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Rufus

  • #221
  • Jun 12, 2010 3:34pm Jun 12, 2010 3:34pm
For a thrill now & then, throw in the GBP/NZD. Fun fun....
"If The Fool persists in his Folly he will become wise." - William Blake
  • #222
  • Jun 12, 2010 3:47pm Jun 12, 2010 3:47pm
I start with Weekly/ 4h chart. Use the same chart lay out S/R. 1h more S/R and trend, convert to 15m to look for entries, 5m for the signal.

I shoot for no more than a 30 pip SL. Prefer 20, Then I want at least 60 pips of room to the next S/R level.

In the above example I was able to set my SL under the daily pivot which I like a lot. My first resistance level was only 30 pips away but I did not think that it would be that strong. The next resistance was at the top of that pivot, 54 pips away. My initial stop was 20 pips on this one so almost 1:3.

But I manage my trades a little different as well. At 20 pips I take off at times up to half of my position. The way I look at it this pays for my risk. At 30 pips I move my stop to BE. Then manage the rest of the trade with price pivots on 15m chart. With targets taken from 15m and 1h charts just under resistance. I will also watch fibs for targets as well.

This trade I was a little hesitant to do as it was to close to NYSE opening and with all the volitility with that and the news plus it was friday, I was gun shy. Normaly I will try to catch the initial bounce off the the Pivot with my SL even tighter than 20 pips.

Hope this answers the question. It is good for me to lay out all my thoughts like this. Thank you

Rufus
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Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #223
  • Jun 12, 2010 3:53pm Jun 12, 2010 3:53pm
Quoting erikte279
From left to right, top to bottom. Forex is like an old step ladder

"OLD" step ladder is right. We don't want to be standing on the top step on sandy soil. Like a painter did on Thursday where I was working. Broke 5 ribs and punctured his lung.

Stop loss, trends, etc. keep us from overreaching and standing on the top step.

Rufus
Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #224
  • Jun 12, 2010 4:01pm Jun 12, 2010 4:01pm
Quoting The Fool
For a thrill now & then, throw in the GBP/NZD. Fun fun....

Holy CRAP!!! 620 pip move that started before I went to bed


Maybe this will be my cross pair to play with.

Rufus
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Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #225
  • Jun 12, 2010 4:36pm Jun 12, 2010 4:36pm
Good, your plan appears well built. Now it's just a matter of time .

You may consider adding the 20 ema and 50 sma to your charts, you'll be amazed at how the market reacts to them.

Quoting Rufus
I start with Weekly/ 4h chart. Use the same chart lay out S/R. 1h more S/R and trend, convert to 15m to look for entries, 5m for the signal.

I shoot for no more than a 30 pip SL. Prefer 20, Then I want at least 60 pips of room to the next S/R level.

In the above example I was able to set my SL under the daily pivot which I like a lot. My first resistance level was only 30 pips away but I did not think that it would be that strong. The next resistance was at the top of that pivot, 54 pips away. My initial stop was 20 pips on this one so almost...
Annoying Precision
  • #226
  • Jun 13, 2010 1:17pm Jun 13, 2010 1:17pm
I just read a great article in Sports Illustrated about Nolan Ryan. For those who may be unfamiliar with who he is, IMHO the greatest pitcher of all time (Baseball). Anyway he is the president of the Texas Rangers and of course working with the pitchers. He is tired of how baseball has been babying pitchers over the last number of years. 100 pitch counts etc. What baseball has done is put on limitations on the effectivness of a player. Nolan Ryan himself one time threw a 235 pitch complete game.
So what Nolan is trying to do is strip away the limitations that teams have put on players and let each player perform to thier full potential.

I thought about the limitations I may subconsciously have put on myself. Right now as I learn of each, I endeavor to strip it away. My limitation as a trader is what I hold between my ears.

My system works perfectly 100% of the time. It eather hits my targets on a nice run or hits my stop on a fail and takes me out. Works every time.

"Baseball is ninety percent mental and the other half is physical."
Yogi Berra

Trading is 90% mental. The other half is mental too.
Rufus
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Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #227
  • Jun 13, 2010 2:43pm Jun 13, 2010 2:43pm
I have been thinking through decorating the area where I trade. I want to make a plaque or picture of each of the traded currencies. What I can do is send you a clean crisp US dollar for one from your country. I think it would be neat. Right now I need all. So if you would like to help out PM me and we can try to set something up.

