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  1. #51
    Senior Member Mike M's Avatar
    Quote Originally Posted by Mick View Post
    I hope everyone had a good easter.
    I took this call trade for 15 mins. I lost.
    I didn't really take much notice on the MACD, MAs and the stoch. I concentrated more on the trend line and price action.
    Anno and Mike M suggested that price action is the go.
    I tool the call because there was a long term bullish trend line a drew. I drew a trend line on the 15 min and 5 min charts and it was bullish.
    I think that if i made a longer expiry i might of won the trade.
    I entered the trade just after the candles broke up out of the trend line.
    I drew a S/R line as well and the candles had broken up out of that line too.
    The candle suddenly went bearish at the last min but then continued bullish.
    http://prntscr.com/eym8i6
    Hi mate. Hoping you had a great Easter as well. Just checked out your trade and you were dam
    unlucky on that one. The set up looked pretty good and all signs were pointing in a bullish direction.
    I've had those last minute changes of direction happen to me as well.

  2. #52
    Legendry Member milos's Avatar
    Nice trade Mick.Awesome.

  3. #53
    Senior Member Mick's Avatar
    Quote Originally Posted by Mike M View Post
    Hi mate. Hoping you had a great Easter as well. Just checked out your trade and you were dam
    unlucky on that one. The set up looked pretty good and all signs were pointing in a bullish direction.
    I've had those last minute changes of direction happen to me as well.
    Yeah I know right!!! If it had of been for 20 mins I would have come out on top!!! Just have to keep practising.

  4. #54
    Senior Member Mick's Avatar
    Quote Originally Posted by milos View Post
    Nice trade Mick.Awesome.
    Thanks Milos.

  5. #55
    Active Member Ingmar's Avatar
    Quote Originally Posted by Mick View Post
    I hope everyone had a good easter.
    I took this call trade for 15 mins. I lost.
    I didn't really take much notice on the MACD, MAs and the stoch. I concentrated more on the trend line and price action.
    Anno and Mike M suggested that price action is the go.
    I tool the call because there was a long term bullish trend line a drew. I drew a trend line on the 15 min and 5 min charts and it was bullish.
    I think that if i made a longer expiry i might of won the trade.
    I entered the trade just after the candles broke up out of the trend line.
    I drew a S/R line as well and the candles had broken up out of that line too.
    The candle suddenly went bearish at the last min but then continued bullish.
    http://prntscr.com/eym8i6
    Hi Mick, i'm trying to understand your chart. Did you take the call at the close of the candle? (it looks like it closed below your trendline)Or did you take it when it was at a higher point? I personally would not take a call on a candle closing below a R/S line. And the moments i take it above i always take a retracement to check support into consideration. This makes choosing an expiry hard and i end up taking lots of few minute trades :-p

    It was a nice trade though, no matter the outcome.

    cheers

  6. #56
    Senior Member Annovdbos's Avatar
    Quote Originally Posted by Mick View Post
    I hope everyone had a good easter.
    I took this call trade for 15 mins. I lost.
    I didn't really take much notice on the MACD, MAs and the stoch. I concentrated more on the trend line and price action.
    Anno and Mike M suggested that price action is the go.
    I tool the call because there was a long term bullish trend line a drew. I drew a trend line on the 15 min and 5 min charts and it was bullish.
    I think that if i made a longer expiry i might of won the trade.
    I entered the trade just after the candles broke up out of the trend line.
    I drew a S/R line as well and the candles had broken up out of that line too.
    The candle suddenly went bearish at the last min but then continued bullish.
    http://prntscr.com/eym8i6
    Hey Mick! Hope you had a great easter break as well mate!

    I took some time off studying for my tests at school and what is better than taking a break doing trading related stuff? So I took another go at analyzing one your charts, your last one to be precise. It was already a much better trade than the other one, so I can see you learned from what I wrote! But there's still some work to do . Here's what I see when I go over your trade.

