For those of you who haven't read Jack's Schwager's 2nd Market Wizards book, I would highly recommend it, as his interviews with successful traders are very insightful. Especially in regards to their control of their emotions. The suggestion of cutting back the leverage is a great way to get used to the emotional tug and at the same time be in the trade. Many of the traders suggested removing yourself emotionally from the actual trading desk and visualize yourself standing behind herself and actually watching yourself place the trades. This will allow you to remove yourself emotionally from the action of trading and thus trade in a much more objective manner.
- #38,523
- Oct 9, 2008 12:10pm Oct 9, 2008 12:10pm
- Joined Aug 2008 | Status: Self-proclaimed psychologist | 3,179 Posts
Different opinions highly valued, ignorant to slander.
- #38,524
- Oct 9, 2008 12:13pm Oct 9, 2008 12:13pm
- Joined Mar 2008 | Status: Still testing and trading | 1,454 Posts
USD is gaining from the deleveraging of credit contraction and carry trade margin calls. It has a long way to go, as the bottom is at least a year away.
I have to agree with you. Global rate cut seem doesn't help even a little bit. With Dow bellow 9000, bank still hunt Dollars more and more. Panic is the downtrend.
- #38,532
- Edited 10:18pm Oct 9, 2008 12:42pm | Edited 10:18pm
- Joined Mar 2008 | Status: Still testing and trading | 1,454 Posts
If the trend line is broken and first bottom at 3581 is reached, this might go down very fast. I'm testing a short from 3625, stop just above trendline at 3655. There is a nice row of bottoms one after another and each has a huge amount of stops stacked below it.
I'll close computer now and go to sleep, I'll see what happened next morning..
Btw, shorting US financials day before the shorting ban ended (through etf) was a very, very good idea
edit: looking at pa.. this might not go south after all.. closed the short for 5 pip profit. Might be a bad decision or then not. Not leaving any position open, too risky at the moment.
edit2: That's what you get for taking too hasty decisions
I'll close computer now and go to sleep, I'll see what happened next morning..
Btw, shorting US financials day before the shorting ban ended (through etf) was a very, very good idea
edit: looking at pa.. this might not go south after all.. closed the short for 5 pip profit. Might be a bad decision or then not. Not leaving any position open, too risky at the moment.
edit2: That's what you get for taking too hasty decisions
- #38,533
- Oct 9, 2008 12:44pm Oct 9, 2008 12:44pm
- | Joined Oct 2007 | Status: Trader | 1,236 Posts
"Timing Is Everything. Really I Swear It Is"
- #38,534
- Oct 9, 2008 12:47pm Oct 9, 2008 12:47pm
- | Joined Aug 2008 | Status: Trader | 1,210 Posts
Now it's good to do Reentry:
EUR/USD Short near 1.3707
GBP/USD Short near 1.7297
AUD/USD Short near 0.7127
NZD/USD Short near 0.6231
USD/CAD Long near 1.1347
USD/CHF Long near 1.1297
GBP/JPY Long near 172.21
EUR/JPY Long near 136.37
EUR/CHF Short near 1.5541
EUR/GBP Short near 0.7957
i enter and loss and still in loss on GY
Never sell @ lower upward channel unless breacked and vise versa .
- #38,535
- Oct 9, 2008 12:47pm Oct 9, 2008 12:47pm
- Joined Aug 2008 | Status: Self-proclaimed psychologist | 3,179 Posts
while i dont scalp anymore and intend to keep my position open until the void is filled(or i get stopped out)...heres what i see now.
we have done full retracement for the last small move down which had a high at 1.3665 and even broke it. considering that was the previous resistance for this to be a true break up that 1.3665 has to become support and it seems to be doing so....we break 61.8% for the last big move down from the high to current low...we shall see a new high even if it means 1pip above this weeks high. as to when we shall see this...who knows..
Attachment
my entries are based on a combination of channels, fibs, psychological supports and resistances and patterns. my exits are based on expectations instead of the reality. until i achieve that control over greed...even though i may be a "good" trader i will never be great.
heres is a sample of where i should have exited and reentered based on my strategy.
Edit:a losing trade sticking to strategy is much better then a losing trade based on expectations...i hope you guys avoid such mistakes that i make
Different opinions highly valued, ignorant to slander.
- #38,537
- Oct 9, 2008 1:12pm Oct 9, 2008 1:12pm
- Joined Apr 2007 | Status: Trader | 3,055 Posts
The best thing that can happen to you is to find out where you're wrong.
The Break was done already.
Now price will range below Trendline!
This Trendline isn't so important, there are levels more important to break!
Daily candle below 1.3600, a bearish sign. 1.3666 now resistance!
All longs must use their SL wisely!
See my last post to see the Chart,that H&S was perfect!
DAMN I didn't enter at 1.3690, was the perfect enter, I saw too late!
- #38,539
- Oct 9, 2008 1:18pm Oct 9, 2008 1:18pm
- Joined Apr 2007 | Status: Trader | 2,303 Posts
Hy guys..
Let me remind you what was said several hours ago.
Only a open in the next session below 3595 says short.
NOT before
Now I am just wait to see other lines to be flirted.
Price will go down slowly, this is the worst to trade.
I know by experience, every time I enter, there goes in opposite direction, better to stay out.
