Yes, thanks TA jammy, I remember it was you. Nial's methods are great, and his forum is excellent. I thoroughly reccommend his course. I think it will be the shrewdest two/three hundred dollars I have ever spent. But nothing is guaranteed, each trader is very different, and I think winners are few and far between.
The eurusd trade I took yesterday was a loss, about 30 pips.
I try to stick to 2% risk per trade. I'm still yet to fully utilise my position sizing calculator to ensure this.
The eurusd trade I took yesterday was a loss, about 30 pips.
I try to stick to 2% risk per trade. I'm still yet to fully utilise my position sizing calculator to ensure this.
JahDave
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I recommend you learn Elliott wave theory. I have been studying it for almost three years and it is the best thing I have found. In my experience it is not a perfect thing in itself, but it goes really well with other things like candlesticks...
Hi. Can you relate EWT to reality, or rationalise it? I'd like to stress that I'm not being obstructive - I just find a lot of TA very difficult to absorb.
eg Kirkpatrick & Dahlquist Ch 20, first page: "EWT is based on the notion that the market behaves in an irregular cyclic manner. Proponents of EWT believe that this cylic structure is classifiable and predictable."
If it is "classifiable and predictable" it surely cannot be "irregular cyclic" and even less could it be merely "irregular"?
In the next paragraph:
"Because Elliot's theory defies any strict, mathematical description, except through anecdotal evidence, its existence is difficult to prove conclusively."
This kind of thing is incredible to read. I bought this book in good faith, to broaden my horizons.
I'd like to stress that I am not criticising you as a contributor here for advocating EWT - I'm venting my frustration at TA literature which is mostly incomprehensible to me.
Further, if anyone can explain (in terms of maths, physics, empirical trading behaviour, or even economics, or indeed otherwise (apart from another TA theory)) what extrapolative trendlines are actually meant to signify, I would be truly delighted to hear from you.
JahDave
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I can say that Elliott wave theory is not easy to understand but it is learnable. I bought the Elliott wave theory book from Bob Prechter 2 and a half years ago and the first 2 times I read it I thought it was bogus. Once I finally understood that EWT is science and art mixed together. (meaning it is the study of mass psychology) I became more successful . I can say that my biggest problem in the past has been to exit a profitable trade too early and to enter a trade in the opposite direction too early. I am just now learning to trade the market on its time and not on my time... My best advice is to learn Elliott Wave and don't fight the tape. Trade well for a large profit........
JahDave, a very Happy Christmas to you and your family
This trade didn't work out. The AUDUSD kept on rising. In hindsight, one could say the pin bar was smallish and so was not of high-probability. I have to try to choose only the best set-ups where possinle, while at the moment, I am tryin to take too many marginal set-ups.
inzider
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This was an exellent call. Only one failed trade dosen't invalidate your tech I hope, If not you ll never trade at all!
I do enter at exact level whitout confirmation, if you are wrong, price come back 90% of the time at breakout point, so.....
Take care!
