I'm continuing to monitor UC short, multiple bounces from the DO line that is acting as important resistance zone.{image}
- #27,042
- Mar 13, 2019 5:13am Mar 13, 2019 5:13am
- Joined Feb 2015 | Status: Trader | 2,476 Posts
Trade with confidence, trade without fear.
- #27,043
- Mar 13, 2019 5:34am Mar 13, 2019 5:34am
- Joined Nov 2009 | Status: You are what you is | 1,962 Posts
Probably it will surrender soon, but please note how many times PA bounced on DO that in this case coincides with yesterday low.
Otherwise from forecast USD Core Durable Goods Orders m/m and PPI printed red therefore now it could go lower.
Otherwise from forecast USD Core Durable Goods Orders m/m and PPI printed red therefore now it could go lower.
Porta itineris dicitur longissima esse
- #27,049
- Mar 13, 2019 7:05am Mar 13, 2019 7:05am
- Joined Nov 2009 | Status: You are what you is | 1,962 Posts
I will be leaving the USD/CAD party shortly. I've held it long enough. I don't like the practice of holding until I reverse position, I'm just not there yet. I think there is still more downside, but the easy part is close to an end. I will be looking to go long USD/CAD if it drops more and PA dictates; USD/CAD usually takes time to turn (days) so I'm not in a hurry. Best to all. {image}
good you've been able to keep it open until the real breakdown.
US dollar bad data helped, but it takes strong courage to hold a trade open through red news, in the past when I did I burned myself and then today I avoid - Honor to your merit.
Best regards,
Bubincka
Porta itineris dicitur longissima esse
- #27,050
- Mar 13, 2019 7:09am Mar 13, 2019 7:09am
- Joined Feb 2015 | Status: Trader | 2,476 Posts
Hi guys, firstly thank you David, I am trading more than a year now and found your strat and been using it for this week and I love it, oh by the way I have a Gold sell in just now from R78, I still need to see how to upload pic's, you guys must enjoy your day, thank you all
Trade with confidence, trade without fear.
- #27,051
- Mar 13, 2019 7:15am Mar 13, 2019 7:15am
- Joined Jan 2015 | Status: Never underestimate value of an pip | 4,677 Posts
{quote} Hi asyusrei3, good you've been able to keep it open until the real breakdown. US dollar bad data helped, but it takes strong courage to hold a trade open through red news, in the past when I did I burned myself and then today I avoid - Honor to your merit.
.
- #27,052
- Mar 13, 2019 7:15am Mar 13, 2019 7:15am
Nice green bag on NC - as mentioned last night, big resistance at R78 (read Scott Carney) 78 fib is an important last area of resistance - if price doesn't power through can often be a good set-up.
Same for UC - nice green trade from R38 with 3240 area as target (last weeks missed WPP)
Same for UC - nice green trade from R38 with 3240 area as target (last weeks missed WPP)
- #27,053
- Mar 13, 2019 7:20am Mar 13, 2019 7:20am
{quote} Hi asyusrei3, good you've been able to keep it open until the real breakdown. US dollar bad data helped, but it takes strong courage to hold a trade open through red news, in the past when I did I burned myself and then today I avoid - Honor to your merit.
I was able to stay in the trade despite news for a few reasons. First my position was in profit to start and I don't really care if the news goes my way or not, I'm confident I will be alright. Second, I try to start every trade realizing what my max loss would be and I have accepted that. In my case trading non high ADR pairs I am trading .10 lot sizes with max loss of about 50 pips per trade. I go into every trade expecting it to lose and that is the real cost of my trade. Third, I have a target of what I realistically expect price to get to and I try to stick to it (hard to do various other reasons may come up to exit). Forth I'm not trading my entire account on one trade, always diversify. Although many times every week it will come down to 1 or 2 home run trades the other trades I have flying spread out risk even though they might be similar, I then can add to winners and thin out or not add to losers.
For instance in USD/CAD now, I simply put in a stop at a level I'm good with. So if it keep crashing I'm good if it reverses I'm good too.
Everyone has a different account and their own circumstances. It is important to respect your stress level. Nothing wrong with taking profit or a loss just know why you did. You can explore how you could have traded it differently after the fact and this is healthy, but don't beat yourself up about what you think you may have done wrong cause every trade is different and no certainty same thing will happen again tomorrow.
- #27,055
- Mar 13, 2019 7:27am Mar 13, 2019 7:27am
- Joined Nov 2009 | Status: You are what you is | 1,962 Posts
Porta itineris dicitur longissima esse
- #27,056
- Mar 13, 2019 7:37am Mar 13, 2019 7:37am
I'm continuing to monitor UC short, multiple bounces from the DO line that is acting as important resistance zone.
- #27,058
- Mar 13, 2019 7:55am Mar 13, 2019 7:55am
- Joined Jan 2015 | Status: Never underestimate value of an pip | 4,677 Posts
I have made a litttle efort on drawing some "prediction" if price do these can go there vs versa ( i hope there is nothing wrong with these):
1. If price turn on 38 fib and don't tuch 50 fib we can expect cyper, (B - C leg) wich mean that price will turn here;
2. If price comes down in between 61.8 / 786.0 we can expect Gartley wich in both scenarios mean Leg UP;
I hope these make sence before you (and me) make some decions
1. If price turn on 38 fib and don't tuch 50 fib we can expect cyper, (B - C leg) wich mean that price will turn here;
2. If price comes down in between 61.8 / 786.0 we can expect Gartley wich in both scenarios mean Leg UP;
I hope these make sence before you (and me) make some decions
- #27,060
- Mar 13, 2019 8:07am Mar 13, 2019 8:07am
- Joined Nov 2009 | Status: You are what you is | 1,962 Posts
{quote} Take heart my friend. That trade will only make you a stronger and wiser trader. You made your trade based on your view of market and profited. Whatever market does afterwards is irrelevant to your trade.
you're quite right, that's the psychological part the hard one to manage, we all know it but it's never remembered enough.
In my personal case I also discount the fact of having traded scalping systems for some years aiming for few pips (fast in fast out, that I still do), so often there's a sort of "overlapping" happening into my mind between these very different ways of trading and I'm taken away from the plan.
On the flip side of the coin, since I trade Davit's Fib Pivot my results in scalping strategies have improved, so I like to think that sometimes the money left on the table is a kind of fee to be paid for having overall better results.
But since we are all different, it's different for everyone and a recipe cannot exist.
Best regards,
Bubincka
Porta itineris dicitur longissima esse