there is a correction on my charts there is no long signal on audjpy the rsi on the daily for the closed candle was 4996 so we have shorts in gbpjpy,eurjpy,cadjpy and gbpusd no trade on gbpchf now that makes sense so if audjpy and the rest of the yen pairs go short a total confirmation to get on the good ship gbpjpy
as i have mentioned before i dont use pivot points or fibs to enter trades but like any indicator they help sometimes to confirm what already is. the intersting thing is this the gbpjpy,eurjpy and the cadjpy there daily pivot and the 38% fib retrace level coinside which is called confluence so if we get a retrace to these levels and they bounce and form a signal that will be even more conformation that we are going on a ride weeeeeeeeeeee!!!!
morning all i would like to share my experience from last night we got a signal at 600gmt on the gbpjpy and my normal routine is put the trade on and put in correct stop and target and go to bed WELL i didnt and put my stop in wrong place and lost 30 then it tanked and would have made my 50 . so here is how emotions take over when i saw it tank and the gbpusd was dropping also and it had an almost signal on gbpusd the rsi was down and stocs down but ema's were even i got in on the fly and made 37 so the total was a + 7 thats not the plan though. if we let our emotions trade for us we will never make money. if you have a plan then all thats left is to trade the plan. I DIDNT so repentance must be done and it has. some are worried that if they go to sleep they could get in profit and then when they get up and saw profit was +49 and then it reversed 99 pips and gave them a loss. how many times in the course of a year will that happen maybe less than 1% lets say it happen 5 times thats just 250 pips in a year 20 pips a month thats the big picture . before i started messing around with my hours to generate more sleep i use to get awakened by alerts where i would put on trade and return to bed NO HUMAN INTERVENTION!!! well enough said about emotions which are mainly fear of losing and fear of winning too. now concerning getting the daily signal i dont know why some are still confused but i use rjofx to generate my daily signals they have there own feed so data will be a little different than the mt4's one day i wont be here until then please get a demo of rjofx so we can be on the same page. odl and interbankfx had audjpy rsi above 50 and rjofx had it below so one day when i am not here anymore you can use whatever platform you want some days it will make a difference some days not but for now to avoid confusion get the dealbook so we can have same values for the indicators see you guys later
I greatly appreciate that you take the time to leave what might be an "end of night/day" message/recap here on the forum. I am virtually going blind trying to follow the chat room and was happy to see you "speak" in large red. Obviously, the experience of a forum and a chat room are two entirely different things. And choice is a good thing. For myself, I simply have to focus on charts to do trading and find the chatter distracting. One might say, being centered in the moment of doing a trade. I to have made mistakes like the one you made last night and learned my lessons the hard ($$$$), painful way. You are right on to encourage students to think and be independent traders.
When you post here, I sense confidence and calmness about your trading. And that is encouraging. Giving individuals confidence will probably be the best thing that you can give.
Again I thank you for your time and the expenditure of energy on your part to keep some posts on this forum.
morning all i would like to share my experience from last night we got a signal at 600gmt on the gbpjpy and my normal routine is put the trade on and put in correct stop and target and go to bed WELL i didnt and put my stop in wrong place and lost 30 then it tanked and would have made my 50 . so here is how emotions take over when i saw it tank and the gbpusd was dropping also and it had an almost signal on gbpusd the rsi was down and stocs down but ema's were even i got in on the fly and made 37 so the total was a + 7 thats not the plan though. if we let our emotions trade for us we will never make money. if you have a plan then all thats left is to trade the plan. I DIDNT so repentance must be done and it has. some are worried that if they go to sleep they could get in profit and then when they get up and saw profit was +49 and then it reversed 99 pips and gave them a loss. how many times in the course of a year will that happen maybe less than 1% lets say it happen 5 times thats just 250 pips in a year 20 pips a month thats the big picture . before i started messing around with my hours to generate more sleep i use to get awakened by alerts where i would put on trade and return to bed NO HUMAN INTERVENTION!!! well enough said about emotions which are mainly fear of losing and fear of winning too. now concerning getting the daily signal i dont know why some are still confused but i use rjofx to generate my daily signals they have there own feed so data will be a little different than the mt4's one day i wont be here until then please get a demo of rjofx so we can be on the same page. odl and interbankfx had audjpy rsi above 50 and rjofx had it below so one day when i am not here anymore you can use whatever platform you want some days it will make a difference some days not but for now to avoid confusion get the dealbook so we can have same values for the indicators see you guys later
I Thank You Jht For The Kind Words. If I Dont Share The Realities Of Trading ( Not Just The Putting On Of Trades Thats The Easy Part All You Do Is Click The Mouse) Dont Be Over Confident If You Break The Rules And You Will I Kicked Myself In The Pants Last Night And Still Totaled 7 Pips. We All Need Encouragement. If Fact The Very Word Means To Have Courage. So Putting In Affect The Plan And Leaving It Alone Takes Courage. Thats Why I Enplore Everyone To Put On Trade And Close The Computer Dont Overtrade Collect Pips And Compound Them
I Thank You Jht For The Kind Words. If I Dont Share The Realities Of Trading ( Not Just The Putting On Of Trades Thats The Easy Part All You Do Is Click The Mouse) Dont Be Over Confident If You Break The Rules And You Will I Kicked Myself In The Pants Last Night And Still Totaled 7 Pips. We All Need Encouragement. If Fact The Very Word Means To Have Courage. So Putting In Affect The Plan And Leaving It Alone Takes Courage. Thats Why I Enplore Everyone To Put On Trade And Close The Computer Dont Overtrade Collect Pips And Compound Them
Ignored
Harold, what can I say. Excellent system, good plan, and excellent support from you. Though I have not actively contributed in your thread (mainly due to work comitments), I do take time out to read it as often as I can.
After reading some of the previous posts abt ppl trading with emotions, and closing out early etc. I would like to say two things:
1. Good idea to read some of your early posts in the thread where you point out the benefit of consistent gains and compounding your capital. It was a post well worth reading and re-reading.
2. Most of the time we traders tend to close out early because of fear, and fear usually comes from two things- over leverage, and not enough faith in the method. Since there is enough history on the thread to faith, it must be the fact that we are over-leveraged. Since this method is basically trading on 1:1 r:r, take what ever % risk you are comfortable with, and stick to it. To begin with, just use 1%, ie 30 pips loss = 1% of capital. This means every trade you either make 1% or lose 1%. Not much you say. True, not much to make, but not too much to lose either. Once you are able to become comfortable with the losses (one of the biggest things abt trading), and have had some history with the system, then and only then, increase your risk%. And btw, making 1% on each trade, with a 60% to 70% winning rate, you will still come out way ahead in the long run.
the plan is if theres a signal at 600-700 i will take it then come back for 1300 gmt news doesnt come till after 700 and before 1300 dont put on any trades that give a signal same time as news like 1100 today when rate announcement on gbp
Hello,
I hope that is the kind of night it turns out to be. As I type this my Short Guppy TP'd at 38 pips in 32 minutes. My GBP/JPY is taking a little longer.
I'm up 15 pips and getting anxious. I got in a little late as I lost track of time while surfing the threads I follow, and didnt recheck it at the right time. It looked like it was just starting a run so I got in anyway. I type slow it is down a couple now. I'm going to play the hand out the worst I'll be is break even for the night. I'm going to bed.
Good pips,
Roy