Rufus
Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #228
  • Jun 13, 2010 9:40pm Jun 13, 2010 9:40pm
Short on EU.

Broke 15m trend line. I am expecting the gap to fill. So first target is 20 pips, next is top of gap, last is just above bottom of gap @ 1.2104. I don't want to try to trade it through the gap with "00" and a weekly pivot right there.

When the gap fills, I will be looking for a long with a bounce off gap and WP.

Rufus
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Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #229
  • Jun 13, 2010 11:20pm Jun 13, 2010 11:20pm
Quoting Rufus
I have been thinking through decorating the area where I trade. I want to make a plaque or picture of each of the traded currencies. What I can do is send you a clean crisp US dollar for one from your country. I think it would be neat. Right now I need all. So if you would like to help out PM me and we can try to set something up.

Rufus
Looks like Sweedish dollar on the way!!!!

any others?

Rufus
Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #230
  • Jun 14, 2010 12:44am Jun 14, 2010 12:44am
Quoting Rufus
Short on EU.

Broke 15m trend line. I am expecting the gap to fill. So first target is 20 pips, next is top of gap, last is just above bottom of gap @ 1.2104. I don't want to try to trade it through the gap with "00" and a weekly pivot right there.

When the gap fills, I will be looking for a long with a bounce off gap and WP.

Rufus

I closed this one down. 2 pips profit.

I feal like it will be a crap shoot with Frankfurt opening. I have made it a policy to act in my own best intrest and right now if I were to open this position, I would have to wait for some movement. No clear direction.

I would still be hesitant on a long.

Rufus
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Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #231
  • Jun 17, 2010 8:20am Jun 17, 2010 8:20am
Last night I had a trade go bad on me and took me out by 4 pips. Today as I sit here and look at what could have been done differently I see the errors of my way.

I was using a daily pivot as a stop "protector" but had I lowered my stop 10 pips I would of had 61.8 fib and a trendline added to that protection. Also previous resistance that you see on 4h chart.

My overall trend was up and I was shooting for a long position while in bed.

The screen shots should tell the story.

I risked under 1%. So no big deal. But what it taught me was worth far more.

Here's to another day.

Rufus
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Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #232
  • Jun 17, 2010 1:17pm Jun 17, 2010 1:17pm
Quoting Rufus
My overall trend was up and I was shooting for a long position while in bed.
Never trade (or smoke) in bed.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #233
  • Jun 17, 2010 7:07pm Jun 17, 2010 7:07pm
Quoting The Fool
Never trade (or smoke) in bed.

Yep. I decided today that if I go to bed with a position on. The stop needs to be at break even. I would even sleep better.

How's work going?

Rufus
Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #234
  • Jun 20, 2010 1:42am Jun 20, 2010 1:42am
Interesting end of the week for me. All my family live in or around Wadena Minnesota where those tornados came through. All are fine. No fatalites in the town area. You can check it out easily on youtube. 265 homes, and a lot of business's demolished or damaged badly.

I was surprised how it effected me living 1500 miles away. I don't know what is left of an area of the country where I spent a good part of my life. So the event left me kind of heavy hearted. For the first time for me, I start to understand the wave of emotion and concern that happens when such an event occurs. Numerous things of this nature happen every year around the world. This is the first where I had a personal stake in. Shoot I don't even know if some of the houses I built there are still standing.

So I spent a lot of time this weekend talking to various family members. They are shell shocked but doing well. Talking to them also helped me get out of the mental funk I was in as well. For example my sisters neighbor and 4 others worked at a feed and fertilizer store. When they heard the tornado coming they had nowhere to go so the 5 of them crawled into some kind of vault they had. When the tornado passed (this can be only seconds or a few minutes) and the steped out of the vault, the building they were in was gone.

I have seen a number of these things, all are scary. But I have never seen one hit.

So what did I learn from all this? You have to do what you need to do to get your mind on track with things. You can't even help people to the fullest extent untill your mind is in order. A free thinking mind is one that can move and adapt to the situation at hand.

London open can hit like a tornado. I am ready for it.

Rufus
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Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #235
  • Jun 20, 2010 2:13am Jun 20, 2010 2:13am
Quoting Rufus
Interesting end of the week for me. All my family live in or around Wadena Minnesota where those tornados came through. All are fine. No fatalites in the town area. You can check it out easily on youtube. 265 homes, and a lot of business's demolished or damaged badly.

