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General Trading Chat / Ideas

  • #1,861
  • Jun 19, 2019 6:12am Jun 19, 2019 6:12am
Quoting Oc6oph
{quote} Well good luck to you but isn’t break even kind of too close right now
Not for me. Once I'm up and price is reasonably far away, I'll move that stop ASAP. If it comes back and takes me out, I'm either wrong about the trade or right but just too early and the market will give me an opportunity to get in at a better price if the long is valid. Either way I'm not out any money... I get a chance to re-assess the situation, and protecting your capital is the number one priority in this game.
  • #1,862
  • Jun 19, 2019 6:20am Jun 19, 2019 6:20am
Quoting Rrrracer
{quote} Not for me. Once I'm up and price is reasonably far away, I'll move that stop ASAP. If it comes back and takes me out, I'm either wrong about the trade or right but just too early and the market will give me an opportunity to get in at a better price if the long is valid. Either way I'm not out any money... I get a chance to re-assess the situation, and protecting your capital is the number one priority in this game.
I understand I’d probably go broke using break even. I’m underwater for a good while a lot of times on my trades. If I used break even it would either stop me out or take me out at break even most trades
ex nihilo
  • #1,863
  • Jun 19, 2019 6:20am Jun 19, 2019 6:20am
In this situation, the long is somewhat risky because we are below a lot of stuff... weekly open and mid, weekly/monthly averages, etc... so we should primarily be looking to short... and that is my objective, but it has to be from the right spot.

That said, Europe bought, so I'm rolling with what London did until I see otherwise. I would expect the bears to defend the weekly open/mid point aggressively, so just below that is my target, and if the action looks right and everything lines up, I will take a short from the open/mid area... but not because of what I think it will do... I will do it if the charts tell me to do it.
  • #1,864
  • Jun 19, 2019 6:22am Jun 19, 2019 6:22am
Quoting Rrrracer
In this situation, the long is somewhat risky because we are below a lot of stuff... weekly open and mid, weekly/monthly averages, etc... so we should primarily be looking to short... and that is my objective, but it has to be from the right spot. That said, Europe bought, so I'm rolling with what London did until I see otherwise. I would expect the bears to defend the weekly open/mid point aggressively, so just below that is my target, and if the action looks right and everything lines up, I will take a short from the open/mid area... but not because...
I thought it looked like it’s going down more too but there’s a crab on the chat and I don’t like to trade against those so I’m long
ex nihilo
  • #1,865
  • Jun 19, 2019 6:25am Jun 19, 2019 6:25am
Quoting Oc6oph
{quote} I understand I’d probably go broke using break even. I’m underwater for a good while a lot of times on my trades. If I used break even it would either stop me out or take me out at break even most trades
If you got stopped out, then your entry was in the wrong place or you were trading in the wrong direction. By getting stopped out you have preserved your trading capital and you get another change to re-evaluate the situation without doing damage to your account... instead of being wrong and potentially taking a big loss.

Sure sometimes price will come back, stop you out and then take off in the direction you expected, that does happen from time to time, but more often than not if it comes back it is likely coming back farther in which case I would want to be out of the position and evaluating my next move instead of sweating bullets, hoping and praying that price will eventually move in my favor. Hopes and prayers don't get far in this business LOL.
  • #1,866
  • Jun 19, 2019 6:28am Jun 19, 2019 6:28am
Quoting Rrrracer
{quote} If you got stopped out, then your entry was in the wrong place or you were trading in the wrong direction. By getting stopped out you have preserved your trading capital and you get another change to re-evaluate the situation without doing damage to your account... instead of being wrong and potentially taking a big loss. Sure sometimes price will come back, stop you out and then take off in the direction you expected, that does happen from time to time, but more often than not if it comes back it is likely coming back farther in which case...
I use break even once I’m up about 70 pips sometimes
ex nihilo
  • #1,867
  • Jun 19, 2019 6:33am Jun 19, 2019 6:33am
Quoting Oc6oph
{quote} I use break even once I’m up about 70 pips sometimes
LOL 70 pips, I would be socking that money away in my account... but I'm not primarily a swing trader, more into scalping until one of those trades turns into one that I want to hold. Average rotation in the EU is somewhere around 7-13 pips so I'm trying to nip bits and pieces here and there until the big one comes in, then hang on!

Bulls having a hard time putting in a new high here..
  • #1,868
  • Jun 19, 2019 6:33am Jun 19, 2019 6:33am
Quoting Oc6oph
{quote} I understand I’d probably go broke using break even. I’m underwater for a good while a lot of times on my trades. If I used break even it would either stop me out or take me out at break even most trades
there's an old thread we used to be on...........and i used to argue exactly the same thing at the beginning. I was making good money, using no stops, and adding to losing trades until it came back.....tripled my account in about 6 weeks. Then started to come those painful days (sometimes a week) when the market just doesnt turn and i took some humongous hits! Cried myself to sleep for days! Luckily digs (and others) hammered home to me that just doesnt work long term, and it also means u cant go and trade other pairs that are more volatile, because u will be finished pretty quick.

