Learn to be a Scalper - page 54
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Sometimes when I do enter it goes right against me and yes if someone would take the opposite side they would make money. Other times it goes my way.
Try to keep track of each trade and see what your average draw down is, I changed for a period and reduced my first entry risk, and if it went against me my average amount, then I would take my 2nd entry, normally twice the size of the 1st entry, and then I would close my trade at the 1st entry point, taking 0 on trade 1 and xx on trade 2 entry.
Eventually you will adjust your entries and become more profitable, we can chat on skype some time and go over it.
October results. (my first month trading normal in the past few months)
95 winners
45 losers
455 pips after losses and spread
9% increase on my account
This is probably going to be my only trade today, I normally try to stay clear on Fridays.
You can see how the price made a nice solid support on the 1 minute chart, this is a very common pattern, I waited for the few spikes up to fail and eventually it came down.
I entered on the support itself, and targeted an area below that hit right on for +9 pips.
It went right back to the support area after my exit, and remains there still.
The overall trend is up for now, it will depend on NY to either go with London or reverse them.
Cheers.
Respond to what you see???
Cheers
False breakout and then touched previous high twice and went down. lol
or a nice mountain view
Cheers
False breakout and then touched previous high twice and went down. lolor a nice mountain view
So a triple top there, hmm.
Okay, there is more.........
How about this one? Makes sense.
When I look at the mountain picture I see many highs and lows.
It reminds me of charts, lower highs, higher highs, lower lows, etc...
Peaks and Valleys some would say.
Forex does not go ONE WAY only, remember every spike up gets a move back down of some sorts.
Every MOVE DOWN has it's areas of STOPPING and going back up a percentage.
It is our job to analyze the CURRENT PRICE, and determine when to take those entries.
I can simply say, it is right there in front of you all the time.
Price spikes up, then it goes higher, then it stalls and gives a lower high, that is the clue that price could be done going up, and if it cannot go any higher than the last high, guess what, it has to go sideways or down.
We wait, we watch, we see, we TRADE.
Really, there are so many systems out there to help you decide, but the truth is, We Don't Need Help.
If your new to the forum, just look back at all the pictures of trades I have posted, that alone should be enough to get any trader excited, you don't have to pay for indicators, or lessons how to trade, just watch, learn, and ask some questions.
When I learned the tricks of price action, my trading has become less stressful, remember you have to options:
1-WIN
2-LOSE
Learn to lose, learn to give up a bad trade.
Here is the mountain picture again, along with a EUR/USD 1 Hour Chart.
Cheers
Couple pages back you said "I exited my shorts before the end of this hour, 10am EST time is the crazy hour, any thing could happen, usually a strong move for the day." Why is 10am EST a crazy hour?
In another post you mentioned that you like 8am PST better mind to explain?
Thanks for your time.
Couple pages back you said "I exited my shorts before the end of this hour, 10am EST time is the crazy hour, any thing could happen, usually a strong move for the day." Why is 10am EST a crazy hour?In another post you mentioned that you like 8am PST better mind to explain?Thanks for your time.
NY 10am (or 7am our time in Pacific) is typically the most unpredictable hour as far as patterns I watch, and has proven to be one of the biggest moving hours of the NY session.
8am Pacific (or the last hour of London) usually has price re testing highs/lows with stalls near or on small spikes thru sup/res.
These are things I have observed the past 7 years, and it is only my opinion.
I am careful of the last 10 minutes and the first 10 minutes of the new hour, I have heard banks place their orders in these 20 minutes every hour, so I find myself playing very careful if I am trading those times.
Of course, your going to see the most movement in the prime hours of NY or London sessions.