    I don't know if you knew why you were looking for a call opportunity? Did you know price was moving up because of a target? Or did you only think it would move up because of the upgoing trendline on only the M5 chart? I'm asking this because I used to think price would move up only because a simple small trendline on the M5 timeframe went up. Then when it broke it I was all like: how could it break all of a sudden and then I was just sitting here all clueless. But I missed the bigger picture which I have profound VERY important! Eventually I learned about setting targets by Okane and now I'm doing lots and lots better. Knowing where the market is going before you trade on lower timeframes is in my opinion one of the most important things before you even take a trade. Obviously we can't know for certain price will move that way, but if you do a forecast before you trade the probability is higher and you'll understand trading better. Maybe you did, but I'm asking this because I didn't see it in your explanation with the trade. So therefore I'm giving you this lecture haha.

    Here's a picture of my charts at the time:

    EURUSD Daily chart
    Click image for larger version. 

Name:	MICK EURUSD Daily.jpg 
Views:	13 
Size:	69.8 KB 
ID:	7038

    Here on the daily you can see price was moving up at the time (I took this picture just now, so it has already retraced). But at the time it was moving up and making it's way to 1.07753 which I initially set as a target. Mainly because of those two large candle (red circles) which show large volume around this level. Then, if it breaks it might come up to 1.08614, if it doesn't I think it will go down to the trendline again. So, you see? If you know the direction of price you can go to lower timeframes and trade in the direction you determined price is going.

    Now, that being said I'll move on to your trade. You lower trendline was good, but your upper trendline (the one you used for the breakout) isn't very relevant if you ask me. It only touches one high and that's it actually. Also it makes like some sort of an ascending triangle and in my opinion those aren't producing the best breakouts. Here's how I would've analyzed your trade:

    http://prntscr.com/eyw9gk (don't know what it is, but I can't upload your pictures either, lol)

    Anyway, if you look at the chart you see my white line. That's called a microtrend, it's a small downtrend within an uptrend (or it can obviously also be a small uptrend within a downtrend). If a microtrend breaks it's usually a good indication of trend continuation. So, in this case I would've taken the microtrend break instead of your other upgoing trendline break. You did have a support/resistance line nearby, so I would have waited for that line to break as well and then enter. It would be some extra confirmation.

    Then, I would have chosen a 15 minute expiry with the target at 1.07566. Why 15 minutes? Well, if you go all the way back to march 29, the last time price was around this level, you see the following:

    EURUSD M5 chart
    Click image for larger version. 

Name:	Mick EURUSD Target.jpg 
Views:	12 
Size:	80.1 KB 
ID:	7037

    The purple line is the target line (the green line I placed in your chart) and the orange line is the line where the entry would have been. Can you see how all those moves from the one level to the other took around 3 or 4 candles? I learned this from Okane as well when I really struggled with choosing the right expiry times. This has helped me a lot and got my results a lot better as well. Therefore once again, setting targets is very important. On higher timeframes to determine where price is going and shorter timeframes to determine an expiry for your trade. So, on the lower timeframe you don't want your target to be too far away, cause you want a trade between like 5 - 45 maybe 60 minutes right?

    Anyway hope this helped you a bit further. Again, happy to help and it's also good for my analysis skills! Happy trading and I'll catch you later!
    Last edited by Annovdbos; 04-20-2017 at 10:11 PM.
    "You think I ain't worth a dollar, but I feel like a millionaire!" - Queens of the stone Age

  7. #57
    Senior Member Mick's Avatar
    Quote Originally Posted by Ingmar View Post
    Hi Mick, i'm trying to understand your chart. Did you take the call at the close of the candle? (it looks like it closed below your trendline)Or did you take it when it was at a higher point? I personally would not take a call on a candle closing below a R/S line. And the moments i take it above i always take a retracement to check support into consideration. This makes choosing an expiry hard and i end up taking lots of few minute trades :-p

    It was a nice trade though, no matter the outcome.

    cheers
    Hi Ingmar. Yeah I took it at the high end above the trend line but it closed just below. If it had of been any longer it would have closed higher.

  8. #58
    Senior Member Mick's Avatar
    Quote Originally Posted by Annovdbos View Post
    Hey Mick! Hope you had a great easter break as well mate!

    I took some time off studying for my tests at school and what is better than taking a break doing trading related stuff? So I took another go at analyzing one your charts, your last one to be precise. It was already a much better trade than the other one, so I can see you learned from what I wrote! But there's still some work to do . Here's what I see when I go over your trade.

