Morning! How's the Bermuda's?
Auslanco - GBP/JPY and GBP/USD (newstrade)
- #75,681
- Apr 27, 2008 6:13pm Apr 27, 2008 6:13pm
- | Membership Revoked | Joined Apr 2008 | 2,468 Posts
- #75,682
- Apr 27, 2008 6:13pm Apr 27, 2008 6:13pm
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Hello Quecee5,
Thankyou to yourself and others for helping people such as me by unselfishly posting advice and your interpretation on this forum
As you can probably remember I foolishly became attached to my Short trade and couldn't let go....I even added to a losing position on the way up (IDIOT!!) Alas a few hundred pips (900) in the wrong direction reduced my account by over 40%
What can I say? I have taken everyones advice and read through price action, the majority of this thread and a few others on FF and Babyp's too...
Money Management has been my main prority now and every trade after that shocking week has been 0.5 - 1% of the account balance.
I will only be using 4hr charts and upwards (with a 100-150 stop loss) and realise that a good opportunity will only present itself 2-4 times a month, but overall the profits will be greater than if I trade 15,30mins, 1hr etc (although I will use these to fine tune entries)
I am still waiting for a great opportunity this coming week and if it doesn't come then I'll wait another week, and another etc...
Thankyou for showing what can be done with the indicators used in your charts, having checked back through the last few years on different timeframes the results certainly speak for themselves.
I am using Gann HiLo, Zero Lag Stochs, Zero Lag MACD, QQE Alert (is everyone happy with the QQE or are Zero Lag Stochs sufficient?), 5 sma, BB's but most importantly Price Action...
Which brings me to my question - On the weekly as you have already discussed we have the Doji which as you all know is a result of indecision in the Market, also we are touching the weekly Gann...
Now, I think the weekly Zero Lag Stochs are about to poke through the 25 level heading towards 50 and 75
The QQE has crossed towards the 50 which is the first time since July 2005.
The weekly Zero Lag MACD is about to cross above Zero for the first time since August last year (when as you all know was the month this nightmare credit crunch started)
BUT the 4hr dosen't seem to be speaking to me...yet
Please feel free to pull this Chart apart, I won't get attached to my trades this time - I promise, but I think we will sit at this level between 206.35 and 207.63 possibly 208.80-90 until Wednesday whilst everyone waits for the Fed news. Then we may be in for some explosive action again...
Once again thankyou to Quecee5 and everyone else on this forum - much appreciated
Shakes
No matter how many times people talk about the importance of Money Management sometimes it takes one to feel it to understand it. I am the same way.
Never add to a losing position (repeat).
But its always good to add to a winning position when your signals/system says to.
Indicators show the past. Price Action "Indicates" the future.
- #75,684
- Apr 27, 2008 6:17pm Apr 27, 2008 6:17pm
- Joined Oct 2007 | Status: Trader | 5,510 Posts
Excellent post Shakes.
No matter how many times people talk about the importance of Money Management sometimes it takes one to feel it to understand it. I am the same way.
Never add to a losing position (repeat).
But its always good to add to a winning position when your signals/system says to.
- #75,685
- Apr 27, 2008 6:19pm Apr 27, 2008 6:19pm
- | Membership Revoked | Joined Jun 2007 | 3,782 Posts
morning everyone
- #75,686
- Apr 27, 2008 6:25pm Apr 27, 2008 6:25pm
- Joined Aug 2007 | Status: The Weather Man | 8,859 Posts
haven't taken them off yet, their stinky now
Morning! How's the Bermuda's?
- #75,687
- Apr 27, 2008 6:29pm Apr 27, 2008 6:29pm
- Joined Aug 2007 | Status: The Weather Man | 8,859 Posts
- #75,688
- Apr 27, 2008 6:36pm Apr 27, 2008 6:36pm
- Joined Mar 2007 | Status: Trader | 1,731 Posts
weekly candle and momentoms
ps:it seems "elephant"ish agian...i mean range...i think first drop then bounce back up....for drop daily gann at 203.80-204 area is good target....IMOhttp://qsmile.com/qsimages/73.gif
i take a short at 207.12 sl:209.12 tp:204
time will tell us
also i closed my last week long position at 207 now for +160 pips
ps:it seems "elephant"ish agian
...i mean range...i think first drop then bounce back up....for drop daily gann at 203.80-204 area is good target....IMOhttp://qsmile.com/qsimages/73.gif i take a short at 207.12 sl:209.12 tp:204
time will tell us
also i closed my last week long position at 207 now for +160 pips
- #75,689
- Apr 27, 2008 6:37pm Apr 27, 2008 6:37pm
- Joined Apr 2007 | Status: HARD SHYT SCUBA TRADER | 20,886 Posts
Hello Quecee5,
Thankyou to yourself and others for helping people such as me by unselfishly posting advice and your interpretation on this forum
As you can probably remember I foolishly became attached to my Short trade and couldn't let go....I even added to a losing position on the way up (IDIOT!!) Alas a few hundred pips (900) in the wrong direction reduced my account by over 40%
What can I say? I have taken everyones advice and read through price action, the majority of this thread and a few others on FF and Babyp's too...
