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Auslanco - GBP/JPY and GBP/USD (newstrade)

  • #40,721
  • Oct 16, 2007 9:15pm Oct 16, 2007 9:15pm
Quoting Hakuna Matata
4hr canlde closes in 1hr 10min
ive got my confirmed 1hr short signa in additon to otehrs
close below 100sma 4hr--and this will rock
I guess .. am done for the day .. goal is met
Just for your info, Japanese's treasuries is very bearish at the moment ..
  • #40,722
  • Oct 16, 2007 9:16pm Oct 16, 2007 9:16pm
no it won't. 235.9 and then most probably up again. i believe next stop on the way up is 244.28.

Quoting Hakuna Matata
4hr canlde closes in 1hr 10min
ive got my confirmed 1hr short signa in additon to otehrs
close below 100sma 4hr--and this will rock
Nihil Sine Deo.
  • #40,723
  • Oct 16, 2007 9:21pm Oct 16, 2007 9:21pm
For the benefit of newer traders, I will describe how I screwed up after getting 26 out of 29 wins in the last 24 hours.

I analyzed my trade 6 hours ago, and correctly determined what would happen during the Asian session. I placed my shorts between the US and asian sessions (right at the GJ peak). The market started down as soon as the japanese stock market opened, just as I expected.

Then I started worrying and overanalyzing the US afterhours data. I got nervous and closed my shorts, because I thought the market might reverse. At that point, I was happy, because I had booked a nice profit, even in the short time I kept my shorts.

Of course, when the market kept going down, I got pissed. I jumped in during the move down and of course the market did a quick move up. Like a complete newbie, I closed my short and opened a long for a retrace. A couple of minutes later, the market turned back down. I then made my last mistake by hedging my long right as the market finally reached bottom.

I broke all kinds of trading rules with that fiasco.

1. If you have a strategy you are comfortable with, enter your trades, set your stop and limit, and leave it alone.
2. If you are in a winning trade, don't exit too soon.
3. never try to enter into the middle of a fast move.
4. If you break rule no.3, for gods sake, give it a chance. Don't close it 30 seconds after you open it.
5. Never try to guess the bottom. If you are going to trade a retracement, analyze the charts and set up your trade instead of blindly guessing.

And the most important rule. If you have broken all the other rules, don't panic. Set up your next trade properly and you can recover your losses. I have already made back what I lost from my brief period of stupidity.
  • #40,724
  • Oct 16, 2007 9:22pm Oct 16, 2007 9:22pm
Quoting Hakuna Matata
thanks

Hi Hakuna Matata,

Congratulations! Actually,I had been waiting for decent retrace and missed the decent drop.We are not far from 200ema,do you think the long trend will turn if we go below it? Maybe a bounce off is also possible.
  • #40,725
  • Oct 16, 2007 9:23pm Oct 16, 2007 9:23pm
Quoting comeinvest
Hi everyone,

What is the correlation between Nikkei Index and GJ? Nikkei close lower will bring GJ down as well? Hope you guys can clear my doubt
yes
  • #40,726
  • Oct 16, 2007 9:27pm Oct 16, 2007 9:27pm
markam, you traded more than 29 times in the last 24 hours? that's quite a lot! are your targets very small?
  • #40,727
  • Oct 16, 2007 9:30pm Oct 16, 2007 9:30pm
Quoting kayman
FxManager Position Update

Short Position open at 20:12 EST @ 237.57.
(Aus is at work ..... )
In the spirit of keeping the forum informed of Aus's great support and work even when he is on vacation, I have posted this message. This position is now closed for 100+ pips.

Thank you.
Success has a Thousand Fathers.
  • #40,728
  • Oct 16, 2007 9:30pm Oct 16, 2007 9:30pm
Quoting comppro
markam, you traded more than 29 times in the last 24 hours? that's quite a lot! are your targets very small?
Some of them were trades I opened several days ago. I also open multiple trades when I place an entry, so I have the flexibility to close part of my position if I want to.

I will admit that one of the 29 trades was closed with 0.7 pips profit.
  • #40,729
  • Oct 16, 2007 9:31pm Oct 16, 2007 9:31pm
Asian session doesn't have too much power to shoot down. let's see in london start.
  • #40,730
  • Oct 16, 2007 9:31pm Oct 16, 2007 9:31pm
Quoting markam
let me know how that works out for you.
Not so good. Closed - 60 pips.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #40,731
  • Oct 16, 2007 9:33pm Oct 16, 2007 9:33pm
Quoting markam
Some of them were trades I opened several days ago. I also open multiple trades when I place an entry, so I have the flexibility to close part of my position if I want to.

