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Low Aug 17, 2009 1:12pm | Post# 4701

Hey Low,

You actually have these three trades going at the sme time. Just wondering why you would magnify your risk trading both GBPUSD & NZDUSD......the correlation between these two pairs is very strong.............anyone agree with me..........unless you have some serious account or you are demoing.....................

Cheers
It's interesting you bring this up, as I find myself unintentionally hedging trades for the same reason: that I'm not paying attention to correlations.

Curiously though, each trade was taken on it's own merit, and has it's own plan, and I may just leave them be.

As far as risk goes, mostly I risk 1%, sometimes less if I'm not super thrilled about a set-up, so at worst I was in for 3%, but all my stops are at BE now, so it's 0%.

Here's a question for all of you: I'm comfortable with 1% risk, no "scared money" = no dumb decisions, but when trades go a fair bit into profit, it feels like it has become "scared money", because I don't want to see the unrealized profit taken back.

Maybe I need to go through each plan, and contemplate exits.

Any thoughts would be appreciated.

Danku Aug 17, 2009 1:18pm | Post# 4702

Comfort Zones
 
I think it all has to do with experience and whether you feel you are in your comfort zone.........so people can risk higher percentages and still be in their comfort zones.........obviously GBPUSD moves much faster than the NZDUSD..........so maybe you have a good point.

Congrats on the BE...........got my EURJPY Short still running on live and EURCHF Short running on demo............both in plus pips........

It's interesting you bring this up, as I find myself unintentionally hedging trades for the same reason: that I'm not paying attention to correlations.

Curiously though, each trade was taken on it's own merit, and has it's own plan, and I may just leave them be.

As far as risk goes, mostly I risk 1%, sometimes less if I'm not super thrilled about a set-up, so at worst I was in for 3%, but all my stops are at BE now, so it's 0%.

Here's a question for all of you: I'm comfortable with 1% risk, no "scared money" = no dumb decisions, but when...

calderone Aug 17, 2009 1:21pm | Post# 4703

It's interesting you bring this up, as I find myself unintentionally hedging trades for the same reason: that I'm not paying attention to correlations.

Curiously though, each trade was taken on it's own merit, and has it's own plan, and I may just leave them be.

As far as risk goes, mostly I risk 1%, sometimes less if I'm not super thrilled about a set-up, so at worst I was in for 3%, but all my stops are at BE now, so it's 0%.

Here's a question for all of you: I'm comfortable with 1% risk, no "scared money" = no dumb decisions, but when...
I know how you feel. I have lost enough money to where it doesn't phase me but when I see profit I want to take it off the table. It does help when I use smaller positions as far as trade management. I do better when I stay the heck out after I put my order in. I hedged a trade recently and all that does sometimes is lock in your loss. lol

Good trading all!

nomask Aug 17, 2009 1:24pm | Post# 4704

Hi everybody.I just wanted to let you guys know that I'd be giving out my charts,potential setups,even some of my trading calls at Chris' webpage forexfantasies.com in my own corner including a pdf file about my approach to what Chris has taught us here...All I can say is its going to be quite interesting stuff..

cheelu Aug 17, 2009 1:55pm | Post# 4705

While I appreciate you sharing your methodologies with private members, I dislike the fact that you are indirectly promoting a website. The reason why this thread was started was to help every one and it should remain that way.

I'm a member of private forum and even I havent looked at ur system. Honestly speaking it definitely hasnt been tried out by many people. So definitely there is no reason to lure public forum members.

The very idea of someone mentioning that ' I will share this idea only in private forum' is not at all healthy.

Hi everybody.I just wanted to let you guys know that I'd be giving out my charts,potential setups,even some of my trading calls at Chris' webpage forexfantasies.com in my own corner including a pdf file about my approach to what Chris has taught us here...All I can say is its going to be quite interesting stuff..

myfx Aug 17, 2009 2:04pm | Post# 4706

Hi everybody.I just wanted to let you guys know that I'd be giving out my charts,potential setups,even some of my trading calls at Chris' webpage forexfantasies.com in my own corner including a pdf file about my approach to what Chris has taught us here...All I can say is its going to be quite interesting stuff..
if you are giving out your setup or whatever for that matter for the private forum members, why are you announcing it here in the public forum? what are you trying to do? promote forexfantasies.com? or trying to use forexfantasies to promote yourself?

cheelu Aug 17, 2009 2:25pm | Post# 4707

This is another post in the same category as above.
That's funny actually as I posted about building my account in my section of the private forum this morning. The new strategies are coming on really nicely over there.

nomask Aug 17, 2009 3:40pm | Post# 4708

didn't mean to "hurt" anybody's feeling here..promoting myself or a website..?
you guys are free to ignore if i post anything you "dislike"...
Chris started his own service and doesn't need my help although i'd love to do in return of what i got from him but i'm still in learning process.
i just wanted to do some good for his website.He's free to do anything with the stuff i post at his place.
I think some didn't notice that this thread now in something called "commercial forum"..
I'm just from a culture that when somebody brings you food in a plate you don't give it back empty..
I'm not the greatest trader that you must care about..its just i've been constantly profitable last 5 months since i started Chris' thread here..

hel13rock Aug 17, 2009 3:46pm | Post# 4709

This is another post in the same category as above.
It could be read that way but it's worth pointing out that most of the regular readers of this thread are already members over there.

