Hey Guys,
I have decided to start shooting live trade videos again. This is my first one, it was a GBP/JPY short scalp trade on the break of the 133.28 scalp line on the 19th of December.
You may notice I took the break of 133.28 and not 133.60 even though 133.60 was the actual scalp. The 133.28 showed heavy support on the 5th of December. For this reason I thought it would be a better idea to wait for that support area to be broken to enter the trade.
I think you will enjoy this one guys:
December 23rd, 2008 at 12:32 am
Hi Nick,
I can see the scalp level you used 133.28 set on Dec 5 but why did you ignored the Dec 12 candle which alredy broke the scalp level from Dec 5 and by that made the Dec 5 scalp level not valid.
Thanks
Ran
December 23rd, 2008 at 12:53 am
hey nick nice video
By the way, is it possible that you enable it for download? Would like to download it so that I can watch it time by time. Thanks.
December 23rd, 2008 at 1:56 am
@Ran:
Did you bother to read the post Ran?
“You may notice I took the break of 133.28 and not 133.60 even though 133.60 was the actual scalp. The 133.28 showed heavy support on the 5th of December. For this reason I thought it would be a better idea to wait for that support area to be broken to enter the trade.”
Even though the line was broken it was still an area of support, I decided it would be better to wait for that support to be broken as it could likely reverse there.
December 23rd, 2008 at 2:30 am
Thanks Nick and yes I have read the post before sending my question. You din’t mention the fact that 133.28 was already broken and just wanted your thoughts on this issue. Usualy when a scalp line is broken you don’t use it any more.
Thannks again
Ran
December 23rd, 2008 at 5:07 am
Thanks for posting this video-Great Job. It is good to see it all. Good and not so good.
December 23rd, 2008 at 6:18 am
Thanks for this valuable lesson Nick
December 23rd, 2008 at 6:42 am
Hi Nick,
Thanks for the video. I’m encouraged that I’m not the only one this happens to :-). We have to learn from our mistakes. What I need to do is write down strict rules for trading and post them in front of me when I trade!
Keep up the good work, your site has been invaluable for me and is my home base for Noob trading.
CoolJ
December 23rd, 2008 at 7:04 am
Nice vid Nick, encouraging to see pros make mistakes as well
Just finished DL your vid course, looking forward to watch it during the holidays.
All the best,
Chris
December 23rd, 2008 at 8:09 am
Thanks for the honesty! MUCH appreciated!
December 23rd, 2008 at 8:20 am
hi dear..i couldnt see the video..any 1 can plz tell me how do i??
December 23rd, 2008 at 9:07 am
Apparently I am missing something. Why was the 133.60 line a scalp line? I followed it back, but didn’t see any reason for it’s selection. There were some lows near it, but not specifically on it. Thanks!
December 23rd, 2008 at 9:16 am
Hi Nick, i thought the trade was a good one, from set up to execution, keep up the good work
December 23rd, 2008 at 10:08 am
hello nick,
i am very glad for the post you sent , but i can’t view the video so how can i do that thanks.
December 23rd, 2008 at 3:52 pm
And there was me thinking I had the monoply on making stupid mistakes!
Well at least you sounded like you was enjoying making this vid
and fair play for posting up a cock up, hopefully some newer traders will learn from this.
cheers Rich.
December 24th, 2008 at 11:54 pm
Do u guys realise he is a scam? He says he trades on efx account and here he is trading on an MT4 platform. What a joke. Those who buy his E-book i can say good luck to your money, u could have gotten something better than this.
December 25th, 2008 at 2:13 pm
Nick, I think its great that you posted a video of a trade that didnt work. Nothing works 100% and I know I have had a lot of similar trades (entered the break of a scalp and had the trade reverse). Great stuff, love the site!
December 30th, 2008 at 5:53 pm
@big:
I do not sell an e-Book and I have multiple accounts, EFX is only one of them. The problem with EFX is they do not have good charting so it would make for a pointless video if you couldn’t see charts.
December 30th, 2008 at 11:49 pm
Kia Ora Bro,
Good to see you are back into posting live trades & even better to see that you have a sense of humour about cocking up. Not too sure what ‘big’ is on about given that your e-book is FREE and works well alongside of your new material (Master Candle e-book). Regardless, keep em coming bro and look forward to your next e-book up-date ?????