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Diary of a Mad Surfer

  • #401
  • Edited 4:23am Feb 22, 2008 4:22am | Edited 4:23am
Quoting Big Wave Rider
It also failed to reach T2 of the last retracement I took profit because all the other pairs were already reversing, yen was acting stupid, and we were heading into "Give It Back Friday" But I am only taking profit on 50% of the position and then moving the stop loss up into profit and see where it takes us. This is a great way to lock in profits and have a risk free long term trade at the same time. And if everything goes as planned you can add more on a dip or a retest then close 50% of that when it hits a target.
Its a great way to lock in profits and have risk free trades at the same time.
Yes, its a great way to go...Ive been working on this for the past few months and its really working well for me, I feel good about banking some of my profit and by staying in the market with a smaller position I find I still have something to watch, so it stops you from looking for other(less good) opportunities.Usually my stop is above breakeven by that time as well. Nice going BWR, Raz
Never say never.
  • #402
  • Feb 22, 2008 4:44am Feb 22, 2008 4:44am
Quoting razldazl
Yes, its a great way to go...Ive been working on this for the past few months and its really working well for me, I feel good about banking some of my profit and by staying in the market with a smaller position I find I still have something to watch, so it stops you from looking for other(less good) opportunities.Usually my stop is above breakeven by that time as well. Nice going BWR, Raz

Thanks, this method seems to take the stress away as well, once you banked 50% of one position the rest feels like free money. of course it is free money.
Plus you don't have the pressure of trying to get back in because your still in, which means you only look for the best setups to add instead of looking for not so good setups just to be in a trade.

When I started this thread I had no idea where it was going to take me, it was a whole new system I had just developed and I was looking for other ways to add it to make it better because ema's are not enough alone to be consistently profitable. Add Bobokus method of fib trading plus normal E.W rules about how far certain waves can travel and the mix has been great. My win % in the last two to three weeks have been a 95% success ratio, even my mentors system provides only a 50 to 60% success ratio. Both systems are designed to let profits run and to add to winners however we have not had trending markets lately and thats were the fib trading on the 1hr and 4hr come in. Plus taking 50% profit on a T1 or T2 and letting the rest ride seems to be paying off alot better than I had hoped. when I have time I should update the first post to these new changes.
Just Trade It
  • #403
  • Feb 25, 2008 10:12am Feb 25, 2008 10:12am
EU 4hr walking the line. looks like it's building support to go up from here.
8 crossed 13 on the 1hr, waiting for the 4hr to cross,
Attached Image (click to enlarge)
Click to Enlarge Name: charts.gif Size: 24 KB
Just Trade It
  • #404
  • Feb 27, 2008 4:27am Feb 27, 2008 4:27am
Doing quite nicely with longs in E.U, G.U , A.U and a Cad short.
It feels good to break out of this rangy crap and be able to add to positions again. I would wait for a retracement to add more or watch out for the suckers rally before a big crash is also on the table. I would prefer steady trending markets to be honest.
Just Trade It
  • #405
  • Feb 27, 2008 4:37am Feb 27, 2008 4:37am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting Big Wave Rider
Doing quite nicely with longs in E.U, G.U , A.U and a Cad short.
It feels good to break out of this rangy crap and be able to add to positions again. I would wait for a retracement to add more or watch out for the suckers rally before a big crash is also on the table. I would prefer steady trending markets to be honest.
would you mind enlightening me on which cad and why, got the crap kicked out of me last week even though the position would now be way into profits.
  • #406
  • Feb 27, 2008 4:42am Feb 27, 2008 4:42am
Quoting MPP
would you mind enlightening me on which cad and why, got the crap kicked out of me last week even though the position would now be way into profits.
I got in USDCAD, on the daily it failed to break above the 200 and then once it got into the short fibos on the 4hr chart it started to drop like a rock, This is no surprise with the whole commodity markets shooting up.
Just Trade It
  • #407
  • Edited 4:51am Feb 27, 2008 4:45am | Edited 4:51am
Looks like GU price got rejected at the 100 EMA? Daily?
Humble Lifetime Member
  • #408
  • Feb 27, 2008 4:50am Feb 27, 2008 4:50am
Here is the chart. Failed to close above daily 200 and long fibo, price went past 4hr 200, 4hr short fibo and the daily short fibo as well.
Attached Image (click to enlarge)
Click to Enlarge Name: charts.gif Size: 25 KB
Just Trade It
  • #409
  • Feb 27, 2008 4:52am Feb 27, 2008 4:52am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting Big Wave Rider
I got in USDCAD, on the daily it failed to break above the 200 and then once it got into the short fibos on the 4hr chart it started to drop like a rock, This is no surprise with the whole commodity markets shooting up.
i went short on Ucad after the 13x100 at 1.00, sl was at 1.0150 (150pips), but i should have set it above the 200, MM allow it as i only traded 1 lot compaired to my normal 5 so i had upto 500pips to play with. new pair new mistakes.
  • #410
  • Feb 27, 2008 4:55am Feb 27, 2008 4:55am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting Ash
Looks like GU price got rejected at the 100 EMA? Daily?
thats what held me up on entering after i missed the initial run, i was looking for a reason for it to drop and the 100 looked to be the only thing out there, now to watch wait and see what happens next.
  • #411
  • Feb 27, 2008 4:58am Feb 27, 2008 4:58am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting Big Wave Rider
Here is the chart. Failed to close above daily 200 and long fibo, price went past 4hr 200, 4hr short fibo and the daily short fibo as well.
did you enter at 1.0088 or the break of the 100?, i would have waited for the break of the 100.
  • #412
  • Feb 27, 2008 4:58am Feb 27, 2008 4:58am
Quoting Ash
Looks like GU price got rejected at the 100 EMA? Daily?
Also the 200, and 38.2 fib fan on the weekly is acting as resistance but it was mostly the 200. Funny how fib levels are always on or just right around the 100 or 200.
Attached Image (click to enlarge)
Click to Enlarge Name: charts.gif Size: 25 KB
Just Trade It
  • #413
  • Feb 27, 2008 5:03am Feb 27, 2008 5:03am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting Big Wave Rider
Also the 200, and 38.2 fib fan on the weekly is acting as resistance but it was mostly the 200. Funny how fib levels are always on or just right around the 100 or 200.
I think TEB's 200 method is going to make a big play of the daily 200,
  • #414
  • Feb 27, 2008 5:06am Feb 27, 2008 5:06am
Quoting MPP
did you enter at 1.0088 or the break of the 100?, i would have waited for the break of the 100.

