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  • #37,521
  • Oct 7, 2008 10:43am Oct 7, 2008 10:43am
smelling bulss ??? i by mistake buy at 702 now -80 >????????helppppppppp
  • #37,522
  • Oct 7, 2008 10:46am Oct 7, 2008 10:46am
Quoting viny rulez
smelling bulss ??? i by mistake buy at 702 now -80 >????????helppppppppp
Depending on your risk tollerance and whether you are trading a mini or a regular account you could use another currency to hedge your bad trade or you could cut your losses with as little detriment as possible or you could add equity...and depending on your trading platform you could hedge within the parity.
T.S.
  • #37,523
  • Oct 7, 2008 10:47am Oct 7, 2008 10:47am
Quoting hervé
the figure is not valid yet but on the five min chart, head shoulder head is forming...

what do you think?
while head and shoulders is a good reversal pattern....in my experience for the past 2 months 75% of the time they are irrelevant. the market is too chaotic. of course this is only eur/usd as i do not follow other pairs. still...its good that you see it..i see it to..especially on 5m chart...but dont let your entire decision be based just on that..use your other indicators as well
Different opinions highly valued, ignorant to slander.
  • #37,524
  • Oct 7, 2008 10:48am Oct 7, 2008 10:48am
Quoting viny rulez
smelling bulss ??? i by mistake buy at 702 now -80 >????????helppppppppp
I would close the trade and try to learn from the mistake. Always close mistakes immediatley--it will cost you A LOT LESS in the long run.
  • #37,525
  • Oct 7, 2008 10:51am Oct 7, 2008 10:51am
hmm. retrace .. or ... trend continuation. opinions?
  • #37,526
  • Oct 7, 2008 10:52am Oct 7, 2008 10:52am
Quoting FX-Petra
I would close the trade and try to learn from the mistake. Always close mistakes immediatley--it will cost you A LOT LESS in the long run.
I would also learn the lesson to place an appropriate stop loss every time.
  • #37,527
  • Oct 7, 2008 10:53am Oct 7, 2008 10:53am
well m in mini . n help me do we thnk it will b up by all ur analysis help plz? and risk tolerance is 200 pips i think
  • #37,528
  • Oct 7, 2008 10:56am Oct 7, 2008 10:56am
Quoting psiholog
while head and shoulders is a good reversal pattern....in my experience for the past 2 months 75% of the time they are irrelevant. the market is too chaotic. of course this is only eur/usd as i do not follow other pairs. still...its good that you see it..i see it to..especially on 5m chart...but dont let your entire decision be based just on that..use your other indicators as well
thank you for your reply

would you consider the shooting start on the 4 hour chart?
  • #37,529
  • Oct 7, 2008 10:57am Oct 7, 2008 10:57am
Quoting hervé
thank you for your reply

