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The Moneybags journal

  • #21
  • Jan 16, 2008 11:13am Jan 16, 2008 11:13am
Not too much to report.
I haven't been paying as much attention to this thread and the market in general. My wife and I are expecting a little one any day now so that's been taking up my time as you can imagine.

AUDNZD breakout happened but was real sloppy. Price jumped back up. I stayed away and will stay away. That pair is tough to deal with sometimes.

USDJPY obviously broke down as well, so that was good for some pips.
Today it has jumped back up.

Tom
  • #22
  • Jan 23, 2008 12:14pm Jan 23, 2008 12:14pm
I'm finally back here. I need to do a better job of keeping up with this journal.
On Friday Jan. 18th, me and my wife welcomed an 8lbs baby boy to our family (our first). Everything went great and all of us are doing good.

One piece of advice I have for people: The last few days before the birth of your child, I'd keep trading to a minimum, or stop completely if possible.
I made some really stupid trades those days...
  • #23
  • Jan 23, 2008 12:15pm Jan 23, 2008 12:15pm
Daily AUDCAD trade I'm in.
Price broke PPZ and trendline. Re-tested both and formed a Pin bar.
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  • #24
  • Jan 23, 2008 1:16pm Jan 23, 2008 1:16pm
Quoting moneybags
Daily AUDCAD trade I'm in.
Price broke PPZ and trendline. Re-tested both and formed a Pin bar.
Funny I am new and am being schooled by TikiTrader on this very play here. I am in as well at .8929. Using small $. TP @ .9150??? This will be fun to watch. Hopefully it will be a good play. I would say good luck but that would be an insult to all the diligent work that you have put into knowing how to trade. So I'll just say I wish you the best.

BTW, congrats on the new addition. I have three children and I could not imagine life without any of them.


KissFan
  • #25
  • Jan 23, 2008 3:27pm Jan 23, 2008 3:27pm
Hey KF,

Thanks for the congrats. It's been an amazing experience so far having a baby.

And I'll never take offense to any good luck wishing for trades.
I'll take anything I can get and sometimes a little luck is needed.
Let's see where this thing can go.

Tom
  • #26
  • Jan 23, 2008 4:31pm Jan 23, 2008 4:31pm
DADDY!

haha

looking forward to seein the new baby pics
  • #27
  • Jan 23, 2008 6:10pm Jan 23, 2008 6:10pm
Quoting moneybags
Daily AUDCAD trade I'm in.
Price broke PPZ and trendline. Re-tested both and formed a Pin bar.
I took this PB also. Two spikes put me in and out of the trade. I always use stop orders for entering and exiting my trades. A spike took my buy stop order by 1 pip. Then it retraced exactly where my stop loss was and took off. Shit happens...
I place my SL beyond the 61.8% FIB of the PB but not beyond the H/L of the PB. What I've found is that my winners don't retrace too much so putting the SL beyond the PB is giving the trade tooooo much space and it affects my R:R as my risk would be bigger. Normally when it retraces that much it is a loss and having a smaller SL makes my profit more significant since adjust my position size to my SL and not otherwise. However that PB still looks valid...

Just wanted to share I hope it makes sense.

Fabian.
  • #28
  • Edited 8:21pm Jan 23, 2008 7:32pm | Edited 8:21pm
This is why I have begun to give some more space for my pending orders.... just hate when this happens to me... better to put the order another 10 or 15 pips out and lose those pips, rather than get ticked off by a pip... and lose more... ( HA Hope you got the pun... !!! ) I know it affects R:R... but I deal with it...

Quoting Melinni
I took this PB also. Two spikes put me in and out of the trade. I always use stop orders for entering and exiting my trades. A spike took my buy stop order by 1 pip. Then it retraced exactly where my stop loss was and took off. Shit happens...
I place my SL beyond the 61.8% FIB of the PB but not beyond the H/L of the PB. What I've found is that my winners don't retrace too much so putting the SL beyond the PB is giving the trade tooooo much space and it affects my R:R as my risk would be bigger. Normally when it retraces that much it is a loss and having a smaller SL makes my profit more significant since adjust my position size to my SL and not otherwise. However that PB still looks valid...

Just wanted to share I hope it makes sense.

Fabian.
  • #29
  • Jan 23, 2008 10:28pm Jan 23, 2008 10:28pm
Yeah, getting your entry and/or exit clipped by a few pips always sucks.
It happens often enough but that's part of the game. It's unavoidable for the most part.

No matter how far you put your entry or stop loss, there will always be that time where you'll get taken out by a few pips or less. It sucks, but you have to forget it and move on. There will be times where that works in your favor too. I've had trades where price came within pips of my stop loss only to reverse and go in my direction. Although that scenario seems to happen less often.

That's an interesting way of setting your stop loss for pin bars Fabian.
I understand where you're coming from. It's all about what works best for you. If through backtesting and experience you establish a belief, then that's what you'll trade.
The one thing you might want to consider for that type of exit strategy, is the pair you're trading and market conditions. The AUDCAD is very jumpy so it might not work as well as for other more smooth pairs.
I hope that makes sense.

Tom
  • #30
  • Jan 23, 2008 10:31pm Jan 23, 2008 10:31pm
Quoting mbqb11
DADDY!

haha

looking forward to seein the new baby pics
LOL.
Don't worry bro.
I'll hook you up.
  • #31
  • Jan 24, 2008 11:25am Jan 24, 2008 11:25am
Quoting moneybags
The one thing you might want to consider for that type of exit strategy, is the pair you're trading and market conditions. The AUDCAD is very jumpy so it might not work as well as for other more smooth pairs.
I hope that makes sense.

Tom
Hi Tom!
It makes a lot of sense to me... I never take care of those things but I guess I'll start doing it, not all pairs behave the same but again, I haven't taken that in consideration!
Thanks for your enlighting answer....

best,

Fabian
  • #32
  • Jan 24, 2008 2:13pm Jan 24, 2008 2:13pm
No problem Fabian. It's someting else to think about I guess.
Another tough pair to trade is the AUDNZD.
Setting entries and exits can be pretty tough sometimes. Price whipsaws up and down all the time so you always have to give it some room.
  • #33
  • Last Post: Jan 29, 2008 6:02pm Jan 29, 2008 6:02pm
Having a baby has really affected my ability to post....
For some reason I dont have as much time on my hands.

Anyway, here's a setup I'm looking at.
I4B for USDCHF. Possibly a reversal coming, or this thing will break down and drop hard. I guess the interest rate announcement tomorrow might do the trick either way.
Price has been consolidating more or less the last 4-5 days. It's ready to make a move.
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