I downloaded the Jepordy theme on my Itunes so that i can be really nervous leading up to a trade.
:Thanks for the thread!
Brent
- #181
- Apr 29, 2008 4:00pm Apr 29, 2008 4:00pm
- Joined Mar 2007 | Status: ~~~~~~~~~ | 3,692 Posts
:Thanks for the thread!
Brent
This trade is really starting to piss me off.
I think I might take only a 5 pipper if i can get it. I have to go to dinner in about 20 minutes!
I forgot about the carry trade. Because I am short I will have to make up three more pips in this trade to cover the interest that I paid.
Price has consolidated too much. I will take what I can get now.
I think I might take only a 5 pipper if i can get it. I have to go to dinner in about 20 minutes!I forgot about the carry trade. Because I am short I will have to make up three more pips in this trade to cover the interest that I paid.
Price has consolidated too much. I will take what I can get now.
I have to go to dinner. I have my stop and my limit in place. I will post when I get back as to how it played out.
This is a very interesting consolidation. Price has not moved more than 15 pips for that last 45 minutes. This is not a usual price behavior.
Other than that, I made the mistake of getting in a dead market.
It looks like I will get stopped out but who knows.
Have fun guys!
This is a very interesting consolidation. Price has not moved more than 15 pips for that last 45 minutes. This is not a usual price behavior.
Other than that, I made the mistake of getting in a dead market.
It looks like I will get stopped out but who knows.
Have fun guys!
So here is the thing. Yes I put my stop loss too tight. I didnt want to have more because this wasnt going to be a big trade. The other thing is I got in right before roll over going the wrong way. I had to go to dinner and set the stop and it got stopped. Maybe I was hunted by my broker. Sh!!!t happens.
The upside is, look at where it went. That was a 60 pip move. I got stopped out by 3 pips but I would have made over double my stop loss. That means 1-2 risk reward.
When you have stochastic line up on the 5 and 15 at a confluence of indications, it is really good for at least 50 pips on the GJ
I lost 10 stop loss + 8 spread + 3 for being in the wrong way at roll over. Oh well. I made 10 earlier on the previous trade. so I am down 11 pips on the day. Not the worst day.
If you guys have any questions or want to post charts feel free!!!!
take care
I had to go to dinner and set the stop and it got stopped. Maybe I was hunted by my broker. Sh!!!t happens. The upside is, look at where it went. That was a 60 pip move. I got stopped out by 3 pips but I would have made over double my stop loss. That means 1-2 risk reward.
When you have stochastic line up on the 5 and 15 at a confluence of indications, it is really good for at least 50 pips on the GJ
I lost 10 stop loss + 8 spread + 3 for being in the wrong way at roll over. Oh well. I made 10 earlier on the previous trade. so I am down 11 pips on the day. Not the worst day.
If you guys have any questions or want to post charts feel free!!!!
take care
Howdy Y'all
I want to talk a little bit about using discretion in a trade. This is likely the most difficult thing to do! I post a lot of my setups here, and for the most part I find that price goes my way. I also see a lot of setups that do not resonate with me and I use a lot of intuition when I trade.
I find that I do not use intuition to pull the trigger. Moreover I use intuition to stay out of the market when I see a setup that is pretty qualified, but just doesn't feel right.
Anyways. I am posting a chart that I took when I woke up this morning. It is a semi qualified setup. I would like to point out that I most likely would not have taken this trade!!!
What we have is price coming up and hitting a 62% fib, as well as being over bought on Stoch and RSI. Higher TFs are channeling so it is not really with or against the trend. Price has moved up over 100 pip (important). So I feel like there might be a good bounce.
Problems: All of my lower TF EMAs are below price. I do not have any more resistance to herd price down. I do not have any previous highs or lows to help cap price. And that all makes for a greater stop loss!!!
If I was to take this trade, I would have had to use a larger pip stop loss. My usual 10 would have stopped out.(Still have over 1-1 risk/reward!)
When you do not have confluence support or resistance, you will experience a lot more blow-through from price. Because you do not have confluencing resistance here, you have to set a higher stop loss, which I feel may be irresponsible. Hard to say.
I know this is a very small point, but it may make a lot of difference for people learning to scalp. I wanted to use a trade that went the right way to illustrate that I probably would not have taken it because I did not have a confluence of resistance. It is OK to be right about a trade and not take it!!!!!!
-This is 10% luck, 20% skill, 15% concentrated power of will, 5% pleasure, 50% pain and 100% reason to remember the name.- Fort Minor
I want to talk a little bit about using discretion in a trade. This is likely the most difficult thing to do! I post a lot of my setups here, and for the most part I find that price goes my way. I also see a lot of setups that do not resonate with me and I use a lot of intuition when I trade.
I find that I do not use intuition to pull the trigger. Moreover I use intuition to stay out of the market when I see a setup that is pretty qualified, but just doesn't feel right.
Anyways. I am posting a chart that I took when I woke up this morning. It is a semi qualified setup. I would like to point out that I most likely would not have taken this trade!!!
What we have is price coming up and hitting a 62% fib, as well as being over bought on Stoch and RSI. Higher TFs are channeling so it is not really with or against the trend. Price has moved up over 100 pip (important). So I feel like there might be a good bounce.
Problems: All of my lower TF EMAs are below price. I do not have any more resistance to herd price down. I do not have any previous highs or lows to help cap price. And that all makes for a greater stop loss!!!
If I was to take this trade, I would have had to use a larger pip stop loss. My usual 10 would have stopped out.(Still have over 1-1 risk/reward!
)When you do not have confluence support or resistance, you will experience a lot more blow-through from price. Because you do not have confluencing resistance here, you have to set a higher stop loss, which I feel may be irresponsible. Hard to say.
I know this is a very small point, but it may make a lot of difference for people learning to scalp. I wanted to use a trade that went the right way to illustrate that I probably would not have taken it because I did not have a confluence of resistance. It is OK to be right about a trade and not take it!!!!!!
-This is 10% luck, 20% skill, 15% concentrated power of will, 5% pleasure, 50% pain and 100% reason to remember the name.- Fort Minor
So what I have here is a coupld of things. First is the obv. Stoch is over bought on 5 and 15 minute charts. This is price action at the 50EMA on the 60 min chart. It is also hitting the 200EMA on the 15. And last but not least it is hitting a fib from the recent run down.
I like this one for
Lets see how it plays out!
I like this one for
Lets see how it plays out!
Although that did not go as I would have liked it to, I am still totally ok with my trade.: It is hard to understand what the yen currency pairs will do in the asian session. I had a fib at a previous consolidation range which acts a wide resistance bar. I was trading in the general direction of the trend on the higher timeframes. I had my oscillators lining up. And I had price engaging EMAS. I will take this trade all day every day
I am still totally ok with my trade.: It is hard to understand what the yen currency pairs will do in the asian session. I had a fib at a previous consolidation range which acts a wide resistance bar. I was trading in the general direction of the trend on the higher timeframes. I had my oscillators lining up. And I had price engaging EMAS. I will take this trade all day every day 
