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Thomas Long · #**304** (**permalink**) 06-24-2009, 07:04 AM

Quote:

Originally Posted by KP FX Trader

Thanks, yes I have been looking at the GBP/USD that you mentioned. I was looking back for the past couple of months on the daily chart. I notice at least a couple of times, the pair trended for 2 weeks, then was stuck in a range for one, and then continued with the trend. How much weight should something like this be given??
MACD, RSI and Stoch are all where I want them. I like moving when stoch crosses on daily, which it did today, it seems to have yielded success in my backtests.
I missed a triangle breakout with the trend on the h1 chart that occurred today and has gained 100 pips since the breakout.
I think I am beating myself up too much about missing the breakout. I wrestle with waiting for a pull back or a break out of another resistance line, or just go with the stoch cross on daily as mentioned. The ADX seems to be weakening on the daily so I have concerns on that as well. Thoughts on the triangle breakout and ADX? Any other comments are valued. Have a nice weekend!

Sorry for not being more timely in my response as I was out for a couple of days. I think you are on the right path and the only thing I see that might be missing in the equation is confidence in your approach. You have to be okay with losing trades, as long as you don't make a habit of it. I keep a daily log of all trades that I take and all trades that I see setting up and do not take. With time, you will see if your thought process is sound or needs improving. This is the game that we must play with ourself to prove our worth as a trader. The only person that matters is us. When we become confident in our approach, we start to take these setups without hesitation. It isn't easy and as a matter of fact is one of the big differences between new traders and experienced traders. The perfect entry does not exist on the chart but rather is our own mind. It may lead to a winning trade or it may lead to a losing trade, but in the long run, if it leads to profitable results and we take the trade with confidence, that is what makes it perfect.