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  • #2,081
  • Jun 26, 2007 5:10pm Jun 26, 2007 5:10pm
Quoting steviet
- how you doing bro?

The GBPCHF is just dying to break the 2.4500 level and if it goes we should see a nice move down. USDJPY currently plus 45 pips - not so confident on this one as the market seems undecided as to whether it's time for a major correction on the yen.

Let's see how this pans out...

Kind Regards
Steve

I'm okay I guess, could always do and be better

Thanks.

Well, don't know if this will help of confuse, but here, I'll donate some of my chart candy with some curvefittingly sweet lower targets if all the lows we had break and 122.80 properly gives way to the downside.


I currently believe xxx.80s are s/r levels on USDJPY.
120.88 was, 121.80 was and now 122.80.
These sort of patterns emerge after a while..either that or I take too many drugs without knowing ;p


Blue marks the spots in this case if we do make new lows.
Attached Image
Trust price. Know yourself.
  • #2,082
  • Jun 26, 2007 11:47pm Jun 26, 2007 11:47pm
OK, an interesting Asian session - lets see what London & New York has to offer. Current trades...

USDJPY short from 123.65 currently plus 111 pips (t/p set at 121.91)
GBPCHF short from 2.4554 currently plus 46 pips
USDCAD long from 1.0740 currently minus 12 pips
USDCAD long from 1.0742 currently minus 14 pips
EURUSD long from 1.3410 currently plus 16 pips
EURAUD long from 1.5906 currently plus 53 pips

Kind Regards
Steve
  • #2,083
  • Jun 27, 2007 12:54am Jun 27, 2007 12:54am
  •  markt
  • | Joined Jan 2007 | Status: Would be... Full time trader | 88 Posts
Firstly, seekinglight... great chart! I hold my hat up to you guys (oh yes and not forgetting you Stevie! he he!) I think for sure great progress is now being made. That includes less stress, no sleepless nights and a genuine belief that each trade decision is yes... "the right one". I trade a completely different way, well I feel like I do, but admire how you guys do it.
Still looking forward to that pint Stevie!
Great trading by the way!
  • #2,084
  • Jun 27, 2007 1:55am Jun 27, 2007 1:55am
Quoting markt
Firstly, seekinglight... great chart!


Lol, thanks markt, but I think it's quite ugly myself ;p

Bit clogged and I just love them small timeframe trendlines, but I just wanted to point out potential areas of s/r and show how I got the head and shoulders projection. No idea if it even is one, but if it were, then around 122ish will be the initial target. My over night failsafe limit was hit at 122.50 (I got jerked by 70 pips after missing a limit by 5 pips the other day due to me napping 3-4 hours, I was NOT amused) but my shorts on the crosses are still on.

MIGHT get a last final push. I can already see the greed in the asian housewives' eyes, so let's be careful and tread lightly
Trust price. Know yourself.
  • #2,085
  • Jun 27, 2007 10:29am Jun 27, 2007 10:29am
Steve,

Great journal.... i have been lurking. I have learned a lot from individuals such as yourself. Using some of your methods along with others on this forum I am up $2.8 K in three days. My back tested results are very encouraging.

I use two standard lots per/pair I trade so that's about 150 pips.
--------------------------------------------------------------------------

Trendline, mabye this will help about the question about rules and taking profit... Here is something I have written in my daily trading plan.

IF A retracement of a bigger trend and how long will it last based on support and resistance levels Usually you will see a substantial move and then retracement and so on…..

It is always OK to take profits You can take profits…. God willing there will be another trade if you miss a long profit run and it is always possible to get back in the trade using the appropriate indicators.



I personally take the profits.... Then get back in using a conservative stop loss I "eyeball manually"... I get back in when I get signs that the retracement is over.... so far it is working pretty good. I use the 1h and 4h to see the retracement, then candle pattern, MACD, pivots, fib helps me know when to take my profit on the retracement and then get back in when the trend continues the move.

