Where did I go wrong thread (Trade Journal)
- Thread starter iamnewuser911
- Start date
Thanks a lot, I will add you, heading to work currently, appreciate the help a lot.ok
why do not u reach me on skype, some time during the week
i will give you couple of thoughts on this matter (too much to write)
my nick there same as here
do not worry i do not sell anything (especially methods)
I don't have a mic, I will take down notes if we skype call and ask questions in the chat box.
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What your doing wrong is your predicting, what you should be doing is...
Judge market direction.
Look for a nice entry with direction.
Hold until direction is invalid or a good move that'll likely reverse for another entry.
Keep it simple, trusting the direction most of the time won't change is key
Judge market direction.
Look for a nice entry with direction.
Hold until direction is invalid or a good move that'll likely reverse for another entry.
Keep it simple, trusting the direction most of the time won't change is key
Yea I'm looking to sell all three if a support turn resistance happens since all are in a nice downtrend?
Don't forget to look at fundamentals... depending on holding time...
Even if you're a full blown technical trader... I believe fundamentals are important as well, especially in certain markets. FX can be highly technical, but you do have to keep central banks and money policy in mind....
Long JPY for instance... everyone speaks of intervention level of 100... that means you'll be pissing in the wind.
Re AUD, another rate cut is expected, so again... think about those.
Even if you're a full blown technical trader... I believe fundamentals are important as well, especially in certain markets. FX can be highly technical, but you do have to keep central banks and money policy in mind....
Long JPY for instance... everyone speaks of intervention level of 100... that means you'll be pissing in the wind.
Re AUD, another rate cut is expected, so again... think about those.
Trade 1:
SHORT
GBPUSD
Nice down Trend on Daily https://www.tradingview.com/x/ArwV9rhd/
Hourly nice support level https://www.tradingview.com/x/kjDMDD9F/
Entry on 5 minute engulfing https://www.tradingview.com/x/tUwFcTZv/
SHORT
GBPUSD
Nice down Trend on Daily https://www.tradingview.com/x/ArwV9rhd/
Hourly nice support level https://www.tradingview.com/x/kjDMDD9F/
Entry on 5 minute engulfing https://www.tradingview.com/x/tUwFcTZv/
Update
Trade 1 GBPUSD STOPPED
Trade 1 GBPUSD STOPPED
I don't get it... you say nice support level on the hourly and then you short....? So that's mistake no 1.
Mistake no 2 is putting the stop before the resistance level around 1.337 on the 5-min....
What level did you enter and what level did you put the stop?
I'd say you should still be in the trade... no reason to exit...
Mistake no 2 is putting the stop before the resistance level around 1.337 on the 5-min....
What level did you enter and what level did you put the stop?
I'd say you should still be in the trade... no reason to exit...
Why would you put it so high?
Sorry I meant support turn resistance.
Entry was 1.323
Stop 1.3275
I see this as too easy of a way of not putting much effort into learning and depending on everyone else to show you the way. First off, it has been my experience that most stay lost for a year, and the best you can hope for is reading books like Edwards and McGee about chart reading, cause unless you can read charts like a book, getting insights from other traders will be generally waste of time. You have to be able to memorize what is support and resistance, and all the patterns of charting. You have no clear timeframe, and for that matter, I doubt have any well defined definition of trend. Until you have at least well defined patterns and trend, you going to be swimming in very small goldfish bowl.