TygerKrane's Pip-Pickpocketing

[TygerKrane]

Slow and steady wins the race; yes Jala, that is DEFINITELY an issue of mine. No matter how many times I try to tell myself, I still just have trouble closing the trades and taking the pips..

I keep telling myself:
[highlight=darkblue][font=Comic Sans MS]Always start off with small targets first, even if there are more potential pips in the move; closing trades and banking profits keeps your account moving UP and beyond your initial deposit.[/font][/highlight]

It doesn't sink in
The number of +15 - +30pips I come across is fairly decent, but I don't close, and end up losing money on the trade. Then, when I have all the stars aligned, I no longer have the balls to hold on.
I'll just keep stressing it to myself in the meantime...

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So, it looks like I'm gonna have to take the plunge into Space Wars, so I can feel more comfortable adding in...


So this is my typical situation







(no I didn't add in, even though I saw about another 20pips potential in the move from looking at the first picture.)
What makes my hesitation EVEN MORE retarded is that on a lot-by-lot basis, I had already accumulated 74pips, going long and closing out some of the lots from the swing low, +26, +26, +12, +10. {you get a good idea of how that happened on the M5 chart.}

I have to change my mentality on "pip ownership". Which is related to my problem with knowing where to get out of a trade after I've added in -- and then the trade starts going against me.
But if I just took my time and locked in those +15's & +30's, my account would be far enough away from my initial deposit where I wouldn't be so stingy about what happens after I add-in.... (and I wouldn't get so frikkin mental about where to close off a trade after I've added in and it's going against me)

[I'm just talkin out loud to myself at this point]


does anybody want to sarcastically post the Space Wars link in here for me?

[pp2]

"I keep telling myself:
Always start off with small targets first, even if there are more potential pips in the move; closing trades and banking profits keeps your account moving UP and beyond your initial deposit. "

TK, believing is better than saying ... all the time

[TygerKrane]

pp2,
That is a little bit of statement, wit' a WHOLE LOT of impact!! Thanks!

Additionally for me tho, a little bit of self-flagellation never hurt to help in driving the message home!!

[TygerKrane]

So this is how I finished out my AJ Long

In addition to the +26, +26, +12, +10; I closed out the last for +44.




Why did I get out there? My friend was pissing me off (so I couldn't think PA), and if I was pissed off AND lost on the trade, I would've been really upset. So I just closed it out then.

I woke up in the morning to see, it went another 100pips without me.
Those weren't tears; I was cutting an onion; with no knife and no onion

But really no sweat tho, if I'm getting a better feel for analysis, scanning eight pairs should make this more commonplace for me.

That and taking the smaller pips first


Afterwards:

[TygerKrane]

[font=Microsoft Sans Serif][highlight=darkviolet]Solving/Addressing my adding in problem[/highlight][/font]

So, I'm just gonna start posting about the conflict or whatever I get for adding in. {I guess I'll start reading Space Wars too }

So you see my AJ Long entries, and my average line. In this case, my average line is only 4 pips below the start of the MZ on H1.
The M5 shows - what looks to me like - a good entry on the M5.
I didn't take the add-in b/c I didn't want to accept higher leverage so close to my average line, so I grudgingly pass up this possible ZLining that might be going on at this point.

On a very realistic note, that M5 entry would've been VERY HARD for me to take. Even though the candle pointed by black pullsback midway to a previous Long candle, I wouldn't really be considering that previous white Long candle as a MOMO.

[TygerKrane]

[highlight=darkviolet]Hazarding an Educated Guess:[/highlight]

UCad Short @ 1.0476, stop@ 1.0495 (red line on charts)

Chart shows my exact entry. In either case, I don't see the top @ 1.0521 being broken. I'll be at my Trading Station for the next few hours, so I'll babysit this one. Either gravity sets in or my stop gets hit. If I keep my initial entry here as is without adding lots I'm looking for hundreds. I would say Gravity to Parity and not exiting till then, but If I try to add in, I would most likely have to close sooner cause my average line has a way of getting hit...

H3, H1, M20, M5:

[TygerKrane]

Picture myself here again

At the time of chart, about +63, +63 & +56; price is @60pips from my avg line, and I'm trying to make a decision about adding in... (slap my head, but there is hope for me yet )

I lost 37pips total trying to get this position (-19 & -18 )

after I made my initial statement about UCad, I wanted to retract it, b/c I realized I didn't take into account that the USD had been killing all of the other pairs at that time...(so I probably would've wanted to wait till the USD lost some of its strength.)

And I ACTUALLY AM looking for a top in UCad, so that's why, I'm not just banking the pips I got. For just one last time I want to try and hold on for a major move. If it doesn't work, oh well, I think my shorter-term analysis is getting better Anywayz.

[TygerKrane]

That was fun?!?
That WAS fun!!!

ok, so now back to the short term trading b/c I think I'm getting better at picking those off, like how things turned out at first today.

Wish me Luck!!

It's back to battle now?!?
It's back to battle NOW!!!