There is also a hedging strategy to place an order in the opposite direction once you see the move retracing so you lock in profits either way...

That's my 2 pips... hopefully it's worthy more.

Happy pippin, and God bless

Trader 31

IMHO why not take the profits..... If we do not die and the Lord does not return the market should still be there for us to get into another trend profit run should we miss some pips....
  • #2,086
  • Edited 10:58am Jun 27, 2007 10:43am | Edited 10:58am
Quoting trader31
Steve,

Great journal.... i have been lurking. I have learned a lot from individuals such as yourself. Using some of your methods along with others on this forum I am up $2.8 K in three days. My back tested results are very encouraging.

I use two standard lots per/pair I trade so that's about 150 pips.
--------------------------------------------------------------------------

Trendline, mabye this will help about the question about rules and taking profit... Here is something I have written in my daily trading plan.

IF A retracement of a bigger trend and how long will it last based on support and resistance levels Usually you will see a substantial move and then retracement and so on…..

It is always OK to take profits You can take profits…. God willing there will be another trade if you miss a long profit run and it is always possible to get back in the trade using the appropriate indicators.



I personally take the profits.... Then get back in using a conservative stop loss I "eyeball manually"... I get back in when I get signs that the retracement is over.... so far it is working pretty good. I use the 1h and 4h to see the retracement, then candle pattern, MACD, pivots, fib helps me know when to take my profit on the retracement and then get back in when the trend continues the move.

There is also a hedging strategy to place an order in the opposite direction once you see the move retracing so you lock in profits either way...

That's my 2 pips... hopefully it's worthy more.

Happy pippin, and God bless

Trader 31

IMHO why not take the profits..... If we do not die and the Lord does not return the market should still be there for us to get into another trend profit run should we miss some pips....
Excellent post trader31 and well done on your profits these last few days. I only wish I was able to afford to trade with a larger capital but that day will come

It's a little spooky your post as I'm considering doing just that later on 4 of my trades that are now up over 350 pips as I write this. I need to learn that I don't necessarily need to squeeze the last pips out and can simply wait for a retracement then go again. Alternatively, I can look at other pairs for similar set ups.

Kind Regards
Steve
  • #2,087
  • Jun 27, 2007 2:15pm Jun 27, 2007 2:15pm
Quoting steviet
Excellent post trader31 and well done on your profits these last few days. I only wish I was able to afford to trade with a larger capital but that day will come

It's a little spooky your post as I'm considering doing just that later on 4 of my trades that are now up over 350 pips as I write this. I need to learn that I don't necessarily need to squeeze the last pips out and can simply wait for a retracement then go again. Alternatively, I can look at other pairs for similar set ups.

Kind Regards
Steve


Annoying this forex trading isn't it???

Since I wrote this post about three and a half hours ago, those 4 trades have become 3 in profit and their net pip gain is now standing at just 260. In addition to this, the losing trades are now minus 145!

At first I figured this was just a little retracement and profit taking - now I'm not so convinced. Should've closed the trades then but isn't hindsight a wonderful thing lol. Open profit on all trades is exactly half that of just a few hours ago.

As a result, I've locked in 50 pips on the USDJPY short (currently plus 79) and 100 pips on the EURAUD long (currently plus 134).

Let's see what Asia brings....

Kind Regards
Steve
  • #2,088
  • Jun 27, 2007 4:20pm Jun 27, 2007 4:20pm
Quoting steviet


Annoying this forex trading isn't it???

