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No Brainer Trades

  • #2,001
  • Aug 1, 2008 9:28am Aug 1, 2008 9:28am
Quoting finswin56
On Friday's, when you're in on a pair that isn't really moving, like this one, would you dump it at the end of the day, or carry it through the weekend?
This one I'm already out of part of at breakeven - I got a bad entry so I didnt want to push it...not to mention what I just said earlier. The rest I'll probobly hold onto over the weekend, yes.
  • #2,002
  • Aug 1, 2008 9:29am Aug 1, 2008 9:29am
Quoting BillyRayValentine
This one I'm already out of part of at breakeven - I got a bad entry so I didnt want to push it...not to mention what I just said earlier. The rest I'll probobly hold onto over the weekend, yes.
thanks
  • #2,003
  • Aug 1, 2008 9:30am Aug 1, 2008 9:30am
finswin, imho it is risky, especially if we sit at s/r. you never know if the market makers just gap price above/below r/s on sunday opening. gapping is just a cheap way of pushing s/r out of the way.
  • #2,004
  • Aug 1, 2008 9:31am Aug 1, 2008 9:31am
SHORT aud/jpy 101.35 - 101.44, stop 101.85, TP 101.44
Enter this trade with a smaller position because of the wider stop. Take half the profit at +40, and set stop on the rest to breakeven
  • #2,005
  • Aug 1, 2008 9:32am Aug 1, 2008 9:32am
Quoting Dr.Geppynius
finswin, imho it is risky, especially if we sit at s/r. you never know if the market makers just gap price above/below r/s on sunday opening.
Yes, I wouldnt say its not posing some risk. I agree with you there.
  • #2,006
  • Aug 1, 2008 9:34am Aug 1, 2008 9:34am
btw billy. nice thread. i appreciate your work and you just work my credo, KISS, keep it simple system
i'll read your pdf, one never can know too much.

keep it up bro.
  • #2,007
  • Aug 1, 2008 9:43am Aug 1, 2008 9:43am
Quoting Dr.Geppynius
finswin, imho it is risky, especially if we sit at s/r. you never know if the market makers just gap price above/below r/s on sunday opening. gapping is just a cheap way of pushing s/r out of the way.
Any trade in forex carries some risk, imo. Intuition that comes from experience is a big part of trading (in my case anyways). You might feel very confident about a trade, but I think if you have some experience, intuition will tell you to get out, even before your stop is hit, when the trade starts going against you, or acting weird.

Also remember, losses are part of the game... just keep them small
  • #2,008
  • Aug 1, 2008 10:00am Aug 1, 2008 10:00am
Quoting len979
Any trade in forex carries some risk, imo. Intuition that comes from experience is a big part of trading (in my case anyways). You might feel very confident about a trade, but I think if you have some experience, intuition will tell you to get out, even before your stop is hit, when the trade starts going against you, or acting weird.

Also remember, losses are part of the game... just keep them small
yeah, that wasn't the point . i was just talking about avoidable risk due to manipulation possibilities which really don't need to be taken. reopen the trade on sunday opening
do you earn money with your business if you don't invest any cent at first? no
how can you sell goods to customers if you don't have any?
  • #2,009
  • Aug 1, 2008 10:06am Aug 1, 2008 10:06am
Quoting Dr.Geppynius
yeah, that wasn't the point . i was just talking about avoidable risk due to manipulation possibilities which really don't need to be taken. reopen the trade on sunday opening
do you earn money with your business if you don't invest any cent at first? no
how can you sell goods to customers if you don't have any?
All valid points, I agree.......its currently trading right at the line of support right now, so some lower liquidity might or might not work its way through for the weekend....we'll see.
  • #2,010
  • Aug 1, 2008 10:11am Aug 1, 2008 10:11am
Quoting Dr.Geppynius
finswin, imho it is risky, especially if we sit at s/r. you never know if the market makers just gap price above/below r/s on sunday opening. gapping is just a cheap way of pushing s/r out of the way.
Thanks Doc!
  • #2,011
  • Aug 1, 2008 10:12am Aug 1, 2008 10:12am
Billy, didn't you have a No Brainer picked for 9290?
Getting pretty close to that. Just wondering how you feel about it.
  • #2,012
  • Aug 1, 2008 10:16am Aug 1, 2008 10:16am
Quoting finswin56
Billy, didn't you have a No Brainer picked for 9290?
Getting pretty close to that. Just wondering how you feel about it.
Oh yeah....could have.....I cant even remember my brain gets fizzled out with the day to day sometimes.....but yeah I still like that level if thats the exact number. Do you happen to know which post it is? Could you possibly PM it to me? Thank you!!
  • #2,013
  • Aug 1, 2008 10:16am Aug 1, 2008 10:16am
Let me be honest about the way I trade.....

