2683x and closed at 2687x for +4.2 pips. Is that according to rules?
Thanks,
Pro
and that is always sweet