forex trading is so hard...

[FXX]

Actually, I know this already FXX but thx for suggestion anyhoo.

I try to do both because I see so many lucrative retraces mostly after the fact.😱

Okay but do you have statistical evidence that these lucrative retrace pay off enough to warrant trade selection. I only ask this as I have seen many people go off what they see and when they break it down statistically, it doesn't end up being as lucrative.

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[piphoe]

Okay but do you have statistical evidence that these lucrative retrace pay off enough to warrant trade selection. I only ask this as I have seen many people go off what they see and when they break it down statistically, it doesn't end up being as lucrative.

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Unfortunately my eyeballs over yrs is my "statistics". I have realized my entry WITH THE TREND may not be best but that trend gets me out of lot of scrapes.

Going AGAINST the trend, better be RIGHT or dang close or tight stops or get slaughtered.

Learning that the hard way. Counter-trend trading is an advanced art & science.

And then there is the problem of "what is a trend". Obviously a big 15 min spike, may be. but seen lot of these come back to haunt too.

 

[piphoe]

Something fundamental going on with EURO that I don't get. Going down down down no matter what any of US indices are doing at moment. I look at US indices and consider trades in EURO to generally go opposite way. I'm missing smthg, and got burned.

 

[piphoe]

Looks like EURO on a tear higher today, will it continue don't know. do i hope it continues yes. do i want to see 2400 YES! will i settle for LESS probably. just to get back in the game if nothing else. (tempted to find another 500 bucks and reload. 🙂

 

[Dowser]

Has my thread become a suppository for every new t2w member to get his obligatory post count and get off probation 😉

Don't be so cynical, they're just trying to help you out man...

 

[piphoe]

Don't be so cynical, they're just trying to help you out man...

been lots of guys with 3 posts trying to help me lately appreciate it 😆

 

[Dowser]

This my take on the EU; Nice channel established, Sell at the top line...

 

[piphoe]

This my take on the EU; Nice channel established, Sell at the top line...

ok. where is the stop loss? and should i reverse after the stop or wait for what...another channel?

 

[FXX]

No worries, won't touch your thread again.

All the best

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[piphoe]

No worries, won't touch your thread again.

All the best

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sorry if i offended you, i was agreeing with you

the trend is your friend... i agree! best trades are with the trend. now what IS the trend??

the bigger the TF the bigger the SL. small traders don't have that advantage.

 

[Dowser]

ok. where is the stop loss? and should i reverse after the stop or wait for what...another channel?

If it stops out, watch and wait until something else develops

 

[piphoe]

If it stops out, watch and wait until something else develops

ok. fair enough. i've drawn TLs, lots of them. I've see lots of them "pierced" too,only to see the trend resumed, like nothing happened.

my question is, how much of a "pierce" is worthy of a SL?

 

[Dowser]

ok. fair enough. i've drawn TLs, lots of them. I've see lots of them "pierced" too,only to see the trend resumed, like nothing happened.

my question is, how much of a "pierce" is worthy of a SL?

SL is a function of the width of the channel and is based on a favourable R:R

 

[piphoe]

SL is a function of the width of the channel and is based on a favourable R:R

width of channel determining the stop, i never thought of that.

 

[hatemypips]

Come on man close the thread, its' a waste of time

 

[Bradtex]

You can draw many lines on your chart, based on the nature of markets some of those lines will work, this can give you confirmation bias.