Thread: GBP and JPY Pairs H1 2013

Originally Posted by Colly

Speaking of those RSI's, it was only 20 days ago I shared here a potential G/J 500 pip move based on those.

Now about 700 !!!

It keeps paying my lunch bills anyway


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Hello Colly, First of all I would like to wish you a happy new year, full of health and wisdom, in company of your family and loved ones.

I read some of your latest posts, and discovered that you have had a lot of succes because of your excelent skills in technical analysis.

I know that you use RSI in your graphs for short term entrance, but I would like to know how you interpret it and what other indicator or price actions (tools) you use to take entrance and exits.

I dont want to disturb you with my questions, and sorry if I did , but Im just trying to learn in order to earn some money with forex.

Anyway I hope you have great trades next year. xx

Mike

That looks and feels like some of mine. Especially when you used the word "hope".

I feel your pain.

Nice shorting area IMO right at that pivot and resistance line on the 4HR. Added another smaller short to my current short positions. however have the stops in place in case of a spike. Overall on the Daily my view is still bearish imo. Price pattern looks like a ascending broadening wedge that broke down and usually price returns back towards where the pattern started or partially. anyway just MO. GL all.

All im allowed to tell you is this: We're going down. LOL Im kidding DrPips.
seriously though, we'll see where this moves as the holidays officially end, Jan3+.

4HR - Daily:

Originally Posted by MarcusFire

That looks and feels like some of mine. Especially when you used the word "hope".

I feel your pain.

Marcus, it was your note...

Originally Posted by MarcusFire

Thanks Brian. I know one thing that went wrong for sure. It is very difficult for me (psychologically/emotionally) to close a losing trade. Hope is a useless (and dangerous!) emotion in trading. I can't *hope* the scalp will turn around and go my way.

Close the trade! Walk away! Preserve your capital and look for the next opportunity.

that inspired me to write my mistakes down and share it. I've been trading for about 18 months now and have worked on correcting some of my poor habits, but some are harder to break than others. As long as we learn from our mistakes and persist in our education, we have better odds of success.

Originally Posted by MarcusFire

That looks and feels like some of mine. Especially when you used the word "hope".

I feel your pain.

The loss that I had today was not any pain, but could have been with bigger size positions. However, the loss was a disappointment as I know better and did not trade what I saw. Early this morning what I saw was that price was gradually increasing and I didn't take the small loss as my mind said to cut the loss, but I chose not to and let it ride. That is a gamblers emotion and it doesn't belong in trading.

For this reason and many other reasons is why I went back to a micro account until I can consistently work through these issues. When I have winning streaks, I wish that I was trading larger lot sizes, but then on days like today, I'm glad that the lot sizes are smaller.

Originally Posted by Mike87

Hello Colly, First of all I would like to wish you a happy new year, full of health and wisdom, in company of your family and loved ones.

I read some of your latest posts, and discovered that you have had a lot of succes because of your excelent skills in technical analysis.

I know that you use RSI in your graphs for short term entrance, but I would like to know how you interpret it and what other indicator or price actions (tools) you use to take entrance and exits.

I dont want to disturb you with my questions, and sorry if I did , but Im just trying to learn in order to earn some money with forex.

Anyway I hope you have great trades next year. xx

Mike

Hi Mike,

Thank You, may Yours be blessed with all that You wish for.

When I first started trading, my teacher, who I call Father, was helping me to trade 11 pairs but I hadnt a clue what I was doing. He would ask me what I wanted in cash and to tell him. Then I would ask which pair to give me that and the direction and it was given.

Then I would choose another amount and select another pair for that, and so on and so forth...

and the account was like a cash till in a busy shop with closed positions coming in as soon as I could select them.

I learned in the process what a head and shoulders pattern was, and that was all

Then He said: Now let the charts teach You!

I felt abandoned and lost but seeing the opportunity chose to learn..

particularly about EWT..

and using a whole bunch of indicators with varying degrees of success.

Then He asked me: To focus on one pair and master that, and concerning the indicators... which one shows You what it WILL do ?

I said, I dont know, tell me.

And I was told, but it was when I was meditating.

Then, the RSI became two, and tweaked per pair until they showed me what would happen next.

For the greater scheme of things, I use various charts to show me the situation overall given that I trade intraday to long term but some of these I keep as meant to be ( Sacred means Secret ) and others I share in my Journal daily usually.

I use EWT, Fibo Retraction and Expansion, and the RSI's mainly however.

I hope that answers Your questions fully.

Colly
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Originally Posted by MarcusFire

Do I take my profits or let it ride? Ahhhhhhhh !!!!!

Taking profits is NEVER a bad thing. ;-)
There's always tomorrow for more profit.

Brian,

It also made it easier for me to fess up to my mistakes when I read the "confession" posts by other people. It helps to air this stuff out. The other choice is to repress/deny it, which will only make "it" come out again in dysfunctional ways. Like, doing more stupid trades.

tttttttttttttttttttttttttttttttttttttt

Originally Posted by MarcusFire

Brian,

It also made it easier for me to fess up to my mistakes when I read the "confession" posts by other people. It helps to air this stuff out. The other choice is to repress/deny it, which will only make "it" come out again in dysfunctional ways. Like, doing more stupid trades.

There is a better way...

Feel the pain of the experience. Feel where it is within, and then choose to feel it as deeply as You can, and then surrender it... let it go.

That way, the demon cannot haunt You again.

As Within, So Without... there is nothing actually real about this illusion that we think we live in at all.... but it does seem very real... until the Truth emerges. Then we laugh... and play here like the children we are.

[QUOTE=Colly;696352]
There is a better way...

Feel the pain of the experience. Feel where it is within, and then choose to feel it as deeply as You can, and then surrender it... let it go.

That way, the demon cannot haunt You again.

As Within, So Without... there is nothing actually real about this illusion that we think we live in at all.... but it does seem very real... until the Truth emerges. Then we laugh... and play here like the children we are.

( you are amazing ) lllllllllllllllllllllllllllllllllllllllllllllll

[QUOTE=nopainnogain;696353]

Originally Posted by Colly

There is a better way...

Feel the pain of the experience. Feel where it is within, and then choose to feel it as deeply as You can, and then surrender it... let it go.

That way, the demon cannot haunt You again.

As Within, So Without... there is nothing actually real about this illusion that we think we live in at all.... but it does seem very real... until the Truth emerges. Then we laugh... and play here like the children we are.

( you are amazing ) lllllllllllllllllllllllllllllllllllllllllllllll

I didnt know what to say...

but hear "Honour this!"

so....

Thank You... You could not see that in me if it were not in You also.

In the "Web".... the electro-magnetic infrastructure that binds us all...

I am but a reflection of some part of You as You all are to me.

Namaste

( translates as the Divine in me honours the Divine in You )

Originally Posted by Colly

,



The next few hours should paint the picture..

The 1m chart suggests to me that we'll see 1.3260 or so and then a trace up.

This will either confirm a lower high ( and divergence on 5 and 10m RSI TF's ), or, not.

Either way, the following trades shall be made clear.

Best,

Colly
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.

T t t t t t t t tick tock time

,

i do believe we will make a new high

Counter trend is over. Prepare to resume flight to the north. Unless, of course, 1.33 proves sufficiently stubborn.

Wish I had scalped the counter trend instead of looking for a reason as to why it might have been a reversal. Missed opportunity.