Mike Kshemaraja
Established member
- Messages
- 852
- Likes
- 63
Eurusd
- Thread starter Mike Kshemaraja
- Start date
- Watchers 19
Mike Kshemaraja
Established member
- Messages
- 852
- Likes
- 63
I now she is a frenetic dance, so this time I went short, my TP did not reach only by 0.2 pips. 😡
She made lose my cool, I got out with +6.6, she startled me, and reached my initial target. 😢
Well, I should have not broken my rules, but my mind often plays funny games with me.
Anyway I am working on it.
She made lose my cool, I got out with +6.6, she startled me, and reached my initial target. 😢
Well, I should have not broken my rules, but my mind often plays funny games with me.
Anyway I am working on it.
Attachments
Last edited:
Mike Kshemaraja
Established member
- Messages
- 852
- Likes
- 63
BLS
Established member
- Messages
- 642
- Likes
- 229
That's a good rule to have.
Mike Kshemaraja
Established member
- Messages
- 852
- Likes
- 63
Mike Kshemaraja
Established member
- Messages
- 852
- Likes
- 63
Not working today. Greece election.
Mike Kshemaraja
Established member
- Messages
- 852
- Likes
- 63
BLS
Established member
- Messages
- 642
- Likes
- 229
Now that Mike went and got himself banned from trade2win, will I be the only one who will be posting trades in this thread? I hope other traders will try to participate as well, especially if you trade Bob Volman's method (though everybody else is more than welcome 😉 ).
The market was ranging for awhile but I was too distracted to trade. I was trying to find out what happened to Mike...and what I found was not pretty. I'll still miss him though. I found his insight helpful and he was nothing but courteous to me. Moving on...
E1: Rationally defending your reasons for taking a trade is very helpful. It can get you to skip unfavorable trades that otherwise look good to you (ie you see a textbook setup and immediately trade the break of it without giving any thought to visible chart resistance that may ruin your trade). I find it helpful to do it verbally. I ask myself why I should take this trade and list the reasons. Then I ask myself why I SHOULD NOT take this trade and list the reasons. I weigh the pros and cons of a potential trade and make a decision.
For this trade I reasoned that support just a few pip below my setup was enough to ruin this trade. I was ready to skip the break of this block but my desire to trade got the better of me. I had barely traded last week and I was itching to trade, so I took the plunge. Thinking rationally is quite helpful but we can only do so for short periods of time. That means that we have to try hard to maintain rational thought whenever we see potential trades forming, up until the opportunity to trade is taken or skipped. It seems I have yet to figure this part out 🙁.
E2: This setup is much stronger and under more favorable conditions. Prices tested the 1.2600 level after that tease break (E1) but the bulls were trapped and prices came back down testing that support level that ruined my first trade. You can think of this as a range break. There's not as much pre-breakout tension as we would usually like to see but I think it is clear that any bulls still remaining are agonizing over their unrealized losses are will bail out soon. The trade stalls for a bit and tests the 20EMA before prices drop like a stone. 😀
It's important to not let any wins or losses affect you too emotionally because you may miss opportunities that are right around the corner.
If you traders have any questions about the method that I am using feel free to ask. I am here to learn and exchange trading ideas just like the rest of you.
The market was ranging for awhile but I was too distracted to trade. I was trying to find out what happened to Mike...and what I found was not pretty. I'll still miss him though. I found his insight helpful and he was nothing but courteous to me. Moving on...
E1: Rationally defending your reasons for taking a trade is very helpful. It can get you to skip unfavorable trades that otherwise look good to you (ie you see a textbook setup and immediately trade the break of it without giving any thought to visible chart resistance that may ruin your trade). I find it helpful to do it verbally. I ask myself why I should take this trade and list the reasons. Then I ask myself why I SHOULD NOT take this trade and list the reasons. I weigh the pros and cons of a potential trade and make a decision.
For this trade I reasoned that support just a few pip below my setup was enough to ruin this trade. I was ready to skip the break of this block but my desire to trade got the better of me. I had barely traded last week and I was itching to trade, so I took the plunge. Thinking rationally is quite helpful but we can only do so for short periods of time. That means that we have to try hard to maintain rational thought whenever we see potential trades forming, up until the opportunity to trade is taken or skipped. It seems I have yet to figure this part out 🙁.