Since I wrote this post about three and a half hours ago, those 4 trades have become 3 in profit and their net pip gain is now standing at just 260. In addition to this, the losing trades are now minus 145!
Looked that gift horse in the mouth did we. You should of been hitting that (TAKE PROFIT BUTTON) instead of sending me instant messages..LOL

DAMM YOU MARKET

Give Steve his pips back
  • #2,089
  • Jun 27, 2007 4:29pm Jun 27, 2007 4:29pm
Quoting turbokaos
Looked that gift horse in the mouth did we. You should of been hitting that (TAKE PROFIT BUTTON) instead of sending me instant messages..LOL

DAMM YOU MARKET

Give Steve his pips back
HAHAHAHA

So, USDJPY short from 123.65 stopped out for +50. Got up to 130 at one stage but it's another win :

June pips: +536

Kind Regards
Steve
  • #2,090
  • Jun 27, 2007 10:46pm Jun 27, 2007 10:46pm
Overnight, EURAUD long from 1.5906 stopped out for +100 pips. This one did get up to +181 at one point but a hundred will do.

June pips: +636

Kind Regards
Steve
  • #2,091
  • Jun 28, 2007 7:25am Jun 28, 2007 7:25am
Quoting trader31
Steve,

Great journal.... i have been lurking. I have learned a lot from individuals such as yourself. Using some of your methods along with others on this forum I am up $2.8 K in three days. My back tested results are very encouraging.

I use two standard lots per/pair I trade so that's about 150 pips.
--------------------------------------------------------------------------

Trendline, mabye this will help about the question about rules and taking profit... Here is something I have written in my daily trading plan.

IF A retracement of a bigger trend and how long will it last based on support and resistance levels Usually you will see a substantial move and then retracement and so on…..

It is always OK to take profits You can take profits…. God willing there will be another trade if you miss a long profit run and it is always possible to get back in the trade using the appropriate indicators.



I personally take the profits.... Then get back in using a conservative stop loss I "eyeball manually"... I get back in when I get signs that the retracement is over.... so far it is working pretty good. I use the 1h and 4h to see the retracement, then candle pattern, MACD, pivots, fib helps me know when to take my profit on the retracement and then get back in when the trend continues the move.

There is also a hedging strategy to place an order in the opposite direction once you see the move retracing so you lock in profits either way...

That's my 2 pips... hopefully it's worthy more.

Happy pippin, and God bless

Trader 31

IMHO why not take the profits..... If we do not die and the Lord does not return the market should still be there for us to get into another trend profit run should we miss some pips....
hey thanks trader good advice. ya even though went to break even it went down again for some serious profit. was up over a grand so decided to close my trade. i dont use alot of indicators as it will only clutter my charts. the only thing i use is stochs and ma's thats it. the daily is very predictable as far as where the trend is headed. i dont like to trade big pip spread also i prefer 4 or less that way im not soo far behind. but i do look at the g/y to see where the other yen pairs are headed though. i closed all my trade as i dont know where the yen pairs are headed. banked some money so im not worried about any more trade this week. looks like with the holiday next week there wont be alot of movement at all till late next week or even the following week. again thanks for the advice.
  • #2,092
  • Jun 28, 2007 7:27am Jun 28, 2007 7:27am
Quoting steviet
Overnight, EURAUD long from 1.5906 stopped out for +100 pips. This one did get up to +181 at one point but a hundred will do.

June pips: +636

Kind Regards
Steve

hey steve did you change our strategy, and are now taking profit target?
or maybe you meant that the last candle stopped you out?

thanks
  • #2,093
  • Jun 29, 2007 9:36am Jun 29, 2007 9:36am
Well, today has had everything as far as my trades are concerned! I'm sure glad I was at work during the day or I may possibly have had a nervous breakdown

Let me explain.....

OK, as some of you may know I took 2 long positions in USDCAD at the start of the week at 1.0740 & 1.0742. Stop losses were really 'disaster stops' at 50 pips below the multi year lows at 1.0499.

All week the positions have been meandering downwards but still inside the recent daily channel but I see today we have had a monster spike downwards which has stopped both positions out for minus 241 & minus 243 pips. These have been my biggest losses by far & I really should've known as it is the loonie we are talking about lol. Of course it's now shot back up over 1.0600 just to rub salt in the wound

The two remaining trades I've fared a little better....