    I don't know if you knew why you were looking for a call opportunity? Did you know price was moving up because of a target? Or did you only think it would move up because of the upgoing trendline on only the M5 chart? I'm asking this because I used to think price would move up only because a simple small trendline on the M5 timeframe went up. Then when it broke it I was all like: how could it break all of a sudden and then I was just sitting here all clueless. But I missed the bigger picture which I have profound VERY important! Eventually I learned about setting targets by Okane and now I'm doing lots and lots better. Knowing where the market is going before you trade on lower timeframes is in my opinion one of the most important things before you even take a trade. Obviously we can't know for certain price will move that way, but if you do a forecast before you trade the probability is higher and you'll understand trading better. Maybe you did, but I'm asking this because I didn't see it in your explanation with the trade. So therefore I'm giving you this lecture haha.

    Here's a picture of my charts at the time:

    EURUSD Daily chart
    Click image for larger version. 

Name:	MICK EURUSD Daily.jpg 
Views:	13 
Size:	69.8 KB 
ID:	7038

    Here on the daily you can see price was moving up at the time (I took this picture just now, so it has already retraced). But at the time it was moving up and making it's way to 1.07753 which I initially set as a target. Mainly because of those two large candle (red circles) which show large volume around this level. Then, if it breaks it might come up to 1.08614, if it doesn't I think it will go down to the trendline again. So, you see? If you know the direction of price you can go to lower timeframes and trade in the direction you determined price is going.

    Now, that being said I'll move on to your trade. You lower trendline was good, but your upper trendline (the one you used for the breakout) isn't very relevant if you ask me. It only touches one high and that's it actually. Also it makes like some sort of an ascending triangle and in my opinion those aren't producing the best breakouts. Here's how I would've analyzed your trade:

    http://prntscr.com/eyw9gk (don't know what it is, but I can't upload your pictures either, lol)

    Anyway, if you look at the chart you see my white line. That's called a microtrend, it's a small downtrend within an uptrend (or it can obviously also be a small uptrend within a downtrend). If a microtrend breaks it's usually a good indication of trend continuation. So, in this case I would've taken the microtrend break instead of your other upgoing trendline break. You did have a support/resistance line nearby, so I would have waited for that line to break as well and then enter. It would be some extra confirmation.

    Then, I would have chosen a 15 minute expiry with the target at 1.07566. Why 15 minutes? Well, if you go all the way back to march 29, the last time price was around this level, you see the following:

    EURUSD M5 chart
    Click image for larger version. 

Name:	Mick EURUSD Target.jpg 
Views:	12 
Size:	80.1 KB 
ID:	7037

    The purple line is the target line (the green line I placed in your chart) and the orange line is the line where the entry would have been. Can you see how all those moves from the one level to the other took around 3 or 4 candles? I learned this from Okane as well when I really struggled with choosing the right expiry times. This has helped me a lot and got my results a lot better as well. Therefore once again, setting targets is very important. On higher timeframes to determine where price is going and shorter timeframes to determine an expiry for your trade. So, on the lower timeframe you don't want your target to be too far away, cause you want a trade between like 5 - 45 maybe 60 minutes right?

    Anyway hope this helped you a bit further. Again, happy to help and it's also good for my analysis skills! Happy trading and I'll catch you later!
    Hi Anno. Thankyou again for taking time out to look at my trade.
    I took the call option because I had a look at the daily, 4 hourly, 1 hour, 15 mins and 5 min charts. They all had bullish trends. I drew a trend line on the longer timeframe and drew one on the 5 min. I didn't set any targets because I'm not really 100% on that yet. I'm not too sure on retrace means???? Does it mean that price retraced back the opposite way prior???
    I had a look at your revision of my trade. I'm pretty sure if most things and I just need more practise. The only thing I'm unsure is your purple target line. I understand that it is a target line but why is it place there??? Why did you not place it at the tops of those highs where you drew in orange. Maybe I'm getting mixed up between S/R lines as opposed to target lines. But yeah I think I have a bit of an understanding with all that.
    On my next trade I might use this scenario as an example if the condition of the charts permits.
    Once again thanks for your lecture!!!! Lol.
    It's the only way to learn right!!!

  9. #59
    Senior Member Mick's Avatar
    I think I just got it with that target line!!! Is it placed there at that price because it's about 15 mins from the bottoms of the candle where it starts to go up (support)???

  10. #60
    Senior Member Mick's Avatar
    I meant candles not candle in my last post.

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