Getting back to basics- trading false breakouts and candlestick reversals

ok, lesson learnt, truthfully learnt- trade within/with a trend! this is too counter trend for me, i will exit position as soon as i see a bounce of the trendline/30EMA,

still so far +$29.56
 
yeh, i actually intended to make this thread about trading retracements, it's just i have no idea how to intraday, maybe i'm getting these mixed up, i should be trading cadnlestick reversals within a small trend maybe on a 30 minute chart , and should be trading the retracements on H1 or H4 timescale

Normally when you buy into retracements (for example in an uptrend) it's on the way down or after a bounce off new support with the belief that the price will reverse and continue in the same upward direction of the original trend.
 
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o, pickign tops/bottoms was only half this thread, the other half was trying to trade false breakouts and pullbacks/retracements,
"the belief that the price will reverse and continue in the same upward direction of the original trend" - yes this is what i try to trade, whilst also looking for candlestick reversals
 
closed position, +12.65, hey, i exited based on my exit rules

getting late, lol it's past my bedtime, i shall hit the hay
 
You' ve been going on all night?

Keep your money in your account, take a step back and analyse what you have read in the last 24 hours because I can sense dangerous excitement in your posts.
 
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Normally when you buy into retracements (for example in an uptrend) it's on the way down or after a bounce off new support with the belief that the price will reverse and continue in the same upward direction of the original trend.

There are many ways to buy retracements - in an uptrend - if you buy when the market is moving down, you will need a very healthy stop loss.

Better to see the end of the retracement in my opinion, i.e. no longer on the way down.
 
i see i have some fans by looking at the thread's rating :).
Well i'm glad i got out of that trade when i did, my stop loss would've been hit and would have been down a few hundred, came out +12, but all in all , after a failed 1m retracement sell i am down $66.

I was reading an article on a website, a trading coach one or something, it really enlightened me to what a lot of the people here have been telling me, about market structure. I now realise i should take reversals when they make sense, for example it would make more sense to trade adownward reversal pattern at resistance than it would at support. " but don’t just blindly take your entry triggers. Think about where they occur within the bigger picture structure of the market"
 
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i realise that i have went about learning trading all wrong, going by books,finding the holy grail.
So, with some thought, i'm taking a year away from here, to study price action. Perhaps this study will be the glue that sticks my knowledge together to form a half decent trader.
I'll be back in a year, hopefully wiser,maturer,and profitable.
 
TAJ,
only a couple of days ago you posted about a set-up that was working for you, something to do with MACD if I recall ?
I predicted then that you would soon drop this method out of boredom, tweaking it beyond recognition or because the method threw up a first big loss. Or the eternal search for the HG.....

Now here you are with another "system" which in less than 50 posts has already gone from 5 minute charts to 4 hours.

No harm to you, what you're going through is a natural process of discovery and more importantly, self-discovery regarding trading. Most if not all of us have been through it to one degree or another.

what you need to do though, advice from one ulsterman to another, is wind your neck in.
Less of the unqualified opinions, statements, assertions, more of the humble, polite questions, and pay attenntion to what people are telling you.

There are some very helpful people here, guys who trade professionaly with sums you can only ever dream of. If you show a certain amount of humility, respect and gratitude, these guys are willing to help you.

make the most of it. I don't know of another profession that is allegedly so "cut-throat" "dog eat dog" etc, where the participants are so willing to provide a boost to newbies.

But the other side of the coin, and it can happen in an instant, if you pyss people off, they'll drop you like a hot brick.


Listen, look, observe, learn.

best of luck from Co. Antrim

wise words :cool: takes a while
 
wise words :cool: takes a while

If i am allowed to say some words, then i would say your words are wise, tough but extremelly wise.
I would just ask you to let me dissagree with your criticism regarding skiping from 5 min charts to 4 hr charts, it depends on what kind of trading you are making, but personally - ME - i use 1, 2, 4, 8 hrs and daily charts, but i always try to have an eye on shorther tf´s to detect in time very short time countertrends, for the rest mate :clap::clap::clap::clap::clap::clap::clap::clap::clap::clap::clap::clap:
 
haha i love looking back on myself a year ago, i always hope that this time next year i will have made progress as i have this year, it really is a big learning curve and all natural/personal.

rathcoole still an ulsterman?
 
haha i love looking back on myself a year ago, i always hope that this time next year i will have made progress as i have this year, it really is a big learning curve and all natural/personal.

rathcoole still an ulsterman?

Works the same for all:smart:
 
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