I was surprised how it effected me living 1500 miles away. I don't know what is left of an area of the country where I spent a good part of my life. So the event left me kind of heavy hearted. For the first time for me, I start to understand the wave of emotion and concern that...


By the way. In the picture, notice how bright the road is compared to the darkness of the storm. I don't know why this happens but on the edges of such a thing the atmosphere has a yellowish and bright hew. I have been in this hew too many times. You know the storm is close.

Rufus
Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #236
  • Jun 22, 2010 10:32pm Jun 22, 2010 10:32pm
http://www.forexfactory.com/showpost...4&postcount=69


In case anyone on FF is not reading "CrucialPoint" yet. The above post is one of many gems.

I am especially fond of this one.

Here he is showing the difference between a job and a business. We have all heard to treat trading like a business. Some have said like a job. I am more on the business side of the equation.

I have done both. Durring my younger years I worked by the hour for many employers. Also acted as a job superintendent for a number of years. But the responsibility of a business owner is far beyond that. Shoot right now my employees are making more than I durring this economic slow down. I am putting in more hours for less pay. Why??? I see down the road to the potential profit.

The same goes for trading. I treat it like a business. Some things work, those I keep. Some things are miserable failures, those I toss away.

Einstein once said.

"We can't solve problems by using the same kind of thinking we used when we created them"

So we may need to change our thinking once in a while.

So I seek out the individual gems of forex knowledge I need now. Shuck the rest.

I had three failing trades back to back the other day and I found myself drifting toward discouragement, grabed my mind and traded a forth.......Just about paid for the three loosers. I learned from the loosers. But learned more with the winner.

In public school we are punished for a failure. Bad grades etc. Once you step out into the real world if you punish yourself for a failure you are doing a lot of harm to your mind and your longevity as a trader. I see failures everyday in business or trading.

I try not to refer to a failed trade as a looser. Looser caries a very negetive connotation to our society. At times I take a loss. Today at work somebody elses lack of planning cost me some time....a loss. I am very comfortable with the occasional loss in business, it is a part of doing business. The same is true with the business of trading, the losses are a part of doing business. I will bet even Bill Gates suffered a number of losses.


A reporter came asked Thomas Edison, "How many times are you going to fail at creating the light bulb?" Mr. Edison replied, "Son, I haven't failed! I've simply discovered another way not to invent the light bulb.

With each fail that we learn from, we discover another piece to the forex puzzle that puts us one more step closer to our ultimate forex goals.

And of course I must speak of Yogi Berra

"I never blame myself when I'm not hitting. I just blame the bat and if it keeps up, I change bats. After all, if I know it isn't my fault that I'm not hitting, how can I get mad at myself?"

So take a lesson from Yogi. Don't be mad at yourself. Trade your rules, protect your downside, then change bats if necessary.

Rufus
Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #237
  • Jun 23, 2010 2:52am Jun 23, 2010 2:52am
Awesome post Rufus!! You should write a book!


Quoting Rufus
http://www.forexfactory.com/showpost...4&postcount=69


In case anyone on FF is not reading "CrucialPoint" yet. The above post is one of many gems.

I am especially fond of this one.

Here he is showing the difference between a job and a business. We have all heard to treat trading like a business. Some have said like a job. I am more on the business side of the equation.

I have done both. Durring my younger years I worked by the hour for many employers. Also acted as a job superintendent for a number of years. But...
Annoying Precision
  • #238
  • Jun 23, 2010 7:51am Jun 23, 2010 7:51am
Quoting erikte279
Awesome post Rufus!! You should write a book!
Thank you
Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #239
  • Jun 23, 2010 11:16pm Jun 23, 2010 11:16pm
I am very busy with work again. I was going to do some trading tonight, but I am going to hit the hay early, and look to trade some tomorrow night.

I hope that by mid July the work will be caught up again and I will be able to devote a lot more time to this. So untill I can trade full time I run two businesses, triming houses and trading. One will give way to the other as the need arrises.

Rufus
Illegitimi non carborundum - Noli pati a scelestis opprimi.
  • #240
  • Jun 23, 2010 11:28pm Jun 23, 2010 11:28pm
Hard to do both full time. I used to think it was impossible. But I just had to give up most of the time I used to spend mulling over fundies. They were relatively useless for the scalping I do anyway. Glad to hear you have some workload.
"If The Fool persists in his Folly he will become wise." - William Blake
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