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USD/JPY Discussion

  • #79,421
  • Dec 12, 2018 7:31pm Dec 12, 2018 7:31pm
Quoting hellsbells
Hoping to snatch and grab a rejection of 100sma 15min / 50sma an m30. Risky though because if it breaks up it might run away NB, got in and got out, it's above my TL {image}

I think you are too much focused on selling. What you see on attached picture?
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  • #79,422
  • Dec 12, 2018 7:37pm Dec 12, 2018 7:37pm
Quoting MrAashir
{quote} Looks like your trading small i would lose so much if i make a mistake. And heck yea i do make a lot of mistakes but 1 trade is enough to offset losses and book a little bit gain. And What is your strategy mate?

Candlesticks and TL breakout mostly, obviously I do like SMA, triple candle reversals.
I think Mostly money management is the key, to try and make the most of a winning trade.
I hate late entries so I can't bring myself to go long now even though it's going up. I'd rather hunt for a reversal and get in early on the reverse side.
I'm a fan of hour candle reversals at the start of the day for the EURUSD when London/US sleeping
  • #79,423
  • Dec 12, 2018 7:42pm Dec 12, 2018 7:42pm
Quoting marketwatch
{quote} I think you are too much focused on selling. What you see on attached picture? {image}

Yes I concede, too focused on selling today.

Regarding your picture I see support and an uptrend, but I think it's a pretty ugly chart, and heading back towards resistance.
  • #79,424
  • Dec 12, 2018 7:45pm Dec 12, 2018 7:45pm
Quoting hellsbells
{quote} Yes I concede, too focused on selling today. Regarding your picture I see support and an uptrend, but I think it's a pretty ugly chart, and heading back towards resistance.

You are too active man. Do u do any other job or just trade for living?
  • #79,425
  • Dec 12, 2018 7:51pm Dec 12, 2018 7:51pm
Quoting MrAashir
{quote} You are too active man. Do u do any other job or just trade for living?

I've taken a year off work to try trade full time. I'm renting my house out and living with my partner , and have money saved. As long as I don't lose too much money I hope to use this year to improve/ consolidate my trading skills.
  • #79,426
  • Dec 12, 2018 7:56pm Dec 12, 2018 7:56pm
Quoting hellsbells
{quote} I've taken a year off work to try trade full time. I'm renting my house out and living with my partner , and have money saved. As long as I don't lose too much money I hope to use this year to improve/ consolidate my trading skills.

Awesome you are actually not trying to earn money just studying the game. But living expenses are killer here in australia.
  • #79,427
  • Dec 12, 2018 8:07pm Dec 12, 2018 8:07pm
Quoting MrAashir
{quote} Awesome you are actually not trying to earn money just studying the game. But living expenses are killer here in australia.

Hhmmm, well I am trying to earn money, but not pressure myself too much. Last week I earned $1200, this week I'm down $110. I tend to alternate weekly up/down for some reason. It's my plan to do this for a living.
  • #79,428
  • Dec 12, 2018 8:12pm Dec 12, 2018 8:12pm
Quoting hellsbells
{quote} Hhmmm, well I am trying to earn money, but not pressure myself too much. Last week I earned $1200, this week I'm down $110. I tend to alternate weekly up/down for some reason. It's my plan to do this for a living.
Wow thats nice man. This week even though i have risked so much just up +100$ not good at all. My main problem has been not being able to stop my self from taking profits too early and not honor rr ratio i set in the beggining
  • #79,429
  • Dec 12, 2018 8:17pm Dec 12, 2018 8:17pm
Well, my long TP's @ 113.74 or my trailing stop will kick in, no problem. And already placed my short order @ 113.75. Relying on upper trend line (4H chart). Good luck to you all.
  • #79,430
  • Dec 12, 2018 8:24pm Dec 12, 2018 8:24pm
Quoting MrAashir
{quote} Wow thats nice man. This week even though i have risked so much just up +100$ not good at all. My main problem has been not being able to stop my self from taking profits too early and not honor rr ratio i set in the beggining

When I started leave without pay a few months ago (I've been an ambulance officer for 21years), I was trading 2lots at a time, sometimes 3lots and several trades at a time. My daily profits were like up $1200, down $1600, Up $400, down $2000 lol. Crazy!!! My equity curve that had been trundling along nicely looked like a major earthquake, and my stress levels were sky high.

Now I know I can make $200-$400/day with a couple of well placed .5lot trades. If I had kept my 2 .5lot trades I placed on break above 113.280 this morning I could now bank $500 easy for the day I would say. Unfortunately I closed them because I was preoccupied with selling. Silly but that's ok.

I'm telling you this because yes RR is so important , and smaller longer trades mean breathing more easily. What size lots are you trading?
  • #79,431
  • Dec 12, 2018 8:29pm Dec 12, 2018 8:29pm
Quoting hellsbells
{quote} When I started leave without pay a few months ago (I've been an ambulance officer for 21years), I was trading 2lots at a time, sometimes 3lots and several trades at a time. My daily profits were like up $1200, down $1600, Up $400, down $2000 lol. Crazy!!! My equity curve that had been trundling along nicely looked like a major earthquake, and my stress levels were sky high. Now I know I can make $200-$400/day with a couple of well placed .5lot trades. If I had kept my 2 .5lot trades I placed on break above 113.280 this morning I could now...

