firewalker99
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Great post. Really liked your analysis on it.
I don't necessarily agree that the daily pin was in the middle of nowhere.
Good point, I often overlook the daily
Great post. Really liked your analysis on it.
I don't necessarily agree that the daily pin was in the middle of nowhere.
I have nothing going on right now so I figured I'll show a level I'm watching right now.
Now, how it can be played. First and foremost, I'm going to have to sit patiently while I wait for price to get to this level. If price does get to this level again, I need to be aware of potential break outs. When price is persistently testing a level like that, the level can hold once, twice or eight times... it doesn't matter. But when price keeps coming back like a magnet it can show a sign that they want to get through this level. Why else would they keep testing it? Your job is to figure out if they're going to fail or succeed.
nice fw, you explain what keeps you in a trade,but what is your entry criteria,would it be a higher low of a good support level,if its personal just post a smile
Just a quick link for some to Strat's page over on ForexFactory
Check post #580 where there is a hyperlinked index. It's in the early stages but shaping up to be another great thread like this one.
Strat's Long Term Stress Free Trading - Page 39
He only trades the daily and uses the weekly as the boss. This may be a better starting point for many people new to trading. The downside is you need a bigger starting balance due to larger stops.
A word of caution on starting balances; don't be fooled into the market being undercapitalized. You must really start with a meaningful amount whereby you can apply proper and sound risk management. If you use your debit card (like most brokers offer - easy access to fund their coffers) you will quickly lose control of your bank balance im my view. You can't keep dipping into your current account or credit card. This, in my view is very dangerous. Trust me again; I've been there too.
I can't stress enough, that I firmly believe you must start this venture with a decent amount that will allow you to set 50-pip stops at min .50p a pip but still sticking to the 2%/6% rules of risk management. Start low and build slowly; the market is there for the rest of your life (well, bar a huge supervolcano eruption or comet strike!! LOL)
There are some who have been trading years, faced all their demons etc and can take a £100 balance to £1000+. It can be done. But not by newcomers unless you have an unmatched iron clad discipline that has gotten you through SAS Selection and Navy Seal training in one year!!! (Ultra rare)
Do you self a favour - save up a good starting balance, stick to TDs rules, employ proper risk management and believe in yourself. You will become a successful trader.
Until you have a good starting balance you will just pi$$ money away, thinking 'Oh it matters not, it was just a quick £100, I can afford a few this month' You are deceiving yourself and you WILL get into trouble.
*Cough*longcabletrendlinepinforming*cough*
*Cough*longcabletrendlinepinforming*cough*
Would it be best to wait for the next hourly bar for confirmation?
I would also add that the same is happening on the GBP/JPY?
*Cough*longcabletrendlinepinforming*cough*