samich1262
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My attachment failed so here's a repost of the RB
My attachment failed so here's a repost of the RB
BLS
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I took the exact same trade and was tempted the entire time to close out early without using the tipping point. I had my head craned forward and my eyes glued to the screen looking for a spot to lower my tipping point to minimize the potential damage. I kept looking at the pip count on my ticket window. When I saw that that big bear candle and "9.2" pip on my ticket I felt vindicated for following the tipping point but at the same time I got excited and closed out my order. I ended up getting 7.3 pip after commission. I don't think I would have made my 10.8 target on my platform though if I let the trade run but I would've gotten pretty damn close.
Managing that trade was very tiring. I think it's because I still care very much about the individual outcomes (I'm a bit of a perfectionist). If I could just learn not to care I would have a more relaxed experience.
I don't think it was a bad trade. It wasn't a very good trade either since you're looking for a break of a 20 level in such a slow market but I felt it was worth the risk because of the triple top you mentioned at the earlier false break of the 41 level that did not get much of a bullish response.
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cha-ching
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I took the trade too. I used the tipping point technique to actually move my stops (instead of having a mental stop) because I always fear of some sudden market movement. So when I was modifying the stop, the target was changed from 10 pip to 9 pip (still don't know how this could happen). Ended up with 8.9 pip.
The good thing is there is no more euphoria feeling after I won.
stehlikpetrmsncom
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You shouldn't base your decision on where to put the tippint point on it's relation to your P&L.
I actually think this was a fun trade to be in, I recently started trading a little bigger volume (stil very low though, just 1 mini lot) so I welcomed the opportunity to test myself with a trade like this.
The hesitance after that break and in the break itself was weird, so agressive trailing was probably a smart thing to do though. Then again, the trade never got to a point where it should be scratched in my opinion.
Edit: Also I don't think that was an insufficient squeeze at all at that point of entry!
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samich1262
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True, but risk-wise, once price gave us a lower high, with aggressive trailing you either lose nothing or gain 10 pips. That's why I felt like it was kind of silly for me to exit for 4 pips, but the slow market was bothering me. It seemed like it took forever for price to put in a lower high and then the market turned sideways, so I guess it wasn't such a bad decision. It's kind of hard to make those decisions on the fly. We'll get used to it with more practice, I'm sure.
samich1262
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Yeah, I knew I took a false break. I put that in my commentary but just glancing at the chart it probably looks confusing. I don't know why, but I was just staring down the price bars and not even paying attention to the EMA. Lol, I even made it yellow so it'd stick out.
Hi,
I've noticed that many people took the same short at 2940 level so I will not post my chart. I do agree it felt a bit tricky but compared to other trades I've taken today it didn't look all that bad, so I just gave it a chance. The other trade I took in the afternoon left me frustrated about whether I got the concept of the flag-trades and momentum right. I saw that burst of short selling and a flag-type pullback and thought it had a good chance to have some follow-through. It was right into 50 level, but not sure whether this was specifically reason it didn't work.
I've noticed that many people took the same short at 2940 level so I will not post my chart. I do agree it felt a bit tricky but compared to other trades I've taken today it didn't look all that bad, so I just gave it a chance. The other trade I took in the afternoon left me frustrated about whether I got the concept of the flag-trades and momentum right. I saw that burst of short selling and a flag-type pullback and thought it had a good chance to have some follow-through. It was right into 50 level, but not sure whether this was specifically reason it didn't work.
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samich1262
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I was watching that flag but I skipped it because of where it was located on the chart. I wasn't sure if price would continue in the 50 level since it wasn't really trending yet, so I opted to wait for a more powerful setup. In a trending environment it might have had enough momentum but it had some pretty prominent higher lows. Not a big deal in a strong proven trend, but here, it looked more like bullish interest at the 50. In a 50 level where trending isn't certain yet, I may take a chance on a reallly smooth looking flag, but only if it looks really, really good. There were a couple cases like that last week. But this one scared me off. If it formed a nice BB at the end of the flag, it might have been powerful enough to crack that 50 level though.
