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  • #37,741
  • Oct 7, 2008 5:44pm Oct 7, 2008 5:44pm
Quoting gagakrimba
What is happening ?
Why the sudden move North ?
the presidential debate in 17minutes is keeping the pair in check until the world hears what the two candidates have to say....simple logic no?
Different opinions highly valued, ignorant to slander.
  • #37,742
  • Oct 7, 2008 5:45pm Oct 7, 2008 5:45pm
Quoting psiholog
the presidential debate in 17minutes is keeping the pair in check until the world hears what the two candidates have to say....simple logic no?
Logic hasn't had any relevance in this pair for a while
Not all sins are created equal
  • #37,743
  • Oct 7, 2008 5:50pm Oct 7, 2008 5:50pm
Quoting gagakrimba
What is happening ?
Why the sudden move North ?
Hit a support pivot at 1.3555 and has retraced back to trend line it broke previously. 1.3591 is current resistance upward right along that previous trendline. Argeed that entry here is risky. Could break either way. Better to wait for confirmation.
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  • #37,744
  • Oct 7, 2008 5:51pm Oct 7, 2008 5:51pm
Quoting Jay Walker
Logic hasn't had any relevance in this pair for a while
agreed
  • #37,745
  • Oct 7, 2008 5:51pm Oct 7, 2008 5:51pm
Quoting psiholog
sup ed...

well i used to do 20pip stop loss with targets of 40pips to 200pips. nowadays though 20pip stop loss is not enough because of the insane volatility with same take profit. i have to admit i have been struggling this week...there is no pattern to this chaos and my #1 indicator...my gauge of the market sentiment is not working properly. i felt bullish since sunday but the market has been going down =/

Edit:one other thing...if i pass 30pips on a trade i raise stop loss to entry...if i pass lets say 50-60 pips on the positive side on a trade and still feel strong about it....i will raise stop loss to 40pips to protect just in case of a reversal
I appreciate the info. I always have problems with Stop Loss. I don't trust the brokers/banks not to "hunt" my stops, so I figure I'll set it manually. Then, when it gets there, I'm feeling hopeful and start "chasing", which usually gets me a big loss.

Good luck in your own fixes.
Ed
Up or down, gimme a ticket
  • #37,746
  • Oct 7, 2008 5:52pm Oct 7, 2008 5:52pm
Quoting Jay Walker
Logic hasn't had any relevance in this pair for a while
we each have our own perspective..cant argue
Different opinions highly valued, ignorant to slander.
  • #37,747
  • Oct 7, 2008 5:52pm Oct 7, 2008 5:52pm
Quoting psiholog
psychology 101-
so a trade that went against me 20pips+ is now at even again presenting me with the chance to exit with no loss. most would take it...only the insane would not. i did not take it...to me a winning mentality is one that is able to accept loss
Until someone becomes comfortable with a loss, they cannot be consitently profitable (if that is even possible). Accepting a loss with no emotion is a difficult skill to learn, as it is counterintuative to the human spirit. If you have already mastered this at 22....you are WAY ahead of the game!
  • #37,748
  • Oct 7, 2008 5:53pm Oct 7, 2008 5:53pm
Quoting psiholog
we each have our own perspective..cant argue
Well, I'm oversimplifying things but you get my drift
Not all sins are created equal
  • #37,749
  • Oct 7, 2008 5:54pm Oct 7, 2008 5:54pm
is this thing on the way North ?
  • #37,750
  • Oct 7, 2008 5:55pm Oct 7, 2008 5:55pm
Quoting FX-Petra
Until someone becomes comfortable with a loss, they cannot be consitently profitable (if that is even possible). Accepting a loss with no emotion is a difficult skill to learn, as it is counterintuative to the human spirit. If you have already mastered this at 22....you are WAY ahead of the game!
man this has to be the best post I've "ever" seen on this forum.
USD Est Non Mortuus
  • #37,751
  • Oct 7, 2008 5:58pm Oct 7, 2008 5:58pm
where is euro???
T.S.
  • #37,752
  • Oct 7, 2008 5:58pm Oct 7, 2008 5:58pm
Quoting psiholog
the presidential debate in 17minutes is keeping the pair in check until the world hears what the two candidates have to say....simple logic no?
its silly how much control we have.. words.
USD Est Non Mortuus
  • #37,753
  • Oct 7, 2008 6:01pm Oct 7, 2008 6:01pm
this is getting easier... good thing ...? time yet to buy????nope
T.S.
  • #37,754
  • Oct 7, 2008 6:05pm Oct 7, 2008 6:05pm
False alarm !!!
  • #37,755
  • Oct 7, 2008 6:11pm Oct 7, 2008 6:11pm
Quoting FX-Petra
Until someone becomes comfortable with a loss, they cannot be consitently profitable (if that is even possible). Accepting a loss with no emotion is a difficult skill to learn, as it is counterintuative to the human spirit. If you have already mastered this at 22....you are WAY ahead of the game!
answer this question im quite curious on your perspective. so i opened a trade at 1.3570 with take profit at 1.3620 and stop loss 40pips from entry point.