[TygerKrane]

Reading through Lukx ZLine thread, linked me back into the NLA thread for:

[highlight=black][font=Microsoft Sans Serif]MORE NLA Gems![/font][/highlight]

{some things to definitely help me with recent trading situations that I've been noticing and finding myself in...}

If you start from H4 and make your marks on H1 and M5 for finetuning it is possible to make 150 pips out of a run of 110 pips. Nobody is telling you you should stay in. What is teached here is to take profit when there is and reentry when you can. The zerolines show you the way.



On this picture the H4 zone tells you that price possibly will turn. What are the first things you should think of to catch a part of the momo. Will i take the BO and what will i target?



On the above picture you can see the BO and reverse lines drawed on the H1. This is for every tmf the same! Do you see how many opportunities there are to enter. You can always target near the H1 zones and watch how price is reacting.



Sorry to zoom out like that but i have the same run on the screen as on the H1. Only you can see the marks with the numbers. This is how it works. If you can not find a setup there isn't one that fits you. Stay out and wait for the right one

Hi...

My trading partner and I am lurking for about a month now, reading every post and looking at charts in this great forum. We have been trading for over 8 years and we are really interested in what you are doing here...it would be nice to be "FREE" as someone mentioned in a post.

But we must be honest with you great traders...we are having a very hard time understanding what you are looking for to identify a potential trade and what you use to determine your entries.

We dont understand some of the terms that many use here that seem to be important to their success:

Z Lines--can someone be so kind and show us on a chart where and what a Z line is?
MOMO candle and...what is a momo candle? I read somewhere that its not just a candle that is 2x's as large as a prior candle...so what things make up a MOMO candle?
HELD PROFITS--what is meant by this exactly? How do i know there are held profits and what is the psychological importance to trading about held profits?

Lastly we looked at Dragons chart and have some questions about why lines are drawn where they are and also why? We have attached the marked up chart.

Hopefully this isnt too much of a pain and someone will be gracious and kind enough to help us so that we can in turn help others as they come onto this great forum.

Thanks for all that everyone does here!

Humbled

Hi Humble

One of the above posts by MightyOne clarifies all of your answers.

A zeroline is created by a body in direction of profit. You can see that on your charts when there is a BO of previous high or low!
The next important thing to make your decision is a wick in direction of loss. Read price need to wick the BO. If that happens you have a valid trade!
The higher the timeframe the bigger the importance, the bigger the runs.
You only need two candles to trade nothing more!
Always look to the higher frame like H4 because the momo bars will lead you in the right direction!



The number ones are the bodies in direction of profit. The 2's are wicks in direction of loss. Keep the lines on your charts because those lines will be possible targets in the future when the run is bigger.
I can not explain it like Mighty because of the language barriere. The technical stuff is on his part. But what is shown on the picture is the basic of it. Observation and trying will make it understandable for you.

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anyone get on that train

that was a gift from the banks

me choochoo too

This, imho, is a very clear example of a Dragon-trade based on
1) a stop-and-reverse on H4 (that is to say on Alpari server time..)
2) after the H4 reverse candle closed, switching back to H1 -> M5, the beauty is right before your eyes, ready to be undressed etc. etc.

Almost makes you blind, sooo nice..

Hello PTG,

Can you post the H4 chart mentioned?

That will help me to see... I hope

Cheers

Francisco

Sure, here goes:







All it takes is patience for the H4 to stop and reverse !

Once you're in a trade, target the next H1 MZ whilst monitoring the price action, then take profit and re-enter in the same direction at a better price.

In the case shown I would only trade LONG until the next H4 reversal, only then reconsider trading direction. Has something to do with rats, monkeys and parrots

Hope this helps !

In the H1 chart, you draw a horizontal line through the body center of the first H1 candle in the stop and reverse H4 candle.
I though it should be drawn through the body center of the closed H4 candle.
What's your opinion?

I see it this way. This is not a system, so there is no 'should be' here. It is a way to find potential entries in the direction of profit.

The H4 reversal identifies the overall direction of the market. Waiting for it to close gives you a fair chance that a) there is momo and b) there will be a pullback on this H4 momo bar. By looking for H1 momo inside the H4 momo you can identify any potential zero lines on that smaller timeframe, then by zooming in to M5 you can find suitable spots for entry. Note that there are several potential entries !

Compare this to when you would be staring to M5 only, without knowing the overall direction (H4) and the 50% line. It's like walking in the dark, without directional reference.

I suppose you could use the H4 as well, however the entry would be later and less precise. Once there is considerable momo (which H1 momo usually is) then you should use it because there is held profit. You want to be in that move asap ! Draw that 50% line on the H4 reversal bar, and compare it to the 50% line on that H1 bar, then go to M5 and compare the two. You will see that the H1 line gives much better information.

Hope this helps. Any comments by anyone appreciated

[highlight=white]::NOTE::
I chopped down PTG's pictures b/c they were much bigger than I needed them to be, if you want to see the original pictures, click the link for his posts...[/highlight]

[TygerKrane]

Anyone know why this ZL trade never worked out yesterday?

You gotta be kidding???

some work some don't

that's why you have to trade discretionary

i didn't trade short there bec the market was going up, if you look inside there was no reason to short it there

if a person did take that short there were ample opportunity to get out with a small loss or at be

how many pips did you lose on it?

the trade was long into it and then long again above it

small losers and big winners

additional response:
http://kreslik.com/forums/viewtopic.php?p=28098#28098