One of those rare days with no red news on any pairs. So things are just creeping around. I'm in the EJ long and kind of wish I wasn't as it looks like it will be a long time to move a few pips. 
Trading is as simple as 1-2-3
- #4,342
- Aug 8, 2017 4:04am Aug 8, 2017 4:04am
One of those rare days with no red news on any pairs. So things are just creeping around. I'm in the EJ long and kind of wish I wasn't as it looks like it will be a long time to move a few pips.
- #4,343
- Aug 8, 2017 4:08am Aug 8, 2017 4:08am
- Joined Oct 2015 | Status: Trader | 18,269 Posts
The terrible duo doin' just fine...
- #4,344
- Aug 8, 2017 4:36am Aug 8, 2017 4:36am
- Joined Apr 2011 | Status: Trader | 3,454 Posts
In between nothing happening I am reading Jack Schwager's "The Little Book of Market Wizards," which a very short synopsis book of his famous series. I have read them also. Many of the topics seem very simplistic. How these traders with eye popping returns used simple logic and common sense in their trading. Unlike the complicated procedures many others pursue. Often with not favorable results.
Today's chapter considered the topic: "The Power of Doing Nothing."
Today's chapter considered the topic: "The Power of Doing Nothing."
- #4,345
- Aug 8, 2017 5:47am Aug 8, 2017 5:47am
- Joined Apr 2011 | Status: Trader | 3,454 Posts
Here's how my infamous EJ turned out. It managed 3 or 4, Ended up losing about -10. What I have been playing around with lately is taking a reverse trade, leveraging the other direction for just a few pips and clearing the loss. When market forces are strong it works nicely. Went they they aren't, like today, not so good. You can see the lower blue line is my target on the reverse and the reddish line my stop. I was fortunate on this particular trade the short never triggered and I removed it manually.
- #4,346
- Aug 8, 2017 5:55am Aug 8, 2017 5:55am
- Joined Apr 2011 | Status: Trader | 3,454 Posts
Though I did not take this trade on the GJ, the same strategy would have worked out quite well.
- #4,347
- Aug 8, 2017 6:04am Aug 8, 2017 6:04am
- Joined Apr 2011 | Status: Trader | 3,454 Posts
After pulling the plug on the reverse trade. Price did move up very near that would be stop then came back down and got to my original target.
- #4,348
- Aug 8, 2017 6:08am Aug 8, 2017 6:08am
What I have been playing around with lately is taking a reverse trade, leveraging the other direction for just a few pips and clearing the loss. When market forces are strong it works nicely.
Looks like the charts are livening up for second half of the week
- #4,349
- Aug 8, 2017 6:09am Aug 8, 2017 6:09am
- Joined Apr 2011 | Status: Trader | 3,454 Posts
Now I think I will go back and read the Jack Schwager book the rest of the day. 
- #4,350
- Aug 8, 2017 6:13am Aug 8, 2017 6:13am
- Joined Apr 2011 | Status: Trader | 3,454 Posts
{quote} Can't find the quote but think it was Warren Buffet a 'top trading tip' along the lines of "when the market rallies, go with it" ... that stayed with me always interested to find opportunities to jump on board when momentum hits Looks like the charts are livening up for second half of the week
- #4,352
- Aug 8, 2017 6:55am Aug 8, 2017 6:55am
- Joined Oct 2015 | Status: Trader | 18,269 Posts
The DAX is just all fun-in-the-sun today...
Sorry, it happened so quickly after I logged in that I wasn't able to post a set-up chart.
The F40 didn't hit the needed extreme for a new entry but I was able to scalp on the m5 and m1 time-frames for that instead (hence why I almost missed the DAX move, lol). It's not 1-2-3 but it shows how one ''failed'' opportunity can lead onto another successful one if you have your trading plan in place ready to go.
Sorry, it happened so quickly after I logged in that I wasn't able to post a set-up chart.
The F40 didn't hit the needed extreme for a new entry but I was able to scalp on the m5 and m1 time-frames for that instead (hence why I almost missed the DAX move, lol). It's not 1-2-3 but it shows how one ''failed'' opportunity can lead onto another successful one if you have your trading plan in place ready to go.
- #4,353
- Aug 8, 2017 6:58am Aug 8, 2017 6:58am
- Joined Oct 2015 | Status: Trader | 18,269 Posts
{quote} Can't find the quote but think it was Warren Buffet a 'top trading tip' along the lines of "when the market rallies, go with it" ... that stayed with me always interested to find opportunities to jump on board when momentum hits Looks like the charts are livening up for second half of the week
- #4,354
- Aug 8, 2017 7:27am Aug 8, 2017 7:27am
- Joined Oct 2015 | Status: Trader | 18,269 Posts
Missed the 500 as it gapped too much but the little sister 30 did the trick with only a slight entry adjustment needed (this is par for the course when you run the indices)...
- #4,355
- Aug 8, 2017 8:02am Aug 8, 2017 8:02am
- Joined Mar 2017 | Status: Trader | 2,054 Posts
I noticed this trade at first as a 123 but then quickly realized that it also has some WZ influence as well......so since the candle that made the new Low was fairly large I entered the trade using WZ technology and bagged +5.
Before:
After:
Before:
After:
- #4,356
- Aug 8, 2017 8:11am Aug 8, 2017 8:11am
Glad to see someone fared better with EURJPY today 
your analysis seems logical ... presume WZs are some kind of Roswell tech?
AUDUSD in the money
closed half at +10, stop now at BE to see if it will run ... things got lively towards .7890 last week
your analysis seems logical ... presume WZs are some kind of Roswell tech?AUDUSD in the money
closed half at +10, stop now at BE to see if it will run ... things got lively towards .7890 last week
- #4,357
- Aug 8, 2017 9:04am Aug 8, 2017 9:04am
- Joined Oct 2015 | Status: Trader | 18,269 Posts
Glad to see someone fared better with EURJPY today
- #4,359
- Aug 8, 2017 9:37am Aug 8, 2017 9:37am
UK100 pushing to new highs. The second moves on the day are usually not as extreme or at least not as long-lasting, as the earlybirds.
No tech needed for AUDUSD ... textbook currently +35 and running on the US jobs data
- #4,360
- Aug 8, 2017 9:51am Aug 8, 2017 9:51am
- Joined Mar 2012 | Status: Trader | 14,319 Posts
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade