Forex Trading Course Alert and why change
Its very easy to convince yourself that your original analysis is flawed, but what does it take? One bar? Have a think about this, before you rush in an abandon your original thoughts.
Also lets take another look at the alerts. They are after all part of the overall forex trading course (adventure) that you are one.
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Don’t leave it until the end of Feb and still be saying the same thing.
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Hi Martin – As I have said before. The training these past few weeks has been incredible. I am feeling so in control of my
trades. I know it only going to get better. Last night before I got into bed here on the Pacific Coast I went long EUR at 5:50
at a price of 1.3881. I was willing to take a 30 pip loss had the two green alerts and also with the 4 days of strong down, I
thought the MM’s needed to attract some buyers at some point. AND the market had moved above the recent red. Got out
at 14:48 at 1.3931. I was happy with 50 pips on a no desire move. Any thoughts for me would be appreciated. Have a great
week. Thanks.
Hi Kevin
Your line about your feelings says it all. Well done
Hi Martin,
nasty day on both GBP and EUR today, the markets were not clear at all and after x2 failed trades early on I didn’t trade again.
I did notice, however, how the market bounced between alert levels, this is another stage on for me and I will trade these one day.
Paul
Hi Paul
When you are not sure then dont trade, there is plenty of time when you can be sure. Observing the levels like this is good practice for you later on, HOWEVER remember they are all PART of the process and NOT stand alone indicators.
You are not alone Paul! GBPUSD ate my lunch too.
Started looking at market about 6:30 am EST. Looked to me like power down at 3:30, 7:10, 8:00, 810, 9:50. Seemed like clear weakness to me. Marked up 1.5940 based on 3:30 bar. Watched retrace on 11:30 and 11:40 bar. Finally on 11:50 bar I said pull the trigger. Sold short 1.5940 at 6:51 AM EST (11:50 bar on PAT). Watched price diddle around for 2 hours. Finally start to see some movement down when, BAM, 14:10 bar move up and takes me out by 1-2 pips (broker spread) for -30 pips. Watched market fall immediately from 1.5974 red alert line. Then 15:20 bar back up to red alert again so I decide I was in too early and decided to sell again as price fell from red alert line. Short again at 1.5962. Exact same cycle and I’m stopped out again on 17:20 bar for -30 pips again!! But still looking like weakness to me, except maybe the 15:20 power bar up, but belief bar didn’t take out previous congestion, so didn’t take that as reversal and still keyed on the previous power bars down between 3:30 and 9:50. This post is getting too long, but lost again for the third time when I went short 1.5974 on 22:20 bar after red alert at 18:50 bar holds for 2 hours, bar down, congestion lower lane, price below FZ, but no JB (my bad) and again stopped out -30 pips. As I right this price immediately dropped away after getting stopped out, and is beginning to build congestion again in lower lane. If I see power bar down below FZ, I would still be pretty convinced to sell again, but I’ll probably be in bed by then as it’s 9 pm EST here.
So there it is.. open to any and all feedback.
OH… and forgot to mention 60 min chart, 3:00 JB down from congestion across FZ…. seemed like further confirmation.
Hi Randall
This reads of over trading. I suspect you got into chase mode and were trying to ‘get back’ the early loss
Martin,
Yes, in hindsight. Definitely was overtrading. What was in my mind though was not so much getting the lost pips back, but having read the market right. I was so sure of my reading market weakness that each time price would bump up against resistance I was sure this was the time it would drop. Somewhere in the day I failed to give serious consideration to clues of strength and that I could be wrong!
This was the worst day I had in over two weeks. I was feeling pretty confident after a string of winning trades. Guess I needed to be knocked down a peg or two.
Martin,
Been reflecting on my trading emotions and my trading actions. One thing I’m seeing is that often when I get in a trade and price just goes into a narrow range or congestion, I hang in there with the trade thinking it’s got to go soon. And while it will go eventually, the whole concept of congestion as I understand you is it reflects price indecision. So I’m thinking it would be better just to close the trade and wait for a clear direction rather than wait for hours on end HOPING it’s still going to go in my direction. I think this is another thing that entered into my poor performance yesterday.