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  • #36,141
  • Oct 2, 2008 9:19am Oct 2, 2008 9:19am
havent been keeping up with the thread, just something to keep in mind.
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  • #36,142
  • Oct 2, 2008 9:21am Oct 2, 2008 9:21am
Quoting eraserhead
Thanks Russell, I'm gonna check your previous post and come back to some more questions.

I still can not understand how a guy can keep short positions, like you did, after the recent big retracement of the sounth trend (1.38 to 1.48). If I understand well you kept your short position open...am I right?
Well I closed part of them out. I had quite a few positions in the 1.5xxx's
  • #36,143
  • Oct 2, 2008 9:22am Oct 2, 2008 9:22am
Quoting gagakrimba
I doubt it can touch 1.39 again.
At least not today
Price can go to 1.3950!!ALERT

That 1.3950 top we can see Tomorrow Morning!

I will start open Shorts at 1.3850 but assuming a risk of 1.3950 level! SL of 100 pips
  • #36,144
  • Oct 2, 2008 9:24am Oct 2, 2008 9:24am
Quoting Russell
Well I closed part of them out. I had quite a few positions in the 1.5xxx's
Yes Ok because you use to add without closing previous positions. Are you still open with some shorts? Which is your target?
  • #36,145
  • Oct 2, 2008 9:33am Oct 2, 2008 9:33am
Quoting eraserhead
Yes Ok because you use to add without closing previous positions. Are you still open with some shorts? Which is your target?
The screenshot is my open trades. I don't have a target right now. There are two possibilities - 1. Price moves back up and we form a range between 1.3900 & 1.4900 for the next couple of months. 2. Price continues trending down.

One thing to remember about the way I trade is patience. Sometimes I only get one good setup a week, but it's usually good for a couple hundred pips.
  • #36,146
  • Oct 2, 2008 9:35am Oct 2, 2008 9:35am
Quoting psiholog
wow my analysis was 100% correct...once it broke through 1.3882 it dropped quick!...i didnt benefit but oh well cant catch all the rides...in any case....i see a good entry point to short right now on a retest of the lower wall of this descending triangle...if it doesnt do that...ill remain flat as catching falling knives is a thing of the past for me and profit these past few days has been well beyond my goals...good pippin to all!

Attachment
and so i enter at the retest...target 1.3720...wonder what comes next
Different opinions highly valued, ignorant to slander.
  • #36,147
  • Oct 2, 2008 9:36am Oct 2, 2008 9:36am
Quoting psiholog
and so i enter at the retest...target 1.3720...wonder what comes next
how tight is your SL?
  • #36,148
  • Oct 2, 2008 9:38am Oct 2, 2008 9:38am
Quoting kasper
how tight is your SL?
40 pips..target 160pips...more then fair ratio
Different opinions highly valued, ignorant to slander.
  • #36,149
  • Oct 2, 2008 9:39am Oct 2, 2008 9:39am
but the market is going up where do u see the market in next 30 min
  • #36,150
  • Oct 2, 2008 9:44am Oct 2, 2008 9:44am
Quoting psiholog
40 pips..target 160pips...more then fair ratio

what lot size would you short with a 40pip stop loss?
  • #36,151
  • Oct 2, 2008 9:46am Oct 2, 2008 9:46am
Quoting schandi
what lot size would you short with a 40pip stop loss?
its all relative. it depends on how much capital you have in your account. I wouldnt suggest you take the largest lot that you can afford with that SL. done it before got totally burned. learned my lesson the hard way.
  • #36,152
  • Oct 2, 2008 9:47am Oct 2, 2008 9:47am
Quoting viny rulez
but the market is going up where do u see the market in next 30 min
we just broke out of a major descending triangle...like in most cases a retest of the breakout wall is needed to confirm the breakout is real....this is exactly whats happening here...if the lower wall has indeed become resistance....this is just buildup for the next move down...if it was a false break down....the previous strong support which is now resistance (1.3882) would need to be broken for me to change my bias from bear to bull

where do i see the market in 30minutes?...im not a psychic i cant say haha
Different opinions highly valued, ignorant to slander.
  • #36,153
  • Oct 2, 2008 9:51am Oct 2, 2008 9:51am
Quoting schandi
what lot size would you short with a 40pip stop loss?
this is a good money management question. they say good MM for lets say a 1000$ account is 1-3% of your portfolio. lets say you want to risk 2% on any given trade...that would mean 20pip stop loss with 1$ per pip...that answer your question?
Different opinions highly valued, ignorant to slander.
  • #36,154
  • Oct 2, 2008 9:55am Oct 2, 2008 9:55am
Quoting psiholog
this is a good money management question. they say good MM for lets say a 1000$ account is 1-3% of your portfolio. lets say you want to risk 2% on any given trade...that would mean 20pip stop loss with 1$ per pip...that answer your question?

so in this case short 10,000 with a 20pip stop loss, coorect?
  • #36,155
  • Oct 2, 2008 9:57am Oct 2, 2008 9:57am
let's see!

Only long for 20 pips trade scalp.
I do not scalp anymore.
Beware!
  • #36,156
  • Oct 2, 2008 9:57am Oct 2, 2008 9:57am
Quoting psiholog
we just broke out of a major descending triangle...like in most cases a retest of the breakout wall is needed to confirm the breakout is real....this is exactly whats happening here...if the lower wall has indeed become resistance....this is just buildup for the next move down...if it was a false break down....the previous strong support which is now resistance (1.3882) would need to be broken for me to change my bias from bear to bull

where do i see the market in 30minutes?...im not a psychic i cant say haha

can you please tell me where is the "lower wall" you refer to? Mine is at 3780.
  • #36,157
  • Oct 2, 2008 9:59am Oct 2, 2008 9:59am
Quoting schandi
so in this case short 10,000 with a 20pip stop loss, coorect?
that depends on you but thats the general idea...its all about comfort level, 5% risk is just dandy for me..but then again...i dont really follow rules haha and emotions are not an issue
Different opinions highly valued, ignorant to slander.
  • #36,158
  • Oct 2, 2008 10:01am Oct 2, 2008 10:01am
Quoting PipGal
can you please tell me where is the "lower wall" you refer to? Mine is at 3780.
you missed it

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Different opinions highly valued, ignorant to slander.
  • #36,159
  • Oct 2, 2008 10:02am Oct 2, 2008 10:02am
Quoting psiholog
you missed it

Attachment

No, I didnt I shorted at 3830--but I want to know how low it will go since I have a diff chart
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  • #36,160
  • Oct 2, 2008 10:05am Oct 2, 2008 10:05am
Quoting psiholog
and so i enter at the retest...target 1.3720...wonder what comes next
If you do not mind, please post your chart showing the targets.
Thanks
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