Has anyone compared MB trading, which has 70Tick available, to prorealtime?
I am using MB trading demo now. I'm not sure how long their demo is good for (indefinitely hopefully).
I bring it up next to Oanda's 30s charts and it seems pretty close. Just wonder if anyone has done a side-by-side to prorealtime.
I'd love to use prorealtime when I get in the profit zone but now it's about $50USD/month. Hard to do with my small forex account. Wish more of the retail outfits would integrate tick charting.
samich1262
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I used to use MBTrading's 70 tick chart but it was in pippettes at the time and there was no 1-pip increment setting. I did well in trending markets but when I started trying to trade BBs, IRBs and RBs, I lost a bunch of trades or exited good trades too early because I couldn't tell where the barriers were. Ended up switching to ProRealTime after that.
stehlikpetrmsncom
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Yorkshire Terrier
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Hi all
I've been lurking for a while reading most of the past posts on this thread whilst reading bobs book,
which i might add is a riveting read.
So i thought i would drop a post, i am not one for posting much on forums but I'll do my best to contribute.
I've been lurking for a while reading most of the past posts on this thread whilst reading bobs book,
which i might add is a riveting read.
So i thought i would drop a post, i am not one for posting much on forums but I'll do my best to contribute.
shotgun77
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Could you please post your chart so I can note your timeframe compared to the other 3 charts posted. EURUSD stays within the same levels so often I haven't yet aligned all the times up. But with 4 people taking the same trade, I think I'll finally figure it out.
I echo what others said today about it being slow -- same in the U.S. equities. I took a BB only to see it stall for 17 minutes with only 11 bars printed! I got the chance to move the tipping pt once then just had to sit and wait.
samich1262
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Hi and welcome!
Giorrgi
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Guys,
while reading your charts I'm having trouble comparing to the PA on my screen because the hours are different. However Prorealtime does display another hour on the top of its window in parenthesis, and I noticed it was in european format, that is something like 7:36 (14:36). I assume this 14:36 is London time? It seems logical but I'm still asking because I'm having trouble identifying these same setups on my Pathfinder data feed (its in pipettes plus it might not be very accurate).
while reading your charts I'm having trouble comparing to the PA on my screen because the hours are different. However Prorealtime does display another hour on the top of its window in parenthesis, and I noticed it was in european format, that is something like 7:36 (14:36). I assume this 14:36 is London time? It seems logical but I'm still asking because I'm having trouble identifying these same setups on my Pathfinder data feed (its in pipettes plus it might not be very accurate).
BLS
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The time in parentheses is in GMT. Right now London is GMT+1 because of daylight savings.
Hi shotgun, here is the chart.
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stehlikpetrmsncom
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Can anybody identify any good trade in todays european session?
samich1262
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View attachment 147470
Anybody else take this IRB? I got faked out here. Maybe it was too early to look for continuation, but it really looked like the market did not want to go down, and price was lining up right below the 50 level. I thought this looked like a good spot for continuation. Had a good squeeze, a few dojis before the break and even a false break to the downside. Didn't think the double top would be an issue because price couldn't get closer to the 40.
Anybody else take this IRB? I got faked out here. Maybe it was too early to look for continuation, but it really looked like the market did not want to go down, and price was lining up right below the 50 level. I thought this looked like a good spot for continuation. Had a good squeeze, a few dojis before the break and even a false break to the downside. Didn't think the double top would be an issue because price couldn't get closer to the 40.
stehlikpetrmsncom
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I can't see the attachment, but I know which trade you talk about and I entered it as well. Since this failed I tried to short a break to the downside, that didn't work either. It is as if everybody is just exchanging contracts and waiting for something to happen, so I'm going to wait as well until the market resolves it.