If ur getting stopped out all the time and losing ur account, ur entries are crap and u need to be more patient. Look back over a load of digs' charts and see where he is showing u where the best entry points are....they will all show u that u could have been at BE on ur trade very quickly and made all the pips u could possibly want, without touching ur SL again. Once u improve ur entries, u wont get stuck in painful DD for days, worried whats gonna happen or if ur gonna lose ur account, not trading anything else or trading what the market is telling u coz u have this big DD and its all u can concentrate on - should i cut it, will it reverse, shall i add to it, shall i double up etc etc. Been there, done that - A LOT! I like to think ive come out the other side now, still some bad / early entries (as i highlighted here on Monday), but in general im making money.

Ans yes, its always gutting when u see something come back around and u cut ur trade for a big loss..........but its massively worse when you leave one open, the market doesnt come back around and u watch ur account disappear!
  • #1,869
  • Jun 19, 2019 6:39am Jun 19, 2019 6:39am
If price moves in your favor, you move your stop to BE+1 and get taken out... if that happens 30 times, is that still not +30 pips?

Protect your account.. no matter what..
  • #1,870
  • Jun 19, 2019 6:39am Jun 19, 2019 6:39am
Quoting Jp1
{quote} there's an old thread we used to be on...........and i used to argue exactly the same thing at the beginning. I was making good money, using no stops, and adding to losing trades until it came back.....tripled my account in about 6 weeks. Then started to come those painful days (sometimes a week) when the market just doesnt turn and i took some humongous hits! Cried myself to sleep for days! Luckily digs (and others) hammered home to me that just doesnt work long term, and it also means u cant go and trade other pairs that are more...
I get decent entries but sometimes I’m going to be down 10-30 pips or so for days. I took 2 strong buy signals yesterday on AUDUSD and NZDUSD and I post my trades live so we’ll see how they go. Expecting a big move up
ex nihilo
  • #1,871
  • Jun 19, 2019 6:42am Jun 19, 2019 6:42am
I trade H4 mostly unless it’s USDJPY then it’s daily chart so 10-30 pip drawdown isn’t much on those scales
ex nihilo
  • #1,872
  • Jun 19, 2019 6:44am Jun 19, 2019 6:44am
Quoting Oc6oph
{quote} I get decent entries but sometimes I’m going to be down 10-30 pips or so for days. I took 2 strong buy signals yesterday on AUDUSD and NZDUSD and I post my trades live so we’ll see how they go. Expecting a big move up
And so u think this is a good entry, where ur 30 pips down for days? The right entry was obviously where that 30pips was!
  • #1,873
  • Jun 19, 2019 6:45am Jun 19, 2019 6:45am
Quoting Oc6oph
I trade H4 mostly unless it’s USDJPY then it’s daily chart so 10-30 pip drawdown isn’t much on those scales
Yeh true - if ur a swing trader i guess 30pips isnt much. Im just going off ur regularity of trades u mention on here, so assumed ur intraday trading more
  • #1,874
  • Jun 19, 2019 6:45am Jun 19, 2019 6:45am
Quoting Oc6oph
{quote} Why did you close
So slow, no volatility. There is couple of news today, will trade that.
  • #1,875
  • Jun 19, 2019 6:46am Jun 19, 2019 6:46am
Quoting Jp1
{quote} And so u think this is a good entry, where ur 30 pips down for days? The right entry was obviously where that 30pips was!
I haven’t been down but less than 1 pip or so drawdown so far on AUDUSD and NZDUSD last week I was down 10-33 pips for 3 days
ex nihilo
  • #1,876
  • Jun 19, 2019 6:48am Jun 19, 2019 6:48am
Quoting Jp1
{quote} Yeh true - if ur a swing trader i guess 30pips isnt much. Im just going off ur regularity of trades u mention on here, so assumed ur intraday trading more
Basing trades off of H4 has helped me a lot I’ve tried lose time frames with no success. Plus on a lot of trades based on H4 you’re going to get more pips like 100 or more
ex nihilo
  • #1,877
  • Jun 19, 2019 6:49am Jun 19, 2019 6:49am
CADCHF looking good to buy before the news.
  • #1,878
  • Jun 19, 2019 6:51am Jun 19, 2019 6:51am
Quoting Oc6oph
{quote} I haven’t been down but less than 1 pip or so drawdown so far on AUDUSD and NZDUSD last week I was down 10-33 pips for 3 days
Gah, that would be miserable. I thought I could give swing trading a go a while back, but definitely discovered I am more of an intraday trader. To each their own though, everyone has their own style and risk appetite.

Might get taken out here... bulls having a rough time with it, but it'll be for +1 LOL.
  • #1,879
  • Jun 19, 2019 6:51am Jun 19, 2019 6:51am
Quoting Rrrracer
{quote} LOL 70 pips, I would be socking that money away in my account... but I'm not primarily a swing trader, more into scalping until one of those trades turns into one that I want to hold. Average rotation in the EU is somewhere around 7-13 pips so I'm trying to nip bits and pieces here and there until the big one comes in, then hang on! Bulls having a hard time putting in a new high here..
Yes man H4 and these other time frames yield a lot of pips when you get a decent entry
ex nihilo
  • #1,880
  • Jun 19, 2019 6:53am Jun 19, 2019 6:53am
Quoting bigiivan
USD/ CHF: 0,10 lots SELL at 0,9980. SL at 1,0010.
Out + 7 pips. Obviously not today.
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