Morning geeno - welcome to the thread!It would be nice to see this thread alive & kicking
I've read it, tried to pick up as much as possible, but it's always good to get some kind of confirmation that you're on the right track..
Just concentrate at least as much, if not more, of your attention on keeping your losers small, and winners big, rather than the candles and trendlines. The candles and trendlines are there to help you keep your losers small and winners big - if you know what I mean!It's a very appealing way of trading (if you can make it work for you that is!).
Ha, since very publicly announcing that Ireland would "tank" Wales in one of my video reports (they lost) I have promised to do no more sporting commentary, and certainly no predictions! So Rory languishing where he is now has nothing to do with me!cheers, & enjoy the golf (c'mon Rory!)
Morning geeno - as far as your entry is concerned, that is very impressive. 7 pips is tiny!Thanks for the video Nigel - have watched the first half, will settle down with a cuppa for Part II tonight.
This is a trade I've just entered on the 5 min chart AUDUSD with a 7 pip stoploss - I wonder what you think? Is the stoploss a bit tight?
There seems to be a good downtrend on the 5 min, & the higher timeframes seem to support general bearishness. Everything seems to be knocking on the 0.7555 level..
Yes, that's it with this one really. I sometimes try to get in on continuation moves just to practice spotting and trading the set-ups. I know you've been mentioning about possible Dollar weakness recently which was in the back of my mind, but it just looked like the Aussie might be a bit frail too so worth a shot. (Looks like it's going to be stopped out for Break Even as I write.)In terms of the higher timeframes - looking at the Aussie, you are right, there does seem to be overall bearishness alright - am I right in thinking you are trading this as a continuation of the current bearish move?
Normally this is what I would try to look out for as well, but for the sake of practice I sometimes look at other timeframe combinations. For this 5min entry, I used the 4hr as my anchor:Personally, (and this is only my style, everyone should trade in a way that suits them best) I like to look for evidence of a reversal on the higher timeframes, and then use my tight entries to try to get in at the very beginning of a potentially large move.
I've read that quote, but it does seem tricky to call market turns. Do you think there's also room for trying to get in on moves that may already be underway? (The Aussie trade above may be a bit too late I agree, but in general?)From Chapter 4 of the PAST ebook:
“I believe the very best money is made at the market turns. Everyone says that you get killed trying to pick tops and bottoms and you make all your money by playing the trend in the middle. Well for twelve years I have been missing the meat in the middle but I have made a lot of money at tops and bottoms.”
Paul Tudor Jones
Pure luck!Hope that helps! Thanks for the chart and the question. It took me about 18 months to figure out how to post charts on here - and you got it right first time! Fair play!
Absolutely, there is room to get in on moves that are already underway geeno.I've read that quote, but it does seem tricky to call market turns. Do you think there's also room for trying to get in on moves that may already be underway? (The Aussie trade above may be a bit too late I agree, but in general?)