My EURUSD long from 1.3410 from last week has finally broken through resistance and I'm currently plus 120 pips with 50 locked in.

My GBPCHF short taken off last weeks weekly bar has recovered nicely. Earlier in the week it was up as far as 80 pips but last night went to minus 140 pips at worst. I was going to take a second short then but didn't - doh! Anyhow, it's now at plus 25 pips and I hope the longer term downward move has begun. Stop is still currently above last weeks high.

Bloody Fridays hahahaha

June pips: +192

Kind Regards
Steve
  • #2,094
  • Jun 29, 2007 9:44am Jun 29, 2007 9:44am
I don't think i needed to say more but FF made me.. LOL
  • #2,095
  • Jun 29, 2007 10:37am Jun 29, 2007 10:37am
Quoting steviet

OK, as some of you may know I took 2 long positions in USDCAD at the start of the week at 1.0740 & 1.0742. Stop losses were really 'disaster stops' at 50 pips below the multi year lows at 1.0499.

All week the positions have been meandering downwards but still inside the recent daily channel but I see today we have had a monster spike downwards which has stopped both positions out for minus 241 & minus 243 pips. These have been my biggest losses by far & I really should've known as it is the loonie we are talking about lol. Of course it's now shot back up over 1.0600 just to rub salt in the wound
Was short 1.0650, was up +80, wen to take a nap for 90 minutes, woke up, saw my PL go to +0 within the next 5 hours. Was worth a full 1% of my account at the peak this position.

The spike happened EXACTLY 30 minutes after I turned the light out...

I feel with you.

Let's have an all the better weekend, shall we?

Here's to us nervewrecked ole fools

Take care,


SeekingLight
Trust price. Know yourself.
  • #2,096
  • Jun 29, 2007 11:24am Jun 29, 2007 11:24am
Nooooo

Just kidding, you're gonna make them back and you know it. I think we both went long immaturely on USDCAD, but I sort of held on realizing my mistake and I watched it drop a little (124 pips is a little.. right? right?) then, as loonie news came in and I was pretty loonie myself, life became beautiful again. Guess I was lucky, but you really should try to smuggle some charts in to the job, check them during lunch break or something. News does make a difference when it's strong! And our northern neighbours, the Canucks, are wild..very wild. Think Scottish.

Anyway good to see you're still laughing it after seeing your gains fall. You really are an inspiration mate, I would probably collapse if this happened with my money and I never thought I'd be saying it to a darn Brit. You rule.

Good luck bro
Virtue finds and chooses the mean. Aristotle, Ethica Nichomachea
  • #2,097
  • Jun 29, 2007 11:45am Jun 29, 2007 11:45am
Quoting SeekingLight
Was short 1.0650, was up +80, wen to take a nap for 90 minutes, woke up, saw my PL go to +0 within the next 5 hours. Was worth a full 1% of my account at the peak this position.

The spike happened EXACTLY 30 minutes after I turned the light out...

I feel with you.

Let's have an all the better weekend, shall we?

Here's to us nervewrecked ole fools

Take care,


SeekingLight
LOL,

I really don't know why I even bother trading the loonie - let's just say I never seem to be quite in sync with this pair

The 400+ pips equated to just under 5% of my capital so it's not as bad as it could be and believe it or not, my capital is still up 1.3% on the month with 2 positions open currently around 130 pips up.

Sorry to hear about your trade today but that's why we love it isn't it?

Kind Regards
Steve
  • #2,098
  • Jun 29, 2007 11:55am Jun 29, 2007 11:55am
Quoting Plutonite
Nooooo

Just kidding, you're gonna make them back and you know it. I think we both went long immaturely on USDCAD, but I sort of held on realizing my mistake and I watched it drop a little (124 pips is a little.. right? right?) then, as loonie news came in and I was pretty loonie myself, life became beautiful again. Guess I was lucky, but you really should try to smuggle some charts in to the job, check them during lunch break or something. News does make a difference when it's strong! And our northern neighbours, the Canucks, are wild..very wild. Think Scottish.