For those who aren't I have still been posting trades and comments over here so it's not an either/or. The private thread is just somewhere to keep all my stuff together in one place without cluttering this thread too much.

hel13rock Aug 17, 2009 3:48pm | Post# 4710

I reversed my AudUsd trade. Closed for +188 pips and went long at the close of the last 4h candle. I think it may see 0.84 again soon.

Calderone, how did your Nzd do?

myfx Aug 17, 2009 4:14pm | Post# 4711

I reversed my AudUsd trade. Closed for +188 pips and went long at the close of the last 4h candle. I think it may see 0.84 again soon.

Calderone, how did your Nzd do?

Any reason for long on AUD/USD? I think short is still healthy.

clockwork71 Aug 17, 2009 4:51pm | Post# 4712

Last update for now because today it was stopped out well in plus after 24 days. The bullish pinbar at 0.8860 missed my stop by 4 pips. A combination of a bit of luck and stop level measurement skill. However this pinbar told me that my stop level is placed right and furthermore if this pinbar gets broken downside the trade would not be valid for me anymore. Viewed from now the stop might be better be placed behind 0.8800 getting the chance to stay in for one more ride. But placing the stop there would mean to eventually give back 300 pips from...
One thing that will make me "get out early" quicker than anything is a conflicting pinbar against my position. I would have done the same thing. 24 days in one trade......damn!

You certainly have some patience my friend.

clockwork71 Aug 17, 2009 4:55pm | Post# 4713

I think hel13rock and nomask weren't trying to infer that type of thing, they are just saying they have a special "place" over there. It is a lot easier to do something like that when you have the power of a complete forum, or in my case - videos, etc.

Only so much can be taught one chart at a time.....That's what I got out of it anyways......

Besides, I am sure nomask will still post here. He has been pretty good about it so far, and in fact - I quite like his postings.

Chris

hel13rock Aug 17, 2009 5:07pm | Post# 4714

Any reason for long on AUD/USD? I think short is still healthy.
I looked at the 4 hour chart. Higher closing high, with the main trend.

I could easily be wrong

hel13rock Aug 17, 2009 5:19pm | Post# 4715

I think hel13rock and nomask weren't trying to infer that type of thing, they are just saying they have a special "place" over there. It is a lot easier to do something like that when you have the power of a complete forum, or in my case - videos, etc.

Only so much can be taught one chart at a time.....That's what I got out of it anyways......

Besides, I am sure nomask will still post here. He has been pretty good about it so far, and in fact - I quite like his postings.

Chris
That's it exactly, like I said it's not an either or. I post my stuff on that forum but I have plenty to say here still.

I for one am looking forward to nomasks thread as he has a great outlook on things. I definitely like fib extensions to determine price targets and I know he loves them!

It's the same debate as happened with certain other threads, everything is to be found in the public thread but it's compacted and easier to find in the private. It's a natural progression.

nomask Aug 17, 2009 5:37pm | Post# 4716

1 Attachment(s)
interesting pattern on eurcad..descending triangle...1.6000 best for any short price action....
Click to Enlarge

Name: eurcad.png
Size: 78 KB

Low Aug 17, 2009 8:06pm | Post# 4717

this is really hard for me.....
 
My update:

Well folks, I've decided to have a little faith, and leave my three trades open.

The positions are:

Long usdcad @ 108.60

Short nzdusd @ 0.6758

Short gbpusd @ 1.6566

The first two were taken off the daily chart, and I'm not getting any daily PA on either of my brokers telling my to close. There is 4H PA on all charts telling me to close, but I'm trying to ignore it.

The gbpusd was taken off of 4H PA, in conjunction with the weekly pin, and the big fibo.

All three daily charts are showing divergence in my favor.

All stops are at BE.

Now I'm just keeping my fingers crossed.

These are really hard for me to hang onto, their combined profit is around 500 pips, but since I'm trying to not get shaken out of what I believe are still good trades, I'll be looking to add to any of them that retrace well, and show any entry PA on the 4H or greater.

Wish me luck.

whitegoodman Aug 17, 2009 8:12pm | Post# 4718

Low, you may get one or 2 stopped out, but if the other one is a runner then you will be in for celebration... let the battle with your psychology and discipline begin MWHAHAHAHAHA!

[insert evil man stroking a white cat]

drebin Aug 17, 2009 8:19pm | Post# 4719

1 Attachment(s)
interesting pattern on eurcad..descending triangle...1.6000 best for any short price action....
JMO: this could also bounce off the other previous triangle formation, could go one of two ways...
Click to Enlarge

Name: eurcad 8-17.gif
Size: 14 KB

kodflakes Aug 17, 2009 10:55pm | Post# 4720

Low, you may get one or 2 stopped out, but if the other one is a runner then you will be in for celebration... let the battle with your psychology and discipline begin MWHAHAHAHAHA!

[insert evil man stroking a white cat]

you an evil dude


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