FX:EURUSD Euro Fx/U.S. Dollar
Trade was closed when prices broke below the crab's A point. Took a -16 pips loss. Now will just wait for signs of price action again for another possible entry into the trade. There is ALWAYS the possibility that the will not trigger any reversal and prices will keep heading down so this is why I kept the stops so tight. Must remain PATIENT for a good opportunity to go LONG. Or else just stay out of the market.
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Yeah, I'm not a scalp trader. And I also don't believe we are close to finishing the down move in this pair. I'll probably end up just skipping this trade since I don't have any up move going very far. Probably only to the .382 retrace which is worth about 100 pips from where prices are right now. Wouldn't be a bad trade to get 100 pips BUT the stop for the cypher would be +80 pips. That means the R;R is less than 2:1. So my trade plan doesn't allow me to take this trade. No matter. Always the next trade......
Yeah, no worries. Since I don't trade anything lower than 1HR, I wouldn't about that. But it's always good to know little tips and tricks. Not that making any pips isn't good. It is. But it just goes back to again not getting too distracted from what works. Same reason I don't actively trade more pairs is the same reason I don't try to trade lower TF's. Especially with lower TF's, in order to trade them successfully, you've gotta keep your eyes glued to the chart! It's like missing the forest because you only see the trees! But each according to his/her own trading plan. If it works for you, by all means, stick with it! Nothing wrong with making 10 pips!
I think the problem is the TF, 30 minutes cypher is not heavy enough to trigger the psycology for speculators to trade by the pattern... look the 4h chart, there is a massive one forming there :) - still EURUSD is very erratical nowadays and we have super mario talking tomorrow so may as well await to see what comes on
This cypher is not a 30M cypher, my friend. This is a 4HR TF cypher and it is already filled.. I don't trade on TF's lower than 1HR. The only reason for me to be in any TF lower than 1HR is to fine tune and entry into any trade. That crab in the 15M TF was just that. Only used to fine tune an entry and to cut down on the stop loss. It didn't work out. That's just the way it goes sometimes. Erratic is a matter of how you see it. For me, it has not been so erratic.Last trade brought in over +180 pips on this pair. It was a clear down move that revealed itself. Not bragging but I'm just trying to illustrate that it's a matter of perspective, my friend.