I got in at 1.0042 And the candle was dropping fast, I thought it would be a 40 pip scalp turned into a 300 pip movement with 2 more add ons bringing in over 600 pips on this pair alone.
Just Trade It
  • #415
  • Feb 27, 2008 5:19am Feb 27, 2008 5:19am
it bounced off of exactly weekly 50ema and this is the 4th time it is rejected out of 9weekly candles. UJ also bouced off weekly 5sma low so i think gj will be doing break dance now.
Quoting Ash
Looks like GU price got rejected at the 100 EMA? Daily?
  • #416
  • Feb 27, 2008 5:31am Feb 27, 2008 5:31am
I'm taking profit, or scaling out as you would say. leaving my first positions open and letting them ride it out. This rally needs a correction before it decides if it wants to go higher.
Just Trade It
  • #417
  • Feb 27, 2008 5:59am Feb 27, 2008 5:59am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting Big Wave Rider
I'm taking profit, or scaling out as you would say. leaving my first positions open and letting them ride it out. This rally needs a correction before it decides if it wants to go higher.
then it's my turn.lol
  • #418
  • Feb 27, 2008 7:15am Feb 27, 2008 7:15am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Anyone watching EurCad
Monthly Weekly and 4h below 200
4h 13x100 complete short
4h rejection of the 100

daily above 200 with a 8x13 cross pending.

Daily chart - Fib?

Attached Image (click to enlarge)
Click to Enlarge Name: ec.gif Size: 22 KB
  • #419
  • Feb 28, 2008 2:11am Feb 28, 2008 2:11am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Morning BWR
could you post your fib positions on GU, i've got a 4h pivot at 1.9807 of the last swing high, but the daily is stil using the range low of 1.9338 to high at 1.9958.

i'm looking at a bounce of the daily pivot 1.9648 and 4h 100ma to go long and have another go at the daily 200.
  • #420
  • Feb 28, 2008 2:26am Feb 28, 2008 2:26am
Quoting MPP
Anyone watching EurCad
Monthly Weekly and 4h below 200
4h 13x100 complete short
4h rejection of the 100

daily above 200 with a 8x13 cross pending.

Daily chart - Fib?

Attachment
I have been watching that pair also, I am currently long, but think I maybe should have waited a bit longer and let it bounce off support again...?
Same Whore .... Different Dress
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