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JPY Group - Best Group to Trade 58 replies
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QuoteDisliked#1) GBPCHF short from 1.4500. First touch was later in the day on 4/26/2011. I passed due to the time of day. Stupid, stupid, stupid of me. Yea, the trade didn't rocket off due to the time of day, but eventually the trade did rocket off the next trading day. 50% Fib retracement, great daily support broken and retraced to. Stupid, stupid, stupid on my part.
QuoteDisliked#2) EURUSD long from 1.4500, first touch after break through was on 4/26/2011. I didn't take this one due to the price hanging close to 1.4500 for a few days in a row (looked like momentum was dying) and this is probably over analyzing on my part. Also the 1.4500 was not at the 50% or 61.8% Fib. It was at the 32% fib, which leads me to also this question. Do you guys also use the 32% Fib retracement level, or do you ignore it?
QuoteDisliked#3) GBPUSD long from 1.6430, first touch after break through was on 4/26/2011. Not the best level, but it still looks good in hindsight. This again is closer to the 38.2% Fib retrace level.
DislikedGetting a happy medium between being disciplined and picky to trading 'freely' and with confidence is not always easy to achieve. Trying to keep your trade setup analysis as mechanical as possible might help with that so you are removing the doubts, the fear etc from your mind and just trading what your plan tells you to trade.Ignored
DislikedYes, you are so correct, again thank you so much.
I have studied General Patton a little....Ignored
DislikedYea, I was hoping for a stronger pop in the GBP on today (Thursday) because I know there is often profit taking on Fridays, lots of chop and slop, and then the weekend....Ignored
QuoteDisliked#1) This was a good daily set-up to you, but you did not play it traditionally on the break due to the daily highs to the left (daily highs from 4-13 to 4-15). Were you expecting the BUOB to retrace first and then get in on the trade due to the bar highs to the left, or did you decide to just completely skip this trade retrace or not?
QuoteDisliked#2) Yes, I agree on the 135 to 135.3 level as a very important PPZ....
QuoteDisliked#3) So what can I do now. My plan is to wait and see how the pair opens up Sunday. At the same time I am going to tighten up my stop loss to 134.7. This will prevent a full 1R loss and at the same time hide my stop loss behind the PPZ at 135 to 135.3.
DislikedYes it was a good location for the PA and a good size bar. I didn't like those bar highs to the left and because how strong JPY has been recently (thus the JPY pairs have been pretty choppy and if anything the most recent trend is down) I wasn't overly optimistic that GJ would soar above those bar highs to the left and playing it as a straight bar break up to those highs was just not worth the risk for me i.e. I did expect a reaction at the 137 bar highs area plus it was a RN too....the 4HR chart below shows this area more clearly.
I didn't have...Ignored
DislikedNow I'm at BE+1 on my GJ trade and also in a simlar position on a EJ touch trade too.Ignored
DislikedMark, again thank you. I save your attachments and study them at night. I still don't see the PPZ nearly well enough, and not in advance enough. Still lots of work to do. Though in hindsight your trades are easy to see.Ignored
QuoteDisliked#1) The occured while I was asleep here in KC, MO, USA. And that happens often, even if I get up at 3:45 AM, often the big moves happen before then. I believe I could just set my by orders in these areas and go to sleep self assured that either my 1st TP would be hit and I would be at BE or my SL would save me. Do you believe this is possible? (Not looking for you to approve it, just wondering if it is even possible to be successful this way)
QuoteDisliked#2) Where did you set your stop loss on these trades? Was it at a set predetermined amount (30 pips, 45 pips, etc.)? If so, was this based on the average daily range? If your stop loss was a logical placement below a S/L area, could you give that now in hindsight to see what else I missed?