Mistakes I made in the Flow Method

[lvgandhi]

1st of all thank u sunil for starting this thread..........sharing mistakes is jewel of a thing............nd here we get to learn from every1's mistakes................

thank u so much.........traderji is now my home........and all here are my friends......my brothers.............

thank u saint sir for everything........and all the seniors for being there............

thanks is nt enuf for all the things that we learn and share here.......


regards

neeraj

Thread author is Alex.

 

[segul]

Nothing wrong in stepping out of the Long Trade......wrong in not getting back in.

In the beginning,the budding trader experiences these bouts of would've-could've-should've moments.........realise that the trade exists in the present moment and not on hindsight.Therefore you have a Plan to deal with the Trade in the Present.....Hindsight is nonsense.It does not exist in the Present Moment and therefore best to dump it.Therefore,if you took your profits and exitted all and then market broke through pivot highs,what to do you do the next time around?

Simple.....just get back in.

Saint

Experience of 10 yrs put in simple lines. Really great input for us.

Thanx a lot Saint.

 

[ThE HaMmEr]

Thread author is Alex.

corrected............

 

[musicjunkie]

Got it Saint, will out for 30min bars closing near resistance, Such a simple observation encompasses so much..wow...

MJ-

 

[ratan jain]

Today I made series of mistakes, which only proves how dumb guys can defeat the best of the methods.

Instead of just getting out from First Long Trade, reversed @ 3060. Again Reversed to Long @ 3087. Now come my dumbness . Stupidly I scalped @ 3112. So there I am in Loss instead of being in Gains.

Saint, you have given the best Method. Pls hammer in to my dumb head, some wiseness.

Cheers

Now do you realise why i had mentioned that traders are the only people on earth who can screw themselves... and then some

I suggest reading Trading to Win by Ari Kiev...

 

[vpsarathy]

Alex,

A very useful thread for learning from mistakes or no mistakes. In fact the main thread should have been like this and chit-chat First 5 min H&L and current trade based advices, happenings,adds etc should have been in separate thread. Then the main thread will be the real thread for learning. Any way we are obliged to you for starting this thread which clears all doubts.
vps

 

[vpsarathy]

Sunil,

Refer to charts you posted.

..."NO SUCH PIVOT FORMATION IN 20MIN CHART.
NO PIVOT IN 30MIN CHART. 30MIN WRB 6'S HIGH IS NOT NEGATED...
SAME CASE WITH CORRESPONDING 60MIN BAR 3...

So, we do not consider 15min Bar 12 as reversal pivot and stick with SAR as high of Bar 10+room.

PS: I have purposely not posted the complete chart, but just for info - if Bar12 would have been taken as SAR, then it would have led to losses in reality.
It could have resulted in good upmove too, but safe & reasonable level to SAR would be to take out those corresponding 30min & 60min WRB highs. Sometimes, it is advisable
not to jump on the gun quickly....."

It is still a bit thick for me. Pl be around when such a position recurs; I hope it doesnot repeat.

vps

 

[Sunil]

Sunil,

Refer to charts you posted.

..."NO SUCH PIVOT FORMATION IN 20MIN CHART.
NO PIVOT IN 30MIN CHART. 30MIN WRB 6'S HIGH IS NOT NEGATED...
SAME CASE WITH CORRESPONDING 60MIN BAR 3...

So, we do not consider 15min Bar 12 as reversal pivot and stick with SAR as high of Bar 10+room.

PS: I have purposely not posted the complete chart, but just for info - if Bar12 would have been taken as SAR, then it would have led to losses in reality.
It could have resulted in good upmove too, but safe & reasonable level to SAR would be to take out those corresponding 30min & 60min WRB highs. Sometimes, it is advisable
not to jump on the gun quickly....."

It is still a bit thick for me. Pl be around when such a position recurs; I hope it doesnot repeat.

vps

Extract from Saint Sir's rules:

STOP AND REVERSE:All stops are reverse points.....Stops are placed above the high of the first bar in case of shorts,and moved down only if we get a reversal or after 4 bars.

There are 2 types of reversals:
a)No warning whatsoever,a V Pattern,a fall and a quick rise.No pivots on the 15min charts,take stops if hit.Meaning stop above the first bar high,we have next bar LH-LL,next bar we have a hammer on the 30,still LH-LL,stops still at high of the first bar,take the stops if hit and reverse to longs......

b)Usually,reversals happen with a lot of warning signals,the 20,30 and 60 or at least 2 of them fall in line,before the actual reversal happens.Our job is not to get that earliest point,but that point where reversal is obvious.

So,a hammer on the 30,accompanied by higher pivot lows on the 15 and a reversal candle on the 60,probably volumes come in handy as well......all in,put together tells us about an impending reversal.And we bring our stops down to that point and reverse to longs.........Other than that,we take it as if the trend continues in the direction of the first bar break till all timeframes come together to warn us of an impending reversal.

All reversals are Rs7 from the reversal bar high/low or pivot high/low...


Saint

Hope this clears out some doubts...

 

[vpsarathy]

Extract from Saint Sir's rules:



Hope this clears out some doubts...

Saint talks about impending reversal. I am not clear about which bar high+room we should take and reverse. This is my problem. A few more similar occurances and with your guidance slowly I will catch on.
vps

 

[Sunil]

Saint talks about impending reversal. I am not clear about which bar high+room we should take and reverse. This is my problem. A few more similar occurances and with your guidance slowly I will catch on.
vps

Don't worry, Sirji...
"I" comes before "WE" only in dictionary..
there are many experienced traders (will not name any, as their experience is shown by their posts, & don't won't to hurt others)...
If "WE" can reach on a consensus, then "WE" can identify the reversal together and be on the right side of the flow at right time.
Saint Sir is always there as a guiding light, anyway.