Trading Forex

padutrader said:
this short of eur in progress is beautiful example of this methodView attachment 203918
More...
i make this mistake all the time...and last time too, i made mention of of it...

but i keep doing it..: shorting before the test of the nearest support …..and after that a test of the high

it is during this test of the high that the short should be entered...i do not know how many times i have explained it to myself but i do not follow this advice

i keep seeing things early and i follow myself.....i should follow the market and trade according to trading principles...the test of the high was a break out pullback so a high probability short...[in Brooks opinion]
 
Last edited:
padutrader said:
trading so far see historyView attachment 203919
More...
Great trade padutrader,

Price was trending down in a channel. High probability trades states take a trade short.

I am a breakout trader. As soon as a bar break below support, I take the trade.

below is white line for support. Entry white arrow, Orange arrow is stop out level.

upload_2019-6-9_21-47-22.png
 
padutrader said:
i make this mistake all the time...and last time too, i made mention of of it...

but i keep doing it..: shorting before the test of the nearest support …..and after that a test of the high

it is during this test of the high that the short should be entered...i do not know how many times i have explained it to myself but i do not follow this advice

i keep seeing things early and i follow myself.....i should follow the market and trade according to trading principles...the test of the high was a break out pullback so a high probability short...[in Brooks opinion]
More...

I use to trade like that too.

When price break a support area, I would blindly place a sell limit order 4 ticks belowthe break out area. I was not waiting for pullback-retest, just pullback and a Cheaper entry.

The reason you are not waiting for retest of support, is because you are thinking the retest will not come and price will fall with out a retest of support. Which could happen.

Who says the retest of suppport was going to happen? What if after the blue bar indicated with orange arrow, two bear bars occur, what will you do? High probability says take the short trade as a continuation of trend. But then your stop loss or risk is a bit bigger.

But I understand waiting for retest and then entry because 1. You get cheaper entry, and smaller risk 2. You get more profitablity if price continue down.

The disadvanatage is there are times you will miss trades if only waiting for pull backs.

upload_2019-6-9_21-57-20.png
 
Last edited:
padutrader said:
I am a break out pull back trader..that is why I get in earlier than you
More...
Yes, you will get cheaper price than me and small risk (stop loss). I am will use big stop, or more risk, but I will be apart of every trading oppurtunties.
 
SimpleMeLike said:
Yes, you will get cheaper price than me and small risk (stop loss). I am will use big stop, or more risk, but I will be apart of every trading oppurtunties.
More...
but why only stick to one type of trade.....you are learning you should learn some others too
 
SimpleMeLike said:
The disadvanatage is there are times you will miss trades if only waiting for pull backs.
More...
there is a type of pull back not mentioned in books...brooks only mentions it.... does not explain it...so I did not understand for 12 years......

but is not easy....nothing in markets is easy
 
  1. today not a day to be trading......the S/R are far apart....

    traded quite a lot....scalping...but too much thought required and too much emotional energy expended
    but did it to learn and not bad from that perspective....I need to trade this method...and learn it's ins and out and so far ok...from the cost perspective only 96 usd down...but learnt how to scalp in these slow conditions …..

  2. there is another reason for not trading...after such a blistering move, a correction has to be undergone but it does not necessarily have to be price correction...it can be a time correction which means a lot of nothing happening for some time
 
You must log in or register to reply here.
Back
Top