Yes, waiting for the candle to close is critical. Consumer sentiment due out at the top of the hour. I was watching CNBC and there is a huge amount of call option buyers for the $100 strike in oil..that's not good.
- #7,721
- Oct 26, 2007 6:39am Oct 26, 2007 6:39am
- | Joined Apr 2005 | Status: Cruising The Outer Rim... | 2,175 Posts
- #7,722
- Oct 26, 2007 7:53am Oct 26, 2007 7:53am
- | Joined Apr 2005 | Status: Cruising The Outer Rim... | 2,175 Posts
- #7,723
- Oct 26, 2007 7:55am Oct 26, 2007 7:55am
- | Joined Oct 2007 | Status: Trader | 1,381 Posts
Damn, I took a 20 Pip loss (paper trading only) last night in the EURUSD. I thought it was bouncing off of recent resistence and going to come down to a trend line I had drawn. I set the stop loss right above the recent high, and the MACD was at the time showing a rounded top.
You live and learn
You live and learn
- #7,724
- Edited 8:33am Oct 26, 2007 8:19am | Edited 8:33am
Hi everyone, just want to post my weekly report. It looks like at least I have found my style of trading - very conservative one, and I'm really happy, as I feel very comfortable.
I have taken only two deals this week. One on the 24th of October U/J, a nice BOZ, off the 21 with the trend +25. Could have made more pips, but wanted to stick to the plan and was closed at breakeven.
And another trade is on E/U yesterday, again BOZ, off the 8MA with the trend +37. If I stayed in the trade with some part I could have made more, but my micro account doesn't allow me to do it, and I don't regret, as I said I'm a conservative trader.
I want to add something. When I started to trade this system, I was trading only RT's and RB's mostly against the trend, because they are so obvious! And my results were poor. I read Phillip saying "that's not what you are looking for, wait for a TC", but after loss I was too afraid to take TC. I'm so glad I have changed that horrible habit.
So all newcomers, don't repeat my mistake, focus on TC's patterns.
Nice that we are people making money, let's keep on and make Phillip to be proud of us.
Happy weekend to everyone!!!
I have taken only two deals this week. One on the 24th of October U/J, a nice BOZ, off the 21 with the trend +25. Could have made more pips, but wanted to stick to the plan and was closed at breakeven.
And another trade is on E/U yesterday, again BOZ, off the 8MA with the trend +37. If I stayed in the trade with some part I could have made more, but my micro account doesn't allow me to do it, and I don't regret, as I said I'm a conservative trader
.I want to add something. When I started to trade this system, I was trading only RT's and RB's mostly against the trend, because they are so obvious! And my results were poor. I read Phillip saying "that's not what you are looking for, wait for a TC", but after loss I was too afraid to take TC. I'm so glad I have changed that horrible habit.
So all newcomers, don't repeat my mistake, focus on TC's patterns.
Nice that we are people making money, let's keep on and make Phillip to be proud of us.
Happy weekend to everyone!!!
- #7,726
- Oct 26, 2007 8:54am Oct 26, 2007 8:54am
Hi everyone, just want to post my weekly report. It looks like at least I have found my style of trading - very conservative one, and I'm really happy, as I feel very comfortable.
I have taken only two deals this week. One on the 24th of October U/J, a nice BOZ, off the 21 with the trend +25. Could have made more pips, but wanted to stick to the plan and was closed at breakeven.
And another trade is on E/U yesterday, again BOZ, off the 8MA with the trend +37. If I stayed in the trade with some part I could have made more, but my micro account doesn't allow me to do it, and I don't regret, as I said I'm a conservative trader
I want to add something. When I started to trade this system, I was trading only RT's and RB's mostly against the trend, because they are so obvious! And my results were poor. I read Phillip saying "that's not what you are looking for, wait for a TC", but after loss I was too afraid to take TC. I'm so glad I have changed that horrible habit.
So all newcomers, don't repeat my mistake, focus on TC's patterns.
Nice that we are people making money, let's keep on and make Phillip to be proud of us.
Happy weekend to everyone!!!
Hello Ira, excellent post and absolutely a great advise to stick to trend continuation pattern (TC) when beginning or improving our successful rate with this great method.
Yesterday, I have made a long trade on USD/CHF at 1.1657 on the round bottom (agains current down trade) on the 04:00 to 08:00 candle and this was a wrong decision which costed me 35 pips fortunately on a micro-lot.
