Makes Great sense to me
Makes Great sense to me
That is really something that I should have mentioned before. What I said about waiting for pub closes I implament on Entrance only.Originally Posted by ;
I find it like that....
ENTER ON THE FACT (the researching pub, you know cost is pushing farther in that way, which has increased your likelihood of success.
EXIT ON THE FEELING(when you smell the Off fish in the atmosphere, dont stay around and keep sniffing, you dont need to be there. There will be more chances to input something you feel confident about afterwards)
Other people may not agree with me in my methodoligy, thats fine, whatever they find to function...(for them)
Leon
EDIT: Obviously, taking in to consideration trend and TL's, Paterns and such is important aswell
Saying 'thanks to the advice' was somewhat curt Leon and wasn't my intention in any way, sorry about that was that I will take it into consideration.
When you state expolorer pub and act on the next candle, do you use the exact same concept for exiting a transaction? At times the move against you may be fast awaiting the candle could be quite frightening!
It'd be my joy Leon.
Yep, new furniture, I'm looking out Oanda and that I like it so far I must say.
Thanks for the advice, luckily the price went in my favor (long) but I'll be keeping a close eye in the lower charts to control exit signs or opportunities to maximize my position.
Hello mick,
I believed I'd be neigbourly and come for a coffee in your residence, I like what youve done with the loion, brand new furnature?lol.
Im not saying that I know any better, But try to only enter on 'Exploring bars' they are the principal pubs which are telling you the story, and if you can resist the impulse then wait till it closes.
The reason I state this is because looking back on charts, I can see my set-ups, and also how what im doing DOES work.... If I wait for the bar. In addition, I jump the gun myself, But in 1mins time(by the time the bar closes), it could look really different!
Anyways, the coffee was good, but next time can you have some shortbread prepared for me?! hehe
Leon
!
Should....control....urge. .to maintain market...
Here's a couple shots that gives an idea how I'd play price action to preserve capital. They were posted by me in the TA fallacy thread but put them to remind me of what my egies are all about - ie. Losses, adhering to the market, not combating with it and big winners.
I'm very happy to jump on the bus going the other way as soon as I see it turn, I'd only do so typically after I have been in that particular marketplace for a while, else I'd just stick to transactions in the 4h/daily direction for hopefully a few added safety.
A great deal of traders hope to the SL/position sizing procedure for MM, I agree in principal but that I do not agree it is a place and forget egy, IOW, reduce the loss brief if PA is telling you your on the wrong bus! I really do utilize PS'ing for my entry and use the quit as my 'disaster' stop only, I think that it can become obvious pretty fast if you wrong or right, a sample below shows this.
I'm really short again as the PA @97.79 is signaling any weakness, If I can nurse it via the 5m graphs I'll start to anti up and stay in for as long as you can.
Reading TAOW and being a little quiet as I've been busy and seeking to relate the meaning of the chapters into trading, how I see it at least.
I've also starting using the Oanda demo so I've been playing more than anything else to see how it all ticks and I am growing very fond of it actually.
Last evening I put on a commerce using the A/J and this morning I had been up over 120 od pips (I had two units in, one at 80 od pips the other at about 40 so far) I place another on this morning as well so we will see how it goes.
I've really just been seeing price action and getting a sense of the current market, once in I then nurse the trade from the lower TF's up to say the 15/30m and monitor it looking down on occasion to search for early signals of weakness/strength for additional buy-ins/closing of trades. I consider the time frames as well, all the time seeking to relate what is going on out of one TF to the others.
I will begin posting some serious trades soon, I am also eager to go as It will 'make' me take it a little more seriously and pay more attention, together with play money I can always just 'put my cease and TP' and leave it leaving me open to bigger losing trades over anything else. I really do believe in SL's however I love to have them for emergencies only (ie. Away from price actions) to provide space for the actions but if the market is telling me to run I really do
After yesterdays more or less success I will be rethinking the egy a bit, I shall still be using exactly the same MM egy but my commerce choice and management is going to be based purely on 'current' price actions.
After reading 's enlightening Tecnical Evaluation Fallacy thread, that was basically how I exchanged yesterday and I believe I picked my entrances and exits quite well. I had been working the 5m graphs since they were moving fast enough for me to 'see' the cost action but slow enough for me to take a peek and analyze what was happening - quite slow in fact but enjoyable none the less.
I will be dring back and forth between the 5 and also 15m graphs today to secure better corrected to the more time frames working my way up to the hourly or perhaps 4h where there are more pips each move with more of a chance for scaling in using more positions - there is also less labour on the peepers
I'm also reading The Art of War in the moment (google it, there are lots of free versions on line/for download) and I'm postponing any critical trading efforts until I get my head around my approaches to take care of different cost action situations as they happen. If there's a common theory amongst traders/commentators it's that nobody can forecast the market and enjoy warfare, no matter how much you prepare your army based on historical or perhaps breaking information, there's absolutely no guarantee that you can win the battle. You need to be well prepared to deal with adverse situations as they arise and make the best of them - good or bad - when ever possible, don't rely on old or hope analysis and don't be indecisive on your activities, the market takes no prisoners!
Todays transactions:
Yep, I'm just trading little as I'm concentrating on cost action only and I'm just counting pips for and against, the profit is in us but I think that it works out to about 150 pips for the day which is pretty good seeing it is off hours and 7 pip spread needed to come from the six transactions too!
Lt;editgt; the empty boxes were buy/sell stops that I canceled.
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