Around 2/3 lots actually but my trades are wrong more often and the right ones i just take profit too early and at the end i make just enough to offset the losses gain little bit but nothing to show for to make a living.I have been trading for 2 years still i have problem with this now i am making this thing full time but still i have long way to go. psychology and money management very important but greed still gets better of me from time to time.
  • #79,432
  • Dec 12, 2018 8:37pm Dec 12, 2018 8:37pm
Quoting MrAashir
{quote} Around 2/3 lots actually but my trades are wrong more often and the right ones i just take profit too early and at the end i make just enough to offset the losses gain little bit but nothing to show for to make a living.I have been trading for 2 years still i have problem with this now i am making this thing full time but still i have long way to go. psychology and money management very important but greed still gets better of me from time to time.

Absolute truth there. RR goes out the window with larger trades. Been there done that. I found when I placed a 2lot trade I was super happy to grab a $200- $300 profit, which could possibly be 2 big 5min candles. Unfortunately if I had a SL of 1 5min candle (say a couple of pips) I would lose $150 on a stop out which meant my RR was only 2:1. Roughly, of course.
Now, with a .5lot trade I'm hoping to get 10-40 pips, with a looser SL say 5 pips which would be maybe 3-4 5min candles, and I feel more relaxed. Those examples are rough but trust me smaller longer trades will ease your situation.
  • #79,433
  • Dec 12, 2018 8:46pm Dec 12, 2018 8:46pm
Quoting hellsbells
{quote} Absolute truth there. RR goes out the window with larger trades. Been there done that. I found when I placed a 2lot trade I was super happy to grab a $300 profit, which could possibly be 2 big 5min candles. Unfortunately if I had a SL of 1 5min candle (say a couple of pips) I would lose $150 on a stop out which meant my RR was only 2:1. Roughly, of course. Now, with a .5lot trade I'm hoping to get 10-40 pips, with a looser SL say 5 pips which would be maybe 3-4 5min candles, and I feel more relaxed. Those examples are rough but trust me...

Yea i will work with that. I have one rule which is absolute if i lose more than 250$ in a day i am out no matter. it has worked like a charm till now cause even though haven’t made much haven’t lossed as well. Just need to make myself believe i am willing to lose and accept all the risk that comes with it. Meanwhile to the sky usdjpy rise.
  • #79,434
  • Dec 12, 2018 8:47pm Dec 12, 2018 8:47pm
Ive actually had this same experience recently. I currently settled in at 1 lot trades
  • #79,435
  • Dec 12, 2018 8:50pm Dec 12, 2018 8:50pm
Sorry I sold whilst we were chatting. 2 of those are pending I might close.
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  • #79,436
  • Dec 12, 2018 8:54pm Dec 12, 2018 8:54pm
Quoting hellsbells
{quote} Absolute truth there. RR goes out the window with larger trades. Been there done that. I found when I placed a 2lot trade I was super happy to grab a $200- $300 profit, which could possibly be 2 big 5min candles. Unfortunately if I had a SL of 1 5min candle (say a couple of pips) I would lose $150 on a stop out which meant my RR was only 2:1. Roughly, of course. Now, with a .5lot trade I'm hoping to get 10-40 pips, with a looser SL say 5 pips which would be maybe 3-4 5min candles, and I feel more relaxed. Those examples are rough but trust...
And where do u check your trades? Do u have trade explorer somewhere? Or do u keep hand written journal?
  • #79,437
  • Dec 12, 2018 8:58pm Dec 12, 2018 8:58pm
Quoting MrAashir
{quote} And where do u check your trades? Do u have trade explorer somewhere? Or do u keep hand written journal?

Hand written journal, and I might mark my charts with arrows for review. My journal is a bit of a tragedy, I try avoid it, mostly because I make the same mistakes over and over. Like what I said earlier, trade because it has already done something, not because i think it WILL do something. I have entered 2 trades above due to 5min candle reversal at TL. I would like confirmation of a lower high shortly, but I'm happy with my risk. As strong as this bull push is, the market must breathe

If you save your pepperstone trade history as detailed statement it will give your equity curve down the bottom. That's always sobering.
  • #79,438
  • Dec 12, 2018 9:06pm Dec 12, 2018 9:06pm
Quoting hellsbells
{quote} Hand written journal, and I might mark my charts with arrows for review. My journal is a bit of a tragedy, I try avoid it, mostly because I make the same mistakes over and over. Like what I said earlier, trade because it has already done something, not because i think it WILL do something. I have entered 2 trades above due to 5min candle reversal at TL. I would like confirmation of a lower high shortly, but I'm happy with my risk. As strong as this bull push is, the market must breathe If you save your pepperstone trade history as detailed...

Forex factory trade explorer works good for me as it shows where did i enter and where did i exit i get the picture of my trades and its very unpleasant to look at as more often then not i take my profit lightning quick and let my losses run. Working towards improving it. You can hide the explorer if u dont want to show your real account
  • #79,439
  • Edited 9:28pm Dec 12, 2018 9:16pm | Edited 9:28pm
I have thought of opening a TE, and considered it might be a good thing as it might stop me gambling on some dumber trades. Here is my woeful equity curve for my last account. I closed it when I opened my razor account. I'm liking the new start! Anyway this is the history of my first 3 years of trading. It includes some withdrawals and deposits, but the 3 hills represent my foray into 2 and 3 lot trades lol
Have placed my active trades to BE, just TP 1 113.439
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  • #79,440
  • Dec 12, 2018 9:36pm Dec 12, 2018 9:36pm
Awsome man green green pips to you.
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