Money Management has been my main prority now and every trade after that shocking week has been 0.5 - 1% of the account balance.
I will only be using 4hr charts and upwards (with a 100-150 stop loss) and realise that a good opportunity will only present itself 2-4 times a month, but overall the profits will be greater than if I trade 15,30mins, 1hr etc (although I will use these to fine tune entries)
I am still waiting for a great opportunity this coming week and if it doesn't come then I'll wait another week, and another etc...
Thankyou for showing what can be done with the indicators used in your charts, having checked back through the last few years on different timeframes the results certainly speak for themselves.
I am using Gann HiLo, Zero Lag Stochs, Zero Lag MACD, QQE Alert (is everyone happy with the QQE or are Zero Lag Stochs sufficient?), 5 sma, BB's but most importantly Price Action...
Which brings me to my question - On the weekly as you have already discussed we have the Doji which as you all know is a result of indecision in the Market, also we are touching the weekly Gann...
Now, I think the weekly Zero Lag Stochs are about to poke through the 25 level heading towards 50 and 75
The QQE has crossed towards the 50 which is the first time since July 2005.
The weekly Zero Lag MACD is about to cross above Zero for the first time since August last year (when as you all know was the month this nightmare credit crunch started)
BUT the 4hr dosen't seem to be speaking to me...yet
Please feel free to pull this Chart apart, I won't get attached to my trades this time - I promise
Once again thankyou to Quecee5 and everyone else on this forum - much appreciated
Shakes
food for thought
Blogging daily now at www.volume.zone
- #75,690
- Apr 27, 2008 6:37pm Apr 27, 2008 6:37pm
- | Membership Revoked | Joined Jun 2007 | 3,782 Posts
- #75,691
- Apr 27, 2008 6:40pm Apr 27, 2008 6:40pm
- Joined Apr 2007 | Status: HARD SHYT SCUBA TRADER | 20,886 Posts
Blogging daily now at www.volume.zone
- #75,693
- Apr 27, 2008 6:53pm Apr 27, 2008 6:53pm
- Joined Aug 2007 | Status: The Weather Man | 8,859 Posts
u'd be amazed at how many people take that for granted. i really don't like to brag, but i make 50% profit min every month since 6 months now. i think i'll be by my hummer truck soon now out of forex money
guess what, karmo is going to be the first one to know
i'm running over his
Lamborghini, he's going to wake up someday finding my tire prints on his sunroof,
guess what, karmo is going to be the first one to know
i'm running over his Lamborghini, he's going to wake up someday finding my tire prints on his sunroof,
Think about this .... good to hear about the 1% of account .. make on average of 50 pips per day at 1% per day of account , with a 100 pip (1% risk) , your 10 k account will grow to 3.5 million in 5 years.
food for thought
- #75,694
- Apr 27, 2008 6:54pm Apr 27, 2008 6:54pm
- | Membership Revoked | Joined Apr 2008 | 2,468 Posts
Excellent post Shakes.
No matter how many times people talk about the importance of Money Management sometimes it takes one to feel it to understand it. I am the same way.
Never add to a losing position (repeat).
But its always good to add to a winning position when your signals/system says to.
A large drawdown has hurt - but has taught me another lesson...the hard way - I used to think Money Management was something to think about (sometimes), but after adding the odd good % per week for a few weeks I thought (as we all do when it's going well) - " Never mind, it'll retrace soon - blah blah blah..."Oh well, I went outside and had a word with myself after that stupid trade (or should I say set of trades) - I'm sure I won't be adding to losing positions again...
Looking on the bright side, at least I can still trade and carefully recover my losses...Could've been much worse (don't know how - I'll think of something
) Oh yeah, could've taken revenge on the market and blown it all... I'm glad I found this thread...I've learnt to stop trading when it goes wrong for a few days and have a rethink...must admit the advice on here has been great!Ok, looking on the bright side everyone - I've got to get me some of those Bermuda's!
- #75,695
- Apr 27, 2008 6:55pm Apr 27, 2008 6:55pm
- | Membership Revoked | Joined Apr 2008 | 2,468 Posts
haven't taken them off yet, their stinky now
Looking bullish but lookout since gbp/usd look bearish to me.I only trade them when they look in the same direction..Also look at usd/jpt before taking a trade.If taking a long trade I would pay attention to support hi from daily chart...orange fibbs in my chart...
- #75,698
- Apr 27, 2008 6:59pm Apr 27, 2008 6:59pm
- | Joined Nov 2006 | Status: Trader | 5,040 Posts
Just wondering .. besides Shahroodi, is anybody else shorting this pair or going to short it soon?
Thanks.
Thanks.
- #75,699
- Apr 27, 2008 7:01pm Apr 27, 2008 7:01pm
- | Membership Revoked | Joined Apr 2008 | 2,468 Posts