short on eur/us..my entry order got blown by

good day going short today.
I had an entry order.....and there was a quick drop this am ,it blew right by my order.
I was luckily around when this happened and was able to take advantage...and am quite pleased with the results so far

L

yeah I was still long on gbp and some others against the USD... holding onto a losing position and diminishing winners... thinking it might bounce... I shouldve got out when the liquidity started to dry-up and the market started to flattenout. I was expecting a turnaround triggered by the payrolls... but thought maybe it would bounce before that happened... dumba!%... that's what i get for not following the cut your losses rule... once again psychological lesson.. if it looks like it's gonna turn, it's probably good to go with probability...

At any rate.. as a result of getting caught long, I got in short on the EURUSD a little late... hopefully not too late. I'm wary of another bounce or retracement that will take out my stop... ;/.... DO NOT LET A WINNErTURN INTO A LOSERis anothe rule that comes to mind. UGHHHH!! I think this FX thing is 49% money management, 49% psychology, and 2% analysis... ;}

I also got caught on the CHF and the AUDUSD with big real money losses. Besides the obvious disappointment, I would have liked to see what would have happened if the Jobs announcement had happened on another day.

I say this because both pairs were in classical Technical Analysis situations. So besides blowing away my $$ it blew away an opportunity to see TA in action.

I guess I saw fundamentals in action.

Drat.

See..I m still fiddling with a demo account....
Used The alt technique....non 5 minfx users wont know what i mean...

I did great the other day with the aud....and then it backfired...
I was fiddling and diddling reversed my position got back 50 out of 100 i lost....
this am

I thought a few days ago the eur/us would go long and be ok...but it did nt work that way...so It looked like it would go short.....so I pu tin an entry order for sell..after reviewing the charts and the trnd reversal.....then the eur quickly dropped fri morn....and it just blew by my entry order....i was lucky and was able to jump in as this drop occurred....
and I m still only playing with a demo here...it turned out to be a good day...

and silly me i somehow doubled my order on the demo account....and picked up almost 400 pips ....

i got fooled with the eur...and chf earlier this week...

i d have to say a monster week about 700-750 pips....i have to look at my report for the week

I still need to adjust my mental state...like I m trading with real funds...

with the demo....even if things dont feel totally right ....I still say...go ahead give it a try..see what happens.....

L

The Euro dropped on the positive US jobs info not on a technical analysis signal.

Re your placing 2 lots by 'accident'... check the order drop down window on the TS. Often (or maybe always) if your last order was for 2 lots, the TS will remember this and keep the setting on 2 lots. If you want only one lot you would have to change it back.

Lou

Doclouis,


My exit stops were passed by too. But I contacted FXCM and they said they would 'catch up' and honor my stops. They did.

This leads me to believe they would have honored your entry stops too. Maybe not on a demo though. It might be worth it to go on chat and find out.

Lou

I dont think it s worth asking too.....but I m getting ready to load my real account..and want to ensure good service.

I hope fxcm will be helpful with my live account


L

Doclouis, usually after a period of increased vvolatility when the market price
moves quickly through your stops/limits/entries... and then settles down FXCMs platform automatically honors your stops/limits/entries... I had this happen a couple of times. The first time I freaked-out. But shortly after I started chatting with somebody the client automatically closed my position. If they arent automatically honored by FXCM as EOD rollover approaches then you might want to check with them . Becsause of this.. it might be a good idea to always set stops and limits ...like they tell you.

Lou -- there was a technical signal that there might be a reversal on intraday. The market started to flatten out and then slowly grind towards the ensuing trend post-payroll release... Albeit it wasnt a strong signal, but the trend seemed to me to begin to reverse intraday less than 1hr.

Merlin, I know what you mean. Everybody says that. But sometimes it is hard to resist speculating... maybe it is not a professional thing to do, but since FXCM honors stops/limits/entries you can sometimes position yourself to take advantage of quick price movements that go against you... He's not a pro, but some guy told me that he uses the hedge feature on CMS to take opposing positions before data is released that might have unexpected consequences... he also does this when he expects there might be profit-taking in order to play both directions... I guess if you had multiple accounts, you could do something similar. I waited a little until there was a clear intraday trend before getting back-in post data-release. I was asble to get some of the move, but if I wouldve trusted my instincts it wouldve been much better... who knows how this would work over time with other examples however...

The euro earlier recorded an intraday high of $1.3632. It has backed down to trade now near $1.3620, showing earlier action to be practically a failed test of the $1.3633-$1.3652 resistance band. Charts suggest that traders can look for a dip to $1.3605 support, which is now the nearest stop for trades based on the intraday charts. An extended lower move would be targeting $1.3586.

I am going short EUR/USD from $1.3620 targeting 1.3585.

Hey guys just reading your posts, nice analysis and ideas... definately MM is the key as well as Risk control be able to stop trading and wait for the next day is key as well... I have a set of rules i now live by these are my own personal rules but i hope they can give u an idea of the kind of discipline we all need to have to succeed as traders... simple yet very diffucult to actually stick to, the ego will toss rules out the window and think it can do whatever it wants, trading is truly about knowing yourself first and foremost...

1.ONLY TRADE FROM 6AM TO 11AM NY OPEN TIMEFRAME, NO TRADES AFTER 10:30 TO 11AM EDT.
2.RISK ONLY 15 PIPS PER TRADE AFTER 1ST LOSING TRADE STOP TRADING AND WAIT FOR THE NEXT DAY. (the hard part)
3.When in profit by 15 points move stop to BE and use trailing stop to lock in subsequent gains.
4.IF first trade is stopped out at BE and no loss is taken another trade can be entered if before 11am, after 11am positions can be held for swing strat but not entered.

If i break these rules may my body be torn asunder and cast into a bottomless pit filled with the corpses of dead forex traders.... lol !!

for the last 2 weeks the market falling down to an unexpectable levels. a lot of people predict the market will bounced, but it just falling apart. what i saw the market will still going down this week. for those who has misspositioning, still can take advantage by taking the benefits from the falling market.