E2: This setup is much stronger and under more favorable conditions. Prices tested the 1.2600 level after that tease break (E1) but the bulls were trapped and prices came back down testing that support level that ruined my first trade. You can think of this as a range break. There's not as much pre-breakout tension as we would usually like to see but I think it is clear that any bulls still remaining are agonizing over their unrealized losses are will bail out soon. The trade stalls for a bit and tests the 20EMA before prices drop like a stone. 😀
It's important to not let any wins or losses affect you too emotionally because you may miss opportunities that are right around the corner.
If you traders have any questions about the method that I am using feel free to ask. I am here to learn and exchange trading ideas just like the rest of you.
Attachments
BLS
Established member
- Messages
- 642
- Likes
- 229
I took a Block Break here with scant buildup. I think we need to see more buildup to break away from the 40 area but I took the trade anyway. Prices stall as it seems the bulls and bears are having a bigger fight that I don't want to be a part of so I bail out early for a small profit. I'll wait and see if there is some buildup at the 47 level and try to trade the break of that.
Attachments
BLS
Established member
- Messages
- 642
- Likes
- 229
Market is moving fairly slow but I manage to squeeze about 8 pip from this range break.
The overall pressure is up though there is a bigger fight between the 50 and 40 levels.
The upper barrier of the range could have been moved 2 pip higher but I felt there was sufficient buildup at where I drew my barrier line. Other than that, there is no visible chart resistance. The 20EMA acts as support as price move up, bounce off the barrier line, testing the 20EMA, and then giving us a nice squeeze as it bounces off the barrier and tests the 20EMA again. I closed my trade out early for about 2 pip because 1) my entry slipped by a pip and 2) given how slow prices were moving I was worried that the 60 level might ruin my trade so close to my 10 pip target.
The overall pressure is up though there is a bigger fight between the 50 and 40 levels.
The upper barrier of the range could have been moved 2 pip higher but I felt there was sufficient buildup at where I drew my barrier line. Other than that, there is no visible chart resistance. The 20EMA acts as support as price move up, bounce off the barrier line, testing the 20EMA, and then giving us a nice squeeze as it bounces off the barrier and tests the 20EMA again. I closed my trade out early for about 2 pip because 1) my entry slipped by a pip and 2) given how slow prices were moving I was worried that the 60 level might ruin my trade so close to my 10 pip target.
Attachments
BLS
Established member
- Messages
- 642
- Likes
- 229
I think I missed a Range Break at M1. It was a combination of distraction (I was watching YouTube videos, bad!) and hesitation. I was worried that I might be trading into resistance that the false break hit earlier.
I skipped a Second Break setup (SB) because the pullback only retraced about 1/3 of the trend move and I've become wary of trading into 00 levels.
I think I am done for today. I mismanaged my trades a bit and made less than I could have but a non-losing day is a good day. +4.3 pip for me today.
I skipped a Second Break setup (SB) because the pullback only retraced about 1/3 of the trend move and I've become wary of trading into 00 levels.
I think I am done for today. I mismanaged my trades a bit and made less than I could have but a non-losing day is a good day. +4.3 pip for me today.
Attachments
soumailaadamou
Newbie
- Messages
- 7
- Likes
- 0
BLS
Established member
- Messages
- 642
- Likes
- 229
M1: Missed a Block Break. The overall pressure was down, though the bulls kept trying to fight back. They managed to bring prices up after the bears had pushed them down the 60 area (1) but they lost some steam around the 80 level and the bears pushed back. The bears win this round. After some resistance the bears push through the 60 level, after which prices stall (3). Perhaps the bears were taking profits and sideline bulls were entering the market. The bulls bring prices back to the 60 area where new bears enter. There is a big fight as the bulls and bears wrestle for control, with the bulls buying at support (4,5,6) and the bears selling at lower and lower levels. Something has to give. Either the bulls give up buying at support or the bears see too much support and bail. We can see the classic two doji pre-breakout tension to the downside. Some of the bulls were not yet ready to give up and try buying at support from (3) but the bears eventually whack them back. I missed this trade because I was not focused on the market.
Attachments
BLS
Established member
- Messages
- 642
- Likes
- 229
E1: The trend is bearish, no doubt about that. Prices fall ~40 pip after my missed trade but I cannot find any favorable setups. Eventually prices find support around the 1.2600 level. With the benefit of hindsight, this wasn't quite a valid setup. The bottom barrier is ill defined. We need to see at least two point where prices clearly bounce off of to give a valid signal line to trade off of. I only see one at (1). The other touch of this bad signal line comes from the bar right before the break (2). The barrier would have been valid if prices had bounce up off of (2) or if there had been more touches (this is the same as waiting for more buildup). This trade should never have been taken.
