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

  • #65,081
  • Mar 4, 2008 11:55am Mar 4, 2008 11:55am
Quoting maheswara
yeah so i worked on having my edge , but my emotion n a lot other stuffs keep me out of the great trades ... no matter how much i try to suppress them , they keep resurfacing at crucial times ... any suggestion how to work on this creepy problems ? probably a book suggestion ...


There are certain trade setups that I am confident enough in, to just set a take profit and stop loss and turn off the computer.

But what if the trend would yield 300 pips, rather than the 60 pips, I am targeting.

In order to catch a longer trend, without turning a profitable trade into a losing one, you may move your stop to entry after about 60-70 pips, but I find that if I am in front of the computer while the trade is going on, I am almost guaranteed to take out the whole trade before the trend is over.

So in order to take my emotional self out of the trade, I employ an EA, that will move the stop to breakeven +1 (or whatever amount you are comfortable with) and even close/ scale out of the trade at various levels, say, when your trade is at 60 pips profit, automatically close out half of your order, then move the stop of the other half to breakeven.

The EA attached will automatically move your stops to pre-defined levels, and it will also close out part of your orders at different price points, so you don't have to babysit your trades. I've attached the indicator below.


For details on how to use this expert, you can go to:
http://www.forexfactory.com/showthread.php?t=9553
Attached File(s)
File Type: mq4 ManageTPv2-4.mq4   6 KB | 340 downloads
  • #65,082
  • Mar 4, 2008 11:56am Mar 4, 2008 11:56am
Quoting karmostaji
GJ just completed 88.6% retracement
Bullish harmonic pattern on 1H and 4H (not a typical one though)

I'll trade what my chart is telling me not what people on this thread are saying
i agree with you karmo..most people post things they do not trade or believe.and some newbies jump at this rotten free food and end up lookin for who to blame for stomach ache..if the next hrly & 4hr closes below the 61.8%fib am seeing some good room in the down side and who knows i may just lock in my 1000pips
Imanuel Parsifal
  • #65,083
  • Mar 4, 2008 11:57am Mar 4, 2008 11:57am
Quoting karmostaji
GJ just completed 88.6% retracement
Bullish harmonic pattern on 1H and 4H (not a typical one though)

I'll trade what my chart is telling me not what people on this thread are saying
we ll win hope so
  • #65,084
  • Mar 4, 2008 11:57am Mar 4, 2008 11:57am
Quoting jarroo
Nice, lone.
I called it a "scout" earlier today. I'm starting to use it as a gauge if Price is following my analysis (like it should) and then add to that position if it's winning. If it's a loser, i'm out with a small loss. Loses small, winners big.

Good job, lonespruce.
You said it

Generally - say I'm thinking things will be short. I'll only take my long trades as feelers. This way I don't get emotionally suckered into trading heavy against the trend. Then when a REAL opportunity to go short again presents it self - I go in big.

That way I'm with the trend and I don't really have to worry about the trade going against me at all. And if it does - 9 times in 10 it will come back in an acceptable amount of time.

Kind of a mental work around - to short circuit the emotional trap.
  • #65,085
  • Mar 4, 2008 12:02pm Mar 4, 2008 12:02pm
Quoting lonespruce
You said it

Generally - say I'm thinking things will be short. I'll only take my long trades as feelers. This way I don't get emotionally suckered into trading heavy against the trend. Then when a REAL opportunity to go short again presents it self - I go in big.

That way I'm with the trend and I don't really have to worry about the trade going against me at all. And if it does - 9 times in 10 it will come back in an acceptable amount of time.

Kind of a mental work around - to short circuit the emotional trap.
Yeah. I feel alot more comfortable in my current short trade then when I took my long. which ended in a -40 pip lose.
Indicators show the past. Price Action "Indicates" the future.
  • #65,086
  • Mar 4, 2008 12:02pm Mar 4, 2008 12:02pm
Quoting sycho
i agree with you karmo..most people post things they do not trade or believe.and some newbies jump at this rotten free food and end up lookin for who to blame for stomach ache..if the next hrly & 4hr closes below the 61.8%fib am seeing some good room in the down side and who knows i may just lock in my 1000pips
I sold into that last rally and now I'm sitting on the sidelines for now. . .
I think the view on the sideline is the best one for me at this point - time to analyze the charts to pass some time.
  • #65,087
  • Mar 4, 2008 12:03pm Mar 4, 2008 12:03pm
Quoting lonespruce
The Feeler Rule is something that I have developed [although I think I really developed the idea from the book Reminiscences of a Stock Operator] in order to make sure that I choose the optimal entry point for all of my ...