Anyway good to see you're still laughing it after seeing your gains fall. You really are an inspiration mate, I would probably collapse if this happened with my money and I never thought I'd be saying it to a darn Brit. You rule.

Good luck bro
Hi Plutonite,

Yup, with these longer term set ups I'm looking at, I place my initial stop loss at a point where I believe the trade is a bad call. Sometimes this maybe 200 or even 300 pips from my entry so to see it go say 150 pips down is not a problem to me. For example, the GBPCHF short has been plus 80, minus 140 and is now just back into profit.

I'm not in the habit of closing the trade prematurely whilst in a loss as my initial reason for getting in the trade and the stop loss position should still stand.

I do believe in stop losses on every trade but here was one where if I ddn't have one I'd currently be around minus 240 pips and still in, instead of being stopped out for minus 444.

I'm still not convinced I'm good enough at this business to justify adding to my account as I initially planned at this stage. Frustrated? Yes. Beaten? Never

Thanks for your kind words bro

Kind Regards
Steve
  • #2,099
  • Jun 29, 2007 12:28pm Jun 29, 2007 12:28pm
stevie, these drawdowns are pretty brutal. since its the end of month i would look at your trading history and see what is happening.

i can see you riding the winners quite comfortably, it's your losses i think need some attention. what's going on???

sorry about the lecture bro, just trying to help...

ps: have a nice weekend!

Quoting steviet
Well, today has had everything as far as my trades are concerned! I'm sure glad I was at work during the day or I may possibly have had a nervous breakdown

Let me explain.....

OK, as some of you may know I took 2 long positions in USDCAD at the start of the week at 1.0740 & 1.0742. Stop losses were really 'disaster stops' at 50 pips below the multi year lows at 1.0499.

All week the positions have been meandering downwards but still inside the recent daily channel but I see today we have had a monster spike downwards which has stopped both positions out for minus 241 & minus 243 pips. These have been my biggest losses by far & I really should've known as it is the loonie we are talking about lol. Of course it's now shot back up over 1.0600 just to rub salt in the wound

The two remaining trades I've fared a little better....

My EURUSD long from 1.3410 from last week has finally broken through resistance and I'm currently plus 120 pips with 50 locked in.

My GBPCHF short taken off last weeks weekly bar has recovered nicely. Earlier in the week it was up as far as 80 pips but last night went to minus 140 pips at worst. I was going to take a second short then but didn't - doh! Anyhow, it's now at plus 25 pips and I hope the longer term downward move has begun. Stop is still currently above last weeks high.

Bloody Fridays hahahaha

June pips: +192

Kind Regards
Steve
  • #2,100
  • Jun 29, 2007 12:47pm Jun 29, 2007 12:47pm
Quoting Isotonic
stevie, these drawdowns are pretty brutal. since its the end of month i would look at your trading history and see what is happening.

i can see you riding the winners quite comfortably, it's your losses i think need some attention. what's going on???

sorry about the lecture bro, just trying to help...

ps: have a nice weekend!
Hi Iso,

Yup, well I'm now winning over 70% of trades and before this latest 'disaster' I was over 6% up for the month. Why I decided to open 2 trades on the USDCAD I really don't know - if it was just one then it wouldn't be such an issue.

Sometimes I feel I'm further away from really nailing this than I've ever been. I'm able to at least break even but then so could anyone just placing a buy or sell with 100 pip t/p and 100 pip s/l on any pair, any time.

To be quite honest, behind the jokey front I'm pretty pissed off with how things are going although if I were to close my two open trades now, that'd be an extra 150 odd pips making a monthly total of nearly 350 - not bad.

I have an hour to decide - answers on a postcard please

Kind Regards
Steve
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