I will admit that one of the 29 trades was closed with 0.7 pips profit.
LOL, me too, 4-5 positions closed with several pips gain today.
  • #40,732
  • Oct 16, 2007 9:34pm Oct 16, 2007 9:34pm
Quoting markam
For the benefit of newer traders, I will describe how I screwed up after getting 26 out of 29 wins in the last 24 hours.

I analyzed my trade 6 hours ago, and correctly determined what would happen during the Asian session. I placed my shorts between the US and asian sessions (right at the GJ peak). The market started down as soon as the japanese stock market opened, just as I expected.

Then I started worrying and overanalyzing the US afterhours data. I got nervous and closed my shorts, because I thought the market might reverse. At that point, I was happy, because I had booked a nice profit, even in the short time I kept my shorts.

Of course, when the market kept going down, I got pissed. I jumped in during the move down and of course the market did a quick move up. Like a complete newbie, I closed my short and opened a long for a retrace. A couple of minutes later, the market turned back down. I then made my last mistake by hedging my long right as the market finally reached bottom.

I broke all kinds of trading rules with that fiasco.

1. If you have a strategy you are comfortable with, enter your trades, set your stop and limit, and leave it alone.
2. If you are in a winning trade, don't exit too soon.
3. never try to enter into the middle of a fast move.
4. If you break rule no.3, for gods sake, give it a chance. Don't close it 30 seconds after you open it.
5. Never try to guess the bottom. If you are going to trade a retracement, analyze the charts and set up your trade instead of blindly guessing.

And the most important rule. If you have broken all the other rules, don't panic. Set up your next trade properly and you can recover your losses. I have already made back what I lost from my brief period of stupidity.
Excellent advise! Thanks Markam
  • #40,733
  • Oct 16, 2007 9:34pm Oct 16, 2007 9:34pm
Quoting jarroo
Not so good. Closed - 60 pips.

Jim
Don't worry, I am sure that your next long will shoot straight up to 251.
  • #40,734
  • Oct 16, 2007 9:35pm Oct 16, 2007 9:35pm
Quoting markam
Don't worry, I am sure that your next long will shoot straight up to 251.
Indicators show the past. Price Action "Indicates" the future.
  • #40,735
  • Oct 16, 2007 9:35pm Oct 16, 2007 9:35pm
Just trying to fill in the blank at the moment .. thought would be useful to share it .. it's a bit different from Aus' 15 min strategy
I took a short trade right after the confirmation of QQE(60) and the candle closed below the cloud. Got in a few pips late @236.94 and ride for 50 pips. If you can get in as close as to the cloud is even better after two confirmations of the above are met (Pls see chart).
Attached Image
  • #40,736
  • Oct 16, 2007 9:35pm Oct 16, 2007 9:35pm
Is everyone on here using some EA, and is one better than another? I really like AUS's 15m g/y trader for MT. Is there some other system I should be using as a newbie or is this fine? Also happy Bday HM.
  • #40,737
  • Oct 16, 2007 9:36pm Oct 16, 2007 9:36pm
Quoting markam
Some of them were trades I opened several days ago. I also open multiple trades when I place an entry, so I have the flexibility to close part of my position if I want to.

I will admit that one of the 29 trades was closed with 0.7 pips profit.
okay :
  • #40,738
  • Oct 16, 2007 9:40pm Oct 16, 2007 9:40pm
Quoting haliker
Is everyone on here using some EA, and is one better than another? I really like AUS's 15m g/y trader for MT. Is there some other system I should be using as a newbie or is this fine? Also happy Bday HM.

Yes,a lot of people learned to use EMA from HM,it works great and you can also refer to Karmo's Fibo analysis,from my observation,they mirror each other frequently.
  • #40,739
  • Oct 16, 2007 9:42pm Oct 16, 2007 9:42pm
Quoting mktjong
Just trying to fill in the blank at the moment .. thought would be useful to share it .. it's a bit different from Aus' 15 min strategy
I took a short trade right after the confirmation of QQE(60) and the candle closed below the cloud. Got in a few pips late @236.94 and ride for 50 pips. If you can get in as close as to the cloud is even better after two confirmations of the above are met (Pls see chart).

Your Ichimku settings. Would mind sharing. My seems to differ a little.http://www.forexfactory.com/images/icons/icon7.gif
  • #40,740
  • Oct 16, 2007 9:46pm Oct 16, 2007 9:46pm
Any1 could share those website showing dow jones and nikkei index?
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