However, I have learned and accepted from my mistake. A round bottom which is usually against the current trend need to have lot of confirmation before we can call it a high probability trade and this one was not.
Maybe, the reason to took it was that I wanted more pips for the week which were arlready at + 80 pips. Wrong idea and wrong reason!
TC are really the best ones to follow as they are with the trend and respect beautifully the motion of the market especially when bouncing from the 21 EMA.
Great week-end to all and hope we make a lot of pips again next week
Sincerely
Shreem
- #7,727
- Oct 26, 2007 9:03am Oct 26, 2007 9:03am
- | Joined Oct 2007 | Status: Trader | 1,381 Posts
Damn, I took a 20 Pip loss (paper trading only) last night in the EURUSD. I thought it was bouncing off of recent resistence and going to come down to a trend line I had drawn. I set the stop loss right above the recent high, and the MACD was at the time showing a rounded top.
You live and learn
Had I taken this 2nd trade strategy I would have lost 20 Pips on my original trade (as I lost) ,but now be up 36 Pips in the second trade. Overall +16 pips.
Does anyone apply this method very often?
- #7,729
- Oct 26, 2007 9:31am Oct 26, 2007 9:31am
- Joined Jul 2007 | Status: Screw Long Term 5min For Life! | 1,259 Posts
Keep taking CT trades, I need more money
- #7,730
- Oct 26, 2007 9:33am Oct 26, 2007 9:33am
- Joined Jul 2007 | Status: Screw Long Term 5min For Life! | 1,259 Posts
Keep taking CT trades, I need more money
- #7,732
- Oct 26, 2007 10:14am Oct 26, 2007 10:14am
Hello, everyone especially IRA. It is amazing to see how you and i are developing together in this system. I remember those round top and bottom days. it was not long ago only a few months back.
I have not been very active in the thread lately because i realized that i needed to re-evaluate some bad trading habbits that i was beggining to develop. Sure we all read the warnings from more experienced trader about dont do this dont do that. learn from my mistakes , i am trying to save you some agonizing years. BUT a very experienced trader on this forum said to me at a point when i was almost ready to quit that " YOU ARE GOING THROUGH A NATURAL LEARNING CURVE. EVERYONE ONE GOES THROUGH IT NO MATTER WHAT THEY SAY. " And that just stuck with me. i realized that i was at a point where most of the people quit. BUT due to the amazing support and encouragement from my fellow thread members and of course PHILLIP
, i decided to take a back seat and realize my mistakes. I am sure this system is very easy for those of you who have been trading for quite a few years. But for those like me who started learning few months back IT IS OK TO MAKE FEW MISTAKES. just not drastic ones 
. More important is that you learn from them. i have realized that because of this forum my learning time is cut in half. Also remember what phillip said .
DONT FOLLOW THE SYSTEM- KNOW THE SYSTEM.
This system humbles you as a trader, teaches you patience and dicipline.
I know it has been a while since my last speech
.i used to give them regularly. 
. This week i did only 2 trade on EURO TC yesterday and made 71 pips. I have promise myself not to touch yen and GU and,i did not. Until i am ready. ( talk about patience and dicipline).I think i am done. i am not done learning and probably will make some more mistakes before i can say that " I THINK I AM OK NOW". . Thankyou all and good luck.
Nadia.
I have not been very active in the thread lately because i realized that i needed to re-evaluate some bad trading habbits that i was beggining to develop. Sure we all read the warnings from more experienced trader about dont do this dont do that. learn from my mistakes , i am trying to save you some agonizing years. BUT a very experienced trader on this forum said to me at a point when i was almost ready to quit that " YOU ARE GOING THROUGH A NATURAL LEARNING CURVE. EVERYONE ONE GOES THROUGH IT NO MATTER WHAT THEY SAY. " And that just stuck with me. i realized that i was at a point where most of the people quit. BUT due to the amazing support and encouragement from my fellow thread members and of course PHILLIP
, i decided to take a back seat and realize my mistakes. I am sure this system is very easy for those of you who have been trading for quite a few years. But for those like me who started learning few months back IT IS OK TO MAKE FEW MISTAKES. just not drastic ones . More important is that you learn from them. i have realized that because of this forum my learning time is cut in half. Also remember what phillip said . DONT FOLLOW THE SYSTEM- KNOW THE SYSTEM.
