Advanced trading lessons - page 59
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Was your long not triggered on the down move, then stopped out?
philt
Was your long not triggered on the down move, then stopped out?
yes i did get stopped out, i knew it was a dangerios risk after i woke up and the asain session
did not trigger it. but thats ok .. it happens all the time , you just shake them off and start getting into winning streak.
it's all part of buisness. i will never stop taking trades against the psychology of the market, because you win more then you loose in the long run. did you see that as down move philt? i mean price action and pshchologically wise?
because i definatly saw it as clearly down>> thatys why i changed me veiw to long.
the lol part of that trade was: i came this close to calling it down, at the sell price of the trade i got killed on two days ago.
that whould have been a perfect entry.
whats even funnier is that at the very pip at the top of this down turn i came close to trading that and posting it.
but got over whelmed from my scedual and only very lttle time to look at it. so in effect i just had two looosers and did
not trade two nice winners. you have to think thats funny because i want every one here to not just have faith in me. but for all of us to kick the market ass over and over again.so any ways i look forward to knowing how you saw the market this morning>
maybe this will help if explain how i get the prices i enter on.
the first thing i am doing is entering on the weekly center line at the resistance of the monthly trend line physical strike.
last week worked out perfect. this week got very unfocused, and frankly unsure it would keep boncing off for two
weeks in row, but i should have known it was good, but after a physical strike we cross the monthly line
then x -trade down back through the line for a new low. after the new low we go back up to the top of the
down swing as range. so this is what i am playing.
so i an expecting to cross this monthly line soon. likly next week.
then X- trade to new low.
then back up to the top of the range.
this is the larger view.
but if i do not get on at the tops of the weeklies, then i have to get more difficult!
that means i have to lower my frequency , and look for horsontal support and or resitance.
this is harder to do.
I'm confused Boe. If you clearly saw it as a down move why did you go long?
philt
I'm confused Boe. If you clearly saw it as a down move why did you go long?
philt i went long because if i saw it as an obviose down move so did the rest of the world!! and that means
when the rest of the world is short i want to be long.. but often in a lot of cases the market relent some momentum
to ad confermation to the trap.
but in a lot of cases they don't add very much momentume to the trap.
about 50-50
i was banking on very little momentum , so even if you know price action, direction market habits. you
still have to gamble on the price you enter on.
i like small stops!! 4 to 10 pips usually. it use to be 35 pips for me. but i hit most of my winners within 4 pips so why add risk. so i reduced my risk
unless the trade forces me to ajust a larger stop.
lets talk about next week
lets take a look at next weeks trades.
on the chart is a weekly pin bar, with a high 1 trap. chances are this will become a high two trap. i will explain later!
we are going set two possable prices of resistance. for sell points
we are going to talk about support points for buy points.
first a look at resistance
now after the new week opens you have adjust the center lines of the weekly time frame so this will be adjusted then!!
but so you have heads up!! here is what we will be plotting!! two different sell points for next week.
useing two different underbelly trend lines and matching them up with hozontal resistance to refine the entry price.
the reason this has 90% chance of being a high two trap! #1 the new weekly open is across a major down trend line.
saying reversal. go long!! #2 weekly pin bar saying go long!!! and the yearly trend is down. that spells trap!!
later we will talk about support
have to go for now
So are you long or short, any targets to aim for.
i expect some momentum adainst me, i will keep my stop until we break much higher.
long first then i will short this later.