just putting stops where i can risk the least pips and have a sensible place for the stops. no calculation. its not like a prz.
gu wanted to go counter trend but had to scale out once i saw the counter trend timing out.
eu the original plan based on daily was to look for support and then long. on the 1h i shorted in hopes of a quick touch of the 1h 21ema, however since my real trade plan is long i closed it off once i saw the quick drop aint gaining momentum. and once the green doji on 1h closed above the 1.3172 i knew that support held and based on the arrangement of the pivot points i knew that there is HUGE probability that the bull move will stop out shorts and move fast up to Resistance 3. this caused me to become overconfident to pile up my positions going much larger than my normal size.
risking 6 pips to make 26 (2.5X)
lesson for the day
"it takes courage to be a pig"
uj tough bull but i think i overplayed the long and i did not get the optimal exit here
gu counter trend shorting, was not part of the plan today. however, during the day i am allowed to change my mind if i see a counter trend setup like this. the problem with this trade is that i did not get to enter at the yoptimal entry point so i just took the lower low off the 1:1 pattern aka the not so yoptimal entry, a tick below 1.6285 w/c is a key s/r level for today. down to the 1h 21ema
risking 6 pips to make 16pips
now that i look at it, it seems to be a 1:1 retracement to a 1:1 ab=cd move
Last edited by nopi240; 12-19-2012 at 02:40 PM.
it was a brave entry :-), unless it was well supported by your higher level analysis ... btw: was thinking you are rather higher TFs trader :-) ... welcome to the M1 world!
Yes kor, I am in <3 with the 1m charts. i dont think they are noisy at all. the utf in this case was the 1h. nothing to do with my daily plan. the moment that 1h red doji closed and the next candle opened the way it did was already heralding a short for me but i kinda missed that entry.:s
Last edited by nopi240; 12-19-2012 at 03:25 PM.
interstingly, for me the harmonic/geometry patterns are also more precise on smaller TFs ...
they seem like they are as long as they are taken in proper utf context. the prob is the spread on some pairs. context is king, price action should be lagging if u have a plan.
gu short off the range once the 200 daily fib did not hold
risking 6.7 to make 16