When I first enter a trade especially with the following pairs - gbp/jpy, usd/jpy, gbp/usd - I place my stop way out, sometimes 90 - 100 pips away, then watch it very carefuly. I've noticed that about half the time, there will be a quick, nasty spike below support or resistance to take out stops, so if my stop is way out, there's a good chance it won't get hit.

On the other hand, if there's a slow grind beyond support or resistance, I'll either tighten my stop, or get out all together before my stop is hit.

This strategy has saved a lot of $$$
  • #2,014
  • Aug 1, 2008 10:19am Aug 1, 2008 10:19am
Quoting len979
Let me be honest about the way I trade.....

When I first enter a trade especially with the following pairs - gbp/jpy, usd/jpy, gbp/usd - I place my stop way out, sometimes 90 - 100 pips away, then watch it very carefuly. I've noticed that about half the time, there will be a quick, nasty spike below support or resistance to take out stops, so if my stop is way out, there's a good chance it won't get hit.

On the other hand, if there's a slow grind beyond support or resistance, I'll either tighten my stop, or get out all together before my stop is hit.

This strategy has saved a lot of $$$
I like what you said earlier about just pure intuition....I'll pull the plug early a lot of times on trades if I just know dead on that they're not going to work out. It either works or it doesnt; no sense in wasting any time or money.
  • #2,015
  • Aug 1, 2008 10:24am Aug 1, 2008 10:24am
Quoting BillyRayValentine
Oh yeah....could have.....I cant even remember my brain gets fizzled out with the day to day sometimes.....but yeah I still like that level if thats the exact number. Do you happen to know which post it is? Could you possibly PM it to me? Thank you!!
You know, it seems I still have the level marked from back in mid May. One of your first calls in this thread.
  • #2,016
  • Aug 1, 2008 10:24am Aug 1, 2008 10:24am
Quoting BillyRayValentine
I like what you said earlier about just pure intuition....I'll pull the plug early a lot of times on trades if I just know dead on that they're not going to work out. It either works or it doesnt; no sense in wasting any time or money.
Couldn't have said it better... better pull the plug and wait for the next trade, than start "hoping" the trade will turn around

No sense in letting a small loss turn into an account killer
  • #2,017
  • Aug 1, 2008 10:26am Aug 1, 2008 10:26am
Gotta run guys. Nice talking to everyone. Be back on Sunday night.

Wishing everyone a profitable week
  • #2,018
  • Aug 1, 2008 10:27am Aug 1, 2008 10:27am
Quoting len979
Gotta run guys. Nice talking to everyone. Be back on Sunday night.

Wishing everyone a profitable week
looking forward to it
  • #2,019
  • Aug 1, 2008 12:29pm Aug 1, 2008 12:29pm
Hi folks,

I took a couple of long AUD trades today (one of which was called in this thread, although my trade wasn't based on the particular call). Anybody have any input as to why the AUD is taking such a bashing? Is it AUD weakness or other currencies' strength?

Had a look for news that might enlighten me but can't really see anything.

Thanks
  • #2,020
  • Aug 1, 2008 12:53pm Aug 1, 2008 12:53pm
I'm going long AUD / USD only after I see 92.90 being tested two - three times. AUD has taking a bshig bcause results were very weak and RBA has threatened to cut interest rates. I really see a slow, sad death for the Aussie, but it is approaching oversold territory. Today or next week might be good to play the bounce.

But I wouldn't rush into an AUD long position in any great hurry now.
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