Make sense? I'm not sure I explained that well.
explained really well bro , thanks a lot

Quoting LeoBond
Underline this with RED marker and always stick to this plan!!!!
thanks a lot bro , im using a very similar rules , n very disciplined on mm n thus till now have not blown an account ...yet , the problem lies solely on my mental fitness ... on executing trades and self doubts that creeps in
To Live is the rarest thing in the world , Most people exist , that is all
  • #65,088
  • Mar 4, 2008 12:04pm Mar 4, 2008 12:04pm
Quoting jarroo
Yeah. I feel alot more comfortable in my current short trade then when I took my long. which ended in a -40 pip lose.
Yeah - thats exactly what I mean! It allows a certain sense of comfort while trading. Great isn't it
  • #65,089
  • Mar 4, 2008 12:06pm Mar 4, 2008 12:06pm
Quoting quecee5
I closed out my shorts but I am not comfortable going long just yet. . .
Not until I see UJ trading above 103 comfortably, Otherwise, I'll sell into the rallies!
very right q..in fact am getting more convinced about the down move...here is a chat...it shows:new 4hr open below 61.8 like wise the hrly i had say its going to take out 203.wat say you q,karmo,jaroo,forexlion godfreyh
Imanuel Parsifal
  • #65,090
  • Mar 4, 2008 12:08pm Mar 4, 2008 12:08pm
Quoting GodfreyH
There are certain trade setups that I am confident enough in, to just set a take profit and stop loss and turn off the computer.

But what if the trend would yield 300 pips, rather than the 60 pips, I am targeting.

In order to catch a longer trend, without turning a profitable trade into a losing one, you may move your stop to entry after about 60-70 pips, but I find that if I am in front of the computer while the trade is going on, I am almost guaranteed to take out the whole trade before the trend is over.

So in order to take my emotional self out of the trade, I employ an EA, that will move the stop to breakeven +1 (or whatever amount you are comfortable with) and even close/ scale out of the trade at various levels, say, when your trade is at 60 pips profit, automatically close out half of your order, then move the stop of the other half to breakeven.

The EA attached will automatically move your stops to pre-defined levels, and it will also close out part of your orders at different price points, so you don't have to babysit your trades. I've attached the indicator below.


For details on how to use this expert, you can go to:
http://www.forexfactory.com/showthread.php?t=9553
This is a nice EA GodfreyH, thank you for sharing.
Discipline + Patience - Fear - Greed = Success
  • #65,091
  • Mar 4, 2008 12:13pm Mar 4, 2008 12:13pm
here you go guys: h1, h4 & daily qqe lined up (crossed) down. price below gann hilo. h1 crossed below 50. (and karmo, i haven't forgot you... h1 qqe crossed down...).
perfect short trade setup according to Aus rules, and because all 3 timeframes are showing the same thing, it should be about 300 pips down.
any comments, objections, opinions?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gjh1.gif Size: 15 KB
Click to Enlarge Name: gjh4.gif Size: 15 KB
Nihil Sine Deo.
  • #65,092
  • Mar 4, 2008 12:13pm Mar 4, 2008 12:13pm
Hey arezab,

I think you forgot to tell me about removing that trendline...
  • #65,093
  • Mar 4, 2008 12:14pm Mar 4, 2008 12:14pm
Some bull analysis :

http://www.dailyfx.com/story/tophead...645592415.html
  • #65,094
  • Mar 4, 2008 12:14pm Mar 4, 2008 12:14pm
Quoting sycho
very right q..in fact am getting more convinced about the down move...here is a chat...it shows:new 4hr open below 61.8 like wise the hrly i had say its going to take out 203.wat say you q,karmo,jaroo,forexlion godfreyh
Not enough momentum to take out the daily/weekly/monthly support just underneath. . .

I think it will consolidate in this area for now to head fake shorts and sniff out weak longs. Then it will probably head back up on some bogus news 2morrow to touch 207.40 area. . .

JMHO!

Trading is 99.9% mental!
  • #65,095
  • Mar 4, 2008 12:16pm Mar 4, 2008 12:16pm
Quoting crashout
Some bull analysis :

http://www.dailyfx.com/story/tophead...645592415.html


Can anyone think of why my computer won't let me load Dailyfx? The rest of the internet is working just fine
  • #65,096
  • Mar 4, 2008 12:18pm Mar 4, 2008 12:18pm
Quoting Scrat
here you go guys: h1, h4 & daily qqe lined up (crossed) down. price below gann hilo. h1 crossed below 50. (and karmo, i haven't forgot you... h1 qqe crossed down...).
perfect short trade setup according to Aus rules, and because all 3 timeframes are showing the same thing, it should be about 300 pips down.
any comments, objections, opinions?
look @ my QQE h4
Attached Image (click to enlarge)
Click to Enlarge Name: 030408-2.gif Size: 22 KB
  • #65,097
  • Mar 4, 2008 12:19pm Mar 4, 2008 12:19pm
Quoting Jerry
we ll win hope so
I'm not worried one bit, I have lots of patience and I know it works for me.
Trade what you see, not what you think.
  • #65,098
  • Mar 4, 2008 12:20pm Mar 4, 2008 12:20pm
Quoting karmostaji
I'm not worried one bit, I have lots of patience and I know it works for me.
Nice...trading plan karmo...Still patience...
  • #65,099
  • Mar 4, 2008 12:22pm Mar 4, 2008 12:22pm
weird. i am using it with default settings. i wonder why you see it crossed up...

Quoting Jerry
look @ my QQE h4
Nihil Sine Deo.
  • #65,100
  • Mar 4, 2008 12:23pm Mar 4, 2008 12:23pm
Quoting lonespruce
Can anyone think of why my computer won't let me load Dailyfx? The rest of the internet is working just fine
bullish divergence on MACD confirmed by Bollinger band touch and rsi cross in 5 minutes chart: long from 204
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