would you consider the shooting start on the 4 hour chart?
shooting star? care to explain?
  • #37,530
  • Oct 7, 2008 10:57am Oct 7, 2008 10:57am
I look at 1.3635 because it has become a lreference in this retrace from1.3742. no matter if you see long or short .. I take it as a reference
The best thing that can happen to you is to find out where you're wrong.
  • #37,531
  • Oct 7, 2008 10:59am Oct 7, 2008 10:59am
Quoting viny rulez
well m in mini . n help me do we thnk it will b up by all ur analysis help plz? and risk tolerance is 200 pips i think
Do you mean 200 pip stop loss? If so, what is your upside goal? If 200 is your upside goal, you need to establish a risk/reward ratio to determine your stop-loss.
  • #37,532
  • Oct 7, 2008 11:00am Oct 7, 2008 11:00am
Quoting viny rulez
well m in mini . n help me do we thnk it will b up by all ur analysis help plz? and risk tolerance is 200 pips i think
My recommendation would be to echo the others cut your losses quickly and let your profits run, if your risk tollerance is 200 pips, kill the loss and use stop loss in the future. But the market could give you plenty of bounce to get out, follow the five minute and reduce your losses on the bounce...
T.S.
  • #37,533
  • Oct 7, 2008 11:00am Oct 7, 2008 11:00am
Quoting kasper
hmm. retrace .. or ... trend continuation. opinions?
you said it...we are in dangerous territory. i have closed my position and will stay flat as bernanke is talking soon...
Different opinions highly valued, ignorant to slander.
  • #37,534
  • Oct 7, 2008 11:03am Oct 7, 2008 11:03am
Quoting psiholog
while head and shoulders is a good reversal pattern....in my experience for the past 2 months 75% of the time they are irrelevant. the market is too chaotic. of course this is only eur/usd as i do not follow other pairs. still...its good that you see it..i see it to..especially on 5m chart...but dont let your entire decision be based just on that..use your other indicators as well
I disagree. H&S is an excellent pattern. Problem is some people are very much in a hurry to "recognize" patterns. H&S doesn't occur often, even on 5m and 1m tfs. If you see something that has a twisted unclear or disproportionate form and differences above 8% between shoulders and so on, that is not an h&s - the power of a pattern is directly proportional to how recognizable it is to everyone trading, and an unlear pattern isn't and isn't supposed to be reliable. Here, on 5m is a clear example of such hasty thinking, even if the second shoulder ended precisely where the first did, the pattern would be disspraportianate and shoulders are way too low/close to the neck line.
On the path to Enrichment.
  • #37,535
  • Oct 7, 2008 11:03am Oct 7, 2008 11:03am
Quoting Driver55
I look at 1.3635 because it has become a lreference in this retrace from1.3742. no matter if you see long or short .. I take it as a reference
Sorry I wanted to say 1,3635-1,3625
The best thing that can happen to you is to find out where you're wrong.
  • #37,536
  • Oct 7, 2008 11:04am Oct 7, 2008 11:04am
Quoting T.s.
My recommendation would be to echo the others cut your losses quickly and let your profits run, if your risk tollerance is 200 pips, kill the loss and use stop loss in the future. But the market could give you plenty of bounce to get out, follow the five minute and reduce your losses on the bounce...
the .. "let your profits run" part always gets me. I see a profitable trade turn red on me. really my downfall. I hate how the psychology of letting your losses run and take your profits quick is soo true.

EDIT: bounce off 1.3655?
  • #37,537
  • Oct 7, 2008 11:08am Oct 7, 2008 11:08am
Quoting Jurrasic
I disagree. H&S is an excellent pattern. Problem is some people are very much in a hurry to "recognize" patterns. H&S doesn't occur often, even on 5m and 1m tfs. If you see something that has a twisted unclear or disproportionate form and differences above 8% between shoulders and so on, that is not an h&s - the power of a pattern is directly proportional to how recognizable it is to everyone trading, and an unlear pattern isn't and isn't supposed to be reliable. Here, on 5m is a clear example of such hasty thinking, even if the second shoulder ended precisely where the first did, the pattern would be disspraportianate and shoulders are way too low/close to the neck line.
thank you for that....makes alot of sense...i will remember
Different opinions highly valued, ignorant to slander.
  • #37,538
  • Oct 7, 2008 11:08am Oct 7, 2008 11:08am
Quoting kasper
the .. "let your profits run" part always gets me. I see a profitable trade turn red on me. really my downfall. I hate how the psychology of letting your losses run and take your profits quick is soo true.

EDIT: bounce off 1.3655?

To capitalize on the letting your profits run i set trailing stops yeah sometimes it backs up and I could have made more money but at least it secures my profits from adverse price action. Just my opinion.
T.S.
  • #37,539
  • Oct 7, 2008 11:12am Oct 7, 2008 11:12am
Quoting kasper
the .. "let your profits run" part always gets me. I see a profitable trade turn red on me. really my downfall. I hate how the psychology of letting your losses run and take your profits quick is soo true.

EDIT: bounce off 1.3655?
Yeah, each trade is different, or at least they call into certain catagories. Letting profits run is elusive. I like to take profit. Maybe half then half to BE would be prudent. Losing trades are certainly going to get a closer look from me after yesterdays debacle.
  • #37,540
  • Oct 7, 2008 11:13am Oct 7, 2008 11:13am
Quoting T.s.
To capitalize on the letting your profits run i set trailing stops yeah sometimes it backs up and I could have made more money but at least it secures my profits from adverse price action. Just my opinion.
Another tip I got from ak4x is to "scale out" you position. In other words, take profit on half your position, set your stop loss in the profit zone, THEN let it run.
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