This is why I never listen to the crowd. Everywhere I looked during the past days theres been loud talk(screams) about shorting eurusd. A few short-term on lower time frames I can agree on, but overall I stuck to my plan which I executed 2 weeks ago.
My reasons for entry where: Gartley formed previously with D completion above my entry, with X not yet violated. Entry point at bullish trendline. Heavily oversold condition(RSI) at entry. Below this trendline we have serious structure support, where I place my SL below these 2.
Since the support withstood the test, I did not deviate from the plan, I just accepted other peoples ideas, but I did not act on them. And that is pretty much what trading is about. There will be different ideas, and you can agree with other people without changing your own gameplan. Stick to your plan, accept input, thoughts, ideas from others - but dont act on them unless they are according to your already laid out plan.
Thanks for this time, see you soon,
T
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I want a piece of the cake, a piece which I can easily grab. Because one small piece at a time will over time give you as many cakes as you want.
smaller pieces of cake need to have even smaller stoplosses in my opinion.
Devise2Day
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well done !!!
i am neutral actuallity - will read your future analysis & opinion :) best regards
SaeedRehman
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It takes great courage to stick to your plan and is rewarding when it pays off. Good Job. (oh and that cake must have tasted good).
GaborKrasznai
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Well done - Good call. Traders who use price action and trendlines for deciding when to enter a trade are more successful than traders who use about 50 indicators on their charts. I've shorted the EURUSD this week at 1.085 as it was clearly evident that the price was pushed up by the big boys to take out S/Ls before we move lover. Stochastic also showed some divergence on 4H. The price ran into a major resistance level at 1.085 and it was a clear short to me. 250 pip made on this trade.
timmynorin
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@GaborKrasznai, Thank you, and well done. :) My strategy is pretty simple, If I cant see it within 10 seconds, there is no opportunity in it for me. Im mainly focusing on structure/resistance, trendlines to define entry/exit, fibo ratios and patterns as another reason for entry together with previously mentioned. This has worked much better for me than, for example, just blindly entering on hard pattern completions alone which I did for a couple of months.
GaborKrasznai
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@timmynorin, Im the same in term of choosing the trades. If every trader would just keep it simple as (we do) probably more people would end up with making some $$$...