Intraday FX Player

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one of the most difficult things I find is when to go against a big move, this is often the cause of some of the big losers I had over the last few weeks. For example this morning you could have bought at the pivot point at 1.5776, yet you decided to pass on that one but instead bought the lower WMA. I'm sometimes to early with my countertrend play.
 
Quote from cvds16:

one of the most difficult things I find is when to go against a big move, this is often the cause of some of the big losers I had over the last few weeks. For example this morning you could have bought at the pivot point at 1.5776, yet you decided to pass on that one but instead bought the lower WMA. I'm sometimes to early with my countertrend play.
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Ok I had 4 trades at that level. A scalp and reversed then a small long and reversed. When I posted the WMA I thought that might be it but still was not sure. So I later posted that I thought is would be a scalp but it ran up well. Approaching 58 I could only type the PP and then get reversed and then that it was a safe trade as the market was tired.

That kind of fast trading is beyond where you are at - I'm looking at 13 different time & tick charts, but I wanted you to know I was not sitting here saying the WMA was absolutley the market bottom. It was a trade I anticipated, it set up, I took it, and whatever happens then is life. The market was extended so the odds start to build for a turn.

But if you saw my earlier chart comparing the 5 min chart, you'd have got top and bottom from just that one chart. You would have had similar guesses but the trades fired off. The market looks after the result. You play the entry game and protect yourself with a tight stop.

****There are no big losses in this style****

If you hit "big" losses - you are breaking the rules.
 
2 things to learn - the 5 min chart - and how a big move can turn just before the obvious place - the prior bottom. That's what I mentioned in the Stochastics thread if you read it about using a MA to predict a turn when others are expecting a double bottom/top.

sweet pp here
 
oh yea - that read bad didn't lol

she was watching the Euro fall out of bed on the 1 min chart

well that's what I'm saying anyhow in case there's kids reading
 
Got lazy a bit and took a super expensive bath (expensive cause missed some good trades cause of it :) )...

But if seriously still need to learn to keep head still after monster trades otherwise it gets impossible to trade more after them at the same day...

As for big losers - in my experience better to have a critical max. risk point BEFORE you enter. My initial stop-loss is always in together with entry order.

This way worst that can happen is max. initial risk. Well, maybe several more ticks of slippage if I open against some spiky news, but that's all.

Hope it helps...
 
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