i decided to close it at 1.3600 as heavy resistance appears to be in that area which makes me doubt my position...it could break either way.


what does this action tell you?...i really wanted those 20pips more
Different opinions highly valued, ignorant to slander.
  • #37,756
  • Oct 7, 2008 6:14pm Oct 7, 2008 6:14pm
Quoting psiholog
answer this question im quite curious on your perspective. so i opened a trade at 1.3570 with take profit at 1.3620 and stop loss 40pips from entry point.

i decided to close it at 1.3600 as heavy resistance appears to be in that area which makes me doubt my position...it could break either way.


what does this action tell you?...i really wanted those 20pips more
has it touched the upper wall and it will retreat down
  • #37,757
  • Oct 7, 2008 6:20pm Oct 7, 2008 6:20pm
Quoting schandi
has it touched the upper wall and it will retreat down
all my indicators do suggest that as my chart will show. previous wall we broke out of was just retested (as pippilot said) and not breaking through...for the last move down we reached 61.8% retracement and cant go higher...that value is also 50% fibs from this weeks low to high....all momentum points down and normally i would short here

however considering the nominees are currently talking...id rather be safe and flat...my advice to you...do the same until their done with their blah blah

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Different opinions highly valued, ignorant to slander.
  • #37,758
  • Oct 7, 2008 6:23pm Oct 7, 2008 6:23pm
Quoting psiholog
answer this question im quite curious on your perspective. so i opened a trade at 1.3570 with take profit at 1.3620 and stop loss 40pips from entry point.

i decided to close it at 1.3600 as heavy resistance appears to be in that area which makes me doubt my position...it could break either way.


what does this action tell you?...i really wanted those 20pips more
IMHO:

It is easy to close a winning trade. Sometimes it is the right move, sometimes you miss out on extra pips. Either way, you are growing your account. What is harder is to close the losing trade--to keep from ignoring the stop you set when you opened the trade. Capital preservation, not capital expansion, is the hardest lesson to learn in this business. It is hard because it goes against human nature to lose on a trade, and to accept that loss with no emotion. All humantiy loves a winner, and abhors a loser. When you can close 10 losing trades in a row with no anger, no bitterness, no longing for revenge...and calmly enter trade number 11 with confidence, with no emotional baggage from the last 10 losers... well then, my friend, you are on your way to making a handsome living as a trader. Few ever reach this plateau...I'm trying to get there.
  • #37,759
  • Oct 7, 2008 6:26pm Oct 7, 2008 6:26pm
Quoting FX-Petra
IMHO:

It is easy to close a winning trade. Sometimes it is the right move, sometimes you miss out on extra pips. Either way, you are growing your account. What is harder is to close the losing trade--to keep from ignoring the stop you set when you opened the trade. Capital preservation, not capital expansion, is the hardest lesson to learn in this business. It is hard because it goes against human nature to lose on a trade, and to accept that loss with no emotion. All humantiy loves a winner, and abhors a loser. When you can close 10 losing trades in a row with no anger, no bitterness, no longing for revenge...and calmly enter trade number 11 with confidence, with no emotional baggage from the last 10 losers... well then, my friend, you are on your way to making a handsome living as a trader. Few ever reach this plateau...I'm trying to get there.

OOOOwwww...that said it all for me...what trading is and what I need to learn. Good one Fx Petra
  • #37,760
  • Oct 7, 2008 6:28pm Oct 7, 2008 6:28pm
Quoting FX-Petra
IMHO:

It is easy to close a winning trade. Sometimes it is the right move, sometimes you miss out on extra pips. Either way, you are growing your account. What is harder is to close the losing trade--to keep from ignoring the stop you set when you opened the trade. Capital preservation, not capital expansion, is the hardest lesson to learn in this business. It is hard because it goes against human nature to lose on a trade, and to accept that loss with no emotion. All humantiy loves a winner, and abhors a loser. When you can close 10 losing trades in a row with no anger, no bitterness, no longing for revenge...and calmly enter trade number 11 with confidence, with no emotional baggage from the last 10 losers... well then, my friend, you are on your way to making a handsome living as a trader. Few ever reach this plateau...I'm trying to get there.
holy sh****t....you didnt just say that....thats exactly what i did on sunday...i had 8 losing trades in a row...320pips down. i went to sleep woke up refreshed and said lets give this another go. monday i was half and half...won 50% lost 50%..ended up at flat for the day. today....im already 60 pips up and we havent even reached london session. emotions?...nonexistent now but sunday there was "some" because i increased the lot size...combine that with the choppy mess....you can understand the rest.

wow man you truly are a good teacher as your profile says...you get an A in my book
Different opinions highly valued, ignorant to slander.
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