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Quote from CFerret:

Initially it was one of yoohoo adviced setups - 4th touch of the channel and this channel was smaller (compared to) and against the preceding down wave which made me think it's a retracement of a bigger trend (was confirmed by 30m PA) and to look for short.

But I wasn't confident enough right around the TL test and waited for several ticks confirmation of a selloff.
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neat - unforced elegance - let the market speak
 
Quote from CFerret:

But I wasn't confident enough right around the TL test and waited for several ticks confirmation of a selloff.
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Good tip - great timing nonetheless.

I was poorly anticipating a break-out. I reversed on the basis that if it's not going up it must be going down (admittedly not the most technical reason, but works ok if the r:r is good enough).
 
Quote from yoohoo:

neat - unforced elegance - let the market speak
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Ya, that's where I tend to agree with Jack Hershey: one needs to learn to read the market like a book and study it's language.

This allegory IMO better fits trader's mindset that advice to just look for edges.

Edges (aka setups) are needed of course, but they are part of a whole picture, not just lone things.
 
eurusd next dip to 1.53
+ / - 30 ps
is the buy and hold till 1.6300

made another account not in usd
fundng it there in eur/usd base

should do another in jpy base :D
 
Quote from BigFunky:


I was poorly anticipating a break-out. I reversed on the basis that if it's not going up it must be going down (admittedly not the most technical reason, but works ok if the r:r is good enough).
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Well, thats not that bad idea actually. And quite technical. If the market shows signs of no up momentum then it can only do two things - turn chop or go down. So as you correctly said, if R/R is good, such trade is worth taking it.
 
Quote from CFerret:

Initially it was one of yoohoo adviced setups - 4th touch of the channel and this channel was smaller (compared to) and against the preceding down wave which made me think it's a retracement of a bigger trend (was confirmed by 30m PA) and to look for short.

But I wasn't confident enough right around the TL test and waited for several ticks confirmation of a selloff.
More...

hi CF, YH,

4th touch as in this?
 

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Quote from Willleung:

hi CF, YH,

4th touch as in this?
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Will,

No, 4th touch of SAME channel applies (that smaller up channel where you placed 4 in our case). 1, 2 and 3 points form the channel and pt4 acts as S/R often.
 
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