I was stopped out for 50 pips, but nevertheless a good example of nearly 1:10 risk/reward trade. Daily is bullish so yes, I think it may go further up. But that's just an observation now, not backed with the buck.
Great! I thought that hourly channel line was a good target for your trade. Still waiting for a long signal, but it is getting toppy, we'll see...
Long side fun continues. This is a perfect example of how context can seriously increase odds of success and potential of the trade. http://www.cornixforex.com/2012/02/good-retracement-entry-within-the-bigger-context/
Another case of beautiful 1-2-3 reversal pattern at work: http://www.cornixforex.com/2012/02/classic-1-2-3-reversal-pattern-in-good-context/
Thanks! Please, continue posting these examples. Edit: I know , it is easy to spot at the end of the day, but it is better when watching the rt. chart as well.
Your welcome. Some people complain that these charts are posted not "realtime" in the form of calls etc. But my deep belief is learning to see good setups yourself is much more valuable than just receiving calls from someone. So I post charts, which show "textbook" setups of nearly perfect shape (in my view), which should be imprinted in memory of anyone just learning so that he/she will start to see them in time and trade them without having to rely upon anyone's live calls.
Great journal, CF. From my own experience, live calls aren't helpful at all. They never helped me and when I made such calls, I found that the other traders will either not trade the same setup (they think you're nuts taking that position), or they trade your call and cut the profit short, or they just watch you trade and think Wow, how do they do that? No learning seems to happen until they learn to see the setups themselves and trust themselves.
Thank you, NoD. I fully agree with you. It's probably even harder to learn anything from live calls than from setups discussed after the fact, unless preceding price action is discussed before the actual call is made. But that is nearly impossible to do on a forum (regarding day trading at least), only live chat, which is a different story.
There is no point in calling trade setups in a journal. imo keep it as it is. I did not see the last setup you showed, I was shorting the L1 setup and I was still in a downtrend. I am always worried when there is a significant tail in the L1 setup in one of the candles as here, so I closed the short fast, but did not enter long on the failure of the L1 or as you call it 123. But with realizing (now) that it is a 123 rev. it will be easier to enter long on the failure in the future.