Hi fellow turtle, hope its been a good euro week for you too.
Looks like our turtle head missed all the fun in Australia.
Looks like our turtle head missed all the fun in Australia.
Still waters run deep
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DislikedHi fellow turtle, hope its been a good euro week for you too.
Looks like our turtle head missed all the fun in Australia.Ignored
DislikedHey Barak
This week was about a scratch for me on the euro. I managed to catch some of the move yesterday with a small position but earlier this week I was doing counter trend trading (I hope Jacko doesn't see this lol) and took a hit.
I've been busy testing out what I call "wave trading" using concepts that Jacko has in his method. This is more to teach me the rhythm of the market and when to look for pullbacks or when a pair has bottomed out.
btw. Notice how whenever Jacko goes on vacation the market makes insane moves? lol
Hope you had a good week.
zoopy
Ignored
DislikedHi zoopy and Barak,
Great to see two turtles in one thread.
I have managed to capture the EURUSD rally from the very beginning. I think the reason why you didn't catch the move zoopy lies in the fact that you didn't stick to your plan. Hope you won't repeat this mistake again. I am not saying that I don't take counter-trend trades, but when I counter-trend then I risk around 0.5% compared to 3% while trending in direction of trend. But those 0.5% is not my true risk, the true risk becomes evident when you consider missed opportunities.
Cheers,
FadetoblaIgnored
DislikedFadetobla
If I was trading strictly Jacko's methodology then I would have entered in at 1.5400 because there was support there plus it's a round number. I also did stick to my plan since I'm testing waves and I WAS trading with the trend based on the 4 hour timeframe. What I did this week was definitely not a mistake. You have to read through the last few pages of my journal to see where I'm going with all this.
What I'm doing now isn't the same way Jacko trades. What I'm doing now is to understand why he trades the way he does and what makes his method profitable. It's also to prepare me for when the long term trend changes and this is where the approach I'm using now will detect it in it's earliest stages (if we were using the weekly chart). What I'm also doing now defines the parameters of trend trading so that when market conditions do change, I will know how far I can go when it comes to adjusting things like stops or trails if I decide to take that route.
With regards to counter trend trading, I agree in that one shouldn't do that (when waves break up, you should never sell, only buy). It just seems like I'm doing it now but if you analyze what I'm doing very carefully (based on the 4 hour timeframe) I'm actually following the trend based on the direction waves break so in essence it's not counter trend trading. It IS however counter trend trading based on his criteria and if you are using weekly trendlines which I'm not.
zoopy
Ignored
DislikedHi zoopy,
Thank you very much for your feedback.
Before riding this rally from 1.5393 to 1.5769 (I am still in LONG), like you, I was facing a serious decision: especially after Bernanke's the H4 trend was (and is still) rather bearish. However, the overall weekly trend was bullish with a sign of bearishness at the end. I had to make a decision. By now I can say the decision was right, but if the price would have gone downwards, then I had my S/L at 1.5267. But to come back to the point, you are right. I can indeed see a sign of a shortrend which could last for a year.Ignored
DislikedNeed to add this to my journal because I find this article very important and something I'm also coming to grips with. Read below...
One of the most common mistakes non-professionals make in trading is they believe market movement is pre-determined. No matter how easy it looks at times, with the technicals mirroring the fundamentals -- as happened this morning w/ the non-farm payroll and the technical sell signal immediately following in the US stock indices, and the buy trigger in GBPUSD and sell trigger in USDJPY an hour later-- market movements are not predetermined and we never know when a trade will be a nice winner or a small loss. Of course we always use stops, and we should never risk more than 2% of our risk capital, insuring losses are small. So if you ever hear yourself saying "this trade is a lock" lose the cockiness and remember your humility. Nothing is predetermined to the degree that 95% of the population thinks it is.
I found the above paragraph very true and well written. This also validates why I'm trading waves and looking into it with more interest. I use waves to determine the current direction only. I never really know how far the move may go or by how much, but what I do know is that there is a high probability price will go up/down depending on how waves break (keep in mind I'm saying high probability not 100% guaranteed). This is also the reason why I have decided to not hold onto trades to "see how far price can go" because the market can be very unpredictable at times. Instead I take 100 pips profit based on how orders are stacked up at round numbers and once I have my profit, I get out and wait for the next wave. I trade what I see and this is why my bias changes very easily because it's dependent on what the current wave does.
To see the rest of the article, see the link below.
http://www.forexfactory.com/news.php?do=news&id=90523Ignored
Dislikedzoopy,
Interestingly, I was reading that one too. The message is clear: NO ONE KNOWS where the market is going to be in 10 sec, leave alone 10 mins.
Cheers,
FadeIgnored
DislikedHi Zoopy,
Just wanted to say that I love reading your stuff. Keep it coming. Currently working on my style and plan to post some stuff on my thread soon. I know you find your journal very useful, which as I said before is why I decided to start mine,
YaminIgnored