This system humbles you as a trader, teaches you patience and dicipline.
I know it has been a while since my last speech
.i used to give them regularly. . This week i did only 2 trade on EURO TC yesterday and made 71 pips. I have promise myself not to touch yen and GU and,i did not. Until i am ready. ( talk about patience and dicipline).I think i am done. i am not done learning and probably will make some more mistakes before i can say that " I THINK I AM OK NOW". . Thankyou all and good luck.Nadia.
TRADE WHAT YOU SEE... FOCUS ON SUCCESS
- #7,733
- Oct 26, 2007 11:23am Oct 26, 2007 11:23am
- | Joined Apr 2005 | Status: Cruising The Outer Rim... | 2,175 Posts
- #7,735
- Oct 26, 2007 1:09pm Oct 26, 2007 1:09pm
- | Joined Feb 2007 | Status: Trader | 2,749 Posts
Hello, everyone especially IRA. It is amazing to see how you and i are developing together in this system. I remember those round top and bottom days. it was not long ago only a few months back.
I have not been very active in the thread lately because i realized that i needed to re-evaluate some bad trading habbits that i was beggining to develop. Sure we all read the warnings from more experienced trader about dont do this dont do that. learn from my mistakes , i am trying to save you some agonizing years. BUT a very experienced trader on this forum said to me at a point when i was almost ready to quit that " YOU ARE GOING THROUGH A NATURAL LEARNING CURVE. EVERYONE ONE GOES THROUGH IT NO MATTER WHAT THEY SAY. " And that just stuck with me. i realized that i was at a point where most of the people quit. BUT due to the amazing support and encouragement from my fellow thread members and of course PHILLIP
DONT FOLLOW THE SYSTEM- KNOW THE SYSTEM.
This system humbles you as a trader, teaches you patience and dicipline.
I know it has been a while since my last speech
Nadia.
Well done Nad, I always know you had it in you. I was in the same situation in Apr 2007. Trying to learn and trade the 4h MACD system as well as Phillip's 5min system. Disaster on disaster. SO I decided to concentrate for the next 6 months on 5min system to "master" it. Eventually it took me 8months and I am more confident now.
In Nov I'll start to concentrate on the 4h MACD again - only the EUR and Cable to start and only TCs setups. I decided only to listen to Phillip and his mp3 files before joining the Skype chat again. Because of several reasons I did find the chat very confusing in the past. One of the reasons because I didn't understand the markets and the system. Once you understand the markets (the way Phillip wants you do read it) the Skype chat will make more sense.
What I am trying to say is, make sure you are familair with the system/market motions when joining the Skype chat. I may be mistaken but it is just my opinion. There is much to learn - before joining the chat and during the chats.
Willem
Forex recipe for success = Patience, discipline & hard work.
- #7,736
- Oct 26, 2007 1:10pm Oct 26, 2007 1:10pm
- Joined Jul 2007 | Status: Screw Long Term 5min For Life! | 1,259 Posts
Keep taking CT trades, I need more money
- #7,737
- Oct 26, 2007 1:12pm Oct 26, 2007 1:12pm
- Joined Jul 2007 | Status: Screw Long Term 5min For Life! | 1,259 Posts
Hi Nad
Well done Nad, I always know you had it in you. I was in the same situation in Apr 2007. Trying to learn and trade the 4h MACD system as well as Phillip's 5min system. Disaster on disaster. SO I decided to concentrate for the next 6 months on 5min system to "master" it. Eventually it took me 8months and I am more confident now.
In Nov I'll start to concentrate on the 4h MACD again - only the EUR and Cable to start and only TCs setups. I decided only to listen to Phillip and his mp3 files before joining the Skype chat again. Because of several reasons I did find the chat very confusing in the past. One of the reasons because I didn't understand the markets and the system. Once you understand the markets (the way Phillip wants you do read it) the Skype chat will make more sense.
What I am trying to say is, make sure you are familair with the system/market motions when joining the Skype chat. I may be mistaken but it is just my opinion. There is much to learn - before joining the chat and during the chats.
I am in the Skype chat as well. The hardest part of a chat is not wanting to "Jump in" with everyone else, also in past chats people would only post winners and that will make you feel bad. Take the chat with a grain of salt or just read what Phillip posts.
Keep taking CT trades, I need more money
